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Registration No. 2-30070
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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|X|
Post-Effective Amendment No. 66
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AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |
|X|
Amendment No. 79
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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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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.
<PAGE>
EQUI-VEST(R)
A combination variable and fixed deferred annuity contract
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 EQUI-VEST?
EQUI-VEST is a deferred annuity contract issued by THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES. It provides for the accumulation of retirement
savings and for income. The contract also offers death benefit protection and a
number of payout options. You invest to accumulate value on a tax-deferred basis
in one or more of our variable investment options, our guaranteed interest
option or in our fixed maturity options ("investment options"). Each of these
contracts may not currently be available in all states.
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VARIABLE INVESTMENT OPTIONS
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FIXED INCOME:
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o Alliance High Yield o Alliance Quality Bond
o Alliance Intermediate
Government Securities
o Alliance Money Market
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DOMESTIC STOCKS
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o EQ/Aggressive Stock(1) o EQ/Evergreen
o Alliance Common Stock o MFS Emerging Growth
o Alliance Equity Index Companies
o Alliance Growth and Income o MFS Growth with Income
o EQ/Alliance Technology(2) o MFS Research
o EQ/Alliance Premier Growth o Mercury Basic Value Equity(3)
o Alliance Small Cap Growth o EQ/Putnam Growth & Income
o Capital Guardian Research Value
o Capital Guardian U.S. Equity o T. Rowe Price Equity Income
o Warburg Pincus Small
Company Value
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INTERNATIONAL STOCKS
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o Alliance Global o Morgan Stanley Emerging
o Alliance International Markets Equity
o T. Rowe Price International
Stock
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BALANCED/HYBRID
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o Alliance Conservative o EQ/Evergreen Foundation
Investors o Mercury World Strategy(5)
o Alliance Growth Investors o EQ/Putnam Balanced
o EQ/Balanced(4)
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(1) Formerly named "Alliance Aggressive Stock."
(2) Anticipated to become available on or about May 22, 2000. This option may
not be available in California.
(3) Formerly named "Merrill Lynch Basic Value Equity."
(4) Formerly named "Alliance Balanced."
(5) Formerly named "Merrill Lynch World Strategy."
You may allocate amounts to the variable investment options under your choice of
investment method subject to any restrictions. Each variable investment option
is a subaccount of our Separate Account A. Each variable investment option, in
turn, invests in a corresponding securities portfolio of either Class IA or IB
shares 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 may allocate amounts to the guaranteed interest
option. This option is part of our general account and pays interest at
guaranteed rates.
FIXED MATURITY OPTIONS. You may allocate amounts to one or more fixed maturity
options. These amounts will receive a fixed rate of interest for a specified
period. Interest is earned at a guaranteed rate set by us. We make a market
value adjustment (up or down) if you make transfers or withdrawals from a fixed
maturity option before its maturity date. Fixed maturity options are anticipated
to be available after May 22, 2000 and may not be available in your state. Check
with your financial professional regarding availability.
TYPES OF CONTRACTS. We offer different "series" of contracts for use as:
o A nonqualified annuity ("NQ") for after-tax contributions only.
o An individual retirement annuity ("IRA"), either traditional IRA or Roth
IRA.
o A traditional IRA as a conduit to hold rollover distributions ("QP IRA")
from a qualified plan or a Tax-Sheltered Annuity ("TSA").
A contribution ranging from $20 to $2,500 is required to purchase a contract.
The minimum amount required depends on the type of contract, NQ, IRA or QP IRA,
and the series purchased.
Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated May 1, 2000 is a part of one of the registration
statements. The SAI is available free of charge. You may request one by writing
to our processing office or calling 1 (800) 628-6673. 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.
72087
Series 100-500
<PAGE>
CONTENTS OF THIS PROSPECTUS
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2
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EQUI-VEST(R)
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Index of key words and phrases 4
Who is Equitable Life? 6
How to reach us 7
EQUI-VEST at a glance - key features 10
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FEE TABLE 13
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EQUI-VEST series 300 and 400 contracts 16
EQUI-VEST series 500 contracts 18
EQUI-VEST series 100 and 200 contracts 20
Condensed financial information 24
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1 CONTRACT FEATURES AND BENEFITS 25
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How you can purchase and contribute to your contract 25
Owner and annuitant requirements 28
How you can make your contributions 28
What are your investment options under the contract? 28
Selecting your investment method 32
Allocating your contributions 34
Your right to cancel within a certain number of days 34
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2 DETERMINING YOUR CONTRACT'S VALUE 36
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Your account value and cash value 36
Your contract's value in the variable investment options 36
Your contract's value in the guaranteed interest option 36
Your contract's value in the fixed maturity options 36
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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 contract owner.
When we use the word "contract" it also includes certificates
that are issued under group contracts in some states.
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3
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3 TRANSFERRING YOUR MONEY AMONG
INVESTMENT OPTIONS 37
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Transferring your account value 37
Market timing 37
Automatic transfer options - investment simplifier 37
Rebalancing your account value 38
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4 ACCESSING YOUR MONEY 39
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Withdrawing your account value 39
How withdrawals are taken from your account value 40
Surrender of your contract to receive its cash value 40
Termination 41
When to expect payments 41
Your annuity payout options 41
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5 CHARGES AND EXPENSES 44
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Charges that Equitable Life deducts 44
Charges that EQ Advisors Trust deducts 49
Group or sponsored arrangements 49
Other distribution arrangements 50
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6 PAYMENT OF DEATH BENEFIT 51
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Your beneficiary and payment of benefit 51
How death benefit payment is made 52
Beneficiary continuation option under Series 100, 200
and 400 Traditional IRA, IRA and QP IRA and
Series 100 and 400 Roth IRA contracts 52
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7 TAX INFORMATION 54
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Overview 54
Transfers among investment options 54
Taxation of nonqualified annuities 54
Other information 55
Individual retirement arrangements ("IRAs") 56
Federal and state income tax withholding and
information reporting 69
Impact of taxes to Equitable Life 69
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8 MORE INFORMATION 70
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About our Separate Account A 70
About EQ Advisors Trust 70
About our fixed maturity options 71
About the general account 72
About other methods of payment 72
Dates and prices at which contract events occur 73
About your voting rights 74
About legal proceedings 74
About our independent accountants 75
Financial statements 75
Transfers of ownership, collateral assignments, loans,
and borrowing 75
Distribution of the contracts 75
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9 INVESTMENT PERFORMANCE 76
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Benchmarks 76
Communicating performance data 87
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10 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE 89
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APPENDICES
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I - Condensed financial information A-1
II - Original contracts B-1
III - Market value adjustment example C-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.
<TABLE>
<CAPTION>
PAGE PAGE
<S> <C> <S> <C>
account value 36 IRS 55
annuitant 25 investment options 29
annuity payout options 41 market adjusted amount 32
beneficiary 52 market value adjustment 32
business day 74 maturity value 31
cash value 36 NQ cover
conduit IRA 61 portfolio cover
contract date 12 processing office 7
contract date anniversary 12 QP IRAs cover
contract year 12 rate to maturity 31
contributions 34 regular contribution 58
Contributions to Roth IRAs Required Beginning Date 62
regular contribution 73 Roth IRA cover
rollovers and transfers 73 SAI cover
conversion contributions 74 SEC cover
contributions to traditional IRAs 58 TOPS 7
regular contributions 58 traditional IRA cover
rollovers and transfers 60 TSA cover
EQAccess 7 unit 36
fixed maturity options 31 unit investment trust 71
guaranteed interest option 31 variable investment options 29
IRA cover
</TABLE>
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
do 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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fixed maturity options Guarantee Periods or Fixed Maturity Accounts
variable investment options Investment Funds or Investment Divisions
account value Annuity Account Value
rate to maturity Guaranteed Rates
guaranteed interest option Guaranteed Interest Account
unit Accumulation unit
unit value Accumulation unit value
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In this prospectus, we use a "series" number when necessary to identify a
particular contract. We discuss five series of contracts. However, only three
are available for new purchasers. Once you have purchased a contract you can
identify the EQUI-VEST series you have by referring to your confirmation notice,
or you may contact your financial professional, or you may call our toll-free
number. The series designations are as follows:
<TABLE>
<CAPTION>
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<S> <C>
o NQ, Traditional IRA, and QP IRA contracts issued before January 3, 1994; series 100
and
This series is no longer available for
o Standard Roth IRA contracts converted from such IRA and QP IRA contacts. new purchasers. Information in this prospectus
on this series is provided for our existing
contract owners only.
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o Certain NQ, Traditional IRA and QP IRA contracts issued on or after August series 200
17, 1995.
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o NQ, Traditional IRA, QP IRA, and Standard Roth IRA contracts issued on or series 300
after January 3, 1994 and before the date series 400 contracts became
available in a state; and
o Standard Roth IRA contracts converted from such IRA and QP IRA contracts.
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o NQ, Traditional IRA, QP IRA, and Standard Roth IRA contracts issued on or series 400
after July 10, 1995 in states where approved; and
o Standard Roth IRA contracts converted from such IRA and QP IRA contracts.
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o Roth Advantage contracts series 500
This series is no longer available for new
purchasers. Information in this prospectus on
this series is provided for our existing contract
owners only.
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</TABLE>
We also have contracts that we refer to as "original contracts." These contracts
are no longer available for new purchasers. Any information about original
contracts which is different from the current series we offer can be found in
Appendix II, which will be referenced throughout this prospectus when it
applies.
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Who is Equitable Life?
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6
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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 contracts.
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 NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS INDIVIDUALLY BY REGULAR MAIL:
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Equitable Life
EQUI-VEST
Individual Collections
P.O. Box 13459
Newark, NJ 07188-0459
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FOR NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS INDIVIDUALLY BY EXPRESS DELIVERY:
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Equitable Life
c/o Bank One, N.A.
300 Harmon Meadow Boulevard, 3rd Floor
Secaucus, NJ 07094
Attn: Box 13459
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FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR
REQUIRED NOTICES) SENT BY REGULAR MAIL:
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Equitable Life
EQUI-VEST
P.O. Box 2996
New York, NY 10116-2996
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FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR
REQUIRED NOTICES) SENT BY EXPRESS DELIVERY:
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Equitable Life
EQUI-VEST
200 Plaza Drive, 2nd Floor
Secaucus, NJ 07094
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FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS AND SENT BY REGULAR MAIL:
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Equitable Life
EQUI-VEST
Unit Collections
P.O. Box 13463
Newark, New Jersey 07188-0463
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FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS AND SENT BY EXPRESS DELIVERY:
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Equitable Life
c/o Bank One, N.A.
300 Harmon Meadow Boulevard, 3rd Floor
Secaucus, NJ 07094
Attn: Box 13463
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REPORTS WE PROVIDE:
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o written confirmation of financial transactions; and
o annual statement of your contract values as of the close of the calendar
year.
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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. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for fixed maturity options;
o the daily unit values for the variable options; and
o performance information regarding the variable investment options (not
available through TOPS).
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8
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You can also:
o change your allocation percentages and/or transfer among the variable
investment options and the guaranteed interest option (anticipated to be
available through EQAccess by the end of 2000);
o elect the investment simplifier (not available through EQAccess);
o change your TOPS personal identification number ("PIN")(not available
through EQAccess); and
o change your EQAccess password (not available through TOPS).
TOPS and EQAccess are normally available seven days a week, 24 hours a day. You
may use TOPS by calling toll free 1 (800) 755-7777. You may use EQAccess by
visiting our Web site 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 the Internet are genuine. For example, we will
require certain personal identification information before we will act on
telephone or Internet instructions and we will provide written confirmation of
your transfers. 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 willful misconduct. In light of our procedures, we will not be
liable for following telephone or Internet instructions we reasonably believe to
be genuine.
We reserve the right to limit access to these services if we determine that your
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) 628-6673 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day Monday through Thursday from 8:00 a.m. to 7:00
p.m., and on Fridays until 5:00 p.m., Eastern Time.
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TOLL-FREE TELEPHONE SERVICE:
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You may reach us toll-free by calling 1 (800) 841-0801 for a recording of daily
unit values for the variable investment options.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) conversion of your Traditional IRA contract to a Standard Roth IRA;
(2) cancellation of your Standard Roth IRA or Roth Advantage contract and
return to a traditional IRA contract;
(3) election of the automatic investment program;
(4) election of the investment simplifier;
(5) election of the automatic NQ deposit service;
(6) election of the rebalancing program;
(7) to obtain a PIN required for TOPS;
(8) election of required minimum distribution option;
(9) election of the principal assurance allocation; and
(10) request for a transfer/rollover of assets or 1035 exchange to another
carrier.
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF
REQUESTS:
(1) address changes;
(2) beneficiary changes;
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(3) transfers among investment options;
(4) change of ownership; and
(5) contract surrender and withdrawal requests.
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) automatic investment program;
(2) investment simplifier;
(3) rebalancing program;
(4) systematic withdrawals; and
(5) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner.
<PAGE>
EQUI-VEST at a glance - key features
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10
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<TABLE>
<CAPTION>
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<S> <C>
PROFESSIONAL EQUI-VEST's variable investment options invest in different portfolios managed by professional
INVESTMENT investment advisers.
MANAGEMENT
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GUARANTEED INTEREST o Principal and interest guarantees
OPTION o Interest rates set periodically
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FIXED MATURITY o 10 fixed maturity options with maturities ranging from approximately 1 to 10 years.
OPTIONS o Each fixed maturity option offers a guarantee of principal and interest rate if you hold it to maturity.
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If you make withdrawals or transfers from a fixed maturity option before maturity, there will be a market
value adjustment due to differences in interest rates. This may increase or decrease any value that you have
left in that fixed maturity option. If you surrender your contract, a market value adjustment may also apply.
o Only available for contracts in states where approved.
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TAX ADVANTAGES o On earnings inside the contract No tax on any dividends, interest or capital gains until you make
withdrawals from your contract or receive annuity payments.
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o On transfers inside the contract No tax on transfers among investment options.
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If 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. In such
situations, the tax deferral of the contract does not provide necessary or additional benefits.
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CONTRIBUTION AMOUNTS o NQ:
- $1,000 (initial) or $50 (initial for payroll deduction); $50 (additional).
o TRADITIONAL IRA, STANDARD ROTH IRA AND ROTH ADVANTAGE:
- series 300, 400, and 500 - $50 (initial and additional);
- series 100 and 200 - $20 (initial and additional).
o QP IRA:
- series 300 and 400 - $2,500 each rollover amount;
- series 100 and 200 - $1,000 each rollover amount.
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Maximum contribution limitations may apply.
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</TABLE>
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11
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<TABLE>
<CAPTION>
<S> <C>
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ACCESS TO YOUR MONEY o Lump sum withdrawals
o Several withdrawal options on a periodic basis
o Contract surrender
You may incur a withdrawal charge for certain withdrawals or if you surrender your contract.
You may also incur income tax and a penalty tax.
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PAYOUT OPTIONS o Fixed annuity payout options
o Variable annuity payout options.
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ADDITIONAL FEATURES o Dollar-cost averaging by automatic transfers
- Interest sweep option
- Fixed-dollar option
o Automatic investment program
o Account value rebalancing (quarterly, semiannually, and annually)
o No charge on transfers among investment options
o Waiver of withdrawal charge for disability, confinement to a nursing home, and terminal illness
(series 300, 400, and 500 only)
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FEES AND CHARGES o Daily charge on amounts invested in variable investment options for mortality and expense risks and other
expenses at current annual rates determined by contract series.
series 100: 1.34%; three options at 1.49%
series 200: 1.34%; three options at 1.40%
series 300 and 400: 1.35% (maximum of 2.00% for series 400).
series 500: 1.45% (maximum of 2.00%).
o Annual administrative charge.
series 100 and 200: $30
series 300, 400 and 500: $30 currently or during the first two contract years 2% of the account value if
less ($65 maximum).
o Charge for third-party transfer (such as in the case of a trustee-to-trustee transfer for an IRA contract),
or exchange (if your contract is exchanged for a contract issued by another insurance company):
series 100 and 200: None
series 300, 400 and 500: $25 currently ($65 maximum) per occurrence.
o No sales charge deducted at the time you make contributions.
o Series 300, 400 and 500 and NQ contracts under series 100 and 200: we deduct a charge equal to 6%
of contributions that have been withdrawn if such contributions were made in the current and five
prior contract years.
o IRAs under series 100 and 200: - 6% of the amount withdrawn, generally declining for the first through 12th
contract years. The total of all withdrawal charges may not exceed 8% of all contributions made during a
specified period before the withdrawal is made.
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</TABLE>
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<TABLE>
<CAPTION>
<S> <C>
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FEES AND CHARGES o There is no charge in any contract year in which the amount withdrawn does not exceed 10% of your account
(CONTINUED) value at the time of your withdrawal request minus prior withdrawals in that contract year. Under certain
circumstances the withdrawal charge will not apply. They are discussed in "Charges and expenses" later in
this prospectus.
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The "contract date" is the effective date of a contract. This usually is the business day we receive the
properly completed and signed application, along with any other required documents and your initial
contribution. Your contract date will be shown in your contract. The 12-month period beginning on your
contract date and each 12-month period after that date is a "contract year." The end of each 12-month period
is your "contract date anniversary."
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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. The 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 0.25% to 1.15%
annually, other expenses, and for Class IB shares, 12b-1 fees of 0.25% annually.
o Daily charge on amounts invested in variable investment options for mortality and expense risks and other
expenses at annual rates determined by contract series.
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</TABLE>
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. FOR
TRADITIONAL IRAS, THE MAXIMUM ISSUE AGE IS 70, BUT WE WILL ISSUE UP TO AGE 79 IF
THE CONTRIBUTION IS A ROLLOVER CONTRIBUTION. FOR ALL OTHER IRAS WE WILL ISSUE
CONTRACTS UP TO ANNUITANT AGES 80-83 WITH OUR PRIOR APPROVAL. ALSO, ALL FEATURES
OF THE CONTRACT, INCLUDING ALL VARIABLE INVESTMENT OPTIONS, ARE NOT NECESSARILY
AVAILABLE IN YOUR STATE OR AT CERTAIN AGES OR UNDER YOUR INVESTMENT METHOD.
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 a variety of fixed and variable annuity contracts. They may offer
features, including investment options, fees and/or charges that are different
from those offered by this prospectus. Not every contract is offered through the
same distributor. Upon request, your financial professional can show you
information regarding other Equitable Life annuity contracts that he or she
distributes. You can also contact us to find out more about any of the Equitable
Life annuity contracts.
<PAGE>
Fee table
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13
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The fee tables below will help you understand the various charges and expenses
that apply to your contract series. The tables reflect charges you will directly
incur under the 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. Also, an
annuity administrative fee may apply when your annuity payments are to begin.
Each of the charges and expenses is more fully described in "Charges and
expenses" later in this prospectus.
The guaranteed interest option and fixed maturity options are not covered by the
fee tables and examples. However, the annual administrative charge, the
withdrawal charge, and the third-party transfer or exchange charge do apply to
the guaranteed interest option and fixed maturity options. Also, an annuity
administrative fee may apply when your annuity payments are to begin. A market
value adjustment (up or down) may apply as a result of a withdrawal, transfer or
surrender of amounts from a fixed maturity option.
<TABLE>
<CAPTION>
CHARGES WE DEDUCT FROM YOUR VARIABLE INVESTMENT OPTIONS EXPRESSED AS AN
ANNUAL PERCENTAGE OF DAILY NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------
EQ/BALANCED,
ALLIANCE COMMON ALL OTHER
STOCK, ALLIANCE VARIABLE
MONEY MARKET INVESTMENT
OPTIONS OPTIONS
--------------------- ---------------------
SERIES SERIES SERIES SERIES SERIES SERIES
100 200 100 200 300 AND 400 500
---------- ---------- ---------- ---------- ----------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
Mortality and expense risk(1) 0.65% 1.15% 0.50% 1.09% 1.10% current 1.20% current
(1.75% maximum) (1.75% maximum)
Other expenses(2) 0.84% 0.25% 0.84% 0.25% 0.25% 0.25%
Total Separate Account A 1.49% 1.40% 1.34% 1.34% 1.35% current 1.45% current
annual expenses(3)(4) (2.0% maximum (2.0% maximum)
for series 400)
- ------------------------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE ON EACH CONTRACT DATE ANNIVERSARY
- ------------------------------------------------------------------------------------------------------------------------
Annual administrative charge(5) $30 (under series 300, 400 and 500: $65 maximum)
- ------------------------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE AT THE TIME YOU REQUEST CERTAIN TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge(6) 6%
Charge for third-party series 100 and 200: None
transfer or exchange series 300, 400 and 500: $25, for each occurrence, current ($65 maximum)
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------
14
- --------------------------------------------------------------------------------
EQ ADVISORS TRUST ANNUAL EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS
IN EACH PORTFOLIO)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL
OTHER ANNUAL
EXPENSES EXPENSES
MANAGEMENT (AFTER EXPENSES (AFTER EXPENSES
FEES(7) 12b-1 FEE(8) LIMITATION)(9) LIMITATION)(10)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 0.60% N/A 0.04% 0.64%
Alliance Common Stock 0.46% N/A 0.04% 0.50%
Alliance Conservative Investors 0.60% N/A 0.07% 0.67%
Alliance Equity Index 0.25% N/A 0.05% 0.30%
Alliance Global 0.73% N/A 0.09% 0.82%
Alliance Growth and Income 0.59% N/A 0.05% 0.64%
Alliance Growth Investors 0.57% N/A 0.05% 0.62%
Alliance High Yield 0.60% N/A 0.05% 0.65%
Alliance Intermediate Government Securities 0.50% N/A 0.07% 0.57%
Alliance International 0.85% N/A 0.20% 1.05%
Alliance Money Market 0.34% N/A 0.05% 0.39%
EQ/Alliance Premier Growth 0.90% 0.25% 0.00% 1.15%
Alliance Quality Bond 0.53% N/A 0.05% 0.58%
Alliance Small Cap Growth 0.75% N/A 0.07% 0.82%
EQ/Alliance Technology 0.90% 0.25% 0.00% 1.15%
EQ/Balanced 0.57% N/A 0.05% 0.62%
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%
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>
- -------
15
- --------------------------------------------------------------------------------
Notes:
(1) A portion of this charge is for providing the death benefit.
(2) For the series 300 and 400 contracts we currently charge 0.25% for the
EQ/Aggressive Stock, EQ/Balanced, Alliance Common Stock, and Alliance Money
Market options and 0.24% for all the other options (we reserve the right to
increase this charge to 0.25% at our discretion). For series 100 and 200
contracts, this charge is for financial accounting and other administrative
services relating to the contracts.
(3) Total Separate Account A annual expenses of the variable investment options
(not including EQ Advisors Trust fees and other expenses) are guaranteed
not to exceed a total annual rate of (i) 2.00% for series 400 and 500; (ii)
1.35% for series 300 and (iii) 1.49% for series 100 and 1.40% for series
200 for the EQ/Balanced, Alliance Common Stock, and Alliance Money Market
options and; (iv) for series 100 and 200, an annual rate of 1.34% for all
the other options not listed in (iii).
(4) For series 100 and 200 contracts the total Separate Account A annual
expenses of the variable investment options and total annual expenses of EQ
Advisors Trust fees when added together are not permitted to exceed an
annual rate of 1.75% for the EQ/Aggressive Stock, EQ/Balanced, Alliance
Common Stock, and Alliance Money Market options. Without this expense
limitation, the total annual expenses deducted from the variable investment
options plus EQ Advisors Trust annual expenses for 1999 would have been
1.88% for the Alliance Money Market option; 1.99% for the Alliance Common
Stock option; 1.98% for the EQ/Aggressive Stock option; and 2.11% for the
EQ/Balanced option.
(5) For series 300, 400 and 500 contracts, during the first two contract years,
this charge is currently equal to the lesser of $30 or 2% of your account
value if it applies. Thereafter, the charge is currently $30 for each
contract year, but we reserve the right to waive or increase this charge to
an annual maximum of $65. For series 100 and 200 contracts, some contracts
are exempt from this charge.
(6) This charge applies to withdrawn contributions that were made in the
current and five prior years. This charge is deducted upon a withdrawal of
amounts in excess of the 10% free withdrawal amount. Important exceptions
and limitations may eliminate or reduce this charge.
(7) The management fees shown reflect the revised management fees, effective on
or about May 1, 2000, which were approved by shareholders. The management
fees shown for EQ/Putnam Balanced, EQ/Putnam Growth & Income 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 that portfolio's shareholders.
(8) 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 the life of the contracts. Class IA shares of
EQ Advisors Trust are not subject to these fees.
(9) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (10) for any expense limitation
agreements.
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% for each of these portfolios.
(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 Emerging Markets Equity;
1.25% for T. Rowe Price International Stock; 1.20% for Mercury World
Strategy; 1.15% for EQ/Alliance Premier Growth and EQ/Alliance Technology;
1.10% for Warburg Pincus Small Company Value; 1.00% for MFS Emerging Growth
Companies; 0.95% for Capital Guardian U.S. Equity, Capital Guardian
Research, EQ/Evergreen; EQ/Evergreen Foundation, MFS Growth with Income,
MFS Research, Mercury Basic Value Equity; EQ/Putnam Growth & Income Value
and T. Rowe Price Equity Income; and 0.90% for EQ/Putnam Balanced. The
expense limitations for the EQ/Putnam Growth & Income Value, 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
portfolio reflects 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; 0.46% for Mercury World Strategy; 0.23% for
EQ/Alliance Premier Growth; 0.10% for EQ/Alliance Technology; 0.24% for
Warburg Pincus Small Company Value; 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; 0.37% 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;
0.21% for T. Rowe Price Equity Income; and 0.28% for EQ/Putnam Balanced.
Initial seed capital was
<PAGE>
- -------
16
- --------------------------------------------------------------------------------
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 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.
EXAMPLES: EQUI-VEST SERIES 300 AND 400 CONTRACTS
For each type of series 300 and 400 contract, the examples below show the
expenses that a hypothetical contract owner 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.(1) The annual administrative charge is based on charges that apply
to a mix of estimated contract sizes, resulting in an estimated administrative
charge for the purpose of these examples of $0.51 per $1,000. We also assume
there is no waiver of the withdrawal charge. Other than as indicated above, the
total charges and expenses used to compute the examples below are the maximum
series 400 expenses, rather than the lower current series 400 expenses or series
300 expenses.
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. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 83.42 $ 144.18 $ 207.49 $ 311.73
Alliance Common Stock $ 82.03 $ 140.05 $ 200.23 $ 297.51
Alliance Conservative Investors $ 83.71 $ 145.07 $ 209.04 $ 314.75
Alliance Equity Index $ 80.04 $ 134.12 $ 189.78 $ 276.84
Alliance Global $ 85.20 $ 149.48 $ 216.34 $ 329.72
Alliance Growth and Income $ 83.42 $ 144.18 $ 207.49 $ 311.73
Alliance Growth Investors $ 83.22 $ 143.59 $ 206.45 $ 309.71
Alliance High Yield $ 83.52 $ 144.48 $ 208.00 $ 312.74
Alliance Intermediate Government Securities $ 82.72 $ 142.12 $ 203.86 $ 304.65
Alliance International $ 87.49 $ 156.22 $ 227.38 $ 352.23
Alliance Money Market $ 80.93 $ 136.79 $ 194.49 $ 286.19
EQ/Alliance Premier Growth $ 88.48 $ 159.15 - -
Alliance Quality Bond $ 82.82 $ 142.41 $ 204.38 $ 305.66
Alliance Small Cap Growth $ 85.20 $ 149.48 $ 216.34 $ 329.72
- -----------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------
IF YOU DO NOT SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 28.24 $ 86.58 $ 147.49 $ 311.73
Alliance Common Stock $ 26.77 $ 82.20 $ 140.23 $ 297.51
Alliance Conservative Investors $ 28.56 $ 87.52 $ 149.04 $ 314.75
Alliance Equity Index $ 24.67 $ 75.91 $ 129.78 $ 276.84
Alliance Global $ 30.13 $ 92.20 $ 156.76 $ 329.72
Alliance Growth and Income $ 28.24 $ 86.58 $ 147.49 $ 311.73
Alliance Growth Investors $ 28.03 $ 85.96 $ 146.45 $ 309.71
Alliance High Yield $ 28.35 $ 86.89 $ 148.00 $ 312.74
Alliance Intermediate Government Securities $ 27.51 $ 84.39 $ 143.86 $ 304.65
Alliance International $ 32.54 $ 99.35 $ 168.50 $ 352.23
Alliance Money Market $ 25.62 $ 78.74 $ 134.49 $ 286.19
EQ/Alliance Premier Growth $ 33.59 $ 102.44 - -
Alliance Quality Bond $ 27.61 $ 84.70 $ 144.38 $ 305.66
Alliance Small Cap Growth $ 30.13 $ 92.20 $ 156.76 $ 329.72
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
17
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT 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/Alliance Technology $ 88.48 $ 159.15 - -
EQ/Balanced $ 83.22 $ 143.59 $ 206.45 $ 309.71
Capital Guardian Research $ 86.49 $ 153.30 - -
Capital Guardian U.S. Equity $ 86.49 $ 153.30 - -
EQ/Evergreen $ 86.49 $ 153.30 $ 222.60 $ 342.51
EQ/Evergreen Foundation $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Emerging Growth Companies $ 86.99 $ 154.76 $ 224.99 $ 347.38
MFS Growth with Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Research $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury Basic Value Equity $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury World Strategy $ 88.98 $ 160.60 $ 234.52 $ 366.63
Morgan Stanley Emerging Markets Equity $ 94.44 $ 176.54 $ 260.31 $ 417.55
EQ/Putnam Balanced $ 86.00 $ 151.83 $ 220.19 $ 337.61
EQ/Putnam Growth & Income Value $ 86.49 $ 153.30 $ 222.60 $ 342.51
T. Rowe Price Equity Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
T. Rowe Price International Stock $ 89.47 $ 162.06 $ 236.89 $ 371.38
Warburg Pincus Small Company Value $ 87.98 $ 157.69 $ 229.77 $ 357.06
- ------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------
IF YOU DO NOT SURRENDER YOUR CONTRACT 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/Alliance Technology $ 33.59 $ 102.44 - -
EQ/Balanced $ 28.03 $ 85.96 $ 146.45 $ 309.71
Capital Guardian Research $ 31.49 $ 96.24 - -
Capital Guardian U.S. Equity $ 31.49 $ 96.24 - -
EQ/Evergreen $ 31.49 $ 96.24 $ 163.41 $ 342.51
EQ/Evergreen Foundation $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Emerging Growth Companies $ 32.02 $ 97.80 $ 165.96 $ 347.38
MFS Growth with Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Research $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury Basic Value Equity $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury World Strategy $ 34.12 $ 103.99 $ 176.10 $ 366.63
Morgan Stanley Emerging Markets Equity $ 39.89 $ 120.89 $ 203.53 $ 417.55
EQ/Putnam Balanced $ 30.97 $ 94.69 $ 160.86 $ 337.61
EQ/Putnam Growth & Income Value $ 31.49 $ 96.24 $ 163.41 $ 342.51
T. Rowe Price Equity Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
T. Rowe Price International Stock $ 34.64 $ 105.53 $ 178.62 $ 371.38
Warburg Pincus Small Company Value $ 33.07 $ 100.90 $ 171.04 $ 357.06
- ------------------------------------------------------------------------------------------
</TABLE>
- ----------
(1) The amount accumulated from the $1,000 contribution 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 if the amount applied to purchase an
annuity payout option is less than $2,000, or the initial payment is less
than $20, we may pay the amount to you in a single sum instead of as
payments under an annuity payout option. See "Accessing your money."
IF YOU ELECT A 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 above example
for "if you do not surrender your contract" 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" under "Charges and expenses."
<PAGE>
- -------
18
- --------------------------------------------------------------------------------
EXAMPLES: EQUI-VEST SERIES 500 CONTRACTS
For the series 500 Roth Advantage contract, the examples show the expenses that
a hypothetical contract owner would pay in the situations illustrated. We assume
a single contribution of $1,000 is invested in one of the variable investment
options listed and a 5% annual return is earned on assets in that option.(1) The
annual administrative charge is based on charges that apply to a mix of
estimated contract sizes, resulting in an estimated administrative charge for
the purpose of these examples of $0.51 per $1,000. We also assume there is no
waiver of the withdrawal charge. Other than as indicated above, the charges and
expenses used in the examples are the maximum charges rather than the lower
current charges.
These examples should not be considered a representation of past or future
expense for each option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT AT THE END IF YOU DO NOT SURRENDER YOUR CONTRACT AT
OF EACH PERIOD SHOWN, THE EXPENSES THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
- ------------------------------------------------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EQ/Aggressive Stock $ 83.42 $ 144.18 $ 207.49 $ 311.73 $ 28.24 $ 86.58 $ 147.49 $ 311.73
Alliance Common Stock $ 82.03 $ 140.05 $ 200.23 $ 297.51 $ 26.77 $ 82.20 $ 140.23 $ 297.51
Alliance Conservative Investors $ 83.71 $ 145.07 $ 209.04 $ 314.75 $ 28.56 $ 87.52 $ 149.04 $ 314.75
Alliance Equity Index $ 80.04 $ 134.12 $ 189.78 $ 276.84 $ 24.67 $ 75.91 $ 129.78 $ 276.84
Alliance Global $ 85.20 $ 149.48 $ 216.34 $ 329.72 $ 30.13 $ 92.20 $ 156.76 $ 329.72
Alliance Growth and Income $ 83.42 $ 144.18 $ 207.49 $ 311.73 $ 28.24 $ 86.58 $ 147.49 $ 311.73
Alliance Growth Investors $ 83.22 $ 143.59 $ 206.45 $ 309.71 $ 28.03 $ 85.96 $ 146.45 $ 309.71
Alliance High Yield $ 83.52 $ 144.48 $ 208.00 $ 312.74 $ 28.35 $ 86.89 $ 148.00 $ 312.74
Alliance Intermediate Government
Securities $ 82.72 $ 142.12 $ 203.86 $ 304.65 $ 27.51 $ 84.39 $ 143.86 $ 304.65
Alliance International $ 87.49 $ 156.22 $ 227.38 $ 352.23 $ 32.54 $ 99.35 $ 168.50 $ 352.23
Alliance Money Market $ 80.93 $ 136.79 $ 194.49 $ 286.19 $ 25.62 $ 78.74 $ 134.49 $ 286.19
EQ/Alliance Premier Growth $ 88.48 $ 159.15 - - $ 33.59 $ 102.44 - -
Alliance Quality Bond $ 82.82 $ 142.41 $ 204.38 $ 305.66 $ 27.61 $ 84.70 $ 144.38 $ 305.66
Alliance Small Cap Growth $ 85.20 $ 149.48 $ 216.34 $ 329.72 $ 30.13 $ 92.20 $ 156.76 $ 329.72
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
19
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT 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/Alliance Technology $ 88.48 $ 159.15 - -
EQ/Balanced $ 83.22 $ 143.59 $ 206.45 $ 309.71
Capital Guardian Research $ 86.49 $ 153.30 - -
Capital Guardian U.S. Equity $ 86.49 $ 153.30 - -
EQ/Evergreen $ 86.49 $ 153.30 $ 222.60 $ 342.51
EQ/Evergreen Foundation $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Emerging Growth Companies $ 86.99 $ 154.76 $ 224.99 $ 347.38
MFS Growth with Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Research $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury Basic Value Equity $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury World Strategy $ 88.98 $ 160.60 $ 234.52 $ 366.63
Morgan Stanley Emerging Markets Equity $ 94.44 $ 176.54 $ 260.31 $ 417.55
EQ/Putnam Balanced $ 86.00 $ 151.83 $ 220.19 $ 337.61
EQ/Putnam Growth & Income Value $ 86.49 $ 153.30 $ 222.60 $ 342.51
T. Rowe Price Equity Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
T. Rowe Price International Stock $ 89.47 $ 162.06 $ 236.89 $ 371.38
Warburg Pincus Small Company Value $ 87.98 $ 157.69 $ 229.77 $ 357.06
- ------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------
IF YOU DO NOT SURRENDER YOUR CONTRACT 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/Alliance Technology $ 33.59 $ 102.44 - -
EQ/Balanced $ 28.03 $ 85.96 $ 146.45 $ 309.71
Capital Guardian Research $ 31.49 $ 96.24 - -
Capital Guardian U.S. Equity $ 31.49 $ 96.24 - -
EQ/Evergreen $ 31.49 $ 96.24 $ 163.41 $ 342.51
EQ/Evergreen Foundation $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Emerging Growth Companies $ 32.02 $ 97.80 $ 165.96 $ 347.38
MFS Growth with Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Research $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury Basic Value Equity $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury World Strategy $ 34.12 $ 103.99 $ 176.10 $ 366.63
Morgan Stanley Emerging Markets Equity $ 39.89 $ 120.89 $ 203.53 $ 417.55
EQ/Putnam Balanced $ 30.97 $ 94.69 $ 160.86 $ 337.61
EQ/Putnam Growth & Income Value $ 31.49 $ 96.24 $ 163.41 $ 342.51
T. Rowe Price Equity Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
T. Rowe Price International Stock $ 34.64 $ 105.53 $ 178.62 $ 371.38
Warburg Pincus Small Company Value $ 33.07 $ 100.90 $ 171.04 $ 357.06
- ------------------------------------------------------------------------------------------
</TABLE>
- ----------
(1) The amount accumulated from the $1,000 contribution 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 if the amount applied to purchase an
annuity payout option is less than $2,000, or the initial payment is less
than $20, we may pay the amount to you in a single sum instead of payments
under an annuity payout option. See "Accessing your money."
IF YOU ELECT A 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 above example
for "if you do not surrender your contract" 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" under "Charges and expenses."
<PAGE>
- -------
20
- --------------------------------------------------------------------------------
EXAMPLES: EQUI-VEST SERIES 100 AND 200 CONTRACTS
The examples below show the expenses that a hypothetical contract owner 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.(1) We also assume there is no waiver of the
withdrawal charge. The annual administrative charge is based on charges that
apply to a mix of estimated contract sizes, resulting in an estimated
administrative charge for the purpose of these examples of $0.51 per $1,000.
Other than as indicated above, the charges and expenses used to compute the
examples below are the maximum expenses (taking into account the expense
limitation at an annual rate of 1.75% for the EQ/Aggressive Stock, EQ/Balanced,
Alliance Common Stock and Alliance Money Market options) rather than the lower
current charges.
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. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
FOR IRA (TRADITIONAL, STANDARD ROTH AND CERTAIN QP IRA(2) CONTRACTS WHERE THE
FREE WITHDRAWAL AMOUNT APPLIES AFTER THE THIRD CONTRACT YEAR):
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 80.77 $ 124.26 $ 163.50 $ 254.45
Alliance Common Stock $ 80.77 $ 124.26 $ 163.50 $ 254.45
Alliance Conservative Investors $ 83.33 $ 132.00 $ 176.57 $ 281.82
Alliance Equity Index $ 79.68 $ 120.97 $ 157.93 $ 242.66
Alliance Global $ 84.81 $ 136.45 $ 184.04 $ 297.29
Alliance Growth and Income $ 83.04 $ 131.11 $ 175.07 $ 278.70
Alliance Growth Investors $ 82.84 $ 130.51 $ 174.07 $ 276.62
Alliance High Yield $ 83.13 $ 131.41 $ 175.57 $ 279.74
Alliance Intermediate Government Securities $ 82.35 $ 129.03 $ 171.56 $ 271.38
Alliance International $ 87.08 $ 143.24 $ 195.40 $ 320.55
Alliance Money Market $ 80.77 $ 124.26 $ 163.50 $ 254.45
EQ/Alliance Premier Growth $ 88.07 $ 146.18 - -
Alliance Quality Bond $ 82.44 $ 129.33 $ 172.06 $ 272.43
Alliance Small Cap Growth $ 84.81 $ 136.45 $ 184.04 $ 297.29
EQ/Alliance Technology $ 88.07 $ 146.18 - -
EQ/Balanced $ 80.77 $ 124.26 $ 163.50 $ 254.45
Capital Guardian Research $ 86.09 $ 140.29 - -
Capital Guardian U.S. Equity $ 86.09 $ 140.29 - -
EQ/Evergreen $ 86.09 $ 140.29 $ 190.48 $ 310.50
EQ/Evergreen Foundation $ 86.09 $ 140.29 $ 190.48 $ 310.50
MFS Emerging Growth Companies $ 86.59 $ 141.77 $ 192.94 $ 315.54
MFS Growth with Income $ 86.09 $ 140.29 $ 190.48 $ 310.50
MFS Research $ 86.09 $ 140.29 $ 190.48 $ 310.50
Mercury Basic Value Equity $ 86.09 $ 140.29 $ 190.48 $ 310.50
Mercury World Strategy $ 88.56 $ 147.65 $ 202.75 $ 335.43
Morgan Stanley Emerging Markets Equity $ 93.99 $ 163.71 $ 229.29 $ 388.06
EQ/Putnam Balanced $ 85.60 $ 138.81 $ 188.00 $ 305.44
EQ/Putnam Growth & Income Value $ 86.09 $ 140.29 $ 190.48 $ 310.50
T. Rowe Price Equity Income $ 86.09 $ 140.29 $ 190.48 $ 310.50
T. Rowe Price International Stock $ 89.05 $ 149.12 $ 205.19 $ 340.33
Warburg Pincus Small Company Value $ 87.57 $ 144.71 $ 197.86 $ 325.53
- -------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------
21
- --------------------------------------------------------------------------------
FOR QP IRA(3) CONTRACTS (WHERE THE FREE WITHDRAWAL AMOUNT APPLIES IN THE FIRST
CONTRACT YEAR):
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 74.58 $ 117.68 $ 163.50 $ 254.45
Alliance Common Stock $ 74.58 $ 117.68 $ 163.50 $ 254.45
Alliance Conservative Investors $ 77.16 $ 125.48 $ 176.57 $ 281.82
Alliance Equity Index $ 73.49 $ 114.37 $ 157.93 $ 242.66
Alliance Global $ 78.65 $ 129.95 $ 184.04 $ 297.29
Alliance Growth and Income $ 76.86 $ 124.58 $ 175.07 $ 278.70
Alliance Growth Investors $ 76.67 $ 123.98 $ 174.07 $ 276.62
Alliance High Yield $ 76.96 $ 124.88 $ 175.57 $ 279.74
Alliance Intermediate Government
Securities $ 76.17 $ 122.48 $ 171.56 $ 271.38
Alliance International $ 80.93 $ 136.79 $ 195.40 $ 320.55
Alliance Money Market $ 74.58 $ 117.68 $ 163.50 $ 254.45
EQ/Alliance Premier Growth $ 81.93 $ 139.75 - -
Alliance Quality Bond $ 76.27 $ 122.78 $ 172.06 $ 272.43
Alliance Small Cap Growth $ 78.65 $ 129.95 $ 184.04 $ 297.29
EQ/Alliance Technology $ 81.93 $ 139.75 - -
EQ/Balanced $ 74.58 $ 117.68 $ 163.50 $ 254.45
Capital Guardian Research $ 79.94 $ 133.82 - -
Capital Guardian U.S. Equity $ 79.94 $ 133.82 - -
EQ/Evergreen $ 79.94 $ 133.82 $ 190.48 $ 310.50
EQ/Evergreen Foundation $ 79.94 $ 133.82 $ 190.48 $ 310.50
MFS Emerging Growth Companies $ 80.44 $ 135.31 $ 192.94 $ 315.54
MFS Growth with Income $ 79.94 $ 133.82 $ 190.48 $ 310.50
MFS Research $ 79.94 $ 133.82 $ 190.48 $ 310.50
Mercury Basic Value Equity $ 79.94 $ 133.82 $ 190.48 $ 310.50
Mercury World Strategy $ 82.42 $ 141.23 $ 202.75 $ 335.43
Morgan Stanley Emerging Markets
Equity $ 87.88 $ 157.39 $ 229.29 $ 388.06
EQ/Putnam Balanced $ 79.45 $ 132.33 $ 188.00 $ 305.44
EQ/Putnam Growth & Income Value $ 79.94 $ 133.82 $ 190.48 $ 310.50
T. Rowe Price Equity Income $ 79.94 $ 133.82 $ 190.48 $ 310.50
T. Rowe Price International Stock $ 82.92 $ 142.71 $ 205.19 $ 340.33
Warburg Pincus Small Company Value $ 81.43 $ 138.27 $ 197.86 $ 325.53
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
22
- --------------------------------------------------------------------------------
FOR NQ CONTRACTS:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 74.58 $ 117.68 $ 160.57 $ 217.78
Alliance Common Stock $ 74.58 $ 117.68 $ 160.57 $ 217.78
Alliance Conservative Investors $ 77.16 $ 125.48 $ 174.46 $ 246.11
Alliance Equity Index $ 73.49 $ 114.37 $ 154.65 $ 205.57
Alliance Global $ 78.65 $ 129.95 $ 182.41 $ 262.12
Alliance Growth and Income $ 76.86 $ 124.58 $ 172.87 $ 242.88
Alliance Growth Investors $ 76.67 $ 123.98 $ 171.80 $ 240.72
Alliance High Yield $ 76.96 $ 124.88 $ 173.40 $ 243.95
Alliance Intermediate Government
Securities $ 76.17 $ 122.48 $ 169.14 $ 235.30
Alliance International $ 80.93 $ 136.79 $ 194.49 $ 286.19
Alliance Money Market $ 74.58 $ 117.68 $ 160.57 $ 217.78
EQ/Alliance Premier Growth $ 81.93 $ 139.75 - -
Alliance Quality Bond $ 76.27 $ 122.78 $ 169.67 $ 236.39
Alliance Small Cap Growth $ 78.65 $ 129.95 $ 182.41 $ 262.12
EQ/Alliance Technology $ 81.93 $ 139.75 - -
EQ/Balanced $ 74.58 $ 117.68 $ 160.57 $ 217.78
Capital Guardian Research $ 79.94 $ 133.82 - -
Capital Guardian U.S. Equity $ 79.94 $ 133.82 - -
EQ/Evergreen $ 79.94 $ 133.82 $ 189.25 $ 275.79
EQ/Evergreen Foundation $ 79.94 $ 133.82 $ 189.25 $ 275.79
MFS Emerging Growth Companies $ 80.44 $ 135.31 $ 191.87 $ 281.01
MFS Growth with Income $ 79.94 $ 133.82 $ 189.25 $ 275.79
MFS Research $ 79.94 $ 133.82 $ 189.25 $ 275.79
Mercury Basic Value Equity $ 79.94 $ 133.82 $ 189.25 $ 275.79
Mercury World Strategy $ 82.42 $ 141.23 $ 202.30 $ 301.59
Morgan Stanley Emerging Markets
Equity $ 87.88 $ 157.39 $ 229.29 $ 356.09
EQ/Putnam Balanced $ 79.45 $ 132.33 $ 186.62 $ 270.55
EQ/Putnam Growth & Income Value $ 79.94 $ 133.82 $ 189.25 $ 275.79
T. Rowe Price Equity Income $ 79.94 $ 133.82 $ 189.25 $ 275.79
T. Rowe Price International Stock $ 82.92 $ 142.71 $ 204.90 $ 306.68
Warburg Pincus Small Company Value $ 81.43 $ 138.27 $ 197.10 $ 291.35
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
23
- --------------------------------------------------------------------------------
FOR ALL SERIES 100 AND 200 CONTRACTS:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
IF YOU DO NOT SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 18.90 $ 58.49 $ 100.57 $ 217.78
Alliance Common Stock $ 18.90 $ 58.49 $ 100.57 $ 217.78
Alliance Conservative Investors $ 21.63 $ 66.75 $ 114.46 $ 246.11
Alliance Equity Index $ 17.75 $ 54.98 $ 94.65 $ 205.57
Alliance Global $ 23.20 $ 71.49 $ 122.41 $ 262.12
Alliance Growth and Income $ 21.31 $ 65.80 $ 112.87 $ 242.88
Alliance Growth Investors $ 21.11 $ 65.16 $ 111.80 $ 240.72
Alliance High Yield $ 21.42 $ 66.11 $ 113.40 $ 243.95
Alliance Intermediate Government
Securities $ 20.58 $ 63.58 $ 109.14 $ 235.30
Alliance International $ 25.62 $ 78.74 $ 134.49 $ 286.19
Alliance Money Market $ 18.90 $ 58.49 $ 100.57 $ 217.78
EQ/Alliance Premier Growth $ 26.67 $ 81.88 - -
Alliance Quality Bond $ 20.69 $ 63.89 $ 109.67 $ 236.39
Alliance Small Cap Growth $ 23.20 $ 71.49 $ 122.41 $ 262.12
EQ/Alliance Technology $ 26.67 $ 81.88 - -
EQ/Balanced $ 18.90 $ 58.49 $ 100.57 $ 217.78
Capital Guardian Research $ 24.57 $ 75.60 - -
Capital Guardian U.S. Equity $ 24.57 $ 75.60 - -
EQ/Evergreen $ 24.57 $ 75.60 $ 129.25 $ 275.79
EQ/Evergreen Foundation $ 24.57 $ 75.60 $ 129.25 $ 275.79
MFS Emerging Growth Companies $ 25.09 $ 77.17 $ 131.87 $ 281.01
MFS Growth with Income $ 24.57 $ 75.60 $ 129.25 $ 275.79
MFS Research $ 24.57 $ 75.60 $ 129.25 $ 275.79
Mercury Basic Value Equity $ 24.57 $ 75.60 $ 129.25 $ 275.79
Mercury World Strategy $ 27.19 $ 83.45 $ 142.30 $ 301.59
Morgan Stanley Emerging Markets
Equity $ 32.96 $ 100.59 $ 170.53 $ 356.09
EQ/Putnam Balanced $ 24.04 $ 74.02 $ 126.62 $ 270.55
EQ/Putnam Growth & Income Value $ 24.57 $ 75.60 $ 129.25 $ 275.79
T. Rowe Price Equity Income $ 24.57 $ 75.60 $ 129.25 $ 275.79
T. Rowe Price International Stock $ 27.72 $ 85.02 $ 144.90 $ 306.68
Warburg Pincus Small Company Value $ 26.14 $ 80.31 $ 137.10 $ 291.35
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
24
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) The amount accumulated from the $1,000 contribution 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 if the amount applied to purchase
an annuity payout option is less than $2,000, or the initial payment is
less than $20, we may pay the amount to you in a single sum instead of as
payments under an annuity payout option. See "Accessing your money."
(2) These expenses also apply to a QP IRA with the number 11933I in the lower
left corner of the first page of your contract, or those QP IRA contracts
issued in Oregon.
(3) These expenses apply only to a QP IRA with the number 92QPI in the lower
left corner of the first page of your contract.
IF YOU ELECT A 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 above example
for "if you do not surrender your contract" 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" under "Charges and expenses."
CONDENSED FINANCIAL INFORMATION
Please see Appendix I at the end of this prospectus, for the unit values and
number of units outstanding as of the periods shown for each of the variable
investment options available as of December 31, 1999.
<PAGE>
1 Contract features and benefits
- ------
25
- --------------------------------------------------------------------------------
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us that we call
"contributions." We require a minimum contribution amount for each type and
series of contract purchased. The minimum contribution amount under our
automatic investment program is $20. We discuss the automatic investment program
under "About other methods of payment" in "More information" later in this
prospectus. The following table summarizes our rules regarding contributions to
your contract.
- ------------------------------------------------------------------------------
The "annuitant" is the person who is the measuring life for determining contract
benefits. The annuitant is not necessarily the contract owner.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
CONTRACT ANNUITANT MINIMUM SOURCE OF LIMITATIONS ON
TYPE ISSUE AGES* CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NQ 0-79 Not applicable.
o $1,000 (initial), o After-tax money.
o $50 (additional) o Paid to us by check or
(all series) transfer of contract
value in a tax deferred
exchange under Section
1035 of the Internal
Revenue Code.
o Paid to us by an employer
who establishes a payroll
deduction program.
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------
26
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
CONTRACT ANNUITANT MINIMUM SOURCE OF LIMITATIONS ON
TYPE ISSUE AGES* CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Traditional IRA 0-70 o $20 (initial and o "Regular" traditional o For all types of IRAs,
additional) (series IRA contributions regular IRA
100 and 200) either made by you contributions may
or paid to us by an not exceed $2,000
o $50 (initial and employer who for a year.
additional) (series establishes a payroll
300 and 400) deduction program o No additional regular
IRA contributions in
o Rollovers from a the year you turn age
TSA. 70 1/2 and thereafter.
o Rollovers from o Rollover and direct
another traditional transfer contributions
individual retirement after age 70 1/2 must
arrangement. be net of required
minimum distributions.
o Direct
custodian-to-custodian
transfers from other o Contributions are
traditional individual subject to income tax
retirement rules.
arrangements.
o Although we accept
rollover and direct
transfer contributions
under the Traditional
IRA contracts, we
intend that these
contracts be used
for ongoing regular
contributions.
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------
27
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
CONTRACT ANNUITANT MINIMUM SOURCE OF LIMITATIONS ON
TYPE ISSUE AGES* CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Standard Roth IRA 0-79 o $20 (initial and o Regular after-tax o For all types of IRAs,
and Roth Advantage additional) (series contributions either regular IRA
100 and 200) made by you or paid contributions may
to us by an employer not exceed $2,000
o $50 (initial and who establishes a for a year.
additional) (series payroll deduction
300, 400, and 500) program. o Contributions are
subject to income
o Rollovers from limits and other tax
another Roth IRA. rules. See "Tax
information -
o Conversion rollovers Contributions to
from a Traditional Roth IRAs."
IRA.
o Direct transfers from
another Roth IRA.
- -----------------------------------------------------------------------------------------------------------------
QP traditional IRA 0-79 o $1,000 (series 100 o Rollovers from a o Rollover
and 200) qualified plan. contributions after
age 70 1/2 must be
o $2,500 (series 300 o Rollovers from a net of required
and 400) TSA. minimum
distributions.
o The EQUIVEST QP
Traditional IRA o "Regular" after-tax
contract is intended contributions are not
to be a conduit IRA. permitted.
Only rollovers
from a qualified
plan or TSA are
permitted.
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
* For Traditional IRAs, the maximum issue age is 70, but we will issue up to
age 79 if the contribution is a rollover contribution. For all other IRAs
we will issue contracts up to annuitant ages 80-83 with our prior approval.
See "Tax information" for a more detailed discussion of sources of contributions
and certain contribution limitations. We may refuse to accept any contribution
if the sum of all contributions under all EQUI-VEST contracts with the same
annuitant would then total more than $1,000,000. We may also refuse to accept
any contribution if the sum of all contributions under all Equitable Life
annuity accumulation contracts that you own would then total more than
$2,500,000.
For information on when contributions are credited see "Dates and prices at
which contract events occur" under "More information" later in this prospectus.
<PAGE>
- ----------
28
- --------------------------------------------------------------------------------
OWNER AND ANNUITANT REQUIREMENTS
Under NQ contracts, the annuitant can be different than the owner.
Under any type of the IRA contract, the owner and annuitant must be the same
person.
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Except as noted below, contributions must be made by check 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, 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.
Additional contributions may also be made by wire transfer or our automatic
investment program. The method of payment is discussed in detail in "More
information" later in this prospectus.
Your initial contribution must generally be accompanied by an application and
any other form we need to process the contribution. If any information is
missing or unclear, we will try to obtain that information. If we are unable to
obtain all of the information we require within five business days after we
receive an incomplete application or form, we will inform the financial
professional submitting the application on your behalf. We will then return the
contribution to you unless you specifically direct us to keep your contribution
until we receive the required information.
Generally, you may make additional contributions at any time. You may do so in
single sum amounts, on a regular basis, or as your financial situation permits.
- --------------------------------------------------------------------------------
Generally our "business day" is any day on which Equitable Life is open and the
New York Stock Exchange is open for trading. We may, however, close due to
emergency conditions.
- --------------------------------------------------------------------------------
SECTION 1035 EXCHANGES
You may apply the value of an existing nonqualified deferred annuity contract
(or life insurance or endowment contract) to purchase an NQ contract in a
tax-free exchange if you follow certain procedures as shown in the form that we
require you to use. Also see "Tax information" later in this prospectus.
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options are the variable investment options, the guaranteed
interest option and the fixed maturity options.
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. Listed below
are the currently available portfolios, their investment objectives, and their
advisers.
- --------------------------------------------------------------------------------
You can choose from among the variable investment options.
- --------------------------------------------------------------------------------
<PAGE>
- -----
29
- --------------------------------------------------------------------------------
PORTFOLIOS OF EQ ADVISORS TRUST
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO NAME OBJECTIVE ADVISER
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EQ/Aggressive Stock Long-term growth of capital Alliance Capital Management L.P.,
Massachusetts Financial Services Company
- -------------------------------------------------------------------------------------------------------------------------------
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 and, Alliance Capital Management L.P.
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 preservation Alliance Capital Management L.P.
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.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------
30
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO NAME OBJECTIVE ADVISER
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EQ/Balanced 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.
- -------------------------------------------------------------------------------------------------------------------------------
Capital Guardian Research Long-term growth of capital Capital Guardian Trust Company
- -------------------------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Long-term capital growth Massachusetts Financial Services Company
Companies
- -------------------------------------------------------------------------------------------------------------------------------
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 income Massachusetts Financial Services Company
- -------------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity Capital appreciation and, secondarily, income Mercury Asset Management US
- -------------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy High total investment return Mercury Asset Management US
- -------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Long-term capital appreciation Morgan Stanley Asset Management
Markets Equity
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced Balanced investment Putnam Investment Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Capital growth, current income is a secondary Putnam Investment Management, Inc.
Value objective
- -------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income Substantial dividend income and also capital T. Rowe Price Associates, Inc.
appreciation
- -------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Long-term growth of capital Rowe Price-Fleming International, Inc.
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Long-term capital appreciation Warburg Pincus Asset Management, Inc.
Value
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Other important information about the portfolios is included in the prospectus
for EQ Advisors Trust attached at the end of this prospectus.
<PAGE>
- -------
31
- --------------------------------------------------------------------------------
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays interest
at guaranteed rates. We discuss our general account in "More information."
We assign an interest rate to each amount allocated to the guaranteed interest
option. This rate is guaranteed for a specified period. The rate may be
different depending upon certain factors including the type and series of your
contract and when the allocation is made.
Therefore, different interest rates may apply to different amounts in the
guaranteed interest option.
We credit interest daily to amounts in the guaranteed interest option. There are
three levels of interest 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.
We set current interest rates periodically, according to our procedures that we
have in effect at the time. All interest rates are effective annual rates, but
before deduction of annual administrative charges or any withdrawal charges.
The minimum yearly guaranteed interest rate is 4% for 2000. The yearly rates we
set will never be less than the minimum guaranteed interest rate of 3% for the
life of the contract. A 4% minimum may apply under some contracts. Current
interest rates will never be less than the yearly guaranteed interest rate.
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates ranging from one to ten
years in states where they are approved. You can allocate your contributions to
one or more of these fixed maturity options. However, you may not allocate more
than one contribution to any one fixed maturity option. Your contributions will
accumulate interest at the "rate to maturity" for each fixed maturity option.
The total amount you allocate to and accumulate in each fixed maturity option is
called the "fixed maturity amount." The fixed maturity options are only
available in states where approved. Your financial professional can provide your
state's approval status. For contracts issued in New York see "Charges and
expenses" for information on withdrawal charges when amounts are allocated to
the fixed maturity options.
- --------------------------------------------------------------------------------
Fixed maturity options range from one to ten years to maturity.
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the rate
to maturity in effect for new contributions allocated to that fixed maturity
option on the date we apply your contribution. If you make any withdrawals or
transfers from a fixed maturity option before the maturity date, we will make a
"market value adjustment" that may increase or decrease any fixed maturity
amount you have left in that fixed maturity option. We discuss the market value
adjustment below and in greater detail later in this prospectus in "More
information."
On the maturity date of a fixed maturity option your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution, to the date of the calculation. This is the
fixed maturity option's "maturity value." Before maturity, the current value we
will report for your fixed maturity amount will reflect a market value
adjustment. Your current value will reflect the market value adjustment that we
would make if you were to withdraw all of your fixed maturity amounts on the
date of the report. We call this your "market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity
options ending on June 15th for each of the maturity years 2001 through 2010.
Not all of these fixed maturity options will be available for annuitants ages 76
and older. See "Allocating your contributions" below. As fixed maturity options
expire, we
<PAGE>
- --------
32
- --------------------------------------------------------------------------------
expect to add maturity years so that generally 10 fixed maturity options are
available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same
fixed maturity option; or
o the rate to maturity is 3% or less; or
o the fixed maturity option's maturity date is within the current calendar
year; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as long
as none of the conditions listed above or in "Allocating your contributions,"
below would apply:
(a) transfer the maturity value into another available fixed maturity option,
or into any of the variable investment options; or
(b) withdraw the maturity value (there may be a withdrawal charge).
Currently, if we do not receive your choice on or before the fixed maturity
option's maturity date, we will automatically transfer your maturity value into
the Alliance Money Market option, or another investment option if we are
required to do so by any state regulation or if we change our procedures in the
future. Such a case is the State of New York where we will transfer your
maturity value to the fixed maturity option scheduled to mature next unless we
are not offering other fixed maturity options, in which case we will transfer
your maturity value to the Alliance Money Market option.
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract, or when we make deductions for
charges) from a fixed maturity option before it matures we will make a market
value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option. The amount of the adjustment will depend on
two factors:
(a) the difference between the rate to maturity that applies to the amount
being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
In general, if interest rates rise from the time that you originally allocate an
amount to a fixed maturity option to the time that you take a withdrawal, the
market value adjustment will be negative. Likewise, if interest rates drop at
the end of that time, the market value adjustment will be positive. Also, the
amount of the market value adjustment, either up or down, will be greater the
longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later in
this prospectus. Appendix III to this prospectus provides an example of how the
market value adjustment is calculated.
SELECTING YOUR INVESTMENT METHOD
You must choose one of the following methods for selecting your investment
options:
o MAXIMUM INVESTMENT OPTIONS CHOICE. Under this method you may allocate
contributions or transfer funds to any of the available investment options
listed in A and B in the investment options chart. You can make transfers
<PAGE>
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whenever you choose. However, there will be restrictions on the amount you can
transfer out of the guaranteed interest option listed in A.
o MAXIMUM TRANSFER FLEXIBILITY. Under this method you may allocate contributions
or transfer funds to any of the available investment options listed in A in the
investment options chart and no transfer restrictions will apply.
o TEMPORARY REMOVAL OF TRANSFER RESTRICTIONS THAT APPLY TO THE INVESTMENT
METHODS. From time to time we may remove certain restrictions that apply to your
investment method. If we do so we will tell you. We will also tell you at least
45 days in advance of the day that we intend to reimpose the transfer
restrictions. When we reimpose the transfer restrictions that apply to your
investment method, amounts that are in any investment options that are not
available under your investment method can remain in these options, but you will
not be permitted to allocate new contributions or make additional transfers
(including through our rebalancing program) into these options.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
INVESTMENT OPTIONS
- --------------------------------------------------------------------------------
A
- --------------------------------------------------------------------------------
<S> <C>
o Guaranteed Interest Option
- --------------------------------------------------------------------------------
DOMESTIC STOCKS INTERNATIONAL STOCKS
- --------------------------------------------------------------------------------
o EQ/Aggressive Stock o Alliance Global
o Alliance Common Stock o Alliance International
o Alliance Equity Index o Morgan Stanley Emerging
o Alliance Growth and Income Markets Equity
o EQ/Alliance Premier Growth o T. Rowe Price International
o Alliance Small Cap Growth Stock
o EQ/Alliance Technology
o Capital Guardian Research
o Capital Guardian U.S. Equity
o EQ/Evergreen
o MFS Emerging Growth
Companies
o MFS Growth with Income
o MFS Research
o Mercury Basic Value Equity
o EQ/Putnam Growth & Income
Value
o T. Rowe Price Equity Income
o Warburg Pincus Small
Company Value
--------------------------------------------------------------------------------
BALANCED/HYBRID
- --------------------------------------------------------------------------------
o Alliance Growth Investors
o EQ/Balanced
o EQ/Evergreen Foundation
o Mercury World Strategy
o EQ/Putnam Balanced
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT OPTIONS
- --------------------------------------------------------------------------------
B
- --------------------------------------------------------------------------------
FIXED INCOME BALANCED/HYBRID
- --------------------------------------------------------------------------------
o Alliance High Yield o Alliance Conservative
o Alliance Intermediate Investors
Government Securities
o Alliance Money Market
o Alliance Quality Bond
- --------------------------------------------------------------------------------
FIXED MATURITY OPTIONS
- --------------------------------------------------------------------------------
The fixed maturity options are only available in states where approved.
Transfer restrictions apply as indicated above under "Fixed maturity options and
maturity dates."
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
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o PRINCIPAL ASSURANCE ALLOCATION
Under this allocation program you select a fixed maturity option. We specify the
portion of your initial contribution to be allocated to that fixed maturity
option in an amount that will cause the maturity value to equal the amount of
your entire initial contribution on the fixed maturity option's maturity date.
The maturity date you select generally may not be later than 10 years, or
earlier than 6 years from your contract date. You allocate the rest of your
contribution to the variable investment options however you choose.
For example, if your initial contribution is $10,000, and on March 1, 2000 you
chose the fixed maturity option with a maturity date of June 15, 2009, since the
rate to maturity was 6.45% on March 1, 2000, we would have allocated $5,596 to
that fixed maturity option and the balance to your choice of variable investment
options. On the maturity date your value in the fixed maturity option would be
$10,000.
The principal assurance allocation is only available for annuitant ages 75 or
younger when the contract is issued. If you are purchasing an Equitable Life
traditional IRA or QP IRA contract, before you select a maturity year that would
extend beyond the year in which you will reach age 70 1/2, you should consider
whether your value in the variable investment options, or your other traditional
IRA funds are sufficient to meet your required minimum distributions. See "Tax
information." This feature is only available if the fixed maturity option is
available in your state.
ALLOCATING YOUR CONTRIBUTIONS
Once you have made your investment method choice, you may allocate your
contributions to one or more, or all of the investment options that you have
chosen, subject to any restrictions under the investment method you chose.
However, you may not allocate more than one contribution to any one fixed
maturity option. Allocations must be in whole percentages and you may change
your allocation percentages at any time. However, the total of your allocations
must equal 100%. Once your contributions are allocated to the investment
options, they become part of your account value. We discuss account value in
"Determining your contract's value." After your contract is issued, you may
request that we add or eliminate any variable investment options that result in
transfer restrictions. We reserve the right to deny your request. See
"Transferring your money among investment options."
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
If for any reason you are not satisfied with your contract, you may return it to
us for a refund. To exercise this cancellation right you must mail the contract
directly to our processing office within 10 days after you receive it. In some
states, this "free look" period may be longer.
For contributions allocated to the variable investment options, your refund will
equal your contributions, reflecting any investment gain or loss that also
reflects the daily charges we deduct. For contributions allocated to the
guaranteed interest option, your refund will equal the amount of the
contributions but will not include interest. For contributions allocated to the
fixed maturity options, your refund will equal the amount of the contribution
allocated to the fixed maturity options reflecting any positive or negative
market value adjustments. Some states require that we refund the full amount of
your contribution (not including any investment gain or loss, interest, or
market value adjustment). For IRA contracts returned to us within seven days
after you receive it, we are required to refund the full amount of your
contribution.
We may require that you wait six months before you apply for a contract with us
again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract whether we have
received your contribution or not.
Please see "Tax information" for possible consequences of cancelling your
contract.
<PAGE>
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35
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In addition to the cancellation right described above, if you fully or partially
convert an existing Traditional IRA contract to a Standard Roth IRA or Roth
Advantage contract, you may cancel your Standard Roth IRA or Roth Advantage
contract and return to a Traditional IRA contract. Our processing office, or
your financial professional, can provide you with the cancellation instructions.
Ask for the form entitled "EQUI-VEST Roth IRA Re-Characterization Form."
<PAGE>
2 Determining your contract's value
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36
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YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the: (i) values you have allocated to the
variable investment options; (ii) the guaranteed interest option; and (iii) the
market adjusted amounts you have in the fixed maturity options. These amounts
are subject to certain fees and charges discussed under "Charges and expenses."
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value, less: (i) any
applicable withdrawal charges and (ii) the total amount or a pro rata portion of
the annual administrative charge. Please see "Surrendering your contract to
receive its cash value" in "Accessing your money."
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.
- --------------------------------------------------------------------------------
Units measure your value in each variable investment option.
- --------------------------------------------------------------------------------
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 to 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); or
(iii) increased to reflect a transfer into, or decreased to reflect a
transfer out of a variable investment option.
In addition, the annual administrative charge, or third-party transfer or
exchange charge, will reduce the number of units credited to your contract. 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 and transfers to that option, plus interest, minus withdrawals and
transfers out of the option, and charges we deduct.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date is
the market adjusted amount in each option. This is equivalent to your fixed
maturity amount increased or decreased by the market value adjustment. Your
value, therefore, may be higher or lower than your contributions (less
withdrawals) accumulated at the rate to maturity. At the maturity date, your
value in the fixed maturity option will equal its maturity value.
<PAGE>
3 Transferring your money among investment options
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37
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TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer some
or all of your account value among the investment options, subject to the
following:
o You must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o You may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option if its maturity date is
later than the date annuity payments are to begin.
o If you make transfers out of a fixed maturity option other than at its
maturity date the transfer may cause a market value adjustment.
o If you choose the maximum investment options choice method for selecting
investment options, the maximum amount you may transfer in any contract
year from the guaranteed interest option to any other investment option is
(a) 25% of the amount you had in the guaranteed interest option on the last
day of the prior contract year or, if greater, (b) the total of all amounts
you transferred from the guaranteed interest option to any other investment
option in the prior contract year.
If you transfer money from another financial institution into the guaranteed
interest option during your first contract year, and if you have selected
maximum investment options choice, you may, during the balance of that contract
year, transfer up to 25% of such initial guaranteed interest option balance to
any other investment option.
See Appendix I for transfer restrictions under original contracts.
Subject to the terms of your contract, upon advance notice, we may change or
establish additional restrictions on transfers among the investment options. A
transfer request does not change your percentages for allocating current or
future contributions among the investment options.
You may request a transfer in writing or by telephone using TOPS or online using
EQAccess. (We anticipate that transfers using EQAccess will be available by the
end of 2000). You must send in all signed written requests directly to our
processing office. Transfer requests should specify:
(1) the contract number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
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 investment options reflect a market timing
strategy, we reserve the right to take action including, 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.
AUTOMATIC TRANSFER OPTIONS
INVESTMENT SIMPLIFIER
You may choose from 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." You may select
one or the other, but not both.
<PAGE>
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38
- --------------------------------------------------------------------------------
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
all available amounts in the guaranteed interest option have been transferred
out.
See Appendix II for transfer restrictions under original contracts.
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. Under the interest sweep, we will make transfers on a monthly
basis from amounts in the guaranteed interest option. The amount we will
transfer will be 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 thereafter to participate in the interest sweep
option.
WHEN YOUR PARTICIPATION IN AN AUTOMATIC TRANSFER OPTION WILL END. 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 in the
guaranteed interest option has been transferred out.
o Under the interest sweep, 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 at our processing office, your
written request to cancel automatic transfers, or on the date your contract
terminates.
REBALANCING YOUR ACCOUNT VALUE
We currently offer a rebalancing program that you can use to automatically
reallocate your account value among the variable investment options. 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 account value that you
specify is invested in each option at the end of each rebalancing date. Your
entire 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 advisor before electing the program.
- --------------------------------------------------------------------------------
You may elect the rebalancing program at any time. To be eligible, you must have
at least $5,000 of account value in the variable investment options. Rebalancing
is not available for amounts you have allocated in the guaranteed interest
option or in the fixed maturity options.
You may change your allocation instructions or cancel the program at any time.
<PAGE>
4 Accessing your money
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39
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WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of contract.
More information follows the table. For the tax consequences of taking
withdrawals, see "Tax information."
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
METHOD OF WITHDRAWAL
- --------------------------------------------------------------------------------
MINIMUM
CONTRACT LUMP SUM SYSTEMATIC DISTRIBUTION
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
NQ Yes Yes No
- --------------------------------------------------------------------------------
Traditional IRA Yes Yes Yes
- --------------------------------------------------------------------------------
QP IRA Yes Yes Yes
- --------------------------------------------------------------------------------
Standard Roth IRA Yes Yes No
- --------------------------------------------------------------------------------
Roth Advantage Yes Yes No
- --------------------------------------------------------------------------------
</TABLE>
LUMP SUM WITHDRAWALS (ALL CONTRACTS)
You may take lump sum withdrawals from your account value at any time while the
annuitant is living and before annuity payments begin. The minimum amount you
may withdraw at any time is $300. If you request a withdrawal that leaves your
account value less than $500, we may treat it as a request to surrender the
contract for its cash value. See "Surrendering your contract to receive its cash
value" below.
Lump sum withdrawals in excess of the 10% free withdrawal amount may be subject
to a withdrawal charge. (See "10% free withdrawal charge amount" in "Charges and
expenses.")
SYSTEMATIC WITHDRAWALS (ALL CONTRACTS)
If you have at least $20,000 of account value in the variable investment options
and the guaranteed interest option you may elect systematic withdrawals. You may
elect to have your systematic withdrawals made on a monthly or quarterly basis.
The minimum amount you may take for each withdrawal is $300. We will make the
withdrawal on any day of the month that you select as long as it is not later
than the 28th day of the month. If you do not select a date, your withdrawals
will be made on the first day of the month. A check for the amount of the
withdrawal will be mailed to you or, if you prefer, we will electronically
transfer the money to your checking account.
You may withdraw either the amount of interest earned in the guaranteed interest
option or a fixed-dollar amount from either the variable investment options or
the guaranteed interest option. If you elect the interest option, a minimum of
$20,000 must be maintained in the guaranteed interest option. If you elect the
fixed-dollar option you do not have to maintain a minimum amount. You may elect
to have the amount of the withdrawal subtracted from your account value in one
of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value in
those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You can cancel the systematic withdrawal option at any time.
Amounts withdrawn in excess of the 10% free withdrawal amount may be subject to
a withdrawal charge.
MINIMUM DISTRIBUTION WITHDRAWALS (Traditional IRA and QP IRA contracts - See
"Tax information")
We offer the minimum distribution withdrawal option to help you meet lifetime
required minimum distributions under federal income tax rules. You may elect
this option in the year in which you reach age 70 1/2 and have account value in
the variable investment options and the guaranteed interest option of at least
$2,000. The minimum amount we will pay out is $300, or if less, your account
value. If your account value is less than $500 after the withdrawal, we may
terminate your contract and pay you its cash value. You may elect the method you
want us to use to calculate your
<PAGE>
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40
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minimum distribution withdrawal from the choices we offer. Currently, minimum
distribution withdrawal payments will be made annually.
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the variable investment options and the guaranteed
interest option. If those amounts are insufficient, we will make up required
amounts from the fixed maturity options to the extent you have value in those
options. A market value adjustment may apply. We will calculate your payment
each year based on your account value at the end of each calendar year, based on
the method you choose.
- --------------------------------------------------------------------------------
We will send to Traditional IRA and QP IRA owners a form outlining the minimum
distribution options available in the year you reach age 70 1/2 (if you have
not begun your annuity payments before that time).
- --------------------------------------------------------------------------------
HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the variable investment options and the guaranteed
interest option. If there is insufficient value or no value in the variable
investment options, any additional amount of the withdrawal required or the
total amount of the withdrawal will be withdrawn from the fixed maturity options
in order of the earliest maturity date(s). A market value adjustment may apply
if withdrawals are taken from the fixed maturity options.
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a Traditional
IRA or QP IRA contract you may use our automatic deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your Traditional IRA or QP IRA contract directly into
an EQUI-VEST NQ or Roth IRA or an EQUI-VEST Express NQ or Roth IRA contract
according to your allocation instructions.
DEPOSIT OPTION FOR NQ CONTRACTS ONLY
You can elect the deposit option for your benefit while you live, or for the
benefit of your beneficiary.
Proceeds from your NQ contract can be deposited with us for a period you select
(including one for as long as the annuitant lives). We will hold the amounts in
our general account. We will credit interest on the amounts at a guaranteed rate
for the specified period. We will pay out the interest on the amount deposited
at least once each year.
If you elect this option for your benefit, you deposit the amount with us that
you would otherwise apply to an annuity payout option. If you elect this option
for your beneficiary before the annuitant's death, death benefit proceeds can be
left on deposit with us subject to certain restrictions, instead of being paid
out to the beneficiary.
Other restrictions apply to the deposit option. Your financial professional can
provide more information about this option, or you may call our processing
office.
SURRENDER OF YOUR CONTRACT TO RECEIVE ITS CASH VALUE
You may surrender your contract to receive its cash value at any time while the
annuitant is living and before you begin to receive annuity payments. For a
surrender to be effective, we must receive your written request and your
contract at our processing office. We will determine your cash value on the date
we receive the required information. All benefits under the contract will
terminate as of that date.
You may receive your cash value in a single sum payment or apply it to one or
more of the annuity payout options. See "Your annuity payout options" below. We
will usually pay the cash value within seven calendar days, but we may delay
payment as described in "When to expect payments" below. For the tax
consequences of surrenders, see "Tax information."
<PAGE>
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TERMINATION
We may terminate your contract and pay you the cash value if:
(1) your account value is less than $500 and you have not made contributions to
your contract for a period of three years; or
(2) you request a lump sum withdrawal that reduces your account value to an
amount less than $500; or
(3) you have not made any contributions within 120 days from your contract
date.
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 a
variable annuity payout option, payment of a death benefit, payment of any
amount you withdraw (less any withdrawal charge) and, upon surrender or
termination, payment of the cash value. 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 values in the guaranteed interest
option and the fixed maturity options (other than for death benefits) for up to
six months while you are living. We also may defer payments for a reasonable
amount of time (not to exceed 15 days) while we are waiting for a contribution
check to clear.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
EQUI-VEST offers you several choices of annuity payout options. Some enable you
to receive fixed annuity payments [which can be level or increasing,] and others
enable you to receive variable annuity payments.
You can choose from among the annuity payout options listed below. Restrictions
may apply, depending on the type of contract you own or the annuitant's age at
contract issue.
ANNUITY PAYOUT OPTIONS
You can choose from among the following annuity payout options:
<TABLE>
<CAPTION>
<S> <C>
- --------------------------------------------------------------------------------
Fixed annuity payout options Life annuity
Life annuity with period certain
Life annuity with refund certain
Period certain annuity
- --------------------------------------------------------------------------------
Variable annuity payout options Life annuity (not available in New York)
Life annuity with period certain
- --------------------------------------------------------------------------------
</TABLE>
o Life annuity: An annuity that guarantees payments for the rest of the
annuitant's life. Payments end with the last monthly payment before the
annuitant's death. Because there is no continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the
annuitant is living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments continue to the
beneficiary for the balance of the period certain. The period
<PAGE>
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42
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certain cannot extend beyond the annuitant's life expectancy or the joint
life expectancy of you and your spouse. A life annuity with a 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 the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary 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. This guarantee period may
not exceed the annuitant's life expectancy. This option does not guarantee
payments for the rest of the annuitant's life. It does not permit any
repayment of the unpaid principal, so you cannot elect to receive part of
the payments as a single sum payment with the rest paid in monthly annuity
payments. Currently, this payout option is available only as a fixed
annuity.
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
the annuitant's life and, after the annuitant's death, to the survivor for life.
We may offer other payout options not outlined here. Your financial professional
can provide details.
FIXED ANNUITY PAYOUT OPTION
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 you.
VARIABLE ANNUITY PAYOUT OPTIONS
Variable annuities may be funded through your choice of variable investment
options investing in portfolios of EQ Advisors Trust. 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 investment return is higher or lower than an
assumed base rate. Please see "Annuity unit values" in the SAI.
We also make the variable annuity payout options available to owners of our
single premium deferred annuity ("SPDA") contract and certain other combination
fixed and variable annuity contracts. Such contractholders who are considering
purchasing a variable payout option should also review the information in this
prospectus relating to the variable investment options. EQ Advisors Trust
prospectus (directly following this prospectus), and the sections of the SAI
which discuss the variable annuity payout option should also be reviewed.
We may offer other payout options not outlined here. Your financial professional
can provide details.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. We require you to return your
contract before annuity payments begin. Unless you choose a different payout
option, we will pay annuity payments under a life annuity with a period certain
of 10 years. You choose whether these payments will be either fixed or variable.
You can choose the date annuity payments are to begin. You can change the date
your annuity payments are to begin anytime before that date as long as you do
not choose a date later than the 28th day of any month. Also, that date may not
be later than the contract date anniversary that follows the annuitant's 85th
birthday. This may be different in some states.
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Before your annuity payments are to begin, we will notify you by letter that the
annuity payout options are available. Once you have selected a payout option and
payments have begun, no change can be made, other than transfers (if permitted
in the future) among the variable investment options if a variable annuity is
selected.
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 5% to calculate
the level of payments. However, in states where that rate is not permitted
the assumed base rate will be 3 1/2%. We provide information about the
assumed base rate in the SAI;
(3) in the case of a life annuity, the annuitant's age (or the annuitant's and
joint annuitant's ages); and
(4) in certain instances, the sex of the annuitant(s).
If, at the time you elect a payout option, the amount to be applied is less than
$2,000 or the initial payment under the form elected is less than $20 monthly,
we reserve the right to pay the account value in a single sum rather than as
payments under the payout option chosen.
<PAGE>
5 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 values of each
variable investment option:
o A mortality and expense risks charge
o A charge for other expenses
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o On the last day of the contract year an annual administrative charge, if
applicable
o Charge for third-party transfer or exchange (series 300, 400, and 500 only)
o At the time you make certain withdrawals or surrender your contract, or
your contract is terminated - a withdrawal charge
o At the time annuity payments are to begin - charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your
state. An annuity administrative fee may also apply
More information about these charges appears below. The charges differ depending
on which contract series you purchase.
We will not increase these charges for the life of your contract, except as
noted below. We may reduce certain charges under group or sponsored
arrangements. See "Group or sponsored arrangements" below.
To help with your retirement planning, we may offer other annuities with
different charges, benefits and features. Please contact your financial
professional for more information.
CHARGES UNDER THE CONTRACTS
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks. The mortality risk we assume
is the risk that annuitants as a group will live for a longer time than our
actuarial tables predict. If that happens, we would be paying more in annuity
benefits than we planned. For series 300, 400 and 500, we may change the
actuarial basis for our guaranteed annuity payment tables, but only for new
contributions and only at five year intervals from the contract date. Lastly, we
assume a mortality risk to the extent that at the time of death, the guaranteed
death benefit exceeds the cash value of the contract.
The expense risk we assume is the risk that it will cost us more to issue and
administer the contracts than we expect.
To the extent that the mortality and expense risk 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
contracts.
For each series the daily charge is a percentage of net assets that is
equivalent to an annual rate of:
o 1.10% current and 1.75% maximum in each variable investment option under
series 300 and 400 contracts.
o 1.20% current and 1.75% maximum in each variable investment option for
series 500 contracts.
o 0.65% under series 100 contracts and 1.15% under series 200 contracts in
the Alliance Money Market, EQ/Balanced and Alliance Common Stock options.
o 0.50% under series 100 contracts and 1.09% under series 200 contracts for
all other variable investment options.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the
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annual administrative charge described below, is for providing administrative
and financial accounting services under the contracts.
The daily charge is equivalent to a maximum annual rate of:
(i) under series 100 contracts, 0.84% of the 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 annual administrative charge described below. The remaining 0.24% is to
reimburse us for the cost of financial accounting services we provide under the
contracts;
(ii) under series 200 contracts, the charge for expenses and financial
accounting is 0.25% of the net asset value in each variable investment option;
(iii) under series 300, 400 and 500 contracts, 0.25% of the net assets in each
variable investment option. For all variable investment options other than the
Alliance Money Market, Alliance Common Stock and EQ/Balanced options, we
currently deduct 0.24% of the net assets. We may, upon advance notice to you,
increase the charge to 0.25% of the net assets for these variable investment
options.
MAXIMUM TOTAL CHARGES
Under series 500 contracts, the total annual rate for the above charges is
1.45%. We may increase or decrease this total annual rate, but we may not
increase it above a maximum rate of 2.00%. We will only make any increase after
we have sent you advance notice. Any increase or decrease will apply only after
the date of the change. Any changes we make will reflect differences in costs
and anticipated expenses, and will not be unfairly discriminatory.
Under series 100 and 200 contracts for the Alliance Money Market, EQ/Balanced,
Alliance Common Stock and EQ/Aggressive Stock options, the combined amount of
the Separate Account A charges to these variable investment options and EQ
Advisors Trust charges for investment advisory fees and direct operating
expenses may not exceed a total annual rate of 1.75% of the value of the assets
held in each of those variable investment options.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last day of
each contract year. We will deduct a pro rata portion of the charge if you
surrender your contract, elect an annuity payout option, or the annuitant dies
during the contract year. The charge is deducted pro rata from the variable
investment options and the guaranteed interest option. If those amounts are
insufficient, we will make up the required amounts from the fixed maturity
options to the extent you have value in those options, unless you tell us
otherwise. Charges deducted from the fixed maturity options are considered
withdrawals and, as such, will result in a market value adjustment.
Under series 300, 400 and 500, during the first two contract years, the charge
is equal to $30 or, if less, 2% of your current account value. The charge is $30
for contract years three and later. We waive the charge if your account value is
at least $25,000 for an NQ contract or $20,000 for an IRA contract. We may
increase this charge if our administrative costs rise, but the charge will never
exceed $65 annually. We reserve the right to deduct this charge on a quarterly,
rather than annual basis.
Under series 100 and 200 the charge is equal to $30 or, if less, 2% of the
current account value plus any amount previously withdrawn during that contract
year. We waive this charge if your account value is at least $10,000.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
Under series 300, 400 and 500, we impose a charge for making a direct transfer
of amounts from your contract to a third party, such as in the case of a
trustee-to-trustee transfer for an IRA contract, or if you request that your
contract be exchanged for a contract issued by another insurance company. In
either case, we will deduct from your account value any withdrawal charge that
applies and (except for series 300 contracts issued in Florida) a charge of $25
for each direct transfer or exchange. We reserve the right to increase this
charge to a maximum of $65.
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WITHDRAWAL CHARGE
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; (2) you surrender your contract to receive
its cash value; or (3) we terminate your contract. The amount of the charge will
depend on whether the free withdrawal amount applies, and the availability of
one or more exceptions.
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 the withdrawal charge from
your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge. We deduct the withdrawal amount and the
withdrawal charge pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options with the earliest
maturities first. If we deduct all or a portion of the withdrawal charge from
the fixed maturity options, a market value adjustment may apply.
o FOR SERIES 100 AND 200 NQ CONTRACTS AND ALL SERIES 300, 400 AND 500
CONTRACTS
The amount of the withdrawal charge we deduct is equal to 6% of contributions
withdrawn that were made in the current and five prior contract years. In the
case of surrenders, we will pay you the greater of (i) the account value after
any withdrawal charge has been imposed (cash value), or (ii) the free withdrawal
amount plus 94% of the remaining account value.
Under series 100 and 200 NQ contracts, if the annuitant is age 59 or older when
the contract is issued, this percentage will be 95% in the fifth contract year
and 96% in the sixth contract year. There is a reduction in the withdrawal
charge for older annuitants in the fifth and sixth contract year.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
10% free withdrawal amount are not considered a withdrawal of any contribution.
We also treat contributions that have been invested the longest as being
withdrawn first. We treat contributions as withdrawn before earnings for
purposes of calculating the withdrawal charge. However, the federal income tax
rules treat earnings under most NQ contracts as withdrawn first. See "Tax
information."
For series 300 and 400 contracts, we reserve the right to change the amount of
the withdrawal charge, but it will not exceed 6% of the contributions withdrawn.
For series 500 contracts, we reserve the right to change the amount of the
withdrawal charge, but it will not exceed 8% of the contributions withdrawn.
Any change would not be unfairly discriminatory. We may also reduce the
withdrawal charge in order to comply with any state law requirement. See
"Contracts issued in New York - fixed maturity options" below.
o FOR SERIES 100 AND 200 TRADITIONAL IRA, QP IRA AND STANDARD ROTH IRA
The withdrawal charge equals a percentage of the amount withdrawn. The
percentage that applies depends on the contract year in which the withdrawal is
made, according to the following table:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
CONTRACT
YEAR(S) CHARGE
- --------------------------------------------------------------------------------
<S> <C>
1 through 5 6%*
6 through 8 5
9 4
10 3
11 2
12 1
13 and later 0
- --------------------------------------------------------------------------------
</TABLE>
* This percentage may be reduced at older ages for certain contract series.
Your Equitable associate can provide further details about the contract
series you own.
The total of all withdrawal charges assessed will not exceed 8% of all
contributions made during the current contract year and the nine contract years
before the withdrawal is made.
---------------------------------
We reserve the right to reduce or waive the withdrawal charge including
transfers to a Traditional IRA, QP IRA, and, Standard Roth IRA from another
EQUI-VEST contract. Any
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such charge will not be unfairly discriminatory. The withdrawal charge may be
reduced in order to comply with any state law requirement.
The withdrawal charge does not apply in the circumstances described below.
WHEN WITHDRAWAL CHARGES DO NOT APPLY
The withdrawal charge does not apply in the circumstances described below.
o 10% FREE WITHDRAWAL AMOUNT. Each contract year you can withdraw up to 10%
of your account value without paying a withdrawal charge. The 10% free
withdrawal amount is determined using your account value at the time you
request a withdrawal, minus any other withdrawals made during the contract
year.
o FOR SERIES 300, 400 AND 500 CONTRACTS
(i) Death or purchase of annuity. The withdrawal charge does not apply if:
o the annuitant dies and a death benefit is payable to the beneficiary.
o we receive a properly completed election form providing for the account
value to be used to buy a life contingent annuity or a non-life annuity
with a period certain for a term of at least ten years.
(ii) Disability, terminal illness, or confinement to nursing home. The
withdrawal charge also does not apply if:
o The annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
o We receive proof satisfactory to us (including certification by a licensed
physician) that the annuitant's life expectancy is six months or less; or
o The annuitant has been confined to a nursing home for more than 90 days (or
such other period, as required in your state) as verified by a licensed
physician. A nursing home for this purpose means one that is (a) approved
by Medicare as a provider of skilled nursing care service, or (b) licensed
as a skilled nursing home by the state or territory in which it is located
(it must be within the United States, Puerto Rico, U.S. Virgin Islands, or
Guam) and meets all of the following:
- its main function is to provide skilled, intermediate, or custodial
nursing care;
- it provides continuous room and board to three or more persons;
- it is supervised by a registered nurse or licensed practical nurse;
- it keeps daily medical records of each patient;
- it controls and records all medications dispensed; and
- its primary service is other than to provide housing for residents.
We reserve the right to impose a withdrawal charge, in accordance with your
contract and applicable state law, if the disability is caused by a preexisting
condition or a condition that began within 12 months of the contract date. Some
states may not permit us to waive the withdrawal charge in the above
circumstances, or may limit the circumstances for which the withdrawal charge
may be waived. Your financial professional can provide more information or you
may contact our processing office.
(iii) For Traditional IRA, QP IRA, and Standard Roth IRA contracts the
withdrawal charge also does not apply:
o after six contract years if the annuitant is at least age 59 1/2; or
o if you request a refund of a contribution in excess of amounts allowed to
be contributed under the federal income tax rules within one month of the
date on which you made the contribution.
(iv)Under series 500 (Roth Advantage) contracts the withdrawal charge also does
not apply:
o after five contract years if the annuitant is at least age 59 1/2; or
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o if you withdraw an amount which is less than or equal to 25% of the account
value at the time the withdrawal is requested, minus any amount previously
withdrawn during that contract year, and you use the withdrawal to pay
specified higher education expenses as defined in the federal income tax
rules. We must receive evidence satisfactory to us that such withdrawal is
in fact for such purpose; or
o after five contract years if the withdrawal is a "qualified first-time
homebuyer distribution" (special federal income tax definition; $10,000
lifetime total limit). We must receive evidence satisfactory to us that
such withdrawal is in fact for such purpose; or
o if you request a refund of a contribution in excess of amounts allowed to
be contributed under federal income tax rules within one month of the date
on which you made the contribution.
o FOR SERIES 100 AND 200 CONTRACTS
(i) For NQ contracts the withdrawal charge does not apply if:
o the annuitant dies and a death benefit is payable to the beneficiary; or
o we receive a properly completed election form providing for the account
value to be used to buy a life annuity payout option.
(ii) For a Traditional IRA, QP IRA, Standard Roth IRA
o For existing contract owners, if you have QP IRA contract number 11933I,
the 10% free withdrawal amount described above became available after the
third contract year. If you have QP IRA contract number 92QPI, the free
withdrawal amount was available in the first contract year.
o after five contract years and the annuitant is at least age 59 1/2; or
o if you request a refund of an excess contribution within one month of the
date on which the contribution is made; or
o the annuitant dies and the death benefit is made available to the
beneficiary; or
o after five contract years and the annuitant is at least age 55 and the
amount withdrawn is used to purchase from us a period certain annuity that
extends beyond the annuitant's age 59 1/2 and allows no prepayment; or
o after three contract years and the amount withdrawn is used to purchase
from us a period certain annuity for a term of at least 10 years and allows
no prepayment; or
o if the amount withdrawn is applied to the election of a life contingent
annuity payout option.
FOR ALL SERIES CONTRACTS ISSUED IN NEW YORK - FIXED MATURITY OPTIONS.
For contracts issued in New York, the withdrawal charge that applies to
withdrawals taken from amounts in the fixed maturity options will never exceed
6% and will never be higher than the charge that would normally apply under the
contract. The charge will be determined by applying the New York Declining Scale
("declining scale"). If you withdraw amounts that have been transferred from one
fixed maturity option to another, we use the New York Alternative Scale
("alternative scale") if it produces a higher charge than the declining scale.
- ------------------------------------------------------------
DECLINING SCALE ALTERNATIVE SCALE
- ------------------------------------------------------------
Year of in vestment in Year of transfer within
fixed maturity option* fixed maturity option*
- ------------------------------------------------------------
Within year 1 6% Within year 1 5%
- ------------------------------------------------------------
2 6% 2 4%
3 5% 3 3%
4 4% 4 2%
5 3% 5 1%
6 2% After year 5 0%
- ------------------------------------------------------------
After year 6 0% Not to exceed 1%
times the number of
years remaining in the
fixed maturity option,
rounded to the higher
number of years. In
other words, if 4.3
years remain, it would
be a 5% charge.
- ------------------------------------------------------------
* Measured from the contract date anniversary prior to the date of the
contribution or transfer.
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You should consider the following when deciding whether to allocate amounts to,
or transfer amounts to or from, the fixed maturity options:
o If you take a withdrawal from an investment option other than the fixed
maturity options, the amount available for withdrawal without a withdrawal
charge is reduced. It will be reduced by the amount of the contribution in
the fixed maturity options to which no withdrawal charge applies.
o As of any date on which 50% or more of your account value is held in fixed
maturity options, the free withdrawal amount is zero.
o There is a potential for lower withdrawal charges for withdrawals from the
fixed maturity options and the potential for a lower free withdrawal amount
than those that would normally apply,
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 3.5% (1% in Puerto
Rico and 5% in the U.S. Virgin Islands).
VARIABLE ANNUITY ADMINISTRATIVE FEE
We deduct a fee of up to $350 from the amount to be applied 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 Investment advisory 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, administrative service 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.
GROUP OR SPONSORED ARRANGEMENTS
For certain group or sponsored arrangements, we may reduce the withdrawal charge
or the mortality and expense risks charge, or change the minimum initial
contribution requirements. We also may change the minimum death benefit. Group
arrangements include those in which a trustee or an employer, for example,
purchases contracts covering a group of individuals on a group basis. Group
arrangements are not available for Traditional IRA, Roth IRA and Roth Advantage
contracts. Sponsored arrangements include those in which an employer allows us
to sell contracts to its employees or retirees on an individual basis.
Our costs for sales, administration, and mortality generally vary with the size
and stability of the group or sponsoring organization, among other factors. We
take all these factors into account when reducing charges. To qualify for
reduced charges, a group or sponsored arrangement must meet certain
requirements, such as requirements for size and number of years in existence.
Group or sponsored arrangements that have been set up solely to buy contracts or
that have been in existence less than six months will not qualify for reduced
charges.
We also may establish different rates to maturity for the fixed maturity options
under different classes of contracts for group or sponsored arrangements.
We will make these and any similar reductions according to our rules in effect
when we approve a contract for issue. We
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may change these rules from time to time. Any variation will reflect differences
in costs or services and will not be unfairly discriminatory.
Group or sponsored arrangements may be governed by federal income tax rules, the
Employee Retirement Income Security Act of 1974, or both. We make no
representations with regard to the impact of these and other applicable laws on
such programs. We recommend that employers, trustees, and others purchasing or
making contracts available for purchase under such programs seek the advice of
their own legal and benefits advisers.
OTHER DISTRIBUTION ARRANGEMENTS
We may reduce or eliminate charges when sales are made in a manner that results
in savings of sales and administrative expenses, such as sales through persons
who are compensated by clients for recommending investments and who receive no
commission or reduced commissions in connection with the sale of the contracts.
We will not permit a reduction or elimination of charges where it will be
unfairly discriminatory.
<PAGE>
6 Payment of death benefit
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YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may change
your beneficiary at any time. The change will be effective on the date the
written request for the change is received in our processing office. We are not
responsible for any beneficiary change request that we do not receive. We will
send you a written confirmation when we received your request.
The minimum death benefit is equal to your total contributions, less withdrawals
and any taxes that may apply. We determine the amount of the death benefit as of
the date we receive satisfactory proof of the annuitant's death and any required
instructions for the method of payment.
On the date we determine the death benefit, your account value will be deducted
from the investment options. We will hold this amount in our general account and
credit it with interest at a rate not less than the rate required by law. If you
have transferred the value of another annuity contract that we issue to your
EQUI-VEST contract, the value of the other contract's minimum death benefit
calculated as of the time of the transfer will be included in the total
contributions for the purpose of calculating the minimum death benefit.
EFFECT OF THE ANNUITANT'S DEATH
If the annuitant dies before the annuity payments begin, we will pay the death
benefit to your beneficiary.
Generally, the death of the annuitant terminates the contract. However, if you
are the owner and the annuitant and your spouse is the sole primary beneficiary
the contract can be continued as follows:
SUCCESSOR OWNER AND ANNUITANT. SERIES 300. You can elect to have your spouse
continue the contract as the owner/annuitant. In such a case, no death benefit
is payable until your surviving spouse's death. Neither you nor your spouse can
change this election once it is made.
TRADITIONAL IRA, QP IRA, NQ AND ROTH IRA CONTRACTS FOR SERIES 100, 200 AND 400.
If you are the owner and annuitant and your spouse is the sole primary
beneficiary, your spouse may elect upon your death, to continue the contract as
the owner/annuitant and no death benefit is payable until the surviving spouse's
death. This election may not be approved in your state. If your surviving spouse
decides to continue the contract, then on the contract date anniversary
following your death, we will increase the account value to equal your current
guaranteed minimum death benefit, if it is higher than the account value. The
increase in the account value will be allocated to the investment options
according to the allocation percentages we have on file for your contract.
Thereafter, withdrawal charges will no longer apply to this amount. Withdrawal
charges will apply if you make additional contributions. These additional
contributions will be withdrawn only after all other amounts have been
withdrawn. In determining whether the guaranteed minimum death benefit will
continue to grow, we will use your surviving spouse's age (as of the contract
date anniversary).
WHEN AN NQ CONTRACT OWNER DIES BEFORE THE ANNUITANT
Under certain conditions after the original owner's death the owner changes for
purposes of receiving federal tax law required distributions from your contract.
When you are not the annuitant under an NQ contract and you die before annuity
payments begin, unless you specify otherwise, we will automatically make the
beneficiary your successor owner. If you do not want this beneficiary also to be
the successor owner, you should name a specific successor owner. You may name a
successor at any time by sending satisfactory notice to our processing office.
Unless the surviving spouse of the owner who has died is the successor owner for
this purpose, the entire interest in the contract must be distributed under the
following rules:
o The cash value of the contract must be fully paid to the successor owner by
December 31st of the fifth calendar year after your death.
o The successor owner may instead elect to receive the cash value as a life
annuity (or payments for a period certain of not longer than the new
owner's life expectancy).
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Payments must begin no later than December 31st following the calendar year
of the non-annuitant owner's death. Unless this alternative is elected, we
will pay any cash value on December 31st of the fifth calendar year
following the year of your death.
If the surviving spouse is the successor owner, the spouse may elect to continue
the contract. No distributions are required as long as the surviving spouse and
annuitant are living.
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of the annuitant's death, the beneficiary will receive the death
benefit in a single sum. However, subject to any exceptions in the contract, our
rules and any applicable requirements under federal income tax rules, the
beneficiary may elect to apply the death benefit to one or more annuity payout
options we offer at the time. See "Your annuity payout options" under "Accessing
your money" earlier in this prospectus. Please note that if you are both the
contract owner and the annuitant, you may elect only a life annuity or an
annuity that does not extend beyond the life expectancy of the beneficiary.
Single sum payments generally are paid through the Equitable Life Access
Account(TM), an interest bearing account with check writing privileges. The
Equitable Life Access Account(TM) is part of Equitable Life's general account.
Beneficiaries have immediate access to the proceeds by writing a check on the
account. We pay interest from the date the single sum is deposited into the
Access Account until the account is closed.
BENEFICIARY CONTINUATION OPTION UNDER SERIES 100, 200 AND 400 TRADITIONAL IRA,
IRA AND QP IRA AND SERIES 100 AND 400 ROTH IRA CONTRACTS
Upon your death under a Traditional IRA, Roth IRA or QP IRA contract, your
beneficiary may generally elect to keep the contract in your name and receive
distributions under the contract instead of receiving the death benefit in a
single sum. In order to elect this option, the beneficiary must be an individual
(certain trusts with only individual beneficiaries will be treated as
individuals). This election must be made within 60 days following the date we
receive proof of your death. We will increase the account value to equal the
death benefit if the death benefit is greater than the account value. The
beneficiary continuation option may not be available in your state. Check with
your financial professional or our processing office regarding availability in
your state.
Under the beneficiary continuation option:
o The contract continues in your name for the benefit of your beneficiary.
o The beneficiary may make transfers among the investment options, but no
additional contributions will be permitted.
o Any death benefit (including the minimum death benefit) provisions will no
longer be in effect.
o The beneficiary may choose at any time to withdraw all or a portion of the
account value and no withdrawal charges will apply. Any partial withdrawal
must be at least $300.
o Upon the death of the beneficiary, any remaining death benefit will be paid
in a lump sum to the person the beneficiary chooses.
For Traditional IRA contracts only, if you die AFTER the "Required Beginning
Date" for required minimum distributions (see "Tax information"), the contract
will continue if:
(a) You were receiving minimum distribution withdrawals from this contract; and
(b) The pattern of minimum distribution withdrawals you chose was based in part
on the life of the designated beneficiary.
The withdrawals will then continue to be paid to the beneficiary on the same
basis as you chose before your
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death. We will be able to tell your beneficiary whether this option is
available. You should contact our processing office for further information.
For all of the above contracts, If you die BEFORE the Required Beginning Date
(and, for a Traditional IRA, therefore you were not taking minimum distribution
withdrawals under the contract) the beneficiary may choose one of the following
two beneficiary continuation options:
1. Payments over life expectancy period. The beneficiary can receive annual
minimum distributions based on the beneficiary's life expectancy. If there
is more than one beneficiary, the shortest life expectancy is used. These
minimum distributions must begin by December 31st of the calendar year
following the year of your death. In some situations, a spouse beneficiary
who elects to continue the contract in your name under the beneficiary
continuation option instead of electing successor owner annuitant status
may also choose to delay beginning these minimum distributions until the
December 31st of the calendar year in which you would have turned age
70 1/2.
2. Five Year Rule. The beneficiary can take withdrawals as desired. If the
beneficiary does not withdraw the entire account value by the December 31st
of the fifth calendar year following your death, we will pay any amounts
remaining under the contract to the beneficiary by that date. If you have
more than one beneficiary, and one of them elects this option, then all of
your beneficiaries will receive this option.
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7 Tax information
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OVERVIEW
In this part of the prospectus, we discuss the current federal income tax rules
that generally apply to EQUI-VEST contracts owned by United States taxpayers.
The tax rules can differ, depending on the type of contract, whether NQ,
Traditional IRA, QP IRA, Standard Roth IRA, or Roth Advantage. Therefore, we
discuss the tax aspects of each type of contract separately.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change. We
cannot predict whether, when, or how these rules could change. Any change could
affect contracts purchased before the change.
We cannot provide detailed information on all tax aspects of the contracts.
Moreover, the tax aspects that apply to a particular person's contract may vary
depending on the facts applicable to that person. We do not discuss state income
and other state taxes, federal income tax and withholding rules for non-U.S.
taxpayers, or federal gift and estate taxes. Transfers of the contract, rights
under the contract, or payments under the contract may be subject to gift or
estate taxes. You should not rely only on this document, but should consult your
tax adviser before your purchase.
If 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. In such situations, the tax
deferral of the contract does not provide necessary or additional benefits.
TRANSFERS AMONG INVESTMENT OPTIONS
You can make transfers among investment options inside the contract without
triggering taxable income.
TAXATION OF NONQUALIFIED ANNUITIES
CONTRIBUTIONS
You may not deduct the amount of your contributions to a nonqualified annuity
contract.
CONTRACT EARNINGS
Generally, you are not taxed on contract earnings until you receive a
distribution from your contract, whether as a withdrawal or as an annuity
payment. However, earnings are taxable, even without a distribution:
o if a contract fails investment diversification requirements as specified in
federal income tax rules (these rules are based on or are similar to those
specified for mutual funds under securities laws);
o if you transfer a contract, for example, as a gift to someone other than
your spouse (or former spouse);
o if you use a contract as security for a loan (in this case, the amount
pledged will be treated as a distribution); and
o if the owner is other than an individual (such as a corporation,
partnership, trust, or other non-natural person).
All nonqualified deferred annuity contracts that Equitable Life and its
affiliates issue to you during the same calendar year are linked together and
treated as one contract for calculating the taxable amount of any distribution
from any of those contracts.
ANNUITY PAYMENTS
Once annuity payments begin, a portion of each payment is taxable as ordinary
income. You get back the remaining portion without paying taxes on it. This is
your "investment in the contract." Generally, your investment in the contract
equals the contributions you made, less any amounts you previously withdrew that
were not taxable.
For fixed annuity payments, the tax-free portion of each payment is determined
by (1) dividing your investment in the contract by the total amount you are
expected to receive out of the contract, and (2) multiplying the result by the
amount
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of the payment. For variable annuity payments, your tax-free portion of each
payment is your investment in the contract divided by the number of expected
payments.
Once you have received the amount of your investment in the contract, all
payments after that are fully taxable. If payments under a life annuity stop
because the annuitant dies, there is an income tax deduction for any unrecovered
investment in the contract.
PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN
If you make withdrawals before annuity payments begin under your contract, they
are taxable to you as ordinary income if there are earnings in the contract.
Generally, earnings are your account value less your investment in the contract.
If you withdraw an amount which is more than the earnings in the contract as of
the date of the withdrawal, the balance of the distribution is treated as a
return of your investment in the contract and is not taxable.
CONTRACTS PURCHASED THROUGH EXCHANGES
You may purchase your NQ contract through an exchange of another contract.
Normally, exchanges of contracts are taxable events. The exchange will not be
taxable under Section 1035 of the Internal Revenue Code if:
o the contract that is the source of the funds you are using to purchase the
NQ contract is another nonqualified deferred annuity contract (or life
insurance or endowment contract).
o the owner and the annuitant are the same under the source contract and the
EQUI-VEST NQ contract. If you are using a life insurance or endowment
contract the owner and the insured must be the same on both sides of the
exchange transaction.
The tax basis of the source contract carries over to the EQUI-VEST NQ contract.
A recent case permitted an owner to direct the proceeds of a partial withdrawal
from one non-qualified deferred annuity contract to a different insurer to
purchase a new non-qualified deferred annuity contract on a tax-free basis.
Special forms, agreements between carriers, and provision of cost basis
information may be required to process this type of an exchange.
SURRENDERS
If you surrender or cancel the contract, the distribution is taxable as ordinary
income (not capital gain) to the extent it exceeds your investment in the
contract.
DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER YOUR DEATH
For the rules applicable to death benefits, see "Payment of death benefit"
earlier in this prospectus. The tax treatment of a death benefit taken as a
single sum is generally the same as the tax treatment of a withdrawal from or
surrender of your contract. The tax treatment of a death benefit taken as
annuity payments is generally the same as the tax treatment of annuity payments
under your contract.
EARLY DISTRIBUTION PENALTY TAX
If you take distributions before you are age 59 1/2 a penalty tax of 10% of the
taxable portion of your distribution applies in addition to the income tax. The
extra penalty tax does not apply to pre-age 59 1/2 distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o in the form of substantially equal periodic annuity payments for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and a beneficiary.
OTHER INFORMATION
The Treasury Department has the authority to issue guidelines prescribing the
circumstances in which your ability to direct your investment to particular
portfolios within a separate account may cause you, rather than the insurance
company, to be treated as the owner of the portfolio shares attributable to your
nonqualified deferred annuity contract. In that case, income and gains
attributable to such portfolio shares would be included in your gross income for
federal
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income tax purposes. Under current rules, however, we believe that Equitable
Life, and not the owner of a nonqualified deferred annuity contract, would be
considered the owner of the portfolio shares.
SPECIAL RULES FOR NQ CONTRACTS ISSUED IN PUERTO RICO
Under current law we treat income from NQ contracts as U.S. source. A Puerto
Rico resident is subject to U.S. taxation on such U.S. source income. Only
Puerto Rico source income of Puerto Rico residents is excludable from U.S.
taxation. Income from NQ contracts is also subject to Puerto Rico tax. The
calculation of the taxable portion of amounts distributed from a contract may
differ in the two jurisdictions. Therefore, you might have to file both U.S. and
Puerto Rico tax returns, showing different amounts of income from the contract
for each tax return. Puerto Rico generally provides a credit against Puerto Rico
tax for U.S. tax paid. Depending on your personal situation and the timing of
the different tax liabilities, you may not be able to take full advantage of
this credit.
INDIVIDUAL RETIREMENT ARRANGEMENTS ("IRAS")
GENERAL
"IRA" stands for individual retirement arrangement. There are two basic types of
such arrangements, individual retirement accounts and individual retirement
annuities. In an individual retirement account, a trustee or custodian holds the
assets for the benefit of the IRA owner. The assets can include mutual funds and
certificates of deposit. In an individual retirement annuity, an insurance
company issues an annuity contract that serves as the IRA.
There are two basic types of IRAs, as follows:
o "Traditional IRAs," typically funded on a pre-tax basis including SEP-IRAs
and SIMPLE-IRAs, issued and funded in connection with employer-sponsored
retirement plans. (EQUI-VEST Traditional IRA and QP IRA are traditional
IRAs); and
o Roth IRAs, first available in 1998, funded on an after-tax basis.
Regardless of the type of IRA, your ownership interest in the IRA cannot be
forfeited. You or your beneficiaries who survive you are the only ones who can
receive the IRA's benefits or payments.
You can hold your IRA assets in as many different accounts and annuities as you
would like, as long as you meet the rules for setting up and making
contributions to IRAs. However, if you own multiple IRAs, you may be required to
combine IRA values or contributions for tax purposes. For further information
about individual retirement arrangements, you can read Internal Revenue Service
Publication 590 ("Individual Retirement Arrangements (IRAs)"). This publication
is usually updated annually, and can be obtained from any IRS district office or
the IRS web site (www.irs.gov).
Equitable Life designs its traditional IRA contracts to qualify as "individual
retirement annuities" under Section 408(b) of the Internal Revenue Code. This
prospectus contains the information that the IRS requires you to have before you
purchase an IRA. This section of the prospectus covers some of the special tax
rules that apply to IRAs. The next section covers Roth IRAs. Education IRAs are
not discussed in this prospectus because they are not available in individual
retirement annuity form.
The EQUI-VEST IRA contract has been approved by the IRS as to form for use as a
traditional IRA. This IRS approval is a determination only as to the form of the
annuity. It does not represent a determination of the merits of the annuity as
an investment. The IRS approval does not address every feature possibly
available under the EQUI-VEST IRA contract. Although we do not have IRS approval
as to form, we believe that the version of Roth IRA currently offered complies
with the requirements of the Internal Revenue Code.
CANCELLATION
You can cancel any version of the EQUI-VEST IRA contract (Traditional IRA, QP
IRA, Standard Roth IRA or Roth
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Advantage) by following the directions under "Your right to cancel within a
certain number of days" in "Contract features and benefits" earlier in the
prospectus. You can cancel an EQUI-VEST Standard Roth IRA or a Roth Advantage
contract issued as a result of a full or partial conversion of an EQUI-VEST
Traditional IRA contract by following the instructions in the "EQUI-VEST Roth
IRA Re-Characterization Form." The form is available from our processing office
or your financial professional. If you cancel a Traditional IRA, Standard Roth
IRA or a Roth Advantage contract, we may have to withhold tax, and we must
report the transaction to the IRS. A contract cancellation could have an
unfavorable tax impact.
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)
CONTRIBUTIONS TO TRADITIONAL IRAS. Individuals may make three different types of
contributions to a traditional IRA:
o regular contributions out of earned income or compensation; or
o tax-free "rollover" contributions; or
o direct custodian-to-custodian transfers from other traditional IRAs
("direct transfers").
REGULAR CONTRIBUTIONS TO TRADITIONAL IRAS
THE EQUI-VEST TRADITIONAL IRA IS INTENDED TO RECEIVE REGULAR CONTRIBUTIONS.
REGULAR CONTRIBUTIONS ARE NOT PERMITTED FOR QP IRAS.
LIMITS ON CONTRIBUTIONS TO TRADITIONAL IRAS. Generally, $2,000 is the maximum
amount that you may contribute to all IRAs (including Roth IRAs) in any taxable
year. When your earnings are below $2,000, your earned income or compensation
for the year is the most you can contribute. This $2,000 limit does not apply to
rollover contributions or direct custodian-to-custodian transfers into a
traditional IRA. You cannot make regular contributions for the tax year in which
you reach age 70 1/2 or any tax year after that.
SPECIAL RULES FOR SPOUSES. If you are married and file a joint income tax
return, you and your spouse may combine your compensation to determine the
amount of regular contributions you are permitted to make to traditional IRAs
(Roth IRAs discussed below). Even if one spouse has no compensation or
compensation under $2,000, married individuals filing jointly can contribute up
to $4,000 for any taxable year to any combination of traditional IRAs and Roth
IRAs. (Any contributions to Roth IRAs reduce the ability to contribute to
traditional IRAs and vice versa.) The maximum amount may be less if earned
income is less and the other spouse has made IRA contributions. No more than a
combined total of $2,000 can be contributed annually to either spouse's
traditional IRAs and Roth IRAs. Each spouse owns his or her traditional IRAs and
Roth IRAs even if the other spouse funded the contributions. A working spouse
age 70 1/2 or over can contribute up to the lesser of $2,000 or 100% of "earned
income" to a traditional IRA for a nonworking spouse until the year in which the
nonworking spouse reaches age 70 1/2.
DEDUCTIBILITY OF CONTRIBUTIONS. The amount of traditional IRA contributions that
you can deduct for a tax year depends on whether you are covered by an
employer-sponsored tax-favored retirement plan, as defined under special federal
income tax rules. Your Form W-2 will indicate whether or not you are covered by
such a retirement plan.
IF YOU ARE NOT COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, you can
make fully deductible contributions to your traditional IRAs for each tax year
up to $2,000 or, if less, your earned income.
IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your
adjusted gross income (AGI) is BELOW THE LOWER DOLLAR FIGURE IN A PHASE-OUT
RANGE, you can make fully deductible contributions to your traditional IRAs. For
each tax year your fully deductible contribution can be up to $2,000 or, if
less, your earned income.
IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your
AGI falls within a PHASE-OUT range, you can make partially deductible
contributions to your traditional IRAs.
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IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your
AGI falls ABOVE THE HIGHER FIGURE IN THE PHASE-OUT RANGE, you may not deduct any
of your regular contribution to your traditional IRAs.
If you are single and covered by a retirement plan during any part of the
taxable year, the deduction for traditional IRA contributions phases out with
AGI between $32,000 and $42,000 in 2000. This range will increase every year
until 2005 when the range is $50,000-$60,000.
If you are married and file a joint return, and you are covered by a retirement
plan during any part of the taxable year, the deduction for traditional IRA
contributions phases out with AGI between $52,000 and $62,000 in 2000. This
range will increase every year until 2007 when the range is $80,000-$100,000.
Married individuals filing separately and living apart at all times are not
considered married for purposes of this deductible contribution calculation.
Generally, the active participation in an employer-sponsored retirement plan of
an individual is determined independently for each spouse. Where spouses have
"married filing jointly" status, however, the maximum deductible traditional IRA
contribution for an individual who is not an active participant (but whose
spouse is an active participant) is phased out for taxpayers with AGI of between
$150,000 and $160,000.
To determine the deductible amount of the contribution in 2000, you determine
AGI and subtract $32,000 if you are single, or $52,000 if you are married and
file a joint return with your spouse. The resulting amount is your Excess AGI.
You then determine the limit on the deduction for traditional IRA contributions
using the following formula:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
($10,000-excess AGI) times $2,000 (or earned Equals the adjusted
- ----------------------- x income, if less) = deductible
divided by $10,000 contribution
limit
</TABLE>
NONDEDUCTIBLE REGULAR CONTRIBUTIONS. If you are not eligible to deduct part or
all of the Traditional IRA contribution, you may still make nondeductible
contributions on which earnings will accumulate on a tax-deferred basis. The
combined deductible and nondeductible contributions to your Traditional IRA (or
the nonworking spouse's Traditional IRA) may not, however, exceed the maximum
$2,000 per person limit. See "Excess contributions" below. You must keep your
own records of deductible and nondeductible contributions in order to prevent
double taxation on the distribution of previously taxed amounts. See
"Withdrawals, payments and transfers of funds out of Traditional IRAs" below.
If you are making nondeductible contributions in any taxable year, or you have
made nondeductible contributions to a traditional IRA in prior years and are
receiving distributions from any Traditional IRA, you must file the required
information with the IRS. Moreover, if you are making nondeductible traditional
IRA contributions, you must retain all income tax returns and records pertaining
to such contributions until interests in all Traditional IRAs are fully
distributed.
WHEN YOU CAN MAKE REGULAR CONTRIBUTIONS. If you file your tax returns on a
calendar year basis like most taxpayers, you have until the April 15th return
filing deadline (without extensions) of the following calendar year to make your
regular contributions for a tax year.
EXCESS CONTRIBUTIONS
Excess contributions to IRAs are subject to a 6% excise tax for the year in
which made and for each year after until withdrawn. The following are excess
contributions to IRAs:
o regular contributions of more than $2,000; or
o regular contributions of more than earned income for the year, if that
amount is under $2,000; or
o regular contributions to a traditional IRA made after you reach age 70 1/2;
or
o rollover contributions of amounts which are not eligible to be rolled over.
For example, after-tax contributions to a qualified plan or minimum
distributions required to be made after age 70 1/2.
You can avoid the excise tax by withdrawing an excess contribution (rollover or
regular) before the due date
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(including extensions) for filing your federal income tax return for the year.
If it is an excess regular contribution, you cannot take a tax deduction for the
amount withdrawn. You do not have to include the excess contribution withdrawn
as part of your income. It is also not subject to the 10% additional penalty tax
on early distributions discussed below under "Early distribution penalty tax."
You do have to withdraw any earnings that are attributed to the excess
contribution. The withdrawn earnings would be included in your gross income and
could be subject to the 10% penalty tax.
Even after the due date for filing your return, you may withdraw an excess
rollover contribution, without income inclusion or 10% penalty, if:
(1) the rollover was from a qualified retirement plan to a traditional IRA;
(2) the excess contribution was due to incorrect information that the plan
provided; and
(3) you took no tax deduction for the excess contribution.
RECHARACTERIZATIONS
Amounts that have been contributed as traditional IRA funds may subsequently be
treated as Roth IRA funds. Special federal income tax rules allow you to change
your mind again and have amounts that are subsequently treated as Roth IRA
funds, once again treated as traditional IRA funds. You do this by using the
forms we prescribe. This is referred to as having "recharacterized" your
contribution.
ROLLOVERS AND TRANSFERS
Rollover contributions may be made to a traditional IRA from these sources:
o qualified plans;
o TSAs (including Internal Revenue Code Section 403(b)(7) custodial
accounts); and
o other traditional IRAs.
Any amount contributed to a traditional IRA after you reach age 70 1/2 must be
net of your required minimum distribution for the year in which the rollover or
direct transfer contribution is made.
ROLLOVERS FROM QUALIFIED PLANS OR TSAS
There are two ways to do rollovers:
o Do it yourself
You actually receive a distribution that can be rolled over and you roll it
over to a traditional IRA within 60 days after the date you receive the
funds. The distribution from your qualified plan or TSA will be net of 20%
mandatory federal income tax withholding. If you want, you can replace the
withheld funds yourself and roll over the full amount.
o Direct rollover
You tell your qualified plan trustee or TSA issuer/custodian/fiduciary to
send the distribution directly to your traditional IRA issuer. Direct
rollovers are not subject to mandatory federal income tax withholding.
All distributions from a TSA or qualified plan are eligible rollover
distributions, unless the distribution is:
o only after-tax contributions you made to the plan; or
o "required minimum distributions" after age 70 1/2 or separation from
service; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancies) of you
and your designated beneficiary; or
o a hardship withdrawal; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o corrective distributions that fit specified technical tax rules; or
o loans that are treated as distributions; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
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o a qualified domestic relations order distribution to a beneficiary who is
not your current spouse or former spouse.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your other
traditional IRAs if you complete the transaction within 60 days after you
receive the funds. You may make such a rollover only once in every 12-month
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct
transfers are not rollover transactions. You can make these more frequently than
once in every 12-month period.
The surviving spouse beneficiary of a deceased individual can roll over or
directly transfer an inherited traditional IRA to one or more other traditional
IRAs. Also, in some cases, traditional IRAs can be transferred on a tax-free
basis between spouses or former spouses as a result of a court ordered divorce
or separation decree.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a traditional IRA at any time. You do not need to wait
for a special event like retirement.
TAXATION OF PAYMENTS. Earnings in traditional IRAs are not subject to federal
income tax until you or your beneficiary receive them. Taxable payments or
distributions include withdrawals from your contract, surrender of your
contract, and annuity payments from your contract. Death benefits are also
taxable. Except as discussed below, the total amount of any distribution from a
traditional IRA must be included in your gross income as ordinary income.
If you have ever made nondeductible IRA contributions to any traditional IRA (it
does not have to be to this particular traditional IRA contract), those
contributions are recovered tax free when you get distributions from any
traditional IRA. You must keep permanent tax records of all of your
nondeductible contributions to traditional IRAs. At the end of any year in which
you have received a distribution from any traditional IRA, you calculate the
ratio of your total nondeductible traditional IRA contributions (less any
amounts previously withdrawn tax free) to the total account balances of all
Traditional IRAs you own at the end of the year plus all traditional IRA
distributions made during the year. Multiply this by all distributions from the
traditional IRA during the year to determine the nontaxable portion of each
distribution.
In addition, a distribution is not taxable if:
o the amount received is a withdrawal of excess contributions, as described
under "Excess contributions" above; or
o the entire amount received is rolled over to another traditional IRA (see
"Rollovers and transfers" above); or
o in certain limited circumstances, where the traditional IRA acts as a
"conduit," you roll over the entire amount into a qualified plan or TSA
that accepts rollover contributions. To get this conduit traditional IRA
treatment:
o the source of funds you used to establish the traditional IRA must have
been a rollover contribution from a qualified plan; and
o the entire amount received from the traditional IRA (including any
earnings on the rollover contribution) must be rolled over into
another qualified plan within 60 days of the date received.
Similar rules apply in the case of a TSA.
However, you may lose conduit treatment, if you make an eligible rollover
distribution contribution to a traditional IRA and you commingle this
contribution with other contributions. In that case, you may not be able to roll
over these eligible rollover distribution contributions and earnings to another
qualified plan or TSA at a future date.
The EQUI-VEST QP IRA contract can be used as a conduit IRA if amounts are not
commingled. Distributions from a traditional IRA are not eligible for ten-year
averaging and
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long-term capital gain treatment available to certain distributions from
qualified plans.
REQUIRED MINIMUM DISTRIBUTIONS
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS. You must start taking annual
distributions from your Traditional IRAs beginning at age 70 1/2.
WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The first
required minimum distribution is for the calendar year in which you turn age 70
1/2. You have the choice to take this first required minimum distribution during
the calendar year you actually reach age 70 1/2, or to delay taking it until the
first three-month period in the next calendar year (January 1 - April 1).
Distributions must start no later than your "Required Beginning Date," which is
April 1st of the calendar year after the calendar year in which you turn age 70
1/2. If you choose to delay taking the first annual minimum distribution, then
you will have to take two minimum distributions in that year - the delayed one
for the first year and the one actually for that year. Once minimum
distributions begin, they must be made at some time each year.
HOW YOU CALCULATE REQUIRED MINIMUM DISTRIBUTIONS. There are two approaches to
taking required minimum distributions - "account-based" or "annuity-based."
Account-based method. If you choose an account-based method, you divide the
value of your traditional IRA as of December 31st of the past calendar year by a
life expectancy factor from IRS tables. This gives you the required minimum
distribution amount for that particular IRA for that year. The required minimum
distribution amount will vary each year as the account value and your life
expectancy factors change.
You have a choice of life expectancy factors, depending on whether you choose a
method based only on your life expectancy, or the joint life expectancies of you
and another individual. You can decide to "recalculate" your life expectancy
every year by using your current life expectancy factor. You can decide instead
to use the "term certain" method, where you reduce your life expectancy by one
every year after the initial year. If your spouse is your designated beneficiary
for the purpose of calculating annual account-based required minimum
distributions, you can also annually recalculate your spouse's life expectancy
if you want. If you choose someone who is not your spouse as your designated
beneficiary for the purpose of calculating annual account-based required minimum
distributions, you have to use the term certain method of calculating that
person's life expectancy. If you pick a nonspouse designated beneficiary, you
may also have to do another special calculation.
You can later apply your traditional IRA funds to a life annuity-based payout.
You can only do this if you already chose to recalculate your life expectancy
annually (and your spouse's life expectancy if you select a spousal joint
annuity). For example, if you anticipate selecting any form of life annuity
payout after you are age 70 1/2, you must have elected to recalculate life
expectancies.
Annuity-based method. If you choose an annuity-based method you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS? No.
If you want, you can choose a different method and a different beneficiary for
each of your traditional IRAs and other retirement plans. For example, you can
choose an annuity payout from one IRA, a different annuity payout from a
qualified plan, and an account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON
THE METHOD YOU CHOOSE? No, unless you affirmatively select an annuity payout
option or an account-based withdrawal option such as our minimum distribution
withdrawal option. Because the options we offer do not cover every option
permitted under
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federal income tax rules, you may prefer to do your own required minimum
distribution calculations for one or more of your traditional IRAs.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR? The required minimum
distribution amount for your traditional IRAs is calculated on a year-by-year
basis. There are no carry-back or carry-forward provisions. Also, you cannot
apply required minimum distribution amounts you take from your qualified plans
to the amounts you have to take from your traditional IRAs and vice versa.
However, the IRS will let you calculate the required minimum distribution for
each traditional IRA that you maintain, using the method that you picked for
that particular IRA. You can add these required minimum distribution amount
calculations together. As long as the total amount you take out every year
satisfies your overall traditional IRA required minimum distribution amount, you
may choose to take your annual required minimum distribution from any one or
more traditional IRAs that you own.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR? Your IRA could be
disqualified, and you could have to pay tax on the entire value. Even if your
IRA is not disqualified, you could have to pay a 50% penalty tax on the
shortfall (required amount for traditional IRAs less amount actually taken). It
is your responsibility to meet the required minimum distribution rules. We will
remind you when our records show that your age 70 1/2 is approaching. If you do
not select a method with us, we will assume you are taking your required minimum
distribution from another traditional IRA that you own.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? If you die
after either (a) the start of annuity payments, or (b) your Required Beginning
Date, your beneficiary must receive payment of the remaining values in the
contract at least as rapidly as under the distribution method before your death.
In some circumstances, your surviving spouse may elect to become the owner of
the traditional IRA and halt distributions until he or she reaches age 70 1/2.
If you die before your Required Beginning Date and before annuity payments
begin, federal income tax rules require complete distribution of your entire
value in the contract within five years after your death. Payments to a
designated beneficiary over the beneficiary's life or over a period certain that
does not extend beyond the beneficiary's life expectancy are also permitted, if
these payments start within one year of your death. A surviving spouse
beneficiary can also (a) delay starting any payments until you would have
reached age 70 1/2 or (b) roll over your traditional IRA into his or her own
traditional IRA.
SUCCESSOR ANNUITANT AND OWNER
If your spouse is the sole primary beneficiary and elects to become the
successor annuitant and owner, no death benefit is payable until your surviving
spouse's death.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA as
collateral for a loan or other obligation. If you borrow against your IRA or use
it as collateral, its tax-favored status will be lost as of the first day of the
tax year in which this prohibited event occurs. If this happens, you must
include the value of the traditional IRA in your federal gross income. Also, the
early distribution penalty tax of 10% will apply if you have not reached age 59
1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59 1/2. The extra
penalty tax does not apply to pre-age 59 1/2 distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
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o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o to pay medical insurance premiums for unemployed individuals (special
federal income tax definition); or
o to pay certain first-time home buyer expenses (special federal income tax
definition); or
o to pay certain higher education expenses (special federal income tax
definition); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy), or over the joint lives of you
and your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
ILLUSTRATION OF GUARANTEED INTEREST RATES
In the following two tables, we provide information that the IRS requires us to
furnish to prospective IRA contract owners. In the tables we illustrate the 3%
minimum guaranteed interest rate for contributions we assume are allocated
entirely to the guaranteed interest option under series 300 and 400 contracts.
In Table I we assume a $1,000 contribution made annually on the contract date
and on each anniversary after that. We assume no withdrawals or transfers were
made under the contract. In Table II we assume a single initial contribution of
$1,000, and no additional contributions. We also assume no withdrawals or
transfers. The 3% guaranteed interest rate is in the contract.
The values shown assume the withdrawal charge applies. These values reflect the
effect of the annual administrative charge deducted at the end of each contract
year in which the account value is less than $20,000.
To find the appropriate value for the end of the contract year at any particular
age, you subtract the age (nearest birthday) at issue of the contract from the
current age and find the corresponding year in the table. Years that correspond
to a current age over 70, should be ignored, unless the contract is a Roth IRA.
You should consider the information shown in the tables in light of your present
age. Also, with respect to Table I, you should consider your ability to
contribute $1,000 annually. Any change in the amounts contributed annually in
Table I, or in the amount of the single contribution in Table II would, of
course, change the results shown.
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TABLE I
ACCOUNT VALUES AND CASH VALUES
(assuming $1,000 contributions made annually
at the beginning of the contract year)
<TABLE>
<CAPTION>
- ------------------------------------------------- --------------------------------------------------
3% MINIMUM GUARANTEE 3% MINIMUM GUARANTEE
- ------------------------------------------------- --------------------------------------------------
CONTRACT ACCOUNT CASH CONTRACT ACCOUNT CASH
YEAR END VALUE VALUE YEAR END VALUE VALUE
- ------------------------------------------------- --------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 $ 1,009.40 $ 954.89 26 $ 38,956.96 $ 38,596.96
2 $ 2,039.68 $ 1,929.54 27 $ 41,155.67 $ 40,795.67
3 $ 3,100.87 $ 2,933.43 28 $ 43,420.34 $ 43,060.34
4 $ 4,193.90 $ 3,967.43 29 $ 45,752.95 $ 45,392.95
5 $ 5,319.72 $ 5,032.45 30 $ 48,155.53 $ 47,795.53
6 $ 6,479.31 $ 6,129.42 31 $ 50,630.20 $ 50,270.20
7 $ 7,673.69 $ 7,313.69 32 $ 53,179.11 $ 52,819.11
8 $ 8,903.90 $ 8,543.90 33 $ 55,804.48 $ 55,444.48
9 $ 10,171.01 $ 9,811.01 34 $ 58,508.61 $ 58,148.61
10 $ 11,476.14 $ 11,116.14 35 $ 61,293.87 $ 60,933.87
11 $ 12,820.43 $ 12,460.43 36 $ 64,162.69 $ 63,802.69
12 $ 14,205.04 $ 13,845.04 37 $ 67,117.57 $ 66,757.57
13 $ 15,631.19 $ 15,271.19 38 $ 70,161.10 $ 69,801.10
14 $ 17,100.13 $ 16,740.13 39 $ 73,295.93 $ 72,935.93
15 $ 18,613.13 $ 18,253.13 40 $ 76,524.81 $ 76,164.81
16 $ 20,201.53 $ 19,841.53 41 $ 79,850.55 $ 79,490.55
17 $ 21,837.57 $ 21,477.57 42 $ 83,276.07 $ 82,916.07
18 $ 23,522.70 $ 23,162.70 43 $ 86,804.35 $ 86,444.35
19 $ 25,258.38 $ 24,898.38 44 $ 90,438.48 $ 90,078.48
20 $ 27,046.13 $ 26,686.13 45 $ 94,181.64 $ 93,821.64
21 $ 28,887.52 $ 28,527.52 46 $ 98,037.08 $ 97,677.08
22 $ 30,784.14 $ 30,424.14 47 $ 102,008.20 $ 101,648.20
23 $ 32,737.67 $ 32,377.67 48 $ 106,098.44 $ 105,738.44
24 $ 34,749.80 $ 34,389.80 49 $ 110,311.40 $ 109,951.40
25 $ 36,822.29 $ 36,462.29 50 $ 114,650.74 $ 114,290.74
</TABLE>
<PAGE>
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TABLE II
ACCOUNT VALUES AND CASH VALUES
(assuming a single contribution of $1,000 and
no further contribution)
<TABLE>
<CAPTION>
- -------------------------------------------------- --------------------------------------------------
3% MINIMUM GUARANTEE 3% MINIMUM GUARANTEE
- -------------------------------------------------- --------------------------------------------------
CONTRACT ACCOUNT CASH CONTRACT ACCOUNT CASH
YEAR END VALUE VALUE YEAR END VALUE VALUE
- -------------------------------------------------- --------------------------------------------------
<S> <C> <C> <S> <C> <C>
1 $ 1,009.40 $ 954.89 26 $ 1,038.40 $ 1,038.40
2 $ 1,018.89 $ 963.87 27 $ 1,039.55 $ 1,039.55
3 $ 1,019.46 $ 964.40 28 $ 1,040.73 $ 1,040.73
4 $ 1,020.04 $ 964.96 29 $ 1,041.96 $ 1,041.96
5 $ 1,020.64 $ 965.53 30 $ 1,043.22 $ 1,043.22
6 $ 1,021.26 $ 966.11 31 $ 1,044.51 $ 1,044.51
7 $ 1,021.90 $ 1,021.90 32 $ 1,045.85 $ 1,045.85
8 $ 1,022.55 $ 1,022.55 33 $ 1,047.22 $ 1,047.22
9 $ 1,023.23 $ 1,023.23 34 $ 1,048.64 $ 1,048.64
10 $ 1,023.93 $ 1,023.93 35 $ 1,050.10 $ 1,050.10
11 $ 1,024.65 $ 1,024.65 36 $ 1,051.60 $ 1,051.60
12 $ 1,025.38 $ 1,025.38 37 $ 1,053.15 $ 1,053.15
13 $ 1,026.15 $ 1,026.15 38 $ 1,054.74 $ 1,054.74
14 $ 1,026.93 $ 1,026.93 39 $ 1,056.39 $ 1,056.39
15 $ 1,027.74 $ 1,027.74 40 $ 1,058.08 $ 1,058.08
16 $ 1,028.57 $ 1,028.57 41 $ 1,059.82 $ 1,059.82
17 $ 1,029.43 $ 1,029.43 42 $ 1,061.61 $ 1,061.61
18 $ 1,030.31 $ 1,030.31 43 $ 1,063.46 $ 1,063.46
19 $ 1,031.22 $ 1,031.22 44 $ 1,065.37 $ 1,065.37
20 $ 1,032.16 $ 1,032.16 45 $ 1,067.33 $ 1,067.33
21 $ 1,033.12 $ 1,033.12 46 $ 1,069.35 $ 1,069.35
22 $ 1,034.11 $ 1,034.11 47 $ 1,071.43 $ 1,071.43
23 $ 1,035.14 $ 1,035.14 48 $ 1,073.57 $ 1,073.57
24 $ 1,036.19 $ 1,036.19 49 $ 1,075.78 $ 1,075.78
25 $ 1,037.28 $ 1,037.28 50 $ 1,078.05 $ 1,078.05
</TABLE>
<PAGE>
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ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)
This section of the prospectus covers some of the special tax rules that apply
to Standard Roth IRAs. If the rules are the same as those that apply to the
Traditional IRA, we will refer you to the same topic under "Traditional IRAs."
The EQUI-VEST Standard Roth IRA and Roth Advantage contracts are designed to
qualify as Roth individual retirement annuities under Sections 408A and 408(b)
of the Internal Revenue Code.
CONTRIBUTIONS TO ROTH IRAS
Individuals may make four different types of contributions to a Roth IRA:
o regular after-tax contributions out of earnings; or
o taxable rollover contributions from Traditional IRAs ("conversion"
contributions); or
o tax-free rollover contributions from other Roth IRAs; or
o tax-free direct custodian-to-custodian transfers from other Roth IRAs
("direct transfers").
If you use the forms we require, we will also accept traditional IRA funds which
are subsequently recharacterized as Roth IRA funds following special federal
income tax rules.
REGULAR CONTRIBUTIONS TO ROTH IRAS
LIMITS ON REGULAR CONTRIBUTIONS. Generally, $2,000 is the maximum amount that
you may contribute to all IRAs (including Roth IRAs) in any taxable year. This
$2,000 limit does not apply to rollover contributions or direct
custodian-to-custodian transfers into a Roth IRA. Any contributions to Roth IRAs
reduce your ability to contribute to traditional IRAs and vice versa. When your
earnings are below $2,000, your earned income or compensation for the year is
the most you can contribute. If you are married and file a joint income tax
return, you and your spouse may combine your compensation to determine the
amount of regular IRA and after-tax contributions you are permitted to make to
Roth IRAs and traditional IRAs. See the discussion above under traditional IRAs.
With a Roth IRA, you can make regular contributions when you reach 70 1/2, as
long as you have sufficient earnings. But, you cannot make contributions for any
year that:
o your federal income tax filing status is "married filing jointly" and your
adjusted gross income is over $160,000; or,
o your federal income tax filing status is "single" and your adjusted gross
income is over $110,000.
However, you can make regular Roth IRA contributions in reduced amounts when:
o your federal income tax filing status is "married filing jointly" and your
adjusted gross income is between $150,000 and $160,000; or
o your federal income tax filing status is "single" and your adjusted gross
income is between $95,000 and $110,000.
If you are married and filing separately and your adjusted gross income is
between $0 and $10,000 the amount of regular contribution you are permitted to
make is phased out. If your adjusted gross income is more than $10,000 you
cannot make a regular Roth IRA contribution.
WHEN YOU CAN MAKE CONTRIBUTIONS? Same as Traditional IRAs.
DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible.
ROLLOVERS AND DIRECT TRANSFERS
WHAT IS THE DIFFERENCE BETWEEN ROLLOVER AND DIRECT TRANSFER TRANSACTIONS?
You may make rollover contributions to a Roth IRA from only two sources:
o another Roth IRA ("tax-free rollover contribution"); or
o another traditional IRA, including a SEP-IRA or SIMPLE-IRA, in a taxable
conversion rollover ("conversion contribution").
You may not make contributions to a Roth IRA from a qualified plan under Section
401(a) of the Internal Revenue
<PAGE>
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Code, or a TSA under Section 403(b) of the Internal Revenue Code. You may make
direct transfer contributions to a Roth IRA only from another Roth IRA.
The difference between a rollover transaction and a direct transfer transaction
is the following. In a rollover transaction you actually take possession of the
funds rolled over, or are considered to have received them under tax law in the
case of a change from one type of plan to another. In a direct transfer
transaction, you never take possession of the funds, but direct the first Roth
IRA custodian, trustee, or issuer to transfer the first Roth IRA funds directly
to Equitable Life, as the Roth IRA issuer. You can make direct transfer
transactions only between identical plan types (for example, Roth IRA to Roth
IRA). You can also make rollover transactions between identical plan types.
However, you can only use rollover transactions between different plan types
(for example, traditional IRA to Roth IRA).
You may make both Roth IRA to Roth IRA rollover transactions and Roth IRA to
Roth IRA direct transfer transactions. This can be accomplished on a completely
tax-free basis. However, you may make Roth IRA to Roth IRA rollover transactions
only once in any 12-month period for the same funds. Trustee-to-trustee or
custodian-to-custodian direct transfers can be made more frequently than once a
year. Also, if you send us the rollover contribution to apply it to a Roth IRA,
you must do so within 60 days after you receive the proceeds from the original
IRA to get rollover treatment.
The surviving spouse beneficiary of a deceased individual can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some
cases, Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses as a result of a court-ordered divorce or separation decree.
CONVERSION CONTRIBUTIONS TO ROTH IRAS
In a conversion rollover transaction, you withdraw (or are considered to have
withdrawn) all or a portion of funds from a traditional IRA you maintain and
convert it to a Roth IRA within 60 days after you receive (or are considered to
have received) the traditional IRA proceeds. Unlike a rollover from a
traditional IRA to another traditional IRA, the conversion rollover transaction
is not tax-free. Instead, the distribution from the traditional IRA is generally
fully taxable. For this reason, we are required to withhold 10% federal income
tax from the amount converted unless you elect out of such withholding. If you
have ever made nondeductible regular IRA contributions to any traditional IRA -
whether or not it is the traditional IRA you are converting - a pro rata portion
of the distribution is tax free.
There is, however, no early distribution penalty tax on the Traditional IRA
withdrawal that you are converting to a Roth IRA, even if you are under age
59 1/2.
You cannot make conversion contributions to a Roth IRA for any taxable year in
which your adjusted gross income exceeds $100,000. For this purpose, your
adjusted gross income is calculated without the gross income stemming from the
traditional IRA conversion. You also cannot make conversion contributions to a
Roth IRA for any taxable year in which your federal income tax filing status is
"married filing separately."
Finally, you cannot make conversion contributions to a Roth IRA to the extent
that the funds in your traditional IRA are subject to the annual required
minimum distribution rule applicable to traditional IRAs beginning at age
70 1/2.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a Roth IRA at any time; you do not need to wait for a
special event like retirement.
DISTRIBUTIONS FROM ROTH IRAS
Distributions include withdrawals from your contract, surrender and termination
of your contract, and annuity payments from your contract. Death benefits are
also distributions.
<PAGE>
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The following distributions from Roth IRAs are free of income tax:
o Rollover from a Roth IRA to another Roth IRA;
o Direct transfer from a Roth IRA to another Roth IRA;
o Qualified distributions from Roth IRA; and
o Return of excess contributions or amounts recharacterized to a traditional
IRA.
QUALIFIED DISTRIBUTIONS FROM ROTH IRAS. Qualified distributions from Roth IRAs
made because of one of the following four qualifying events or reasons are not
includable in income:
o you reach age 59 1/2; or
o you die; or
o you become disabled (special federal income tax definition); or
o your distribution is a "qualified first-time homebuyer distribution"
(special federal income tax definition; $10,000 lifetime total limit for
these distributions from all of your traditional and Roth IRAs).
You also have to meet a five-year aging period. A qualified distribution is any
distribution made after the five-taxable-year period beginning with the first
taxable year for which you made any contribution to any Roth IRA (whether or not
the one from which the distribution is being made). It is not possible to have a
tax-free qualified distribution before the year 2003 because of the five-year
aging requirement.
NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS. Nonqualified distributions from Roth
IRAs are distributions that do not meet the qualifying event and five-year aging
period tests described above. Such distributions are potentially taxable as
ordinary income. Nonqualified distributions receive return-of-investment-first
treatment. Only the difference between the amount of the distribution and the
amount of contributions to all of your Roth IRAs is taxable. You have to reduce
the amount of contributions to all of your Roth IRAs to reflect any previous
tax-free recoveries.
You must keep your own records of regular and conversion contributions to all
Roth IRAs to assure appropriate taxation. You may have to file information on
your contributions to and distributions from any Roth IRA on your tax return.
You may have to retain all income tax returns and records pertaining to such
contributions and distributions until your interests in all Roth IRAs are
distributed.
Like traditional IRAs, taxable distributions from a Roth IRA are not entitled to
the special favorable five-year averaging method (or, in certain cases,
favorable ten-year averaging and long-term capital gain treatment) available in
certain cases to distributions from qualified plans.
REQUIRED MINIMUM DISTRIBUTIONS AT DEATH
Same as traditional IRA under "What are the required minimum distribution
payments after you die?" Lifetime required minimum distributions do not apply.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Distributions to a beneficiary generally receive the same tax treatment as if
the distribution had been made to you.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
Same as traditional IRA.
EXCESS CONTRIBUTIONS
Same as traditional IRA, except that regular contributions made after age 70 1/2
are not excess contributions.
Excess rollover contributions to Roth IRAs are contributions not eligible to be
rolled over (for example, conversion contributions from a traditional IRA if
your adjusted gross income is in excess of $100,000 in the conversion year).
You can withdraw or recharacterize any contribution to a Roth IRA before the due
date (including extensions) for filing your federal income tax return for the
tax year. If you do this, you must also withdraw or recharacterize any earnings
attributable to the contribution.
EARLY DISTRIBUTION PENALTY TAX
Same as traditional IRA.
<PAGE>
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For Roth IRAs, special penalty rules may apply to amounts withdrawn attributable
to 1998 conversion rollovers.
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable. The
rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this purpose.
You cannot elect out of withholding unless you provide us with your correct
Taxpayer Identification Number and a United States residence address. You cannot
elect out of withholding if we are sending the payment out of the United States.
You should note the following special situations:
o We might have to withhold and/or report on amounts we pay under a free
look or cancellation.
o We are generally required to withhold on conversion rollovers of
traditional IRAs to Roth IRAs, as it is considered a withdrawal from the
traditional IRA and is taxable.
o We are required to withhold on the gross amount of a distribution from a
Roth IRA unless you elect out of withholding. This may result in tax being
withheld even though the Roth IRA distribution is not taxable in whole or
in part.
Special withholding rules apply to foreign recipients and United States citizens
residing outside the United States. We do not discuss these rules here. Certain
states have indicated that state income tax withholding will also apply to
payments from the contracts made to residents. In some states, you may elect out
of state withholding, even if federal withholding applies. Generally, an
election out of federal withholding will also be considered an election out of
state withholding. If you need more information concerning a particular state or
any required forms, call our processing office at the toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $14,880 in periodic annuity payments in
2000 your payments will generally be exempt from federal income tax withholding.
You could specify a different choice of withholding exemption or request that
tax be withheld. Your withholding election remains effective unless and until
you revoke it. You may revoke or change your withholding election at any time.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender, termination, or partial
withdrawal), we generally withhold at a flat 10% rate. We apply that rate to the
taxable amount in the case of nonqualified contracts, and to the payment amount
in the case of IRAs and Roth IRAs.
IMPACT OF TAXES TO EQUITABLE LIFE
The contracts provide that we may charge Separate Account A for taxes. We do not
now, but may in the future set up reserves for such taxes.
<PAGE>
8 More information
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ABOUT OUR 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, respectively, issued by the corresponding
portfolios 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.
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 predecessors to AXA Advisors, LLC and an affiliate 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, the assets of these
portfolios became the corresponding portfolios on 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 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 investment
objectives, policies, restrictions, risks, expenses,
<PAGE>
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their Rule 12b-1 Plan relating to its Class IB shares , and other aspects of the
Trusts operations, appears in the prospectus for EQ Advisors Trust attached at
the end of this prospectus, or in its SAI which is available upon request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity for new allocations as of March 1, 2000 and the related
price per $100 of maturity value were as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FIXED MATURITY
OPTIONS
WITH JUNE 15TH
MATURITY DATE RATE TO MATURITY AS PRICE
OF OF PER $100 OF
MATURITY YEAR MARCH 1, 2000 MATURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
2001 5.20% $ 93.68
2002 5.65% 88.20
2003 6.10% 82.34
2004 6.15% 77.41
2005 6.25% 72.57
2006 6.35% 67.90
2007 6.40% 63.63
2008 6.40% 59.82
2009 6.45% 55.96
2010 6.50% 52.31
- --------------------------------------------------------------------------------
</TABLE>
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity
option.
(b) We determine the period remaining in your fixed maturity option (based
on the withdrawal date) and convert it to fractional years based on a
365-day year. For example, three years and 12 days becomes 3.0329.
(c) We determine the current rate to maturity that applies on the
withdrawal date to new allocations to the same fixed maturity option.
(d) We determine the present value of the fixed maturity amount payable at
the maturity date, using the period determined in (b) and the rate
determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
- --------------------------------------------------------------------------------
Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
- --------------------------------------------------------------------------------
If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment that
would have applied if you had withdrawn the entire value in that fixed maturity
option. This percentage is equal to the percentage of the value in the fixed
maturity option that you are withdrawing. Any withdrawal charges that are
deducted from a fixed maturity option will result in a market value adjustment
calculated in the same way. See Appendix III for an example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that
<PAGE>
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72
- --------------------------------------------------------------------------------
fixed maturity option. We use this rate even if new allocations to that option
would not be accepted at that time. This rate will not be less than 3%. If we do
not have a rate to maturity in effect for a fixed maturity option to which the
"current rate to maturity" in (1)(c) above would apply, we will use the rate at
the next closest maturity date. If we are no longer offering new fixed maturity
options, the "current rate to maturity" will be determined in accordance with
our procedures then in effect. We reserve the right to add up to 0.50% to the
current rate in (1)(c) above for purposes of calculating the market value
adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held in
this separate account. We may, subject to state law that applies, transfer all
assets allocated to the separate account to our general account. We guarantee
all benefits relating to your value in the fixed maturity options, regardless of
whether assets supporting fixed maturity options are held in a separate account
or our general account.
We have no specific formula for establishing the rates to maturity for the fixed
maturity options. We expect the rates to be influenced by, but not necessarily
correspond to, among other things, the yields that we can expect to realize on
the separate account's investments from time to time. Our current plans are to
invest in fixed-income obligations, including corporate bonds, mortgage-backed
and asset-backed securities and government and agency issues having durations in
the aggregate consistent with those of the fixed maturity options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the contracts,
we are not obligated to invest those assets according to any particular plan
except as we may be require to by state insurance laws. We will not determine
the rates to maturity we establish by the performance of the nonunitized
separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option and the fixed
maturity options, 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. However, the
market value adjustment interests under the contracts are registered under the
Securities Act of 1933.
We have been advised that the staff of the SEC has not reviewed the portions of
this prospectus that relate to the general account (other than market value
adjustment interests). The disclosure with regard to general accounts, however,
may be subject to certain provisions of the federal securities laws relating to
the accuracy and completeness of statements made in prospectuses.
ABOUT OTHER METHODS OF PAYMENT
AUTOMATIC INVESTMENT PROGRAM - FOR NQ, TRADITIONAL IRA, STANDARD ROTH IRA AND
ROTH ADVANTAGE CONTRACTS
You may use our automatic investment program, or "AIP," to have a specified
amount automatically deducted from a checking account, money market account, or
credit union checking account and contributed as an additional
<PAGE>
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73
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contribution into an NQ, Traditional IRA, Standard Roth IRA, and Roth Advantage
contracts on a monthly basis.
AIP additional contributions may be allocated to any of the variable investment
options and the guaranteed interest option, but not the fixed maturity options.
Our minimum contribution amount requirement is $20. You choose the day of the
month you wish to have your account debited. However, you may not choose a date
later than the 28th day of the month.
You may cancel AIP at any time by notifying our processing office. We are not
responsible for any debits made to your account before the time written notice
of cancellation is received at our processing office.
PAYROLL DEDUCTION PROGRAM. You can authorize your employer to remit your IRA
contributions to us if your employer has a payroll deduction program. Those
contributions are still your contributions, not your employer's.
WIRE TRANSFERS. You may also send your contributions by wire transfer from your
bank.
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 may cause 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. We may close earlier due to emergency conditions. 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 contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
o Quarterly rebalancing will be processed on a calendar year basis and
semiannual or annual rebalancing will be processed on the first business
day of the month. Rebalancing will not be done retroactively.
CONTRIBUTIONS AND TRANSFERS
o Contributions allocated to the variable investment options are invested at
the value next determined after the close of the business day.
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o Contributions allocated to the guaranteed interest option will receive the
guaranteed interest rate in effect on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June
15th is a non-business day, that fixed maturity option will mature on the
prior 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.
<PAGE>
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74
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o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers out of a fixed maturity option will be at the market adjusted
amount 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.
o For the interest sweep, the first monthly transfer will occur on the last
business day of the month following the month that 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 contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is taken.
If we do not receive instructions in time from all contract owners, 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 contract
owners 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 contract owners, 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 contract owners, we will see to it that
appropriate action is taken.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner 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 annuity 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 contract owners.
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.
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 distribution of the contracts.
<PAGE>
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ABOUT OUR INDEPENDENT ACCOUNTANTS
The consolidated financial statements of Equitable Life at December 31, 1999 and
1998, and for the three years ended December 31, 1999, incorporated in this
prospectus by reference to the 1999 Annual Report on Form 10-K are incorporated
in reliance on the report of PricewaterhouseCoopers LLP, independent
accountants, given on the authority of said firm as experts in auditing and
accounting.
FINANCIAL STATEMENTS
The financial statements of Separate Account 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 our processing office or calling
1-800-628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
You can transfer ownership of an NQ contract at any time before annuity payments
begin. We will continue to treat you as the owner until we receive written
notification of any change at our processing office. You cannot assign your NQ
contract as collateral or security for a loan. Loans are also not available
under your NQ contract. In some cases, an assignment or change of ownership may
have adverse tax consequences. See "Tax information" earlier in this prospectus.
You cannot assign or transfer ownership of a Traditional IRA, QP IRA, or Roth
IRA contract except by surrender to us. Loans are not available and you cannot
assign Traditional IRA, QP IRA and Roth IRA contracts as security for a loan or
other obligation.
For limited transfers of ownership after the owner's death see "Beneficiary
continuation option" in "Payment of death benefit" earlier in this prospectus.
You may direct the transfer of the values under your Traditional IRA, QP IRA and
Roth IRA contract to another similar arrangement.
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 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 will be 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>
9 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 withdrawal charge
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 the annuity administrative
fee, if applicable.
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
annual administrative charge and any withdrawal charge, or charges designed to
approximate certain taxes that may be imposed on us, such as premium taxes in
your state, or the 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 portfolios in which the variable investment options invest. In
some cases, the results shown relate to periods when the variable investment
options were not available. In those cases, we adjusted the results of the
portfolios to reflect the charges under the contracts that would have applied
had the investment options and/or contracts been available. Since charges under
the contracts vary, we have assumed, for each charge, the highest that might
apply which is 1.45% for mortality and expense risks and other expenses.
Finally, 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 reflect the results of the
separate accounts that preceded them. The "Since portfolio inception" figures
for these options are based on the date of inception of the preceding separate
accounts. We have adjusted these results to reflect the fee and expense
structure in effect for 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 the portfolios, including the measurements reflected
in the tables below.
THE PERFORMANCE INFORMATION SHOWN BELOW AND THE PERFORMANCE INFORMATION THAT WE
ADVERTISE REFLECTS PAST PERFORMANCE AND DOES NOT INDICATE HOW THE VARIABLE
INVESTMENT OPTIONS MAY PERFORM IN THE FUTURE. SUCH PERFORMANCE 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
<PAGE>
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77
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portfolio. Also, they do not reflect other charges such as the mortality and
expense risks and other expense charges, annual administrative charge, or any
withdrawal 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 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. 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 RESEARCH: Standard & Poor's 500 Index.
CAPITAL GUARDIAN U.S. EQUITY: Standard & Poor's 500 Index.
EQ/EVERGREEN: Benchmark #1 - Russell 2000 Index. Benchmark
#2 - Standard & Poor's 500 Index.
EQ/EVERGREEN FOUNDATION: 60% Standard & Poor's 500
Index/40% Lehman Brothers Aggregate Bond 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.
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 EQUI-VEST performance relative to other
variable annuity products.
<PAGE>
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TABLE 1
AVERAGE ANNUAL TOTAL RETURN UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
----------------------------------------------------------------------------
SINCE SINCE
1 3 5 10 OPTION PORTFOLIO
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION* INCEPTION**
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EQ/Aggressive Stock 8.77% 3.97% 11.68% 13.32% 14.81% 14.81%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock 14.47% 22.12% 23.70% 14.88% 15.31% 10.69%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors 0.63% 6.69% 7.58% 6.09% 4.79% 6.16%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Equity Index 10.11% 21.15% 23.54% - 20.78% 19.46%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Global 26.71% 17.59% 16.04% 12.04% 13.43% 10.68%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income 8.54% 16.14% 17.55% - 13.71% 12.82%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors 15.78% 14.83% 15.43% 13.50% 11.43% 13.57%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance High Yield (11.70)% (2.88)% 5.08% 6.55% 2.93% 5.68%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities (8.51)% (0.73)% 1.26% - 0.36% 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance International 26.03% 8.09% - - 7.63% 8.02%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Money Market (4.09)% (0.49)% 0.17% 0.98% 3.01% 3.01%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond (10.46)% (0.59)% 2.47% - 0.30% 0.73%
- ----------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth 17.00% - - - 7.76% 11.62%
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Balanced 7.77% 11.05% 11.70% 7.94% 9.39% 9.39%
- ----------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies 60.35% - - - 39.18% 42.20%
- ----------------------------------------------------------------------------------------------------------------------------
MFS Research 12.61% - - - 15.36% 17.66%
- ----------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value 8.79% - - - 8.44% 11.14%
- ----------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy 10.99% - - - 4.24% 6.13%
- ----------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity 82.12% - - - (0.63)% (0.63)%
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced (8.60)% - - - 2.30% 3.66%
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value (9.88)% - - - 2.16% 4.08%
- ----------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income (5.39)% - - - 5.06% 6.82%
- ----------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock 20.62% - - - 8.47% 9.58%
- ----------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value (6.99)% - - - (5.10)% (2.61)%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The variable investment option inception dates are: EQ/Aggressive Stock
(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 & 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), EQ/Balanced (5/1/84), 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), Warburg Pincus Small Company Value
(6/2/97). The inception dates for the variable investment options that
became available after 12/31/98 are therefore not shown in this table
are: EQ/Evergreen, EQ/Evergreen Foundation, MFS Growth with Income,
EQ/Alliance Premier Growth, Capital Guardian Research, and Capital
Guardian U.S. Equity (8/30/99) and EQ/Alliance Technology (5/1/00).
** The inception dates for the portfolios underlying the 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
<PAGE>
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79
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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),
Warburg Pincus Small Company Value (5/1/97). EQ/Evergreen, EQ/Evergreen
Foundation, 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 12/31/98 and are therefore
not shown in the tables are: EQ/Alliance Premier Growth, Capital Guardian
Research, and Capital Guardian U.S. Equity (4/30/99), EQ/Alliance
Technology (5/1/00).
<PAGE>
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80
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TABLE 2
GROWTH OF $1,000 UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
-----------------------------------------------------------------------------
SINCE
1 3 5 10 PORTFOLIO
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION*
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Aggressive Stock $ 1,087.74 $ 1,123.96 $ 1,737.40 $ 3,491.17 $ 8,712.54
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock $ 1,144.67 $ 1,821.06 $ 2,896.44 $ 4,004.07 $ 24,332.04
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors $ 1,006.33 $ 1,214.41 $ 1,441.12 $ 1,806.37 $ 1,846.08
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Equity Index $ 1,101.11 $ 1,778.01 $ 2,877.87 - $ 2,824.22
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Global $ 1,267.06 $ 1,625.87 $ 2,103.61 $ 3,118.14 $ 3,499.80
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income $ 1,085.36 $ 1,566.72 $ 2,244.66 - $ 2,125.31
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors $ 1,157.81 $ 1,514.12 $ 2,049.08 $ 3,549.13 $ 3,684.70
- ---------------------------------------------------------------------------------------------------------------------------
Alliance High Yield $ 883.00 $ 915.97 $ 1,280.91 $ 1,885.62 $ 2,051.03
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities $ 914.92 $ 978.29 $ 1,064.35 - $ 1,215.22
- ---------------------------------------------------------------------------------------------------------------------------
Alliance International $ 1,260.28 $ 1,262.88 - - $ 1,442.08
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Money Market $ 959.14 $ 985.36 $ 1,008.33 $ 1,102.93 $ 1,687.14
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond $ 895.36 $ 982.52 $ 1,129.56 - $ 1,046.50
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth $ 1,169.97 - - - $ 1,341.32
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Balanced $ 1,077.65 $ 1,369.45 $ 1,738.88 $ 2,146.09 $ 4,081.82
- ---------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies $ 1,603.47 - - - $ 2,561.01
- ---------------------------------------------------------------------------------------------------------------------------
MFS Research $ 1,126.08 - - - $ 1,543.93
- ---------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity $ 1,087.90 - - - $ 1,326.12
- ---------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy $ 1,109.90 - - - $ 1,172.27
- ---------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity $ 1,821.24 - - - $ 985.22
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced $ 913.99 - - - $ 1,100.86
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value $ 901.23 - - - $ 1,112.76
- ---------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income $ 946.11 - - - $ 1,192.84
- ---------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock $ 1,206.17 - - - $ 1,276.97
- ---------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value $ 930.09 - - - $ 931.73
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Portfolio inception dates are shown in Table 1.
<PAGE>
- --------
81
- --------------------------------------------------------------------------------
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 17.12% 8.12% 14.58% 14.88% - 15.99%
- ------------------------------------------------------------------------------------------------------------------------
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 23.38% 26.06% 26.21% 16.89% 16.77% 12.30%
- ------------------------------------------------------------------------------------------------------------------------
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 8.55% 10.78% 10.83% 8.34% - 8.41%
- ------------------------------------------------------------------------------------------------------------------------
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 18.64% 25.07% 25.98% - - 21.85%
- ------------------------------------------------------------------------------------------------------------------------
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 36.52% 21.68% 18.96% 14.15% - 12.80%
- ------------------------------------------------------------------------------------------------------------------------
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 16.94% 20.28% 20.28% - - 15.43%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% 17.23% 20.50% - - 16.45%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 20.71% 23.10% 25.01% - - 18.77%
- ------------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS 24.75% 18.71% 18.25% 15.28% - 15.29%
- ------------------------------------------------------------------------------------------------------------------------
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 (4.75)% 1.30% 8.27% 8.63% - 7.77%
- ------------------------------------------------------------------------------------------------------------------------
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 (1.31)% 3.48% 4.82% - - 4.74%
- ------------------------------------------------------------------------------------------------------------------------
Lipper U.S. Government (2.60)% 4.04% 5.81% - - 5.89%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 0.49% 5.50% 6.93% - - 6.76%
- ------------------------------------------------------------------------------------------------------------------------
ALLIANCE INTERNATIONAL 35.79% 12.23% - - - 11.49%
- ------------------------------------------------------------------------------------------------------------------------
Lipper International 43.24% 18.74% - - - 16.13%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 26.96% 15.74% - - - 13.11%
- ------------------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET 3.46% 3.72% 3.83% 3.66% - 5.13%
- ------------------------------------------------------------------------------------------------------------------------
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 (3.42)% 3.62% 5.91% - - 3.44%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Corporate Bond A-Rated (2.56)% 4.06% 6.53% - - 4.36%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark (0.82)% 5.73% 7.73% - - 5.64%
- ------------------------------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH 26.06% - - - - 16.17%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 34.26% - - - - 19.49%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 43.09% - - - - 25.88%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
82
- --------------------------------------------------------------------------------
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>
- ------------------------------------------------------------------------------------------------------------------------
EQ/BALANCED 16.09% 15.26% 14.74% 10.18% - 11.04%
- ------------------------------------------------------------------------------------------------------------------------
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 71.16% - - - - 46.12%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap 51.65% - - - - 32.50%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 21.26% - - - - 16.99%
- ------------------------------------------------------------------------------------------------------------------------
MFS RESEARCH 21.33% - - - - 22.15%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Growth 29.78% - - - - 29.33%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- ------------------------------------------------------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY 17.22% - - - - 15.37%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 18.00%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- ------------------------------------------------------------------------------------------------------------------------
MERCURY WORLD STRATEGY 19.59% - - - - 10.51%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Global Flexible Portfolio 12.93% - - - - 11.91%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 13.07% - - - - 16.18%
- ------------------------------------------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS
EQUITY 92.91% - - - - 4.17%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets 82.53% - - - - 2.90%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 66.41% - - - - (0.88)%
- ------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED (1.41)% - - - - 8.12%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Balanced 8.69% - - - - 13.91%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 11.39% - - - - 18.81%
- ------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE (2.79)% - - - - 8.52%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 18.00%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- ------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME 2.05% - - - - 11.18%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Equity Income 6.90% - - - - 14.28%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- ------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK 29.96% - - - - 14.05%
- ------------------------------------------------------------------------------------------------------------------------
Lipper International 43.24% - - - - 20.38%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 26.96% - - - - 18.32%
- ------------------------------------------------------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY
VALUE 0.32% - - - - 1.83%
- ------------------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 34.26% - - - - 24.22%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark #1 21.26% - - - - 16.99%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark #2 (1.49)% - - - - 7.06%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Portfolio inception dates are shown in Table 1. Lipper Survey and
benchmark "Since portfolio inception" information are as of the month-end
closest to the actual date of portfolio inception.
<PAGE>
- -----
83
- --------------------------------------------------------------------------------
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 17.12% 26.40% 97.47% 300.28% - 922.01%
- -----------------------------------------------------------------------------------------------------------------------------------
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 23.38% 100.34% 220.25% 376.26% 2,121.65% 3,729.11%
- -----------------------------------------------------------------------------------------------------------------------------------
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 8.55% 35.94% 67.23% 122.78% - 128.84%
- -----------------------------------------------------------------------------------------------------------------------------------
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 18.64% 95.63% 217.35% - - 216.91%
- -----------------------------------------------------------------------------------------------------------------------------------
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 36.52% 80.14% 138.21% 275.67% - 342.46%
- -----------------------------------------------------------------------------------------------------------------------------------
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 16.94% 74.00% 151.78% - - 145.19%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% 62.52% 157.04% - - 158.01%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 20.71% 86.55% 205.26% - - 204.09%
- -----------------------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS 24.75% 67.27% 131.17% 314.65% - 329.68%
- -----------------------------------------------------------------------------------------------------------------------------------
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 (4.75)% 3.94% 48.75% 128.87% - 164.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper High Yield 3.65% 15.25% 51.19% 151.82% - 166.74%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark #1 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 (1.31)% 10.80% 26.55% - - 49.33%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper U.S. Government (2.60)% 12.55% 32.56% - - 64.40%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 0.49% 17.43% 39.81% - - 77.41%
- -----------------------------------------------------------------------------------------------------------------------------------
ALLIANCE INTERNATIONAL 35.79% 41.36% - - - 67.52%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper International 43.24% 69.17% - - - 103.07%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 26.96% 55.06% - - - 79.52%
- -----------------------------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET 3.46% 11.58% 20.69% 43.21% - 141.84%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Money Market 3.78% 12.64% 22.65% 47.52% - 178.18%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 4.74% 15.79% 28.88% 63.79% - 229.35%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------
84
- --------------------------------------------------------------------------------
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>
ALLIANCE QUALITY BOND (3.42)% 11.27% 33.23% - - 23.53%
- -----------------------------------------------------------------------------------------------------------------------------------
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 26.06% - - - - 49.19%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 34.26% - - - - 62.98%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 43.09% - - - - 84.91%
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/BALANCED 16.09% 53.13% 98.88% 163.71% - 416.09%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Balanced 10.45% 49.38% 103.90% 204.29% - 335.16%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 9.07% 58.00% 128.08% 240.54% - 558.00%
- -----------------------------------------------------------------------------------------------------------------------------------
MFS EMERGING GROWTH COMPANIES 71.16% - - - - 175.11%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap 51.65% - - - - 120.85%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 21.26% - - - - 52.05%
- -----------------------------------------------------------------------------------------------------------------------------------
MFS RESEARCH 21.33% - - - - 70.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Growth 29.78% - - - - 101.13%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -----------------------------------------------------------------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY 17.22% - - - - 46.46%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 56.85%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -----------------------------------------------------------------------------------------------------------------------------------
MERCURY WORLD STRATEGY 19.59% - - - - 30.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Global Flexible Portfolio 12.93% - - - - 35.69%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 13.07% - - - - 49.16%
- -----------------------------------------------------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS
EQUITY 92.91% - - - - 10.13%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets 82.53% - - - - 7.48%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 66.41% - - - - 5.32%
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED (1.41)% - - - - 23.16%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Balanced 8.69% - - - - 42.44%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 11.39% - - - - 61.21%
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE (2.79)% - - - - 24.39%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 56.85%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -----------------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME 2.05% - - - - 32.68%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Equity Income 6.90% - - - - 43.31%
- -----------------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
85
- --------------------------------------------------------------------------------
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>
T. ROWE PRICE INTERNATIONAL STOCK 29.96% - - - - 42.03%
- ------------------------------------------------------------------------------------------------------------------------
Lipper International 43.24% - - - - 65.44%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark 26.96% - - - - 56.70%
- ------------------------------------------------------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY
VALUE 0.32% - - - - 4.97%
- ------------------------------------------------------------------------------------------------------------------------
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 of the month-end
closest to the actual date of portfolio inception.
<PAGE>
- -------
86
- --------------------------------------------------------------------------------
TABLE 5
YEAR-BY-YEAR RATES OF RETURN
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
1990 1991 1992 1993
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 5.62% 84.38% (4.57)% 15.06%
- -------------------------------------------------------------------------------------------------
Alliance Common Stock (9.27)% 35.81% 1.72% 23.02%
- -------------------------------------------------------------------------------------------------
Alliance Conservative Investors 4.86% 18.11% 4.26% 9.16%
- -------------------------------------------------------------------------------------------------
Alliance Equity Index - - - -
- -------------------------------------------------------------------------------------------------
Alliance Global (7.42)% 28.66% (1.96)% 30.21%
- -------------------------------------------------------------------------------------------------
Alliance Growth and Income - - - (0.62)%+
- -------------------------------------------------------------------------------------------------
Alliance Growth Investors 9.01% 46.75% 3.41% 13.59%
- -------------------------------------------------------------------------------------------------
Alliance High Yield (2.53)% 22.66% 10.68% 21.36%
- -------------------------------------------------------------------------------------------------
Alliance Intermediate Government
Securities - 10.85%+ 4.06% 8.98%
- -------------------------------------------------------------------------------------------------
Alliance International - - - -
- -------------------------------------------------------------------------------------------------
Alliance Money Market 6.78% 4.67% 2.06% 1.47%
- -------------------------------------------------------------------------------------------------
Alliance Quality Bond - - - (0.87)%
- -------------------------------------------------------------------------------------------------
Alliance Small Cap Growth - - - -
- -------------------------------------------------------------------------------------------------
EQ/Balanced (1.46)% 40.02% (4.25)% 10.68%
- -------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies - - - -
- -------------------------------------------------------------------------------------------------
MFS Research - - - -
- -------------------------------------------------------------------------------------------------
Mercury Basic Value Equity - - - -
- -------------------------------------------------------------------------------------------------
Mercury World Strategy - - - -
- -------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets
Equity - - - -
- -------------------------------------------------------------------------------------------------
EQ/Putnam Balanced - - - -
- -------------------------------------------------------------------------------------------------
EQ/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 (5.21)% 29.73% 20.42% 9.20% (1.17)% 17.12%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Common Stock (3.56)% 30.54% 22.46% 27.34% 27.51% 23.38%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors (5.49)% 18.66% 3.67% 11.59% 12.23% 8.55%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Equity Index (0.14)%+ 34.51% 20.60% 30.65% 26.22% 18.64%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Global 3.71% 17.10% 12.93% 9.93% 20.03% 36.52%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income (2.01)% 22.28% 18.34% 24.92% 19.11% 16.94%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors (4.55)% 24.54% 10.96% 15.08% 16.51% 24.75%
- -----------------------------------------------------------------------------------------------------------------------
Alliance High Yield (4.19)% 18.18% 21.09% 16.75% (6.53)% (4.75)%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government
Securities (5.76)% 11.69% 2.26% 5.74% 6.18% (1.31)%
- -----------------------------------------------------------------------------------------------------------------------
Alliance International - 9.51%+ 8.21% (4.46)% 8.96% 35.79%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Money Market 2.51% 4.22% 3.79% 3.89% 3.81% 3.46%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond (6.47)% 15.33% 3.82% 7.56% 7.11% (3.42)%
- -----------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth - - - 25.46%+ (5.66)% 26.06%
- -----------------------------------------------------------------------------------------------------------------------
EQ/Balanced (9.35)% 18.02% 10.05% 13.33% 16.40% 16.09%
- -----------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies - - - 21.25%+ 32.57% 71.16%
- -----------------------------------------------------------------------------------------------------------------------
MFS Research - - - 14.93%+ 22.31% 21.33%
- -----------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity - - - 15.89%+ 7.82% 17.22%
- -----------------------------------------------------------------------------------------------------------------------
Mercury World Strategy - - - 3.70%+ 5.27% 19.59%
- -----------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets
Equity - - - (20.62)%+ (28.08)% 92.91%
- -----------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced - - - 13.37%+ 10.19% (1.41)%
- -----------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value - - - 15.09%+ 11.19% (2.79)%
- -----------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income - - - 20.95%+ 7.49% 2.05%
- -----------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock - - - (2.46)%+ 12.05% 29.96%
- -----------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company
Value - - - 17.97%+ (11.31)% 0.32%
- -----------------------------------------------------------------------------------------------------------------------
</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>
- ----------
87
- --------------------------------------------------------------------------------
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 Investment Dealers Digest
Sourcebook National Underwriter
Business Week Pension & Investments
Forbes USA Today
Fortune Investor's Business Daily
Institutional Investor The New York Times
Money The Wall Street Journal
Kiplinger's Personal Finance The Los Angeles Times
Financial Planning The Chicago Tribune
Investment Adviser
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:
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
<PAGE>
- --------
88
- --------------------------------------------------------------------------------
of all current contract charges and expenses other than the annual
administrative charge, and any charges for state premium and other applicable
taxes. For more information, see "Alliance Money Market option yield
information" and "Other yield information" in the SAI.
<PAGE>
10 Incorporation of certain documents by reference
- ---------
89
- --------------------------------------------------------------------------------
Equitable Life's annual report on Form 10-K for the year ended December 31,
1999, is considered to be a part of this prospectus because it is incorporated
by reference.
After the date of this prospectus and before we terminate the offering of the
securities under this prospectus, all documents or reports we file with the SEC
under the Securities Exchange Act of 1934 ("Exchange Act") will be considered to
become part of this prospectus because they are incorporated by reference.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation, will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our annual report on
Form 10-K and quarterly reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a Web site that contains reports,
proxy and information statements and other information regarding registrants
that file electronically with the SEC. The address of the site is
http://www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person to
whom this prospectus is delivered a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to The
Equitable Life Assurance Society of the United States, 1290 Avenue of the
Americas, New York, New York 10104. Attention: Corporate Secretary (telephone:
(212) 554-1234).
<PAGE>
Appendix I: Condensed financial information
- --------
A-1
- --------------------------------------------------------------------------------
The following tables show the accumulation unit values and the number of
outstanding units for each variable investment option under each contract series
at the last business day of the periods shown. The unit values and number of
units outstanding are for contracts offered under Separate Account A with the
same asset based charge. The information presented is shown for the past ten
years, or from the first year the particular contracts were offered if less than
ten years ago.
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR EQ/ALLIANCE TECHNOLOGY WHICH IS BEING OFFERED FOR THE FIRST TIME ON
MAY 22, 2000.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
-----------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 95.45 $ 123.95 $ 149.41 $ 163.33 $ 161.59 $ 189.44
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 664 1,310 2,468 3,226 3,342 2,980
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE COMMON STOCK
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 97.03 $ 126.78 $ 155.42 $ 198.12 $ 252.88 $ 312.31
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 948 1,989 3,457 4,765 5,808 6,502
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE CONSERVATIVE INVESTORS
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 95.10 $ 112.97 $ 117.25 $ 130.98 $ 147.17 $ 159.92
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 325 491 567 553 661 752
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 100.95 $ 135.94 $ 164.12 $ 214.66 $ 271.24 $ 322.15
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 47 592 1,486 2,686 3,805 4,579
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE GLOBAL
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 104.12 $ 122.06 $ 138.00 $ 151.87 $ 182.50 $ 249.93
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,305 2,121 2,995 3,369 3,395 3,509
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH AND INCOME
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 98.86 $ 121.02 $ 143.37 $ 179.30 $ 213.81 $ 250.31
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 210 498 975 1,800 2,475 3,095
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 96.31 $ 120.08 $ 133.40 $ 153.69 $ 180.63 $ 225.59
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,023 2,113 3,325 3,704 3,962 4,231
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE HIGH YIELD
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 95.88 $ 113.44 $ 137.53 $ 160.74 $ 150.42 $ 143.43
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 99 209 444 831 1,164 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) 32 89 146 202 314 360
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------
A-2
- --------------------------------------------------------------------------------
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR EQ/ALLIANCE TECHNOLOGY WHICH IS BEING OFFERED FOR THE FIRST
TIME ON MAY 22, 2000. (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
-----------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALLIANCE INTERNATIONAL
- --------------------------------------------------------------------------------------------------------------------
Unit value - $ 104.15 $ 112.83 $ 107.92 $ 117.72 $ 160.04
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) - 141 763 968 971 926
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 102.61 $ 107.04 $ 111.21 $ 115.66 $ 120.19 $ 124.47
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 63 81 165 146 262 360
- --------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCE PREMIER GROWTH
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 116.36
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 887
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE QUALITY BOND
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 93.87 $ 108.38 $ 112.65 $ 121.30 $ 130.07 $ 125.76
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 53 135 196 283 557 622
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH
- --------------------------------------------------------------------------------------------------------------------
Unit value - - - $ 125.55 $ 118.57 $ 149.54
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) - - - 488 1,101 976
- --------------------------------------------------------------------------------------------------------------------
EQ/BALANCED
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 91.64 $ 108.26 $ 119.26 $ 135.29 $ 157.63 $ 183.18
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 289 386 548 655 752 854
- --------------------------------------------------------------------------------------------------------------------
CAPITAL GUARDIAN RESEARCH
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 106.78
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 8
- --------------------------------------------------------------------------------------------------------------------
CAPITAL GUARDIAN U.S. EQUITY
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 101.64
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 13
- --------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 106.57
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5
- --------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN FOUNDATION
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 105.16
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-3
- --------------------------------------------------------------------------------
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR EQ/ALLIANCE TECHNOLOGY WHICH IS BEING OFFERED FOR THE FIRST
TIME ON MAY 22, 2000. (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
DECEMBER 31,
---------------------------------------------
1997 1998 1999
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
MFS EMERGING GROWTH COMPANIES
- -----------------------------------------------------------------------------------------
Unit value $ 121.34 $ 161.04 $ 275.93
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 256 1,090 2,427
- -----------------------------------------------------------------------------------------
MFS GROWTH WITH INCOME
- -----------------------------------------------------------------------------------------
Unit value $ 104.48
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 18
- -----------------------------------------------------------------------------------------
MFS RESEARCH
- -----------------------------------------------------------------------------------------
Unit value $ 115.01 $ 140.83 $ 171.06
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 236 720 959
- -----------------------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY
- -----------------------------------------------------------------------------------------
Unit value $ 115.97 $ 127.67 $ 149.82
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 145 444 617
- -----------------------------------------------------------------------------------------
MERCURY WORLD STRATEGY
- -----------------------------------------------------------------------------------------
Unit value $ 103.77 $ 109.37 $ 130.94
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 52 84 88
- -----------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS EQUITY
- -----------------------------------------------------------------------------------------
Unit value $ 79.41 $ 57.18 $ 110.43
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 109 217 590
- -----------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED
- -----------------------------------------------------------------------------------------
Unit value $ 113.46 $ 125.16 $ 123.53
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 109 275 345
- -----------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE
- -----------------------------------------------------------------------------------------
Unit value $ 115.17 $ 128.20 $ 124.76
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 250 581 648
- -----------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME
- -----------------------------------------------------------------------------------------
Unit value $ 121.04 $ 130.25 $ 133.07
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 475 1,070 1,072
- -----------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK
- -----------------------------------------------------------------------------------------
Unit value $ 97.61 $ 109.49 $ 142.46
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 387 671 765
- -----------------------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY VALUE
- -----------------------------------------------------------------------------------------
Unit value $ 118.06 $ 104.82 $ 105.28
- -----------------------------------------------------------------------------------------
Number of units outstanding (000's) 577 859 721
- -----------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-4
- --------------------------------------------------------------------------------
SERIES 500 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
DECEMBER 31,
-------------------------
1998 1999
- ------------------------------------------------------------------------
<S> <C> <C>
EQ/AGGRESSIVE STOCK
- ------------------------------------------------------------------------
Unit value $ 90.25 $ 105.69
- ------------------------------------------------------------------------
Number of units outstanding (000's) 1 4
- ------------------------------------------------------------------------
ALLIANCE COMMON STOCK
- ------------------------------------------------------------------------
Unit value $ 102.87 $ 126.91
- ------------------------------------------------------------------------
Number of units outstanding (000's) 5 19
- ------------------------------------------------------------------------
ALLIANCE CONSERVATIVE INVESTORS
- ------------------------------------------------------------------------
Unit value $ 102.74 $ 111.52
- ------------------------------------------------------------------------
Number of units outstanding (000's) - -
- ------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- ------------------------------------------------------------------------
Unit value $ 103.68 $ 123.01
- ------------------------------------------------------------------------
Number of units outstanding (000's) 2 9
- ------------------------------------------------------------------------
ALLIANCE GLOBAL
- ------------------------------------------------------------------------
Unit value $ 98.37 $ 134.30
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 2
- ------------------------------------------------------------------------
ALLIANCE GROWTH AND INCOME
- ------------------------------------------------------------------------
Unit value $ 102.73 $ 120.13
- ------------------------------------------------------------------------
Number of units outstanding (000's) 1 4
- ------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS
- ------------------------------------------------------------------------
Unit value $ 101.93 $ 127.16
- ------------------------------------------------------------------------
Number of units outstanding (000's) 1 2
- ------------------------------------------------------------------------
ALLIANCE HIGH YIELD
- ------------------------------------------------------------------------
Unit value $ 89.20 $ 84.96
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ------------------------------------------------------------------------
ALLIANCE INTERMEDIATE GOVERNMENT
SECURITIES
- ------------------------------------------------------------------------
Unit value $ 103.22 $ 101.96
- ------------------------------------------------------------------------
Number of units outstanding (000's) - -
- ------------------------------------------------------------------------
ALLIANCE INTERNATIONAL
- ------------------------------------------------------------------------
Unit value $ 93.00 $ 126.29
- ------------------------------------------------------------------------
Number of units outstanding (000's) 1 1
- ------------------------------------------------------------------------
</TABLE>
Appendix I: Condensed financial information
<PAGE>
- -----
A-5
- --------------------------------------------------------------------------------
SERIES 500 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
DECEMBER 31,
-----------------------------
1998 1999
- -----------------------------------------------------------------------
<S> <C> <C>
ALLIANCE MONEY MARKET
- -----------------------------------------------------------------------
Unit value $ 101.68 $ 105.20
- -----------------------------------------------------------------------
Number of units outstanding (000's) - -
- -----------------------------------------------------------------------
EQ/ALLIANCE PREMIER GROWTH
- -----------------------------------------------------------------------
Unit value $ 116.32
- -----------------------------------------------------------------------
Number of units outstanding (000's) -
- -----------------------------------------------------------------------
ALLIANCE QUALITY BOND
- -----------------------------------------------------------------------
Unit value $ 103.62 $ 100.08
- -----------------------------------------------------------------------
Number of units outstanding (000's) - -
- -----------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH
- -----------------------------------------------------------------------
Unit value $ 86.93 $ 109.59
- -----------------------------------------------------------------------
Number of units outstanding (000's) 1 1
- -----------------------------------------------------------------------
EQ/BALANCED
- -----------------------------------------------------------------------
Unit value $ 102.39 $ 118.86
- -----------------------------------------------------------------------
Number of units outstanding (000's) - 2
- -----------------------------------------------------------------------
CAPITAL GUARDIAN RESEARCH
- -----------------------------------------------------------------------
Unit value $ 106.74
- -----------------------------------------------------------------------
Number of units outstanding (000's) -
- -----------------------------------------------------------------------
CAPITAL GUARDIAN U.S. EQUITY
- -----------------------------------------------------------------------
Unit value $ 101.60
- -----------------------------------------------------------------------
Number of units outstanding (000's) -
- -----------------------------------------------------------------------
EQ/EVERGREEN
- -----------------------------------------------------------------------
Unit value $ 106.53
- -----------------------------------------------------------------------
Number of units outstanding (000's) -
- -----------------------------------------------------------------------
EQ/EVERGREEN FOUNDATION
- -----------------------------------------------------------------------
Unit value $ 105.11
- -----------------------------------------------------------------------
Number of units outstanding (000's) -
- -----------------------------------------------------------------------
MFS EMERGING GROWTH COMPANIES
- -----------------------------------------------------------------------
Unit value $ 103.41 $ 177.00
- -----------------------------------------------------------------------
Number of units outstanding (000's) 1 6
- -----------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-6
- --------------------------------------------------------------------------------
SERIES 500 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
DECEMBER 31,
----------------------------
1998 1999
- ------------------------------------------------------------------------
<S> <C> <C>
MFS GROWTH WITH INCOME
- ------------------------------------------------------------------------
Unit value $ 104.44
- ------------------------------------------------------------------------
Number of units outstanding (000's) -
- ------------------------------------------------------------------------
MFS RESEARCH
- ------------------------------------------------------------------------
Unit value $ 98.99 $ 120.11
- ------------------------------------------------------------------------
Number of units outstanding (000's) 1 3
- ------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY
- ------------------------------------------------------------------------
Unit value $ 97.80 $ 114.64
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ------------------------------------------------------------------------
MERCURY WORLD STRATEGY
- ------------------------------------------------------------------------
Unit value $ 94.86 $ 113.44
- ------------------------------------------------------------------------
Number of units outstanding (000's) - -
- ------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS EQUITY
- ------------------------------------------------------------------------
Unit value $ 81.40 $ 157.03
- ------------------------------------------------------------------------
Number of units outstanding (000's) - -
- ------------------------------------------------------------------------
EQ/PUTNAM BALANCED
- ------------------------------------------------------------------------
Unit value $ 101.05 $ 99.62
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE
- ------------------------------------------------------------------------
Unit value $ 100.48 $ 97.68
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME
- ------------------------------------------------------------------------
Unit value $ 101.00 $ 103.08
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK
- ------------------------------------------------------------------------
Unit value $ 94.04 $ 122.22
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY VALUE
- ------------------------------------------------------------------------
Unit value $ 82.78 $ 83.05
- ------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-7
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
DECEMBER 31,
--------------------------------------------------------------
1989 1990 1991 1992 1993
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK
- -----------------------------------------------------------------------------------------
Unit value $ 25.86 $ 27.36 $ 50.51 $ 48.30 $ 55.68
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) 8,134 9,545 12,962 17,986 21,496
- -----------------------------------------------------------------------------------------
ALLIANCE COMMON
STOCK
- -----------------------------------------------------------------------------------------
Unit value $ 83.40 $ 75.67 $ 102.76 $ 104.63 $ 128.81
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) 8,645 9,670 10,292 11,841 13,917
- -----------------------------------------------------------------------------------------
ALLIANCE
CONSERVATIVE
INVESTORS
- -----------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- -----------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------
ALLIANCE GLOBAL
- -----------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------
ALLIANCE GROWTH AND
INCOME
- -----------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------
ALLIANCE GROWTH
INVESTORS
- -----------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------
ALLIANCE HIGH YIELD
- -----------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------
DECEMBER 31,
---------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK
- -----------------------------------------------------------------------------------------------------
Unit value $ 52.88 $ 68.73 $ 82.91 $ 90.75 $ 89.92 $ 105.59
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 24,787 25,821 27,945 28,030 25,634 20,946
- -----------------------------------------------------------------------------------------------------
ALLIANCE COMMON
STOCK
- -----------------------------------------------------------------------------------------------------
Unit value $ 124.32 $ 162.42 $ 199.05 $ 253.68 $ 323.75 $ 399.74
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 15,749 16,292 16,933 17,386 17,231 16,705
- -----------------------------------------------------------------------------------------------------
ALLIANCE
CONSERVATIVE
INVESTORS
- -----------------------------------------------------------------------------------------------------
Unit value $ 95.10 $ 112.97 $ 117.25 $ 130.98 $ 147.17 $ 159.92
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 325 491 567 553 661 752
- -----------------------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- -----------------------------------------------------------------------------------------------------
Unit value $ 100.95 $ 135.94 $ 164.12 $ 214.66 $ 271.24 $ 322.15
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 47 592 1,486 2,686 3,805 4,579
- -----------------------------------------------------------------------------------------------------
ALLIANCE GLOBAL
- -----------------------------------------------------------------------------------------------------
Unit value $ 104.12 $ 122.06 $ 138.00 $ 151.87 $ 182.50 $ 249.93
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 1,305 2,121 2,995 3,369 3,395 3,509
- -----------------------------------------------------------------------------------------------------
ALLIANCE GROWTH AND
INCOME
- -----------------------------------------------------------------------------------------------------
Unit value $ 98.86 $ 121.02 $ 143.37 $ 179.30 $ 213.81 $ 250.31
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 210 498 975 1,800 2,475 3,095
- -----------------------------------------------------------------------------------------------------
ALLIANCE GROWTH
INVESTORS
- -----------------------------------------------------------------------------------------------------
Unit value $ 96.31 $ 120.08 $ 133.40 $ 153.69 $ 180.63 $ 225.59
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 1,023 2,113 3,325 3,704 3,962 4,231
- -----------------------------------------------------------------------------------------------------
ALLIANCE HIGH YIELD
- -----------------------------------------------------------------------------------------------------
Unit value $ 95.88 $ 113.44 $ 137.53 $ 160.74 $ 150.42 $ 143.43
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 99 209 444 831 1,164 998
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-8
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31,
1989 1990 1991 1992 1993
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ALLIANCE
INTERMEDIATE
GOVERNMENT
SECURITIES
- -----------------------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------------------
ALLIANCE
INTERNATIONAL
- -----------------------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------------------
ALLIANCE MONEY
MARKET
- -----------------------------------------------------------------------------------------------------
Unit value $ 21.89 $ 23.38 $ 24.48 $ 25.01 $ 25.41
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 1,045 1,307 1,325 1,201 1,065
- -----------------------------------------------------------------------------------------------------
EQ/ALLIANCE PREMIER
GROWTH
- -----------------------------------------------------------------------------------------------------
Unit value
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's)
- -----------------------------------------------------------------------------------------------------
ALLIANCE QUALITY
BOND
- -----------------------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP
GROWTH
- -----------------------------------------------------------------------------------------------------
Unit value - - - - -
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - -
- -----------------------------------------------------------------------------------------------------
EQ/BALANCED
- -----------------------------------------------------------------------------------------------------
Unit value $ 19.69 $ 19.40 $ 27.17 $ 26.04 $ 28.85
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 16,810 19,423 21,100 25,975 31,259
- -----------------------------------------------------------------------------------------------------
CAPITAL GUARDIAN
RESEARCH
- -----------------------------------------------------------------------------------------------------
Unit value
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's)
- -----------------------------------------------------------------------------------------------------
<CAPTION>
DECEMBER 31,
1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
ALLIANCE
INTERMEDIATE
GOVERNMENT
SECURITIES
- -----------------------------------------------------------------------------------------------------
Unit value $ 98.19 $ 109.80 $ 112.40 $ 118.98 $ 126.48 $ 124.96
-----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 32 89 146 202 314 360
-----------------------------------------------------------------------------------------------------
ALLIANCE
INTERNATIONAL
- -----------------------------------------------------------------------------------------------------
Unit value $ 104.15 $ 112.83 $ 107.92 $ 117.72 $ 160.04
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 141 763 968 971 926
- -----------------------------------------------------------------------------------------------------
ALLIANCE MONEY
MARKET
- -----------------------------------------------------------------------------------------------------
Unit value $ 26.08 $ 27.22 $ 28.28 $ 29.41 $ 30.55 $ 31.63
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 1,000 1,021 1,013 973 1,261 1,516
- -----------------------------------------------------------------------------------------------------
EQ/ALLIANCE PREMIER
GROWTH
- -----------------------------------------------------------------------------------------------------
Unit value $ 116.36
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 887
- -----------------------------------------------------------------------------------------------------
ALLIANCE QUALITY
BOND
- -----------------------------------------------------------------------------------------------------
Unit value $ 93.87 $ 108.38 $ 112.65 $ 121.30 $ 130.07 $ 125.76
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 53 135 196 283 557 622
- -----------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP
GROWTH
- -----------------------------------------------------------------------------------------------------
Unit value - - - $ 125.55 $ 118.57 $ 149.64
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - 488 1,101 976
- -----------------------------------------------------------------------------------------------------
EQ/BALANCED
- -----------------------------------------------------------------------------------------------------
Unit value $ 26.18 $ 30.92 $ 34.06 $ 38.66 $ 45.07 $ 52.39
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 32,664 30,212 28,319 26,036 24,361 22,434
- -----------------------------------------------------------------------------------------------------
CAPITAL GUARDIAN
RESEARCH
- -----------------------------------------------------------------------------------------------------
Unit value $ 106.78
- -----------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 8
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-9
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31,
1989 1990 1991 1992 1993 1994
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------
CAPITAL GUARDIAN U.S.
EQUITY
- --------------------------------------------------------------------------------
Unit value
- --------------------------------------------------------------------------------
Number of units
outstanding (000's)
- --------------------------------------------------------------------------------
EQ/EVERGREEN
- --------------------------------------------------------------------------------
Unit value
- --------------------------------------------------------------------------------
Number of units
outstanding (000's)
- --------------------------------------------------------------------------------
EQ/EVERGREEN
FOUNDATION
- --------------------------------------------------------------------------------
Unit value
- --------------------------------------------------------------------------------
Number of units
outstanding (000's)
- --------------------------------------------------------------------------------
MFS EMERGING
GROWTH
COMPANIES
- --------------------------------------------------------------------------------
Unit value - - - - - -
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - -
- --------------------------------------------------------------------------------
MFS GROWTH WITH
INCOME
- --------------------------------------------------------------------------------
Unit value
- --------------------------------------------------------------------------------
Number of units
outstanding (000's)
- --------------------------------------------------------------------------------
MFS RESEARCH
- --------------------------------------------------------------------------------
Unit value - - - - - -
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - -
- --------------------------------------------------------------------------------
MERCURY BASIC VALUE
EQUITY
- --------------------------------------------------------------------------------
Unit value - - - - - -
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - -
- --------------------------------------------------------------------------------
MERCURY WORLD
STRATEGY
- --------------------------------------------------------------------------------
Unit value - - - - - -
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - -
- --------------------------------------------------------------------------------
<CAPTION>
DECEMBER 31,
1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------
CAPITAL GUARDIAN U.S.
EQUITY
- --------------------------------------------------------------------------------
Unit value $ 101.64
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) 13
- --------------------------------------------------------------------------------
EQ/EVERGREEN
- --------------------------------------------------------------------------------
Unit value $ 106.57
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) 5
- --------------------------------------------------------------------------------
EQ/EVERGREEN
FOUNDATION
- --------------------------------------------------------------------------------
Unit value $ 105.16
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) 1
- --------------------------------------------------------------------------------
MFS EMERGING
GROWTH
COMPANIES
- --------------------------------------------------------------------------------
Unit value - - $ 121.34 $ 161.04 $ 275.93
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - 256 1,090 2,427
- --------------------------------------------------------------------------------
MFS GROWTH WITH
INCOME
- --------------------------------------------------------------------------------
Unit value $ 104.48
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) 18
- --------------------------------------------------------------------------------
MFS RESEARCH
- --------------------------------------------------------------------------------
Unit value - - $ 115.01 $ 140.83 $ 171.06
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - 236 720 959
- --------------------------------------------------------------------------------
MERCURY BASIC VALUE
EQUITY
- --------------------------------------------------------------------------------
Unit value - - $ 115.97 $ 127.97 $ 149.82
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - 145 444 617
- --------------------------------------------------------------------------------
MERCURY WORLD
STRATEGY
- --------------------------------------------------------------------------------
Unit value - - $ 103.77 $ 109.37 $ 130.94
- --------------------------------------------------------------------------------
Number of units
outstanding (000's) - - 52 84 88
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-10
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31,
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MORGAN STANLEY
EMERGING MARKETS
EQUITY
- -----------------------------------------------------------------------------------------------------------------------------------
Unit value - - - - - - - - $ 79.41 $ 57.18 $ 110.43
- -----------------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - - - - 109 217 590
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED
- -----------------------------------------------------------------------------------------------------------------------------------
Unit value - - - - - - - - $ 113.46 $ 125.16 $ 123.53
- -----------------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - - - - 109 275 345
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH &
INCOME VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
Unit value - - - - - - - - $ 115.17 $ 128.20 $ 124.76
- -----------------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - - - - 250 581 648
- -----------------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY
INCOME
- -----------------------------------------------------------------------------------------------------------------------------------
Unit value - - - - - - - - $ 121.04 $ 130.25 $ 133.07
- -----------------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - - - - 475 1,070 1,072
- -----------------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE
INTERNATIONAL
STOCK
- -----------------------------------------------------------------------------------------------------------------------------------
Unit value - - - - - - - - $ 97.61 $ 109.49 $ 142.46
- -----------------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - - - - 387 671 765
- -----------------------------------------------------------------------------------------------------------------------------------
WARBURG PINCUS
SMALL COMPANY
VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
Unit value - - - - - - - - $ 118.06 $ 104.82 $ 105.28
- -----------------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - - - - - - - 577 859 721
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Appendix II: Original contracts
- --------
B-1
- --------------------------------------------------------------------------------
Original Contracts are EQUI-VEST contracts under which the contract owner has
not elected to add Alliance Intermediate Government Securities, Alliance Quality
Bond, Alliance High Yield, Alliance Growth and Income, Alliance Equity Index,
Alliance Global, Alliance International, Alliance Small Cap Growth, Alliance
Conservative Investors, and Alliance Growth Investors options, and any of the
other EQ Advisors Trust variable investment options as investment options when
they first became available.
SELECTING YOUR INVESTMENT METHOD. If you own an original contract, only the
guaranteed interest option and the Alliance Money Market, EQ/Balanced, Alliance
Common Stock and EQ/Aggressive Stock options are available. In most cases, you
may request that we add additional variable investment options to your original
contract. We reserve the right to deny your request.
TRANSFERRING YOUR ACCOUNT VALUE. If you own an original contract, including
original contract owners who elect to amend their contract by selecting maximum
transfer flexibility, 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 contract.
<PAGE>
Appendix III: Market value adjustment example
- --------
C-1
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 had been
invested on June 14, 2001 to a fixed maturity option with a maturity date of
June 15, 2010 (i.e., nine years later) at a rate to maturity of 7.00%, resulting
in a maturity value at the maturity date of $183,846. We further assume that a
withdrawal of $50,000 is made four years later, on June 15, 2005.
<TABLE>
<CAPTION>
HYPOTHETICAL ASSUMED RATE TO MATURITY ON JUNE 15, 2005
- ------------------------------------------------------------------------------------------------------------------------
5.00% 9.00%
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AS OF JUNE 15, 2005 (BEFORE WITHDRAWAL)
- ------------------------------------------------------------------------------------------------------------------------
(1) Market adjusted amount $144,048 $ 119,487
- ------------------------------------------------------------------------------------------------------------------------
(2) Fixed maturity amount $131,080 $ 131,080
- ------------------------------------------------------------------------------------------------------------------------
(3) Market value adjustment:
(1) - (2) $ 12,968 $ (11,593)
- ------------------------------------------------------------------------------------------------------------------------
ON JUNE 15, 2005 (AFTER WITHDRAWAL)
- ------------------------------------------------------------------------------------------------------------------------
(4) Portion of market value adjustment associated with withdrawal:
(3) x [$50,000/(1)] $ 4,501 $ (4,851)
- ------------------------------------------------------------------------------------------------------------------------
(5) Reduction in fixed maturity amount
[$50,000 - (4)] $ 45,499 $ 54,851
- ------------------------------------------------------------------------------------------------------------------------
(6) Fixed maturity amount (2) - (5) $ 85,581 $ 76,229
- ------------------------------------------------------------------------------------------------------------------------
(7) Maturity value $120,032 $ 106,915
- ------------------------------------------------------------------------------------------------------------------------
(8) Market adjusted amount of (7) $ 94,048 $ 69,487
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
You should note that under this example if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a negative market value adjustment
is realized. On the other hand, if a withdrawal is made when rates have
decreased from 7.00% to 5.00% (left column), a positive market value adjustment
is realized.
<PAGE>
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
Required minimum distributions option 2
Calculation of annuity payments 2
The reorganization 4
Custodian and independent accountants 4
Alliance Money Market option yield information 4
Other yield information 5
Financial statements 11
</TABLE>
HOW TO OBTAIN AN EQUI-VEST STATEMENT OF ADDITIONAL INFORMATION FOR SEPARATE
ACCOUNT A
Call 1-800-628-6673 or send this request form to:
EQUI-VEST
Processing Office
The Equitable Life
P.O. Box 2996
New York, NY 10116-2996
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Please send me an EQUI-VEST Statement of Additional Information dated May 1,
2000.
(Combination variable and fixed deferred annuity)
- ------------------------------------------------------------------------------
Name:
- ------------------------------------------------------------------------------
Address:
- ------------------------------------------------------------------------------
City State Zip
888-1175
<PAGE>
EQUI-VEST(R)
Employer-Sponsored Retirement Programs
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.
PROSPECTUS DATED MAY 1, 2000
- --------------------------------------------------------------------------------
WHAT IS EQUI-VEST?
EQUI-VEST is a deferred annuity contract issued by The Equitable Life
Assurance Society of the United States. It provides for the accumulation of
retirement savings and for income. The contract also offers death benefit
protection and a number of payout options. You invest to accumulate value on a
tax-deferred basis in one or more of our variable investment options and our
guaranteed interest option or in our fixed maturity options ("investment
options"). Each of these contracts may not currently be available in all
states.
VARIABLE INVESTMENT OPTIONS
- -------------------------------------------------------------------------
FIXED INCOME:
- -------------------------------------------------------------------------
o Alliance Intermediate o Alliance High Yield
Government Securities o Alliance Quality Bond
o Alliance Money Market
- -------------------------------------------------------------------------
DOMESTIC STOCKS
- -------------------------------------------------------------------------
o EQ/Aggressive Stock(1) o MFS Emerging Growth
o Alliance Common Stock Companies
o Alliance Equity Index o MFS Growth with Income
o Alliance Growth and Income o MFS Research
o EQ/Alliance Premier Growth o Mercury Basic Value Equity(3)
o EQ/Alliance Technology(2) o EQ/Putnam Growth &
o Alliance Small Cap Growth Income Value
o Calvert Socially Responsible* o T. Rowe Price Equity Income
o Capital Guardian Research o Warburg Pincus Small
o Capital Guardian U.S. Equity Company Value
o EQ/Evergreen
- -------------------------------------------------------------------------
INTERNATIONAL STOCKS
- -------------------------------------------------------------------------
o Alliance Global o T. Rowe Price International
o Alliance International Stock
o Morgan Stanley Emerging
Markets Equity
- -------------------------------------------------------------------------
BALANCED/HYBRID:
- -------------------------------------------------------------------------
o EQ/Balanced(4) o EQ/Evergreen Foundation
o Alliance Conservative o Mercury World Strategy(5)
Investors o EQ/Putnam Balanced
o Alliance Growth Investors
- -------------------------------------------------------------------------
* Available only for TSA and EDC Series 100 and 200 contracts.
(1) Formerly named "Alliance Aggressive Stock".
(2) Anticipated to become available on or about May 22, 2000. This portfolio
may not be available in California.
(3) Formerly named "Merrill Lynch Basic Value Equity."
(4) Formerly named "Alliance Balanced."
(5) Formerly named "Merrill Lynch Strategy."
You allocate amounts to the variable investment options, under your choice of
investment method subject to any restrictions. Each variable investment option
is a subaccount of our Separate Account A. Each variable investment option, in
turn, invests in a corresponding securities portfolio ("portfolio") of either
Class IA or IB shares 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 may allocate amounts to the guaranteed
interest option. This option is part of our general account and pays interest
at guaranteed rates.
FIXED MATURITY OPTIONS. You may allocate amounts to one or more fixed
maturity options. These amounts will receive a fixed rate of interest for a
specified period. Interest is earned at a guaranteed rate set by us. We make a
market value adjustment (up or down) if you make transfers or withdrawals from
a fixed maturity option before its maturity date. Fixed maturity options may
not be available in your state. Check with your financial professional
regarding availability.
TYPES OF CONTRACTS. We offer different "series" of contracts for use as:
Employer funded traditional IRAs:
o A simplified employee pension plan ("SEP") sponsored by an employer.
o SEPs funded by salary reduction arrangements ("SARSEPs") for plans
established by employers before January 1, 1997. Although we still issue
these contracts to employees whose employer's plans enrolled on this
basis, plans of this type are no longer available under EQUI-VEST to new
employer groups without existing plans.
o SIMPLE IRAs funded by employee salary reduction and employer contributions.
Other employer-sponsored contracts:
o Trusteed contracts to fund defined contribution "HR-10" or "Keogh" plans of
employers who are sole proprietorships, partnerships, or business trusts,
or plans of corporations including non-profit organizations and states or
local governmental entities.
o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity (basic "TSA")
for public schools and nonprofit entities under Internal Revenue Code
Section 501(c)(3).
o A TSA annuity issued to participants of TSA plans generally sponsored by
universities ("University TSA") that prohibits loans and has restrictions
not included in a basic TSA.
o To fund Internal Revenue Code Section 457 employee deferred compensation
("EDC") plans of state and municipal governments and other tax-exempt
organizations.
o Annuitant-Owned contracts to fund defined contribution HR-10 or Keogh plans.
Minimum contribution amounts of $20 may be made under the contract.
Registration statements relating to this offering have 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
statements. The SAI is available free of charge. You may request one by
writing to our processing office or calling 1 (800) 628-6673. 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.
72088
<PAGE>
Contents of this prospectus
- ----------------
2 Contents of this prospectus
- --------------------------------------------------------------------------------
EQUI-VEST(R)
Index of key words and phrases 4
Who is Equitable Life? 6
How to reach us 7
EQUI-VEST employer-sponsored retirement programs
at a glance - key features 10
- --------------------------------------------------------------
FEE TABLE 13
- --------------------------------------------------------------
EQUI-VEST series 300 and 400 contracts 17
EQUI-VEST series 100 and 200 contracts 19
Condensed financial information 24
- --------------------------------------------------------------
- --------------------------------------------------------------
1 CONTRACT FEATURES AND BENEFITS 25
- --------------------------------------------------------------
How you can purchase and contribute to your contract 25
Owner and annuitant requirements 26
How you can make your contributions 26
What are your investment options under the contract? 27
Selecting your investment method 31
ERISA considerations for employers 32
Allocating your contributions 32
Your right to cancel within a certain number of days 33
- --------------------------------------------------------------
- --------------------------------------------------------------
2 DETERMINING YOUR CONTRACT'S VALUE 34
- --------------------------------------------------------------
Your account value and cash value 34
Your contract's value in the variable
investment options 34
Your contract's value in the guaranteed interest option 34
Your contract's value in the fixed maturity options 34
- --------------------------------------------------------------
"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 contract owner.
When we use the word "contract" it also includes certificates that are issued
under group contracts in some states.
<PAGE>
- ----------
3 Contents of this prospectus
- --------------------------------------------------------------------------------
- -------------------------------------------------------------
3 TRANSFERRING YOUR MONEY AMONG
INVESTMENT OPTIONS 35
- -------------------------------------------------------------
Transferring your account value 35
Market timing 35
Automatic transfer options - investment simplifier 36
Rebalancing your account value 36
- -------------------------------------------------------------
4 ACCESSING YOUR MONEY 38
- -------------------------------------------------------------
Withdrawing your account value 38
Loans under TSA and Corporate Trusteed contracts 39
Termination 40
Texas ORP participants 40
When to expect payments 40
Your annuity payout options 41
- -------------------------------------------------------------
5 CHARGES AND EXPENSES 43
- -------------------------------------------------------------
Charges that Equitable Life deducts 43
Charges that EQ Advisors Trust deducts 50
Group or sponsored arrangements 50
Other distribution arrangements 50
- -------------------------------------------------------------
6 PAYMENT OF DEATH BENEFIT 51
- -------------------------------------------------------------
Your beneficiary and payment of benefit 51
How death benefit payment is made 51
- -------------------------------------------------------------
- -------------------------------------------------------------
7 TAX INFORMATION 52
- -------------------------------------------------------------
Tax information and ERISA matters 52
Special rules for tax-favored retirement programs 52
Qualified plans 52
Tax-sheltered annuity arrangements (TSAs) 53
Distributions from Qualified Plans and TSAs 55
Simplified Employee Pensions (SEPs) 57
SIMPLE IRAs (Savings Incentive Match Plan) 57
Public and tax-exempt organization employee
deferred compensation plans (EDC Plans) 59
Traditional Individual Retirement Annuities
(Traditional IRAs) 60
ERISA matters 68
Certain rules applicable to plans designed to comply
with Section 404(c) of ERISA 68
Federal and state income tax withholding and
information reporting 69
Impact of taxes to Equitable Life 70
- -------------------------------------------------------------
8 MORE INFORMATION 71
- -------------------------------------------------------------
About our Separate Account A 71
About EQ Advisors Trust 71
About our fixed maturity options 72
About the general account 73
About other methods of payment 73
Dates and prices at which contract events occur 74
About your voting rights 75
About legal proceedings 75
About our independent accountants 76
Financial statements 76
Transfers of ownership, collateral assignments, loans,
and borrowing 76
Funding changes 76
Distribution of the contracts 76
- -------------------------------------------------------------
9 INVESTMENT PERFORMANCE 77
- -------------------------------------------------------------
Benchmarks 77
Communicating performance data 88
- -------------------------------------------------------------
10 INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE 90
- -------------------------------------------------------------
- -------------------------------------------------------------
APPENDICES
- -------------------------------------------------------------
I - Condensed financial information A-1
II - Original contracts B-1
III - Market value adjustment example C-1
- -------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
- -------------------------------------------------------------
<PAGE>
Index of key words and phrases
- --------
4 Index of key words and phrases
- --------------------------------------------------------------------------------
This index should help you locate more information on the
terms used in this prospectus.
PAGE
account value 34
annuitant 26
annuity payout options 41
Annuitant-Owned HR-10 cover
beneficiary 51
business day 74
Code 52
cash value 34
contract date 12
contract date anniversary 12
contract year 12
contributions 52
DOL 52
EDC cover
EQAccess 7
ERISA 52
elective deferral contributions 52
fixed maturity amount 30
fixed maturity option 30
guaranteed interest option 29
IRA cover
investment options 27
nonelective contribution 53
portfolio cover
processing office 7
Required Beginning Date 66
SAI cover
SEC cover
Salary reduction contributions 53
SARSEP cover
SEP cover
SIMPLE IRA cover
TOPS 7
Trusteed contracts cover
TSA cover
unit 34
unit investment trust 71
variable investment options 27
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 do 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.
- -------------------------------------------------------------------------------
Prospectus Contract or Supplemental Materials
- -------------------------------------------------------------------------------
fixed maturity options Guarantee Periods or Fixed Maturity Accounts
variable investment options Investment Funds or Investment Divisions
account value Annuity Account Value
guaranteed interest option Guaranteed Interest Account
unit Accumulation unit
unit value Accumulation unit value
- -------------------------------------------------------------------------------
<PAGE>
- -----
5 Index of key words and phrases
- --------------------------------------------------------------------------------
In this prospectus, we use a "series" number when necessary to identify a
particular contract. We discuss four series of contracts. However, only three
are available for new purchasers. Once you have purchased a contract you can
identify the EQUI-VEST series you have by referring to your confirmation
notice, or you may contact your financial professional, or you may call our
toll-free number. The series designations are as follows:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
o TSA, SEP, SARSEP, EDC, Annuitant-Owned HR-10 and Trusteed contracts series 100
issued before August 17, 1995.
This series is no longer
available for new
purchasers.
Information in this
prospectus is provided
for our existing series
100 contract owners
only.
o TSA, EDC, Annuitant-Owned HR-10 and Trusteed contracts issued on or series 200
after August 17, 1995. SEP and SARSEP contracts issued on or after
August 17, 1995 and before November 1, 1995 and currently in a state This series is available
where the series 300 contract has not been approved. for new purchasers of
TSA, EDC and
Annuitant- Owned
HR-10 contracts and
SEP contracts only in
Oregon, Maryland and
Washington. Series
200 Trusteed contracts
are available for new
purchases in Oregon,
Maryland, Washington
and Virginia
o SEP contracts issued on or after November 1, 1995 in states which have series 300
approved the Series 300 contract.
o SIMPLE IRA contracts in all approved states. (We reserve the right to issue a series 400
series 200 or 300 SIMPLE IRA contract, as necessary, for states not
approving the series 400 version.)
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
We also have contracts that we refer to as "original contracts." These
contracts are no longer available for new purchasers. Any information about
original contracts which is different from the current series we offer can be
found in Appendix II, which will be referenced throughout this prospectus
when it applies.
<PAGE>
Who is Equitable Life?
- ----------------
6 Who is Equitable Life?
- --------------------------------------------------------------------------------
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 contracts.
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>
----------
7 Who is Equitable Life?
-------------------------------------------------------------------------------
HOW TO REACH US
You may communicate with our processing office as listed below for any of the
following purposes:
---------------------------------------------
FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
---------------------------------------------
Equitable Life
EQUI-VEST
Unit Collections
P.O. Box 13463
Newark, NJ 07188-0463
---------------------------------------------
FOR TSA AND CORPORATE TRUSTEED LOAN
REPAYMENTS SENT BY REGULAR MAIL:
---------------------------------------------
Equitable Life
Loan Repayment
EQUI-VEST Lockbox
P.O. Box 13496
Newark, NJ 07188-0496
---------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G.,
REQUESTS FOR TRANSFERS, WITHDRAWALS, OR
REQUIRED NOTICES) SENT BY REGULAR MAIL:
---------------------------------------------
Equitable Life
EQUI-VEST
P.O. Box 2996
New York, NY 10116-2996
---------------------------------------------
FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY:
---------------------------------------------
Equitable Life
c/o Bank One, N.A.
300 Harmon Meadow Boulevard
3rd Floor
Secaucus, NJ 07094
Attn: Box 13463
---------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G.,
REQUESTS FOR TRANSFERS, WITHDRAWALS, OR
REQUIRED NOTICES) SENT BY EXPRESS DELIVERY:
---------------------------------------------
Equitable Life
EQUI-VEST
200 Plaza Drive
2nd Floor
Secaucus, NJ 07094
---------------------------------------------
REPORTS WE PROVIDE:
---------------------------------------------
o written confirmation of financial transactions;
o annual and semiannual statements of your contract values based on the
calendar year; and
o statement of your contract values as of the last day of the contract year.
---------------------------------------------
TELEPHONE OPERATED PROGRAM SUPPORT
("TOPS") AND EQACCESS SYSTEMS
---------------------------------------------
TOPS is designed to provide you with up-to-date information via touch-tone
telephone. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for fixed maturity options;
o the daily unit values for the variable investment options; and
o performance information regarding the variable investment options (not
available through TOPS).
<PAGE>
----------
8 Who is Equitable Life?
-------------------------------------------------------------------------------
You can also:
o change your allocation percentages and/or transfer among the variable
investment options and the guaranteed interest option (anticipated to be
available through EQAccess by the end of 2000);
o elect the investment simplifier (not available through EQAccess); and
o change your TOPS personal identification number ("PIN") (not available
through EQAccess); and
o change your EQAccess password (not available through TOPS).
TOPS and EQAccess are normally available seven days a week, 24 hours a day.
You can use TOPS by calling toll-free 1 (800) 755-7777. You may use EQAccess
by visiting our Web site 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 the Internet are genuine. For example, we will
require certain personal identification information before we will act on
telephone or Internet instructions and we will provide written confirmation of
your transfers. 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 telephone or Internet instructions we reasonably believe
to be genuine.
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").
-------------------------------------------------------------
CUSTOMER SERVICE REPRESENTATIVE:
-------------------------------------------------------------
You may also use our toll-free number 1 (800) 628-6673 to
speak with one of our customer service representatives. Our
customer service representatives are available on each
business day Monday through Thursday from 8:00 a.m. to
7:00 p.m., and on Fridays until 5:00 p.m., Eastern Time.
-------------------------------------------------------------
TOLL-FREE TELEPHONE SERVICE:
-------------------------------------------------------------
You may reach us toll-free by calling 1 (800) 841-0801 for a
recording of daily unit values for the variable investment
options.
- -------------------------------------------------------------
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) election of the automatic investment program (not applicable to all
contracts);
(2) election of the investment simplifier;
(3) election of the automatic NQ deposit service;
(4) election of the rebalancing program;
(5) to obtain a PIN required for TOPS;
(6) election of required minimum distribution option;
(7) transfer/rollover of assets to another carrier;
(8) request for a loan (ERISA and non-ERISA TSA and Corporate Trusteed
contracts); and
(9) tax withholding election.
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES
OF REQUESTS:
(1) address changes;
(2) beneficiary changes;
(3) transfers among investment options; and
(4) contract surrender and withdrawal requests.
<PAGE>
----------
9 Who is Equitable Life?
-------------------------------------------------------------------------------
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) automatic investment program;
(2) investment simplifier;
(3) rebalancing program;
(4) systematic withdrawals; and
(5) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us
to take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner. For TSA, SEP, and SIMPLE IRA contracts we need the annuitant's
signature and in some cases the Plan Administrator's signature if the Plan
requires it.
<PAGE>
EQUI-VEST employer-sponsored retirement programs at a glance - key features
- --------
10 EQUI-VEST employer-sponsored retirement programs at a glance - key features
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
PROFESSIONAL EQUI-VEST'S variable investment options invest in different portfolios managed by
INVESTMENT professional investment advisers.
MANAGEMENT
- --------------------------------------------------------------------------------------------------------------------
GUARANTEED o Principal and interest guarantees
INTEREST OPTION o Interest rates set periodically
- --------------------------------------------------------------------------------------------------------------------
FIXED MATURITY o 10 fixed maturity options with maturities ranging from approximately 1 to 10 years.
OPTIONS o Each fixed maturity option offers a guarantee of principal and interest rate if you hold
it to maturity.
If you make withdrawals or transfers from a fixed maturity option before maturity, there
will be a market value adjustment due to differences in interest rates. This may increase or
decrease any value that you have left in that fixed maturity option. If you surrender your
contract, a market value adjustment may also apply.
o Only available for contracts in states where approved.
- --------------------------------------------------------------------------------------------------------------------
TAX ADVANTAGES o On earnings inside No tax on any dividends, interest or capital gains until you
the contract make withdrawals from your contract or receive annuity payments.
- --------------------------------------------------------------------------------------------------------------------
o On transfers inside No tax on transfers among investment options.
the contract
- --------------------------------------------------------------------------------------------------------------------
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 necessary or additional benefits.
- --------------------------------------------------------------------------------------------------------------------
MINIMUM CONTRIBUTION o $20 each contribution
AMOUNTS o maximum contribution limits may apply.
- --------------------------------------------------------------------------------------------------------------------
ACCESS TO YOUR MONEY o Lump sum withdrawals
o Several withdrawal options on a periodic basis
o Required minimum distribution option
o Contract surrender
Withdrawals are subject to the terms of the plan and may be limited. You may incur a
withdrawal charge for certain withdrawals or if you surrender your contract. You may also
incur income tax and a penalty tax.
- --------------------------------------------------------------------------------------------------------------------
PAYOUT OPTIONS o Fixed annuity payout options
o Variable annuity payout options
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
11 EQUI-VEST employer-sponsored retirement programs at a glance - key features
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------
ADDITIONAL FEATURES o Dollar cost averaging by automatic transfers
- Interest sweep option
- Fixed dollar option
o Automatic investment program (not applicable to all
contracts)
o Account value rebalancing (quarterly, semiannually,
and annually)
o No charge on transfers among investment options
o Waiver of withdrawal charge for disability,
confinement to a nursing home, and terminal illness
(series 300 and 400 only)
- -------------------------------------------------------------------------------
FEES AND CHARGES o Daily charge on amounts invested in variable
investment options for mortality and expense risks
and other expenses at current annual rates determined
by contract series:
series 100 - 1.34%; three options at 1.49%.
series 200 - 1.34%; three options at 1.40%.
series 300 and 400: 1.35% (maximum of 2.00% for
series 400).
o Annual administrative charge:
series 100 and 200: $30 or 2% of the account value,
if less.
series 300 and 400: $30 currently or during the first
two contract years 2% of the account value, if less
($65 maximum).
o Charge for third-party transfer (such as in the case
of a trustee-to-trustee transfer for an IRA contract)
or exchange (if your contract is exchanged for a
contract issued by another insurance company):
series 100 and 200: none
series 300 and 400: $25 currently
($65 maximum) per occurrence.
o No sales charge deducted at the time you make
contributions.
o Withdrawal charge:
- series 300, 400, and Trusteed contracts under series
100 and 200: We deduct a charge equal to 6% of
contributions that have been withdrawn if such
contributions were made in the current and five prior
contract years.
All non-Trusteed contracts under series 100 and 200:
6% generally declining for the first through 12th
contract years. The total of all withdrawal charges
may not exceed 8% of all contributions made during a
specified period before the withdrawal is made.
There is no charge in any contract year in which the
amount withdrawn does not exceed 10% of your account
value at the time of your withdrawal request minus
prior withdrawals in that contract year. Under certain
circumstances the withdrawal charge will not apply.
They are discussed in "Charges and expenses" later in
this prospectus.
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
12 EQUI-VEST employer-sponsored retirement programs at a glance - key features
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
FEES AND CHARGES ---------------------------------------------------------
(CONTINUED) The "contract date" is the effective date of a contract.
This usually is the business day we receive the properly
completed and signed application, along with any other
required documents and your initial contribution. Your
contract date will be shown in your contract. The 12-month
period beginning on your contract date and each 12-month
period after that date is a "contract year." The end of
each 12-month period is your "contract date anniversary."
---------------------------------------------------------
o We deduct a charge designed to approximate certain taxes
that may be imposed on us, such as premium taxes in your
state. The 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 0.25% to 1.15%
annually, other expenses, and for Class IB shares 12b-1
fees of 0.25% annually.
- -------------------------------------------------------------------------------
</TABLE>
THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY, OR MAY BE IMPOSED BY
EMPLOYERS UNDER THEIR PLANS. 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, INCLUDING
ALL VARIABLE INVESTMENT OPTIONS, ARE NOT NECESSARILY AVAILABLE IN YOUR STATE OR
AT CERTAIN AGES OR UNDER YOUR INVESTMENT METHOD.
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 a variety of fixed and variable annuity contracts.
They may offer features, including investment options, fees and/or charges that
are different than those offered by this prospectus. Not every contract is
offered through the same distributor. Upon request, your financial professional
can show you information regarding other Equitable Life annuity contracts that
he or she distributes. You can also contact us to find out more about any of
the Equitable Life annuity contracts.
<PAGE>
Fee table
- --------
13 Fee table
- --------------------------------------------------------------------------------
The fee tables below will help you understand the various charges and expenses
that apply to your contract series. The tables reflect charges you will
directly incur under the 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. Also, an annuity administrative fee may apply when your annuity
payments are to begin. Each of the charges and expenses is more fully described
in "Charges and expenses" later in this prospectus.
The guaranteed interest option and fixed maturity options is not covered by the
fee tables and examples. However, the annual administrative charge, the
withdrawal charge, and the third-party transfer or exchange charge do apply to
the guaranteed interest option. Also, an annuity administrative fee may apply
when your annuity payments are to begin.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR VARIABLE INVESTMENT OPTIONS EXPRESSED AS AN ANNUAL
PERCENTAGE OF DAILY NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
EQ/BALANCED, ALLIANCE ALL OTHER
COMMON STOCK, ALLIANCE VARIABLE INVESTMENT
MONEY MARKET OPTIONS OPTIONS
---------------------- -------------------
SERIES SERIES SERIES SERIES1
100 200 100 200 SERIES 300 AND 400
-------- -------- -------- -------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C>
Mortality and expense risk(1) 0.65% 1.15% 0.50% 1.09% 1.10% current
Other expenses(2) 0.84% 0.25% 0.84% 0.25% 0.25%
-------- -------- -------- -------- --------
Total Separate Account A
annual expenses(3)(4) 1.49% 1.40% 1.34% 1.34% 1.35% current (2.00% maximum
======== ======== ======== ======== ======== for series 400)
</TABLE>
<TABLE>
<S> <C>
- ---------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE ON EACH CONTRACT DATE ANNIVERSARY
- ---------------------------------------------------------------------------------------------------------
Annual administrative charge(5) $30 (under series 300 and 400: $65 maximum
for series 400)
- ---------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE AT THE TIME YOU REQUEST CERTAIN TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------
Maximum withdrawal charge(6) 6%
Charge for third-party transfer or exchange series 100 and 200: none
series 300 and 400: $25 for each occurrence
($65 maximum per occurrence for series 400)
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
14 Fee table
- --------------------------------------------------------------------------------
EQ ADVISORS TRUST ANNUAL EXPENSES
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
TOTAL
OTHER ANNUAL
EXPENSES EXPENSES
MANAGEMENT (AFTER EXPENSES (AFTER EXPENSES
FEES(7) 12b-1 FEE(8) LIMITATION)(9) LIMITATION)(10)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 0.60% N/A 0.04% 0.64%
Alliance Common Stock 0.46% N/A 0.04% 0.50%
Alliance Conservative Investors 0.60% N/A 0.07% 0.67%
Alliance Equity Index 0.25% N/A 0.05% 0.30%
Alliance Global 0.73% N/A 0.09% 0.82%
Alliance Growth and Income 0.59% N/A 0.05% 0.64%
Alliance Growth Investors 0.57% N/A 0.05% 0.62%
Alliance High Yield 0.60% N/A 0.05% 0.65%
Alliance Intermediate Government Securities 0.50% N/A 0.07% 0.57%
Alliance International 0.85% N/A 0.20% 1.05%
Alliance Money Market 0.34% N/A 0.05% 0.39%
EQ/Alliance Premier Growth 0.90% 0.25% 0.00% 1.15%
Alliance Quality Bond 0.53% N/A 0.05% 0.58%
Alliance Small Cap Growth 0.75% N/A 0.07% 0.82%
EQ/Alliance Technology 0.90% 0.25% 0.00% 1.15%
EQ/Balanced 0.57% N/A 0.05% 0.62%
Calvert Socially Responsible 0.65% 0.25% 0.15% 1.05%
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%
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>
- -----
15 Fee tabke
- --------------------------------------------------------------------------------
- ----------
Notes:
(1) A portion of this charge is for providing the death benefit.
(2) For the series 300 and 400 contracts: we currently charge 0.25% for the
EQ/Aggressive Stock, EQ/Balanced, Alliance Common Stock, and Alliance
Money Market options and 0.24% for all the other options (we reserve the
right to increase this charge to 0.25% at our discretion). For series 100
and 200 contracts, this charge is for financial accounting and other
administrative services relating to the contract.
(3) Total Separate Account A annual expenses (not including EQ Advisors Trust
fees and other expenses) are guaranteed not to exceed a total annual rate
of: (i) 2.00% for series 400; (ii) 1.35% for series 300 contracts; and
(iii) 1.49% for series 100 contracts and 1.40% for series 200 contracts
for the EQ/Balanced, Alliance Common Stock, and Alliance Money Market
options; and (iv) for series 100 and 200 contracts an annual rate of
1.34% for all the other options except for those in (iii).
(4) For series 100 and 200 contracts, the total Separate Account A annual
expenses and total annual expenses of EQ Advisors Trust fees when added
together are not permitted to exceed 1.75% for the EQ/Aggressive
Stock, EQ/Balanced, Alliance Common Stock and Alliance Money Market
options. Without this expense limitation, the total annual expenses
deducted from the variable investment options plus EQ Advisors Trust
annual expenses for 1999 (as restated to reflect the revised management
fees and the .01% increase in expenses that occurred when these
portfolios became part of EQ Advisors Trust) would have been 1.79% for
the Alliance Money Market option; 1.90% for the Alliance Common Stock
option; 1.98% for the EQ/Aggressive Stock option; and 2.02% for the
EQ/Balanced option.
(5) For series 300 and 400 contracts, during the first two contract years,
this charge is currently equal to the lesser of $30 or 2% of your account
value if it applies. Thereafter, the charge is $30 for each contract
year, but we reserve the right to increase this charge to an annual
maximum of $65. For series 100 and 200 contracts, some contracts are
exempt from this charge.
(6) This charge applies to withdrawn contributions that were made in the
current and five prior years. This charge is deducted upon a withdrawal
of amounts, or defaulted loan amounts in excess of the 10% free
withdrawal amount. Important exceptions and limitations may eliminate or
reduce this charge.
(7) The management fees shown reflect revised management fees effective on or
about May 1, 2000 which were approved by shareholders. The management
fees shown for EQ/Putnam Balanced, EQ/Putnam Growth & Income 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 that portfolio's
shareholders.
(8) 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 the life of the contracts. Class
IA shares of EQ Advisors Trust are not subject to these fees.
(9) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (10) for any expense
limitation agreements.
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% of each of these portfolios.
(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, extraordinary expenses
and 12b-1 fees) are limited as a percentage of the average daily net
assets of each of the following portfolios: 1.75% for Morgan Stanley
Emerging Markets Equity; 1.25% for T. Rowe Price International Stock;
1.20% for Mercury World Strategy; 1.15% for EQ/Alliance Premier Growth
and EQ/Alliance Technology; 1.10% for Warburg Pincus Small Company Value;
1.00% for MFS Emerging Growth Companies; 0.95% for Capital Guardian U.S.
Equity, Capital Guardian Research, EQ/Evergreen; EQ/Evergreen Foundation,
MFS Growth with Income, MFS Research, Mercury Basic Value Equity;
EQ/Putnam Growth & Income Value, and T. Rowe Price Equity Income; and
0.90% for EQ/Putnam Balanced. The expense limitations for the EQ/Putnam
Growth & Income Value, Mercury Basic Value Equity, MFS Growth with
Income, MFS Research, MFS Emerging Growth Companies, T. Rowe Price Equity
Income, T. Rowe
<PAGE>
- -----
16 Fee table
- --------------------------------------------------------------------------------
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 portfolio reflects 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; 0.46% for Mercury World Strategy; 0.23% for
EQ/Alliance Premier Growth; 0.10% for EQ/Alliance Technology; 0.24% for
Warburg Pincus Small Company Value; 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, 0.37% 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; 0.21% for T. Rowe Price Equity Income; and 0.28% for EQ/Putnam
Balanced. Initial seed capital was invested on April 30, 1999 for
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>
- -----
17 Fee table
- --------------------------------------------------------------------------------
EXAMPLES: EQUI-VEST SERIES 300 AND 400 CONTRACTS
For each type of series 300 and 400 contract, the examples below show the
expenses that a hypothetical contract owner 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.(1) The annual administrative charge is based on charges that apply
to a mix of estimated contract sizes, resulting in an estimated charge for the
purpose of these examples of $0.51 per $1,000. We also assume there is no
waiver of the withdrawal charge. Other than as indicated above, the charges and
expenses used to compute the examples below are the maximum series 400 expenses
rather than the lower current series 400 expenses or series 300 expenses.
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. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 83.42 $ 144.18 $ 207.49 $ 311.73
Alliance Common Stock $ 82.03 $ 140.05 $ 200.23 $ 297.51
Alliance Conservative Investors $ 83.71 $ 145.07 $ 209.04 $ 314.75
Alliance Equity Index $ 80.04 $ 134.12 $ 189.78 $ 276.84
Alliance Global $ 85.20 $ 149.48 $ 216.34 $ 329.72
Alliance Growth and Income $ 83.42 $ 144.18 $ 207.49 $ 311.73
Alliance Growth Investors $ 83.22 $ 143.59 $ 206.45 $ 309.71
Alliance High Yield $ 83.52 $ 144.48 $ 208.00 $ 312.74
Alliance Intermediate Government Securities $ 82.72 $ 142.12 $ 203.86 $ 304.65
Alliance International $ 87.49 $ 156.22 $ 227.38 $ 352.23
Alliance Money Market $ 80.93 $ 136.79 $ 194.49 $ 286.19
EQ/Alliance Premier Growth $ 88.48 $ 159.15 -- --
Alliance Quality Bond $ 82.82 $ 142.41 $ 204.38 $ 305.66
Alliance Small Cap Growth $ 85.20 $ 149.48 $ 216.34 $ 329.72
EQ/Alliance Technology $ 88.48 $ 159.15 -- --
EQ/Balanced $ 83.22 $ 143.59 $ 206.45 $ 309.71
Capital Guardian Research $ 86.49 $ 152.30 -- --
Capital Guardian U.S. Equity $ 86.49 $ 153.30 -- --
EQ/Evergreen $ 86.49 $ 153.30 $ 222.60 $ 342.51
EQ/Evergreen Foundation $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Emerging Growth Companies $ 86.99 $ 154.76 $ 224.99 $ 347.38
MFS Growth with Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Research $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury Basic Value Equity $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury World Strategy $ 88.98 $ 160.60 $ 234.52 $ 366.63
Morgan Stanley Emerging Markets Equity $ 94.44 $ 176.54 $ 260.31 $ 417.55
EQ/Putnam Balanced $ 86.00 $ 151.83 $ 220.19 $ 337.61
EQ/Putnam Growth & Income Value $ 86.49 $ 153.30 $ 222.60 $ 342.51
- ------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------
IF YOU DO NO SURRENDER YOUR CONTRACT 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/Aggressive Stock $ 28.24 $ 86.58 $ 147.49 $ 311.73
Alliance Common Stock $ 26.77 $ 82.20 $ 140.23 $ 297.51
Alliance Conservative Investors $ 28.56 $ 87.52 $ 149.04 $ 314.75
Alliance Equity Index $ 24.67 $ 75.91 $ 129.78 $ 276.84
Alliance Global $ 30.13 $ 92.20 $ 156.76 $ 329.72
Alliance Growth and Income $ 28.24 $ 86.58 $ 147.49 $ 311.73
Alliance Growth Investors $ 28.03 $ 85.96 $ 146.45 $ 309.71
Alliance High Yield $ 28.35 $ 86.89 $ 148.00 $ 312.74
Alliance Intermediate Government Securities $ 27.51 $ 84.39 $ 143.86 $ 304.65
Alliance International $ 32.54 $ 99.35 $ 168.50 $ 352.23
Alliance Money Market $ 25.62 $ 78.74 $ 134.49 $ 286.19
EQ/Alliance Premier Growth $ 33.59 $ 102.44 -- --
Alliance Quality Bond $ 27.61 $ 84.70 $ 144.38 $ 305.66
Alliance Small Cap Growth $ 30.13 $ 92.20 $ 156.76 $ 329.72
EQ/Alliance Technology $ 33.59 $ 102.44 -- --
EQ/Balanced $ 28.03 $ 85.96 $ 146.45 $ 309.71
Capital Guardian Research $ 31.49 $ 96.24 -- --
Capital Guardian U.S. Equity $ 31.49 $ 96.24 -- --
EQ/Evergreen $ 31.49 $ 96.24 $ 163.41 $ 342.51
EQ/Evergreen Foundation $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Emerging Growth Companies $ 32.02 $ 97.80 $ 165.96 $ 347.38
MFS Growth with Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Research $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury Basic Value Equity $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury World Strategy $ 34.12 $ 103.99 $ 176.10 $ 366.63
Morgan Stanley Emerging Markets Equity $ 39.89 $ 120.89 $ 203.53 $ 417.55
EQ/Putnam Balanced $ 30.97 $ 94.69 $ 160.86 $ 337.61
EQ/Putnam Growth & Income Value $ 31.49 $ 96.24 $ 163.41 $ 342.51
- ------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
18 Fee table
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT AT
THE END OF EACH PERIOD SHOWN, THE
EXPENSES WOULD BE:
-----------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
T. Rowe Price Equity Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
T. Rowe Price International Stock $ 89.47 $ 162.06 $ 236.89 $ 371.38
Warburg Pincus Small Company Value $ 87.98 $ 157.69 $ 229.77 $ 357.06
- ---------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------
IF YOU DO NOT SURRENDER YOUR CONTRACT AT
THE END OF EACH PERIOD SHOWN, THE
EXPENSES WOULD BE:
-----------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
T. Rowe Price Equity Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
T. Rowe Price International Stock $ 34.64 $ 105.53 $ 178.62 $ 371.38
Warburg Pincus Small Company Value $ 33.07 $ 100.90 $ 171.04 $ 357.06
- ---------------------------------------------------------------------------------------
</TABLE>
(1) The amount accumulated from the $1,000 contribution could not be paid in
the form of an annuity at the end of any of the periods shown in the
examples. This is because if the amount applied to purchase an annuity
payout option is less than $2,000, or the initial payment is less than
$20, we may pay the amount to you in a single sum instead of as payments
under an annuity payout option. See "Accessing your money."
IF YOU ELECT A VARIABLE 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 above example
of "if you do not surrender your contract" 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" under "Charges and expenses."
<PAGE>
- -----
19 Fee table
- --------------------------------------------------------------------------------
EXAMPLES: EQUI-VEST SERIES 100 AND 200 CONTRACTS
For each type of series 100 and 200 contract, the examples below show the
expenses that a hypothetical contract owner 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.(1) The annual administrative charge is based on charges that apply
to a mix of estimated contract sizes, resulting in an estimated administrative
charge for the purpose of these examples of $0.51 per $1,000. We also assume
there is no waiver of the withdrawal charge. Other than as indicated above, the
charges and expenses used to compute the examples below are the maximum
expenses (taking into account the expense limitation at an annual rate of 1.75%
for the EQ/Aggressive Stock, EQ/Balanced, Alliance Common Stock and Alliance
Money Market options) rather than the lower current charge.
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. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
IF YOU SURRENDER YOUR CONTRACT AT THE END OF EACH PERIOD SHOWN, THE EXPENSES
WOULD BE: FOR SEP, SARSEP, EDC AND ANNUITANT-OWNED HR-10 CONTRACTS:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 80.77 124.26 163.50 254.45
Alliance Common Stock 80.77 124.26 163.50 254.45
Alliance Conservative Investors 83.33 132.00 176.57 281.82
Alliance Equity Index 79.68 120.97 157.93 242.66
Alliance Global 84.81 136.45 184.04 297.29
Alliance Growth and Income 83.04 131.11 175.07 278.70
Alliance Growth Investors 82.84 130.51 174.07 276.62
Alliance High Yield 83.13 131.41 175.57 279.74
Alliance Intermediate Government Securities 82.35 129.03 171.56 271.38
Alliance International 87.08 143.24 195.40 320.55
Alliance Money Market 80.77 124.26 163.50 254.45
EQ/Alliance Premier Growth 88.07 146.18 -- --
Alliance Quality Bond 82.44 129.33 172.06 272.43
Alliance Small Cap Growth 84.81 136.45 184.04 297.29
EQ/Alliance Technology 88.07 146.18 -- --
EQ/Balanced 80.77 124.26 163.50 254.45
Calvert Socially Responsible 87.08 143.24 195.40 320.55
Capital Guardian Research 86.09 140.29 -- --
Capital Guardian U.S. Equity 86.09 140.29 -- --
EQ/Evergreen 86.09 140.29 190.48 310.50
EQ/Evergreen Foundation 86.09 140.29 190.48 310.50
MFS Emerging Growth Companies 86.59 141.77 192.94 315.54
MFS Growth with Income 86.09 140.29 190.48 310.50
MFS Research 86.09 140.29 190.48 310.50
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
20 Fee table
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Mercury Basic Value Equity 86.09 140.29 190.48 310.50
Mercury World Strategy 88.56 147.65 202.75 335.43
Morgan Stanley Emerging Markets Equity 93.99 163.71 229.29 388.06
EQ/Putnam Balanced 85.60 138.81 188.00 305.44
EQ/Putnam Growth & Income Value 86.09 140.29 190.48 310.50
T. Rowe Price Equity Income 86.09 140.29 190.48 310.50
T. Rowe Price International Stock 89.05 149.12 205.19 340.33
Warburg Pincus Small Company Value 87.57 144.71 197.86 325.53
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
21 Fee table
- --------------------------------------------------------------------------------
FOR TSA AND UNIVERSITY TSA CONTRACTS:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 74.58 117.68 163.50 254.45
Alliance Common Stock 74.58 117.68 163.50 254.45
Alliance Conservative Investors 77.16 125.48 176.57 281.82
Alliance Equity Index 73.49 114.37 157.93 242.66
Alliance Global 78.65 129.95 184.04 297.29
Alliance Growth and Income 76.86 124.58 175.07 278.70
Alliance Growth Investors 76.67 123.98 174.07 276.62
Alliance High Yield 76.96 124.88 175.57 279.74
Alliance Intermediate Government Securities 76.17 122.48 171.56 271.38
Alliance International 80.93 136.79 195.40 320.55
Alliance Money Market 74.58 117.68 163.50 254.45
EQ/Alliance Premier Growth 81.93 139.75 -- --
Alliance Quality Bond 76.27 122.78 172.06 272.43
Alliance Small Cap Growth 78.65 129.95 184.04 297.29
EQ/Alliance Technology 81.93 139.75 -- --
EQ/Balanced 74.58 117.68 163.50 254.45
Calvert Socially Responsible 80.93 136.79 195.40 320.55
Capital Guardian Research 79.94 133.82 -- --
Capital Guardian U.S. Equity 79.94 133.82 -- --
EQ/Evergreen 79.94 133.82 190.48 310.50
EQ/Evergreen Foundation 79.94 133.82 190.48 310.50
MFS Emerging Growth Companies 80.44 135.31 192.94 315.54
MFS Growth with Income 79.94 133.82 190.48 310.50
MFS Research 79.94 133.82 190.48 310.50
Mercury Basic Value Equity 79.94 133.82 190.48 310.50
Mercury World Strategy 82.42 141.23 202.75 335.43
Morgan Stanley Emerging Markets Equity 87.88 157.39 229.29 388.06
EQ/Putnam Balanced 79.45 132.33 188.00 305.44
EQ/Putnam Growth & Income Value 79.94 133.82 190.48 310.50
T. Rowe Price Equity Income 79.94 133.82 190.48 310.50
T. Rowe Price International Stock 82.92 142.71 205.19 340.33
Warburg Pincus Small Company Value 81.43 138.27 197.86 325.53
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
22 Fee table
- --------------------------------------------------------------------------------
FOR ALL SERIES 200 TRUSTEED CONTRACTS:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 74.58 117.68 160.57 217.78
Alliance Common Stock 74.58 117.68 160.57 217.78
Alliance Conservative Investors 77.16 125.48 174.46 246.11
Alliance Equity Index 73.49 114.37 154.65 205.57
Alliance Global 78.65 129.95 182.41 262.12
Alliance Growth and Income 76.86 124.58 172.87 242.88
Alliance Growth Investors 76.67 123.98 171.80 240.72
Alliance High Yield 76.96 124.88 173.40 243.95
Alliance Intermediate Government Securities 76.17 122.48 169.14 235.30
Alliance International 80.93 136.79 194.49 286.19
Alliance Money Market 74.58 117.68 160.57 217.78
EQ/Alliance Premier Growth 81.93 139.75 -- --
Alliance Quality Bond 76.27 122.78 169.67 236.39
Alliance Small Cap Growth 78.65 129.95 182.41 262.12
EQ/Alliance Technology 81.93 139.75 -- --
EQ/Balanced 74.58 117.68 160.57 217.78
Capital Guardian Research 79.94 133.82 -- --
Capital Guardian U.S. Equity 79.94 133.82 -- --
EQ/Evergreen 79.94 133.82 189.25 275.79
EQ/Evergreen Foundation 79.94 133.82 189.25 275.79
MFS Emerging Growth Companies 80.44 135.31 191.87 281.01
MFS Growth with Income 79.94 133.82 189.25 275.79
MFS Research 79.94 133.82 189.25 275.79
Mercury Basic Value Equity 79.94 133.82 189.25 275.79
Mercury World Strategy 82.42 141.23 202.30 301.59
Morgan Stanley Emerging Markets Equity 87.88 157.39 229.29 356.09
EQ/Putnam Balanced 79.45 132.33 186.62 270.55
EQ/Putnam Growth & Income Value 79.94 133.82 189.25 275.79
T. Rowe Price Equity Income 79.94 133.82 189.25 275.79
T. Rowe Price International Stock 82.92 142.71 204.90 306.68
Warburg Pincus Small Company Value 81.43 138.27 197.10 291.35
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
23 Fee table
- --------------------------------------------------------------------------------
IF YOU DO NOT SURRENDER YOUR CONTRACT AT THE END OF EACH PERIOD SHOWN, THE
EXPENSES WOULD BE:
FOR ALL SERIES 100 AND 200 CONTRACTS:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 18.90 58.49 100.57 217.78
Alliance Common Stock 18.90 58.49 100.57 217.78
Alliance Conservative Investors 21.63 66.75 114.46 246.11
Alliance Equity Index 17.75 54.98 94.65 205.57
Alliance Global 23.20 71.49 122.41 262.12
Alliance Growth and Income 21.31 65.80 112.87 242.88
Alliance Growth Investors 21.11 65.16 111.80 240.72
Alliance High Yield 21.42 66.11 113.40 243.95
Alliance Intermediate Government Securities 20.58 63.58 109.14 235.30
Alliance International 25.62 78.74 134.49 286.19
Alliance Money Market 18.90 58.49 100.57 217.78
EQ/Alliance Premier Growth 26.67 81.88 -- --
Alliance Quality Bond 20.69 63.89 109.67 236.39
Alliance Small Cap Growth 23.20 71.49 122.41 262.12
EQ/Alliance Technology 26.67 81.88 -- --
EQ/Balanced 18.90 58.49 100.57 217.78
Calvert Socially Responsible 25.62 78.74 134.49 286.19
Capital Guardian Research 24.57 75.60 -- --
Capital Guardian U.S. Equity 24.57 75.60 -- --
EQ/Evergreen 24.57 75.60 129.25 275.79
EQ/Evergreen Foundation 24.57 75.60 129.25 275.79
MFS Emerging Growth Companies 25.09 77.17 131.87 281.01
MFS Growth with Income 24.57 75.60 129.25 275.79
MFS Research 24.57 75.60 129.25 275.79
Mercury Basic Value Equity 24.57 75.60 129.25 275.79
Mercury World Strategy 27.19 83.45 142.30 301.59
Morgan Stanley Emerging Markets Equity 32.96 100.59 170.53 356.09
EQ/Putnam Balanced 24.04 74.02 126.62 270.55
EQ/Putnam Growth & Income Value 24.57 75.60 129.25 275.79
T. Rowe Price Equity Income 24.57 75.60 129.25 275.79
T. Rowe Price International Stock 27.72 85.02 144.90 306.68
Warburg Pincus Small Company Value 26.14 80.31 137.10 291.35
- -----------------------------------------------------------------------------------------------
</TABLE>
- ----------
(1) The amount accumulated from the $1,000 contribution could not be paid in
the form of an annuity at the end of any of the periods shown in the
examples. This is because if the amount applied to purchase an annuity
payout option is less than $2,000, or the initial payment is less than
$20, we may pay the amount to you in a single sum instead of as payments
under an annuity payout option. See "Accessing your money."
<PAGE>
- -----
24 Fee table
- --------------------------------------------------------------------------------
IF YOU ELECT A 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 above
example of "if you do not surrender your contract" 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" under "Charges and expenses."
CONDENSED FINANCIAL INFORMATION
Please see Appendix I at the end of this prospectus, for the unit values and
number of units outstanding as of the periods shown for each of the variable
investment options, available as of December 31, 1999.
<PAGE>
1
Contract features and benefits
- --------
25 Contract features and benefits
- --------------------------------------------------------------------------------
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us that we call
"contributions." We require a minimum contribution amount of $20 for each type
and series of contract purchased . If the total annual contributions to a TSA
will be at least $200 annually, we may accept contributions of less than $20.
The minimum contribution amount under our automatic investment program is $20.
We discuss the automatic investment program under "About other methods of
payment" in "More information" later in this prospectus. The following table
summarizes our rules regarding contributions to your contract.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
CONTRACT TYPE SOURCE OF CONTRIBUTIONS LIMITATIONS ON CONTRIBUTIONS
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SEP o Employer o Annual employer contributions up to the
lesser of $25,500 or 15% of employee
compensation
o Limits on contributions after age 70 1/2
- -------------------------------------------------------------------------------------------------------------------------
SARSEP o Employer remitted employee salary reduction o Annual employer contributions up to the
and/or nonelective employer contributions lesser of $25,500 or 15% of employee
(pre 1997 plans only) compensation
o Limits on contributions after age 70 1/2
o Maximum salary reduction contribution is
$10,500 for 2000
- -------------------------------------------------------------------------------------------------------------------------
SIMPLE IRA o Employee salary reduction; employer match o Salary reduction contributions up to $6,000;
employer matching contributions up to 3%
of employee compensation
o Limits on contributions after age 70 1/2
- -------------------------------------------------------------------------------------------------------------------------
Unincorporated and o Employer, including for self employed o Maximum amount of contributions subject to
Corporate Trusteed o Salary reduction 401(k) if plan permits tax law formula which varies
o Maximum salary reduction contribution is
$10,500 for 2000
- -------------------------------------------------------------------------------------------------------------------------
TSA and University TSA o Employer remitted employee salary reduction o Maximum amount of contributions subject to
and/or nonelective employer contributions tax law formula which varies
o Rollovers from another TSA contract or o Maximum salary reduction contribution is
arrangement $10,500 for 2000
o Direct transfers from another contract or o Rollover or direct transfer contributions after
arrangement complying with Internal age 70 1/2 must be net of required minimum
Revenue Code (or "Code") Section 403(b) by distributions
means of IRS Revenue Ruling 90-24.
- -------------------------------------------------------------------------------------------------------------------------
EDC o Employer remitted employee salary reduction o Maximum contribution is $8,000 for 2000 or
and/or employer contributions 33 1/3% of includible compensation
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
----------
26 Contract features and benefits
-------------------------------------------------------------------------------
IRA FUNDING. The contracts we issue to fund SEP, SARSEP and, SIMPLE IRA
programs are individual retirement annuities, or "IRAs." Internal Revenue
Service ("IRS") rules for traditional IRA also generally apply to those
programs.
---------------------------------
See "Tax information" for a more detailed discussion of sources of
contributions, certain contribution limitations and other tax information. We
may refuse to accept any contribution if the sum of all contributions under
all EQUI-VEST contracts with the same annuitant would then total more than
$1,000,000. We may also refuse to accept any contribution if the sum of all
contributions under all Equitable Life annuity accumulation contracts that you
own would then total more than $2,500,000.
For information on when contributions are credited see "Dates and prices at
which contract events occur" under "More information" later in this
prospectus.
SARSEP, CORPORATE TRUSTEED AND CERTAIN HR-10 CONTRACTS
We no longer offer the EQUI-VEST contracts under SARSEP, Corporate Trusteed
and Annuitant-Owned HR-10 plans, except as follows:
o If you established a SARSEP before 1997, you may continue to make
contributions for existing and new employees under salary reduction
arrangements. We will issue a contract to each participating employee for
whom a contract has not previously been issued.
o If you are an incorporated employer and already have a retirement plan
funded by the EQUI-VEST contracts, we will enroll new employees under your
contract and accept contributions for existing employees.
o If an employer established an HR-10 plan where EQUI-VEST contracts are
owned by the annuitant, rather than by a trustee, we will offer Annuitant
- Owned HR-10 contracts to new employees and continue to accept
contributions for all participating employees.
o If a retirement plan is qualified under section 401(a) of the Internal
Revenue Code and is sponsored by a state or local governmental entity.
OWNER AND ANNUITANT REQUIREMENTS
For the following employer-funded programs, the employee must be the owner and
the annuitant on the contract: SEP-IRA, SARSEP-IRA, SIMPLE-IRA, TSA,
University TSA and Annuitant HR-10.
The trustee under Trusteed HR-10 corporate retirement and governmental plans
is the owner of the contract. In each case, the employee is the annuitant. We
do not act as trustee for these plans. Only Trusteed contracts may be sold in
Puerto Rico and the tax aspects that apply to such contracts may differ from
those described in this prospectus.
Under EDC contracts, the employer or a trust must be the owner and the
employee is the annuitant. EDC contracts are not currently available for state
or municipal government plans in Texas.
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Except as noted below, contributions must be made by check 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, 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.
Additional contributions may be made by our automatic investment program. The
method of payment is discussed in detail in "About other methods of payment"
in "More information" later in this prospectus.
Your initial contribution must generally be accompanied by an application and
any other form we need to process the contribution. If any information is
missing or unclear we will try to obtain that information. If we are unable to
obtain all the information we require within five business days after we
receive an incomplete application or form, we will inform the financial
professional submitting the application on your
<PAGE>
- -----
27 Contract features and benefits
- --------------------------------------------------------------------------------
behalf. We will then return the contribution to you unless you specifically
direct us to keep your contribution until we receive the required information.
Generally, you may make additional contributions at any time. You may do so in
single sum amounts, on a regular basis, or as your financial situation
permits.
Generally our "business day" is any day on which Equitable Life is open and
the New York Stock Exchange is open for trading. We may, however, close due to
emergency conditions.
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options, subject to any employer plan limitations, are the
variable investment options and the guaranteed interest option and the fixed
maturity options available under the investment method you select (see
"Selecting your investment method").
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. Listed
below are the currently available portfolios, their investment objectives, and
their advisers.
- -------------------------------------------------------------------------------
Contractholders can choose from among the variable investment options, subject
to certain restrictions.
- -------------------------------------------------------------------------------
PORTFOLIOS OF EQ/ADVISORS TRUST
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
PORTFOLIO NAME OBJECTIVE ADVISER
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EQ/Aggressive Stock Long-term growth of capital Alliance Capital Management L.P.,
Massachussets Financial Services
Company
- ----------------------------------------------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
28 Contract features and benefits
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO NAME OBJECTIVE ADVISER
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Alliance High Yield High return by maximizing current income and, Alliance Capital Management L.P.
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 preservation Alliance Capital Management L.P.
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 High return through a combination of current Alliance Capital Management L.P.,
income and capital appreciation Capital Guardian Trust Company
Prudential Investment Fund
Management, LLC,
Jennison Associates LLC
- ------------------------------------------------------------------------------------------------------------------------------
Calvert Socially Responsible Long-term capital appreciation Calvert Asset Management Company, Inc.
(Available only for TSA and EDC and Brown Capital Management, Inc.
contracts)
- ------------------------------------------------------------------------------------------------------------------------------
Capital Guardian Research Long-term growth of capital Capital Guardian Trust Company
- ------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Long-term capital growth Massachusetts Financial Services Company
Companies
- ------------------------------------------------------------------------------------------------------------------------------
MFS Growth with Income Reasonable current income and long-term Massachusetts Financial Services Company
growth of capital and income
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- ----------
29 Contract features and benefits
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO NAME OBJECTIVE ADVISER
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MFS Research Long-term growth of capital and future income Massachusetts Financial Services Company
- ------------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity Capital appreciation and, secondarily, income Mercury Asset Management US
- ------------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy High total investment return Mercury Asset Management US
- ------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Long-term capital appreciation Morgan Stanley Asset Management
Markets Equity
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced Balanced investment Putnam Investment Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Capital growth, current income is a secondary Putnam Investment Management, Inc.
Value objective
- ------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income Substantial dividend income and also capital T. Rowe Price Associates, Inc.
appreciation
- ------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Long-term growth of capital Rowe Price-Fleming International, Inc.
Stock
- ------------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Long-term capital appreciation Warburg Pincus Asset Management, Inc.
Value
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Other important information about the portfolios is included in the separate
prospectus for EQ Advisors Trust attached at the end of this prospectus.
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays
interest at guaranteed rates. We discuss our general account in "More
information."
We credit interest daily to amounts in the guaranteed interest option. There
are three levels of interest 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.
We set current interest rates periodically, according to our procedures that
we have in effect at the time. All interest rates are effective annual rates,
but before deduction of annual administrative charges or any withdrawal
charges.
We assign an interest rate to each amount allocated to the guaranteed interest
option. This rate is guaranteed for a specified period. An exception to this
approach applies to Corporate Trusteed contracts and EDC contracts issued to
government employees in New York whose EQUI-VEST funding arrangements became
effective on and after July 1, 1989. Generally, we assign an interest rate to
the total amounts invested in Corporate Trusteed and EDC contracts issued to
government employees in New York regardless of when allocations were made to
the guaranteed interest option.
The minimum yearly guaranteed interest rate is 4% for the year 2000. The
yearly guaranteed interest rate we set will never be less than the minimum
guaranteed interest rate of
<PAGE>
----------
30 Contract features and benefits
-------------------------------------------------------------------------------
3% for the life of the contract. The rate is 4% for EQUI-VEST Corporate
Trusteed contracts. Current interest rates will never be less than the yearly
guaranteed rate.
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates ranging from one to ten
years in states where they are approved. You can allocate your contributions
to one or more of these fixed maturity options. However, you may not allocate
more than one contribution to any one fixed maturity option. Your
contributions will accumulate interest at the "rate to maturity" for each
fixed maturity option. The total amount you allocate to and accumulate in each
fixed maturity option is called the "fixed maturity amount." The fixed
maturity options are only available in all states where approved. Your
financial professional can provide your state's approval status. For contracts
issued in New York see "Charges and expenses" for information on withdrawal
charges when amounts are allocated to the fixed maturity options.
Fixed maturity options range from one to ten years to maturity.
The rate to maturity you will receive for each fixed maturity option is the
rate to maturity in effect for new contributions allocated to that fixed
maturity option on the date we apply your contribution. If you make any
withdrawals or transfers from a fixed maturity option before the maturity
date, we will make a "market value adjustment" that may increase or decrease
any fixed maturity amount you have left in that fixed maturity option. We
discuss the market value adjustment below and in greater detail later in this
prospectus in "More information."
On the maturity date of a fixed maturity option your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution, to the date of the calculation. This is the
fixed maturity option's "maturity value." Before maturity, the current value
we will report for your fixed maturity amount will reflect a market value
adjustment. Your current value will reflect the market value adjustment that
we would make if you were to withdraw all of your fixed maturity amounts on
the date of the report. We call this your "market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity
options ending on June 15th for each of the maturity years 2001 through 2010.
Not all of these fixed maturity options will be available for annuitants ages
76 and older. See "Allocating your contributions" below. As fixed maturity
options expire, we expect to add maturity years so that generally 10 fixed
maturity options are available at any time.
We will not accept allocations to a fixed maturity option if on
the date the contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same
fixed maturity option; or
o the rate to maturity is 3% or less; or
o the fixed maturity option's maturity date is within the current calendar
year; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
Your choices at the maturity date. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as
long as none of the conditions listed above or in "Allocating your
contributions," below would apply:
(a) transfer the maturity value into another available fixed maturity option,
or into any of the variable investment options; or
(b) withdraw the maturity value (there may be a withdrawal charge).
Currently, if we do not receive your choice on or before the fixed maturity
option's maturity date, we will automatically transfer your maturity value
into the Alliance Money Market option, or another investment option if we are
required to do
<PAGE>
----------
31 Contract features and benefits
-------------------------------------------------------------------------------
so by any state regulation or if we change our procedures in the future. Such
a case is the State of New York where a different rule applies. See "For all
series contracts issued in New York - fixed maturity options."
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract, or when we make deductions for
charges) from a fixed maturity option before it matures we will make a market
value adjustment, which will increase or decrease any fixed maturity amount
you have in that fixed maturity option. The amount of the adjustment will
depend on two factors:
(a) the difference between the rate to maturity that applies to the amount
being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
In general, if interest rates rise from the time that you originally allocate
an amount to a fixed maturity option to the time that you take a withdrawal,
the market value adjustment will be negative. Likewise, if interest rates drop
at the end of that time, the market value adjustment will be positive. Also,
the amount of the market value adjustment, either up or down, will be greater
the longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly
reduce your value in the fixed maturity options, particularly in the fixed
maturity options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later
in this prospectus. Appendix III to this prospectus provides an example of how
the market value adjustment is calculated.
SELECTING YOUR INVESTMENT METHOD
You must choose one of the following two methods for selecting your investment
options:
o MAXIMUM INVESTMENT OPTIONS CHOICE. Under this method you may allocate
contributions or transfer funds to any of the available investment options
listed in A and B in the investment options chart. You can make transfers
whenever you choose. However, there will be restrictions on the amount you
can transfer out of the guaranteed interest option listed in A.
o MAXIMUM TRANSFER FLEXIBILITY. Under this method you may allocate
contributions or transfer funds to any of the available investment options
listed in A in the investment options chart and no transfer restrictions
will apply.
o TEMPORARY REMOVAL OF TRANSFER RESTRICTIONS THAT APPLY TO THE INVESTMENT
METHODS. From time to time we may remove certain restrictions that apply
to your investment method. If we do so we will tell you. We will also tell
you at least 45 days in advance of the day that we intend to reimpose the
transfer restrictions. When we reimpose the transfer restrictions that
apply to your investment method, amounts that are in any investment
options that are not available under your investment method can remain in
these options, but you will not be permitted to allocate new contributions
or make additional transfers (including through our rebalancing program)
into these options.
<PAGE>
- ----------
32 Contract features and benefits
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
INVESTMENT OPTIONS
- ------------------------------------------------------------------------------------------------
A
- ------------------------------------------------------------------------------------------------
o Guaranteed Interest Option
- ------------------------------------------------------------------------------------------------
DOMESTIC STOCK INTERNATIONAL STOCK
- ------------------------------------------------------------------------------------------------
<S> <C>
o EQ/Aggressive Stock o Alliance Global
o Alliance Common Stock o Alliance International
o Alliance Equity Index o Morgan Stanley Emerging
o Alliance Growth and Income Markets Equity
o EQ/Alliance Premier Growth o T. Rowe Price International
o Alliance Small Cap Growth Stock
o EQ/Alliance Technology
o Calvert Socially Responsible*
o Capital Guardian Research
o Capital Guardian U.S. Equity
o EQ/Evergreen
o MFS Emerging Growth
Companies
o MFS Growth with Income
o MFS Research
o Mercury Basic Value Equity
o EQ/Putnam Growth & Income
Value
o T. Rowe Price Equity Income
o Warburg Pincus Small
Company Value
- ------------------------------------------------------------------------------------------------
BALANCED/HYBRID
- ------------------------------------------------------------------------------------------------
o Alliance Growth Investors
o EQ/Balanced
o EQ/Evergreen Foundation
o Mercury World Strategy
o EQ/Putnam Balanced
- ------------------------------------------------------------------------------------------------
B
- ------------------------------------------------------------------------------------------------
FIXED INCOME
- ------------------------------------------------------------------------------------------------
o Alliance High Yield o Alliance Money Market
o Alliance Intermediate o Alliance Quality Bond
Government Securities
- ------------------------------------------------------------------------------------------------
BALANCED/HYBRID
- ------------------------------------------------------------------------------------------------
o Alliance Conservative Investors
- ------------------------------------------------------------------------------------------------
FIXED MATURITY OPTIONS
- ------------------------------------------------------------------------------------------------
The fixed maturity options are only available in all states where
approved.
Transfer restrictions apply as indicated above under "Fixed maturity
options and maturity dates."
- ------------------------------------------------------------------------------------------------
</TABLE>
* Only available for TSA and EDC contracts.
Please note that under Trusteed contracts your employer or the plan trustee
will select the investment options available to the participant. Under all
other contracts, you may choose from any of the investment options available
under your investment method. In all cases, if any of the options listed in B
in the chart above, is selected, you will be subject to the restrictions on
transfers out of the guaranteed interest option that apply under the maximum
investment options choice investment method.
------------------------------------------------------------------------------
A participant is an individual who participates in an employer's plan funded
by an EQUI-VEST contract. The participant is also the annuitant who is the
measuring life for determining annuity benefits.
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ERISA CONSIDERATIONS FOR EMPLOYERS
If you are an employer and your plan is intended to comply with the
requirements of the Employee Retirement Income Security Act of 1974 ("ERISA")
Section 404(c), you or your plan trustee must make sure that the investment
options chosen for your plan constitute a broad range of investment choices as
required by the Department of Labor's ("DOL") regulation under ERISA Section
404(c). See
"Tax information."
See Appendix I for information regarding investment choices available under
original contracts.
ALLOCATING YOUR CONTRIBUTIONS
Once you have made your investment method choice, you may allocate your
contributions to one or more, or all of the investment options that you have
chosen, subject to any restrictions under the investment method you chose.
However, you may not allocate more than one contribution to any one fixed
maturity option. Allocations must be in whole percentages and you may change
your allocation percentages at any time. However, the total of your
allocations must equal 100%. Once your contributions are allocated to the
investment options, they become a part of your account value. We discuss
account value in "Determining your contract's value." After your contract is
issued, you may request that we add or eliminate any variable investment
options that result in transfer restrictions. We reserve the right to deny
your request. See "Transferring your money among investment options."
<PAGE>
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33 Contract features and benefits
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YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
If for any reason you are not satisfied with your contract, you may return it
to us for a refund. To exercise this cancellation right you must mail the
contract directly to our processing office within 10 days after you receive
it. In some states, this "free look"period may be longer.
For contributions allocated to the variable investment options, your refund
will equal your contributions, reflecting any investment gain or loss that
also reflects the daily charges we deduct. For contributions allocated to the
guaranteed interest option, your refund will equal the amount of the
contributions but will not include interest. For contributions allocated to
the fixed maturity options, your refund will equal the amount of contribution
allocated to fixed maturity options reflecting any positive or negative market
value adjustments. Some states require that we refund the full amount of your
contribution (not including any investment gain or loss, or interest or market
value adjustment). For contracts issued to fund SEPs, SARSEPs or SIMPLE IRAs
that are returned to us within seven days after you receive it, we are
required to refund the full amount of your contribution.
We may require that you wait six months before you apply for a contract with
us again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract whether we have
received your contribution or not.
Please see "Tax information" for possible consequences of
cancelling your contract.
<PAGE>
2
Determining your contract's value
----------------
34 Determining your contract's value
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YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the: (i) values you
have allocated to the variable investment options; (ii) the guaranteed
interest option; (iii) the market adjusted amounts you have in the fixed
maturity options; and (iv) if you have taken a loan under a TSA or Corporate
Trusteed contract, amounts held in your loan reserve account (see "Additional
loan provisions" in the SAI). These amounts are subject to certain fees and
charges discussed in "Charges and expenses."
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value, less: (i) any
applicable withdrawal charges and (ii) the total amount or a pro rata portion
of the annual administrative change, and under a TSA or Corporate Trusteed
contract, less any outstanding loan plus accrued interest. See "Additional
loan provisions" in the SAI.
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.
-------------------------------------------------------------------------------
Units measure your value in each variable investment option.
-------------------------------------------------------------------------------
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 to that option, adjusted for any units
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) increased to reflect a transfer into, or decreased
to reflect a transfer out of a variable investment option; or (iv) decreased
to reflect a transfer of your loan amount to the loan reserve account (if
loans are permitted under your contract).
In addition, the annual administrative charge, or third-party transfer or
exchange charge, will reduce the number of units credited to your contract. 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 and transfers to that option, plus interest, minus withdrawals
and transfers out of the option, and charges we deduct.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date
is the market adjusted amount in each option. This is equivalent to your fixed
maturity amount increased or decreased by the market value adjustment.
Your value, therefore, may be higher or lower than your contributions (less
withdrawals) accumulated at the rate to maturity. At the maturity date, your
value in the fixed maturity option will equal its maturity value.
<PAGE>
3
Transferring your money among investment options
----------------
35 Transferring your money among investment options
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TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer
some or all of your account value among the investment options, subject to the
following:
o You must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o You may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option if its maturity date is
later than the date annuity payments are to begin.
o If you make transfers out of a fixed maturity option other than at its
maturity date the transfer may cause a market value adjustment.
o If you choose the maximum investment options choice method for selecting
investment options, the maximum amount you may transfer in any contract
year from the guaranteed interest option to any other investment option is
(a) 25% of the amount you had in the guaranteed interest option on the
last day of the prior contract year or, if greater, (b) the total of all
amounts you transferred from the guaranteed interest option to any other
investment option in the prior contract year.
If you transfer money from another financial institution into the guaranteed
interest option during your first contract year, and if you have selected the
maximum investment options choice, you may, during the balance of that
contract year, transfer up to 25% of such initial guaranteed interest option
balance to any other investment option.
See Appendix I for transfer restrictions under original contracts.
Subject to the terms of your contract, upon advance notice we may change or
establish additional restrictions on transfers among the investment options. A
transfer request does not change your percentages for allocating current or
future contributions among the investment options.
You may request a transfer in writing or by telephone using TOPS or online
using EQAccess. (We anticipate that transfers using EQAccess will be available
by the end of 2000.) You must send all signed written requests directly to our
processing office. Transfer requests should specify:
(1) the contract number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
Under Trusteed and EDC contracts, you or the trustee or employer owner,
whichever applies, can direct us to transfer 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 investment options
reflect a market timing strategy, we reserve the right to take action
including, 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.
<PAGE>
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36 Transferring your money among investment options
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AUTOMATIC TRANSFER OPTIONS INVESTMENT SIMPLIFIER
You may choose from 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." 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 all available amounts in the guaranteed interest option have
been transferred out.
See Appendix I for transfer restrictions under original contracts.
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 under "Transferring your account value."
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. Under the interest sweep, we will make transfers on a monthly
basis from amounts in the guaranteed interest option. The amount we will
transfer will be 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 thereafter to participate in the interest
sweep option.
WHEN YOUR PARTICIPATION IN AN AUTOMATIC TRANSFER OPTION WILL END. 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 in the
guaranteed interest option has been transferred out.
o Under the interest sweep, 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 at our processing office, your
written request to cancel automatic transfers, or on the date your
contract terminates.
REBALANCING YOUR ACCOUNT VALUE
We currently offer a rebalancing program that you can use to automatically
reallocate your account value among the variable investment options. 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 account value
that you specify is invested in each option at the end of each rebalancing
date. Your entire account value in the variable investment options must be
included in the rebalancing program.
<PAGE>
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37 Transferring your money among investment options
- --------------------------------------------------------------------------------
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
before electing the program.
You may elect the rebalancing program at any time. To be eligible, you must
have at least $5,000 of account value in the variable investment options.
Rebalancing is not available for amounts you have allocated in the guaranteed
interest option or the fixed maturity option.
You may change your allocation instructions or cancel the program at any time.
<PAGE>
4
Accessing your money
----------------
38 Accessing your money
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WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of
contract. More information follows the table. For the tax consequences of
taking withdrawals, see "Tax information."
METHOD OF WITHDRAWAL
-------------------------------------------------------------------
PARTIAL MINIMUM
CONTRACT WITHDRAWAL SYSTEMATIC DISTRIBUTION
-------------------------------------------------------------------
SEP/SARSEP yes yes yes
SIMPLE IRA yes no yes
Trusteed (both types) yes** no yes**
TSA yes* yes* yes
University TSA yes*** yes*** yes
EDC yes** no yes**
Annuitant-Owned HR-10 yes** yes** yes
-------------------------------------------------------------------
* Only if contract is not subject to withdrawal restrictions and there are
no outstanding loans.
** Requires Plan Administrator's approval. See "Tax information and ERISA
matters" later in this prospectus.
*** May require Plan Administrator's approval.
PARTIAL WITHDRAWALS AND TERMINATIONS
Subject to the terms of the Plan, your contract, and any restrictions in
federal income tax rules, you may take partial withdrawals from your account
value or terminate your contract at any time while the annuitant is living and
before annuity payments begin. The minimum amount you may withdraw at any time
is $300. If your account value is less than $500 after a withdrawal, we may
terminate your contract and pay you its cash value.
Partial withdrawals, or payments of remaining account value in excess of the
10% free withdrawal amount, may be subject to a withdrawal charge.
SYSTEMATIC WITHDRAWALS
If you have at least $20,000 of account value in the variable investment
options and the guaranteed interest option you may elect systematic
withdrawals. You may elect to have your systematic withdrawals made on a
monthly or quarterly basis. The minimum amount you may take for each
withdrawal is $300. We will make the withdrawal on any day of the month that
you select as long as it is not later than the 28th day of the month. If you
do not select a date, your withdrawals will be made on the first day of the
month. A check for the amount of the withdrawal will be mailed to you or, if
you prefer, we will electronically transfer the money to your checking
account.
You may withdraw either the amount of interest earned in the guaranteed
interest option or a fixed-dollar amount from either the variable investment
options or the guaranteed interest option. If you elect the interest option, a
minimum of $20,000 must be maintained in the guaranteed interest option. If
you elect the fixed-dollar option you do not have to maintain a minimum
amount. You may elect to have the amount of the withdrawal subtracted from
your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value
in those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You may elect systematic withdrawals under TSA contracts if:
o your plan or program permits it;
o the contract is not subject to withdrawal restrictions; and
o the contract does not have a loan outstanding.
You can cancel the systematic withdrawal option at any
time.
Amounts withdrawn in excess of the 10% free withdrawal amount may be subject
to a withdrawal charge.
<PAGE>
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39 Accessing your money
- --------------------------------------------------------------------------------
MINIMUM DISTRIBUTION WITHDRAWALS
(SEPs, SARSEPs, SIMPLE IRAs, TSAs, EDCs, and Annuitant- owned HR-10 contracts
- See "Tax information")
We offer the minimum distribution withdrawal option to help you meet lifetime
required minimum distributions under federal income tax rules. You may elect
this option in the year in which you reach age 70 1/2 and have account value
in the variable investment options and the guaranteed interest option of at
least $2,000. The minimum amount we will pay out is $300, or if less, your
account value. If your account value is less than $500 after the withdrawal,
we may terminate your contract and pay you its cash value. You
may elect the method you want us to use to calculate your minimum distribution
withdrawal from the choices we offer. Currently, minimum distribution
withdrawal payments will be made annually.
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the variable investment options and the guaranteed
interest option. If those amounts are insufficient, we will make up required
amounts from the fixed maturity options to the extent you have value in those
options. A market value adjustment may apply. We will calculate your payment
each year based on your account value at the end of each calendar year, based
on the method you choose.
Except for EDC contracts your election is revocable. For TSA Contracts you may
not elect the minimum distribution option if you have an outstanding loan
under a contract.
For contracts subject to minimum distribution requirements, we will send a
form outlining the distribution options available in the year you reach age
70 1/2 (if you have not begun your annuity payments before that time).
If you have an EQUI-VEST TSA that was purchased before December 31, 1986 or a
TSA purchased from another insurance company before December 31, 1986 and
subsequently transferred to an EQUI-VEST TSA, the amount of your pre-1987
account balance is not subject to the minimum distribution rules at age 70 1/2
but postponed to age 75. However, post-1986 salary reduction contributions and
all earnings since that date are subject to minimum distribution requirements
of Section 401(a)(9) of the Internal Revenue Code.
Distributions from a qualified plan, including our prototype plans through
which Annuitant-Owned HR-10 contracts are issued, are subject to the
provisions of the plan document.
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a TSA, SEP,
SARSEP or SIMPLE IRA contract you may use our automatic deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your TSA, SEP, SARSEP or SIMPLE IRA contract
directly into an existing EQUI-VEST NQ or ROTH IRA or an existing EQUI-VEST
Express NQ or ROTH IRA contract according to your allocation instructions.
LOANS UNDER TSA AND CORPORATE TRUSTEED CONTRACTS
You may borrow against your account value only under a TSA or Corporate
Trusteed contract. An employer's retirement plan may, however, contain
restrictions, and loans under TSA and Corporate Trusteed contracts may not be
available in all states. Also, ERISA rules apply to loans under Corporate
Trusteed contracts, and may apply under TSA contracts. Loans are not available
under University TSA contracts or under any TSA when the required minimum
distribution withdrawal option has been elected.
When you take a loan we will transfer certain amounts to a loan reserve
account. More information about the loan reserve account is in the SAI under
"Additional loan provisions."
We permit only one loan to be outstanding at any time. Before we make a loan
you must properly complete and sign a loan request form. You should read the
terms of the form carefully and consult with a tax adviser before taking out a
loan. In the case of certain Corporate Trusteed and certain
<PAGE>
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40 Accessing your money
-------------------------------------------------------------------------------
TSA contracts subject to ERISA, the written consent of your spouse will be
required to obtain a loan and the Plan Administrator needs to sign the loan
form. Please see the loan provisions stated in the contract and the loan
request form for more details.
A loan will not be treated as a taxable distribution unless:
o it exceeds limits of federal income tax rules; or
o interest and principal are not paid when due; or
o in some instances, service with the employer terminates.
Loans under TSA and Corporate Trusteed contracts are discussed further in "Tax
information" later in this prospectus and in "Additional loan provisions" in
the SAI. The tax consequences of failure to repay a loan when due are
substantial.
TERMINATION
We may terminate your contract and pay you the account value if:
(1) your account value is less than $500 and you have not made contributions
to your contract for a period of three years; or
(2) you request a partial withdrawal that reduces your account value to an
amount less than $500; or
(3) you have not made any contributions within 120 days from your contract
date.
We will deduct the amount of any outstanding loan balance and any withdrawal
charge that applies to the loan balance from the account value when we
terminate your contract.
TEXAS ORP PARTICIPANTS
For participants in a Texas Optional Retirement Program, Texas law permits
withdrawals only after one of the following distributable events occur:
o turning age 70 1/2; or
o death; or
o retirement; or
o termination of employment in all Texas public institutions of higher
education.
To make a withdrawal, a properly completed written acknowledgment must be
received from the employer. If a distributable event occurs prior to your
being vested, any amounts provided by an employer's first-year matching
contribution will be refunded to the employer. We may change these provisions
without your consent, but only to the extent necessary to maintain compliance
with any law that applies.
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 a variable annuity payout option, payment of a death
benefit, payment of any amount you withdraw (less any withdrawal charge) and,
upon surrender or termination, contract termination payment of the cash value.
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 values in the guaranteed interest
option and the fixed maturity options (other than for death benefits) for up
to six months while you are living. We also may defer payments for a
reasonable amount of time (not to exceed 15 days) while we are waiting for a
contribution check to clear.
<PAGE>
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41 Accessing your money
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All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
EQUI-VEST offers you several choices of annuity payout options. Some enable
you to receive fixed annuity payments which can be level or increasing and
others enable you to receive variable annuity payments.
You can choose from among the different forms of annuity payout options listed
below. Restrictions may apply, depending on the type of contract you own or
the annuitant's age at contract issue.
ANNUITY PAYOUT OPTIONS
You can choose from among the following annuity payout options:
<TABLE>
<S> <C>
- -----------------------------------------------------------------
Fixed annuity payout options Life annuity
Life annuity with period
certain
Life annuity with refund
certain
Period certain annuity
- -----------------------------------------------------------------
Variable annuity payout options Life annuity (not available
in New York)
Life annuity with period
certain
- -----------------------------------------------------------------
</TABLE>
o Life annuity: An annuity that guarantees payments for the rest of the
annuitant's life. Payments end with the last monthly payment before the
annuitant's death. Because there is no continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the
annuitant is living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the end of
a selected period of time ("period certain"), payments continue to the
beneficiary for the balance of the period certain. The period certain
cannot extend beyond the annuitant's life expectancy or the joint life
expectancy of you and your spouse. Except for EDC plan in New York.
Generally, unless the annuitant elects otherwise with the written consent
of the spouse, this will be the form of annuity payment provided for
married annuitants under qualified plans and certain TSAs.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary 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 the annuitant's life expectancy. This option does not guarantee
payments for the rest of the annuitant's life. It does not permit any
repayment of the unpaid principal, so you cannot elect to receive part of
the payments as a single sum payment with the rest paid in monthly annuity
payments. Currently, this payout option is available only as a fixed
annuity. This is the normal form of annuity for annuitants in governmental
EDC plans in New York. Life annuity payout options are not available for
governmental EDC plans in New York.
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 the annuitant's life and, after the annuitant's death,
payments continue to the survivor. We may offer other payout options not
outlined here. Your financial professional can provide details.
<PAGE>
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42 Accessing your money
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FIXED ANNUITY PAYOUT OPTION
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 you.
VARIABLE ANNUITY PAYOUT OPTION
Variable annuities may be funded through your choice of variable investment
options investing in portfolios of EQ Advisors Trust. 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 investment return is higher or lower
than an assumed base rate. Please see "Annuity unit values" in the SAI.
We may offer other payout options not outlined here. Your financial
professional can provide details.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written
agreement confirming your right to receive annuity payments. We require you to
return your contract before annuity payments begin. Unless you choose a
different payout option, we will pay annuity payments under a life annuity
with a period certain of 10 years. You choose whether these payments will be
either fixed or variable. The contract owner and annuitant must meet the issue
age and payment requirements.
You can choose the date annuity payments are to begin. You can change the date
your annuity payments are to begin anytime before that date as long as you do
not choose a date later than the 28th day of any month. Also, that date may
not be later than the contract date anniversary that follows the annuitant's
85th birthday. This may be different in some states.
Before your annuity payments are to begin, we will notify you by letter that
the annuity payout options are available. Once you have selected a payout
option and payments have begun, no change can be made, other than transfers
(if permitted in the future) among the variable investment options if a
variable annuity is selected.
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 5% to
calculate the level of payments. However, in states where that rate is
not permitted the assumed base rate will be 3 1/2%. We provide
information about the assumed base rate in the SAI;
(3) in the case of a life annuity, the annuitant's age (or the annuitant's and
joint annuitant's ages); and
(4) in certain instances, the sex of the annuitant(s).
In no event will you ever receive payments under a fixed option or an initial
payment under a variable option of less than the minimum amounts guaranteed by
the contract.
If, at the time you elect a payout option, the amount to be applied is less
than $2,000 or the initial payment under the form elected is less than $20
monthly, we reserve the right to pay the account value in a single sum rather
than as payments under the payout option chosen.
<PAGE>
5
Charges and expenses
----------------
43 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 values of each
variable investment option:
o A mortality and expense risk charge
o A charge for other expenses
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o On the last day of the contract year an annual administrative charge, if
applicable
o Charge for third-party transfer or exchange (for series 300 and 400 only)
o At the time you make certain withdrawals or surrender your contract, or
your contract is terminated - a withdrawal charge
o At the time annuity payments are to begin - charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your
state. An annuity administrative fee may also apply
More information about these charges appears below. The charges differ
depending on which contract series you purchase.
We will not increase these charges for the life of your contract, except as
noted below. We may reduce certain charges under group or sponsored
arrangements. See "Group or sponsored arrangements" below.
To help with your retirement planning, we may offer other annuities with
different charges, benefits and features. Please contact your financial
professional for more information.
CHARGES UNDER THE CONTRACTS
MORTALITY AND EXPENSE RISKS 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 death
benefit. The daily charge is equivalent to an annual rate of 1.10% of the net
assets in each variable investment option.
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We also assume a risk that
the mortality assumptions reflected in our guaranteed annuity payment tables,
shown in each contract, will differ from actual mortality experience. We may
change the actuarial basis for our guaranteed annuity payment tables, but only
for new contributions and only at five year intervals from the contract date.
Lastly, we assume a mortality risk to the extent that at the time of death,
the guaranteed death benefit exceeds the cash value of the contract. In
addition, we waive any withdrawal charge upon 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.
To the extent that the mortality and expense risk 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
contracts.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts. The daily charge is equivalent to a maximum annual rate of: (i)
0.84% of the net assets in each variable investment option. Under series 100
contracts, 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
annual administrative
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44 Charges and expenses
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charge described below. The remaining 0.24% is to reimburse us for the cost of
financial accounting services we provide under the contracts; (ii) under
series 200 contracts, the charge for expenses and financial accounting is
0.25% of the net assets in each variable investment option; and (iii) under
series 300 and 400 contracts, 0.25% of the net assets in each variable
investment option. Currently, the charge we deduct for variable investment
options other than the Alliance Money Market, Alliance Common Stock,
EQ/Aggressive Stock, and EQ/Balanced options we currently deduct 0.24% of the
net assets. We may, upon advance notice to you, increase the charge to 0.25%
of the net assets for these variable investment options.
MAXIMUM TOTAL CHARGES: Under series 100 and 200 contracts for the Alliance
Money Market, EQ/Balanced, Alliance Common Stock and EQ/Aggressive Stock
options, the combined amount of the Separate Account A charges to these
variable investment option and EQ Advisors Trust charges for investment
advisory fees and direct operating expenses may not exceed a total annual rate
of 1.75% of the value of the assets held in each of those variable investment
options.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last day of
each contract year. We will deduct a pro rata portion of the charge if you
surrender your contract, elect an annuity payout option, or the annuitant dies
during the contract year.
Under series 300 and 400 contracts, during the first two contract years the
charge is equal to $30 or, if less, 2% of your current account value. The
charge is $30 for contract years three and later. We may increase this charge
if our administrative costs rise, but the charge will never exceed $65
annually. We also may waive the administrative charge for contracts having an
account value of a specified amount on the last business day of each contract
year- currently $20,000 for SEP, SARSEP, and SIMPLE IRA contracts. We reserve
the right to deduct this charge on a quarterly, rather than annual basis.
Under series 100 and 200 contracts, the charge is equal to $30 or, if less, 2%
of the current account value plus any amount previously withdrawn during that
contract year.
The charge is deducted pro rata from each investment option in which you have
account value.
For SEP, SARSEP, SIMPLE IRA, Unincorporated Trusteed and Annuitant-Owned HR-10
contracts, if at the end of any contract year your account value is at least
$10,000, we will waive the annual administrative charge.
For TSA, University TSA, EDC and Corporate Trusteed contracts the annual
administrative charge is waived if the account value is at least $25,000 at
the end of the contract year.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option unless you tell us otherwise. If those amounts are
insufficient, we will make up the required amounts from the fixed maturity
options to the extent you have value in those options, unless you tell us
otherwise.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
Under series 300 and 400 contracts, we impose a charge for making a direct
transfer of amounts from your contract to a third party, such as in the case
of a trustee-to-trustee transfer for an IRA contract, or if you request that
your contract be exchanged for a contract issued by another insurance company.
In either case, we will deduct from your account value any withdrawal charge
that applies and (except for series 300 contracts issued in Florida) a charge
of $25 for each direct transfer or exchange. We reserve the right to increase
this charge to a maximum of $65.
WITHDRAWAL CHARGE
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; or (2) you surrender your contract; or (3)
we terminate your contract. The amount of the charge will depend on whether
the free withdrawal amount applies, and the availability of one or more
exceptions.
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45 Charges and expenses
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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 the withdrawal charge
from your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge.
We deduct the withdrawal amount and the withdrawal charge pro rata from the
variable investment options and from the guaranteed interest option. If those
amounts are insufficient, we will make up the required amounts from the fixed
maturity options with the earliest maturities first. If we deduct all or a
portion of the withdrawal charge from the fixed maturity options, a market
value adjustment may apply.
WITHDRAWAL CHARGE FOR SERIES 300 AND 400 CONTRACTS
The amount of the withdrawal charge we deduct is equal to 6% of contributions
withdrawn that were made in the current and five prior contract years. In the
case of terminations, we will pay you the greater of (i) the account value
after any withdrawal charge has been imposed, or (ii) the free withdrawal
amount plus 94% of the remaining account value.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
free withdrawal amount are not considered a withdrawal of any contribution. We
also treat contributions that have been invested the longest as being
withdrawn first. We treat contributions as withdrawn before earnings for
purposes of calculating the withdrawal charge.
We reserve the right to change the amount of the withdrawal charge, but it
will not exceed 6% of the contributions withdrawn. Any change will not be
unfairly discriminatory. We may also reduce the withdrawal charge in order to
comply with any state law requirement. See "Contracts issued in New York -
fixed maturity options" below.
The withdrawal charge does not apply in the circumstances described below.
10% FREE WITHDRAWAL AMOUNT. Each contract year you can withdraw up to 10% of
your account value without paying a withdrawal charge. The 10% free withdrawal
amount is determined using your account value at the time you request a
withdrawal, minus any other withdrawals made during the contract year.
DEATH OR PURCHASE OF ANNUITY. The withdrawal charge does not apply if:
o the annuitant dies and a death benefit is payable to the beneficiary.
o we receive a properly completed election form providing for the account
value to be used to buy a life contingent annuity payout option or a
non-life annuity with a period certain for a term of at least ten years.
DISABILITY, TERMINAL ILLNESS, OR CONFINEMENT TO NURSING HOME. The withdrawal
charge also does not apply if:
o The annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
o We receive proof satisfactory to us (including certification by a licensed
physician) that the annuitant's life expectancy is six months or less; or
o The annuitant has been confined to a nursing home for more than 90 days (or
such other period, as required in your state) as verified by a licensed
physician. A nursing home for this purpose means one that is (a) approved
by Medicare as a provider of skilled nursing care service, or (b) licensed
as a skilled nursing home by the state or territory in which it is located
(it must be within the United States, Puerto Rico, U.S. Virgin Islands, or
Guam) and meets all of the following:
- its main function is to provide skilled, intermediate, or custodial
nursing care;
- it provides continuous room and board to three or more persons;
- it is supervised by a registered nurse or licensed practical nurse;
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46 Charges and expenses
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- it keeps daily medical records of each patient;
- it controls and records all medications dispensed; and
- its primary service is other than to provide housing for residents.
We reserve the right to impose a withdrawal charge, in accordance with your
contract and applicable state law, if the disability is caused by a
preexisting condition or a condition that began within 12 months of the
contract date. Some states may not permit us to waive the withdrawal charge in
the above circumstances, or may limit the circumstances for which the
withdrawal charge may be waived. Your financial professional can provide more
information or you may contact our processing office.
For SEP, SARSEP and SIMPLE IRA contracts the withdrawal charge also does not
apply:
o after six contract years and the annuitant is at least age 59 1/2; or
o if you request a refund of a contribution in excess of amounts allowed to
be contributed under the federal income tax rules within one month of the
date on which you made the contribution.
WITHDRAWAL CHARGE FOR SERIES 100 AND 200 CONTRACTS
A withdrawal charge may apply in three circumstances: (1) if you make one or
more withdrawals during a contract year; (2) you surrender your contract; or
(3) we terminate your contract. The amount of the charge will depend on
whether the free withdrawal amount applies, and the availability of one or
more exceptions.
For Trusteed and TSA contracts no withdrawal charge will be applied during any
contract year in which the amount withdrawn is less than or equal to 10% of
the account value at the time the withdrawal is requested minus any amount
previously withdrawn during that contract year. This 10% portion is called the
free withdrawal amount. For EDC, SEP, SARSEP and SIMPLE IRA contracts, the
free withdrawal amount is available only after three contract years have been
completed or the annuitant has reached age 59 1/2.
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 the withdrawal charge
from your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge.
FOR TRUSTEED CONTRACTS. The amount of the withdrawal charge we deduct is equal
to 6% of contributions withdrawn that were made in the current and five prior
contract years. In the case of terminations, we will pay you the greater of
(i) the account value after any withdrawal charge has been imposed, and after
deducting the amount of any loan balance and accrued interest, or (ii) the
free withdrawal amount plus 94% of the remaining account value. For contracts
issued to annuitants age 60 or older, this percentage will be 95% in the fifth
contract year. Under group contracts for these annuitant ages, there is no
reduction in the withdrawal charge in the fifth and sixth contract year.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
free withdrawal amount are not considered a withdrawal of any contribution. We
also treat contributions that have been invested the longest as being
withdrawn first. We treat contributions as withdrawn before earnings for
purposes of calculating the withdrawal charge. See "Tax information."
The withdrawal charge does not apply in the circumstances described below.
For Trusteed contracts the withdrawal charge does not apply if:
o The annuitant dies and a death benefit is made available to the
beneficiary.
o We receive a properly completed election form providing for the account
value to be used to buy a life annuity payout option.
o The contract owner has completed at least five contract years and the
annuitant has reached age 59 1/2.
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47 Charges and expenses
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o We receive a request for the refund of an excess contribution within one
month of the date the contribution is made.
o In addition, for Corporate Trusteed contracts, the withdrawal charge does
not apply if the annuitant has reached age 59 1/2 and has retired or
employment has been terminated, no matter how many contract years have
been completed.
FOR SEP, SARSEP, SIMPLE IRA, TSA, EDC AND ANNUITANT-OWNED HR-10 CONTRACTS. The
withdrawal charge equals a percentage of the amount withdrawn, and any TSA
defaulted loans. The percentage that applies depends on the contract year in
which the withdrawal is made, according to the following table:
- ---------------------------------------------------
CONTRACT
YEAR(S) CHARGE
- ---------------------------------------------------
1 through 5 6%*
6 through 8 5
9 4
10 3
11 2
12 1
13 and later 0
- ---------------------------------------------------
* This percentage may be reduced at older ages for certain contract series.
Your financial professional can provide further details about the contract
series you own.
The total of all withdrawal charges assessed will not exceed 8% of all
contributions made during the current contract year and the nine contract
years before the withdrawal is made.
The withdrawal charge does not apply in the circumstances described below.
No withdrawal charge applies under SEP, SARSEP, SIMPLE IRA, TSA, EDC or
Annuitant-Owned HR-10 contracts if:
o after five contract years and the annuitant is at least age 59 1/2; or
o you request a refund of an excess contribution within one month of the date
on which the contribution is made; or
o the annuitant dies and the death benefit is made available to the
beneficiary; or
o after five contract years and the annuitant is at least age 55, and the
amount withdrawn is used to purchase from us a period certain annuity that
extends beyond the annuitant's age 59 1/2, and allows no prepayment; or
o after three contract years and the amount withdrawn is used to purchase
from us a period certain annuity for a term of at least 10 years, and
allows no prepayment; or
o the amount withdrawn is applied to the election of a life contingent
annuity payout option. (This form of payment is not available for
annuitants in Governmental EDC Plans in New York), or
o the amount withdrawn is applied to the election of a period certain annuity
of at least 15 years, but not in excess of the annuitant's life
expectancy, that allows no prepayment. (This provision is available only
for annuitants in governmental EDC plans in New York.)
No withdrawal charge applies under a TSA contract if:
o the contract owner has completed at least five contract years, has reached
age 55 and has separated from service.
No withdrawal charge applies under a SEP contract funding
SARSEP arrangements if:
o the amount withdrawn is a distribution of deferrals disallowed (plus or
minus any gain or loss) by reason of the employer's failure to meet the
Internal Revenue Code's requirement that 50% of eligible employees elect
SARSEP within the plan year and the request for withdrawal is made by the
April 15th of the calendar year following the calendar year in which you
were notified of such disallowance; or
o the amount withdrawn is an "excess contribution" (as such term is defined
in Section 408(k)(6)(C)(iii) of the Internal Revenue Code), plus or minus
any gain or loss, and the request for withdrawal is made by the April 15th
of the
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48 Charges and expenses
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calendar year following the calendar year in which the excess
contributions were made; or
o the amount withdrawn is an "excess deferral" (as such term is defined in
Section 402(g)(2) of the Internal Revenue Code), plus or minus any gain or
loss, and the request for withdrawal is made by the April 15th of the
calendar year following the calendar year in which such excess deferrals
were made.
The tax consequences of withdrawals are discussed under "Tax information."
NY EDC PLANS. As a result of regulations which apply to EDC plans of
government employers in New York ("NY EDC plans"), EQUI-VEST contracts funding
NY EDC plans contain special provisions that apply to all NY EDC plans whose
EQUI-VEST funding arrangements became effective or were renewed on or after
July 1, 1989.
These provisions permit the automatic termination of all contracts issued in
connection with a NY EDC plan five years after the effective date (or any
renewal date) of its EQUI-VEST funding arrangement without the deduction of
any contingent withdrawal charges. If agreed to by the employer or plan
trustee and us, the period may be shorter than five years. A decision to
permit the automatic termination of all contracts would result in the transfer
of each contract's account value to a successor funding vehicle designated by
the employer.
The employer sponsoring a NY EDC plan or plan trustee can renew the EQUI-VEST
funding arrangement in a written notice to us which includes a certification
of compliance with procedures under the applicable regulations. We are not
responsible for the validity of any certification by the employer. A written
notice to transfer must be received by our processing office and accepted by
us not later than seven days before the date on which a transfer is to occur.
If an employer fails to notify us in writing as to a transfer of the NY EDC
arrangement, or as to its intention not to renew, we will continue the
arrangement and associated contracts will not be automatically terminated.
No further investment experience, whether positive, or negative, will be
credited under a NY EDC plan contract once the contract terminates. As with
other tax-favored retirement programs in which the funding is affected by
actions of a sponsoring employer, we are not required to provide annuitants
with information relating to an employer's decision to exercise any
termination right.
FOR ALL SERIES CONTRACTS ISSUED IN NEW YORK - FIXED MATURITY OPTIONS
For contracts issued in New York, the withdrawal charge that applies to
withdrawals taken from amounts in the fixed maturity options will never exceed
6% and will be determined by applying the New York Declining Scale ("declining
scale"). If you withdraw amounts that have been transferred from one fixed
maturity option to another, we use the New York Alternative Scale
("alternative scale") if it produces a higher charge than the declining scale.
- ------------------------------------------------------------
DECLINING SCALE ALTERNATIVE SCALE
- ------------------------------------------------------------
Year of investment in Year of transfer within
fixed maturity option* fixed maturity option*
- ------------------------------------------------------------
Within year 1 6% Within year 1 5%
2 6% 2 4%
3 5% 3 3%
4 4% 4 2%
5 3% 5 1%
6 2% After year 5 0%
After year 6 0% Not to exceed 1%
times the number of
years remaining in the
fixed maturity option,
rounded to the higher
number of years. In
other words, if 4.3
years remain, it would
be a 5% charge.
- ------------------------------------------------------------
* Measured from the contract date anniversary prior to the date of the
contribution or transfer.
In the following example we compare the withdrawal charge that would apply to
a withdrawal from a series 400 NQ, Traditional IRA or QP IRA contract that has
an account value of $10,000; $8,000 from a contribution made three years ago
and $2,000 from positive investment performance.
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49 Charges and expenses
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o If you were to withdraw the total amount of the contribution within the
first six years after it was made the series 400 withdrawal charge that
generally applies would be $480 (6% of $8,000). However, if when you made
your contribution you allocated it to a fixed maturity option, the
withdrawal charge would be lower. According to the declining scale method
described above, the withdrawal charge would be limited to 5% of the
$8,000, or $400 in the third year.
o The withdrawal charge may be different if when you made your contribution
three years ago, you allocated it to a fixed maturity option and then in
the third year, you transfer the amounts that apply to such contribution
to a new fixed maturity option. In this example we assume that there is
one year remaining in the new fixed maturity option. Because you made a
transfer among the fixed maturity options, the alternative scale may now
apply. Based on this alternative scale, a contribution that is transferred
will be subject to a 5% withdrawal charge if you withdraw that
contribution in the same year that you make the transfer. However, the
withdrawal charge may not exceed 1% for each year remaining in the new
fixed maturity option. Since, in this example, the time remaining in the
new fixed maturity option is one year, the withdrawal charge under the
alternative scale would be limited to 1%. Because New York regulations
permit us to use the greater of the declining scale or the alternative
scale, the withdrawal charge would be 5%, or $400, based on the declining
scale.
o The withdrawal charge may not exceed the charge that would normally apply
under the contract. Use of a New York scale can only result in a lower
charge. If your contribution has been in the contract for more than six
years and therefore would not have a withdrawal charge associated with it,
no withdrawal charge would apply.
o If you take a withdrawal from an investment option other than the fixed
maturity options, the amount available for withdrawal without a withdrawal
charge is reduced. It will be reduced by the amount of the contribution in
the fixed maturity options to which no withdrawal charge applies.
o As of any date on which 50% or more of your account value is held in fixed
maturity options, the free withdrawal amount is zero.
For contracts issued in New York, you should consider that on the maturity
date of a fixed maturity option if we have not received your instructions for
allocation of your maturity value, we will transfer your maturity value to the
fixed maturity option scheduled to mature next. If we are not offering other
fixed maturity options, we will transfer your maturity value to the Alliance
Money Market option.
The potential for lower withdrawal charges for withdrawals from the fixed
maturity options and the potential for a lower free withdrawal amount than
those that would normally apply, should be taken into account when deciding
whether to allocate amounts to, or transfer amounts to or from, the fixed
maturity options.
We will deduct the annual administrative charge and the withdrawal charge from
the variable investment options and the guaranteed interest option as
discussed above. If the amounts in those options are insufficient to cover the
charges, we reserve the right to deduct the charges from the fixed maturity
options. Charges deducted from the fixed maturity options are considered
withdrawals and, as such, will result in a market value adjustment.
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 ADMINISTRATIVE FEE
We deduct a fee of up to $350 from the amount to purchase a variable annuity
payout option.
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50 Charges and expenses
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CHARGES THAT EQ ADVISORS TRUST DEDUCTS
EQ Advisors Trust deducts charges for the following types of fees and
expenses:
o Investment advisory 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, administrative service 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.
GROUP OR SPONSORED ARRANGEMENTS
For certain group or sponsored arrangements, we may reduce the withdrawal
charge or the mortality and expense risks charge, or change the minimum
initial contribution requirements. We also may change the minimum death
benefit. Group arrangements include those in which a trustee or an employer,
for example, purchases contracts covering a group of individuals on a group
basis. Sponsored arrangements include those in which an employer allows us to
sell contracts to its employees or retirees on an individual basis.
Our costs for sales, administration, and mortality generally vary with the
size and stability of the group or sponsoring organization, among other
factors. We take all these factors into account when reducing charges. To
qualify for reduced charges, a group or sponsored arrangement must meet
certain requirements, such as requirements for size and number of years in
existence. Group or sponsored arrangements that have been set up solely to buy
contracts or that have been in existence less than six months will not qualify
for reduced charges.
We also may establish different rates to maturity for the fixed maturity
options under different classes of contracts for group or sponsored
arrangements.
We will make these and any similar reductions according to our rules in effect
when we approve a contract for issue. We may change these rules from time to
time. Any variation will reflect differences in costs or services and will not
be unfairly discriminatory.
Group or sponsored arrangements may be governed by federal income tax rules,
ERISA, or both. We make no representations with regard to the impact of these
and other applicable laws on such programs. We recommend that employers,
trustees, and others purchasing or making contracts available for purchase
under such programs seek the advice of their own legal and benefits advisers.
OTHER DISTRIBUTION ARRANGEMENTS
We may reduce or eliminate charges when sales are made in a manner that
results in savings of sales and administrative expenses, such as sales through
persons who are compensated by clients for recommending investments and who
receive no commission or reduced commissions in connection with the sale of
the contracts. We will not permit a reduction or elimination of charges where
it will be unfairly discriminatory.
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6
Payment of death benefits
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51 Payment of death benefits
- --------------------------------------------------------------------------------
YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may
change your beneficiary at any time. The change will be effective on the date
the written request for the change is received in our processing office. We
are not responsible for any beneficiary change request that we do not receive.
We will send you a written confirmation when we receive your request.
Generally, the owner must be the beneficiary under EDC plan contracts and the
trustee must be the beneficiary under most Trusteed contracts.
We determine the amount of the death benefit as of the date we receive
satisfactory proof of the annuitant's death and any required instructions for
the method of payment. We describe the death benefit in "Contract features and
benefits" earlier in this prospectus.
On the date we determine the death benefit, your account value will be
deducted from the investment options. We will hold this amount in our general
account and credit it with interest at a rate not less than the rate required
by law. If you have transferred the value of another annuity contract that we
issue to your EQUI-VEST contract, the value of the other contract's minimum
death benefit calculated as of the time of the transfer will be included in
the total contributions for the purpose of calculating the minimum death
benefit.
EFFECT OF THE ANNUITANT'S DEATH
If the annuitant dies before the annuity payments begin, we will pay the death
benefit to your beneficiary.
Generally, the death of the annuitant terminates the contract. However, if you
are the owner and annuitant and your spouse is the sole primary beneficiary
the contract can be continued as follows:
SUCCESSOR OWNER AND ANNUITANT. SERIES 300 AND 400 CONTRACTS ONLY. You can elect
to have your spouse continue the contract, as the owner/annuitant. In such a
case, no death benefit is payable until your surviving spouse's death. Neither
you nor your spouse can change this selection once it is made.
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of the annuitant's death, the beneficiary will receive the
death benefit in a single sum. However, subject to any exceptions in the
contract, our rules and applicable federal income tax rules, the beneficiary
may elect to apply the death benefit to one or more annuity payout options we
offer at the time. See "Choosing your annuity payout options" under "Accessing
your money" earlier in this prospectus. Please note that if you are both the
contract owner and the annuitant, you may elect only a life annuity or an
annuity that does not extend beyond the life expectancy of the beneficiary.
Single sum payments generally are paid through the Equitable Life Access
Account(TM), an interest bearing account with check writing privileges. The
Equitable Life Access Account(TM) is part of Equitable Life's general account.
Beneficiaries have immediate access to the proceeds by writing a check on the
account. We pay interest from the date the single sum is deposited into the
Access Account until the account is closed.
<PAGE>
7
Tax information
----------------
52 Tax information
------------------------------------------------------------------------------
TAX INFORMATION AND ERISA MATTERS
SPECIAL RULES FOR TAX-FAVORED
RETIREMENT PROGRAMS
Employer-sponsored retirement plans can use annuity contracts to fund the plan
unless the plan specifically prohibits annuity contracts as a funding vehicle.
Federal income tax rules prescribe how a retirement plan qualifies for
tax-favored status and set requirements for plan features, including:
o participation and coverage;
o nondiscrimination;
o vesting and funding;
o limits on contributions, distributions, and benefits;
o withholding;
o reporting and disclosure; and
o penalties.
State income tax rules covering contributions to and distributions from
employer-sponsored retirement programs may differ from federal income tax
rules. 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 necessary or additional benefits.
This section of the prospectus discusses the current federal income tax rules
that generally apply to an annuity contract purchased to fund a tax-favored
retirement program for these special markets: qualified plan and TSA.
QUALIFIED PLANS
GENERAL; CONTRIBUTIONS
Any type of employer - corporation, partnership, self-employed individual,
governmental entity, non-profit organization - is eligible to establish a
qualified retirement plan under Section 401(a) of the Internal Revenue Code
for participating employees. Because there are numerous technical federal
income tax and Department of Labor "DOL" or "ERISA" rules covering
establishment and operation of a qualified plan, we do not cover them in this
prospectus. We also do not cover specific state law or other rules which may
govern plans. Employers should consult their tax advisors for information. It
is the employer's responsibility to figure out whether it is eligible to
establish a plan, what kinds of plan it may establish, and whether an annuity
contract may be used as a funding vehicle.
There are limits on employer and employee contributions to qualified plans.
Violation of contribution limits can result in plan disqualification and
penalties. The annual limits on contributions do not apply to rollover
contributions or trustee-to-trustee transfer contributions which may be
permitted under the plan.
The annual limit of contributions on behalf of an employee to all of the
defined contribution plans of an employer is the lesser of $30,000 or 25% of
compensation or earned income. When figuring out the contribution limit you
have to:
o include reallocated forfeitures and voluntary nondeductible employee
contributions;
o include compensation from the employer in the form of elective deferrals
and excludible contributions under Code Section 457 or "EDC" plans and
"cafeteria" plans. These are plans giving employees a choice between cash
and deferred benefits or specified excludible health and welfare benefits;
o disregard compensation or earned income of more than a specified amount.
For 2000, this amount is $170,000. This amount could be adjusted for cost
of living changes in future years.
Special limits on contributions apply to anyone who participates in more than
one qualified plan or who controls another trade or business.
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There is also an overall limit on the total amount of contributions and
benefits under all tax-favored retirement programs in which a person
participates.
"Salary reduction" or "elective deferral" contributions made under a 401(k)
plan or other cash or deferred arrangement are limited to $10,500 in 2000.
This amount may be adjusted for future cost of living changes. This limit
applies to the total of all elective deferrals under all tax-favored plans in
which the individual participates, from all employers, for example, also
including salary reduction contributions under TSAs.
Except for governmental plans that do not elect to be subject to ERISA,
qualified plans must not discriminate in favor of highly compensated
employees. Special "top heavy" rules apply to plans where more than 60% of the
contributions or benefits are allocated to defined highly compensated
employees known as "key employees." Plan administrators must test compliance
with both nondiscrimination and top heavy rules. 401(k) plans can adopt a
"SIMPLE 401(k)" feature which enables 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,
similar to those discussed in this section of the prospectus under "SIMPLE
IRAs."
TAX-SHELTERED ANNUITY
ARRANGEMENTS (TSAS)
GENERAL; SPECIAL EMPLOYER RULES
An employer eligible to maintain a TSA plan (also referred to as a "403(b)"
plan, program, or arrangement) for its employees may make contributions to an
annuity contract purchased for the benefit of the employee. These
contributions, if properly made, will not be currently taxable compensation to
the employee. Moreover, the employee will not be taxed on the earnings in the
annuity contract until he/she takes distributions.
Two different types of employers are eligible to maintain 403(b) plans: public
schools and specified tax-exempt organizations under Section 501(c)(3) of the
Code.
CONTRIBUTIONS TO TSAS
There are four ways you can make contributions to this EQUI-VEST TSA contract:
o annual contributions made through the employer's payroll;
o a rollover from another TSA contract or arrangement that meets the
requirements of Section 403(b) of the Internal Revenue Code; or
o a rollover from a conduit IRA to which only prior TSA distributions were
rolled over;
o a full or partial direct transfer of assets ("direct transfer") from
another contract or arrangement that meets the requirements of Section
403(b) of the Internal Revenue Code by means of IRS Revenue Ruling 90-24.
ANNUAL CONTRIBUTIONS. Annual contributions to TSAs made through the employer's
payroll are limited. (Tax-free transfer or tax-deferred rollover contributions
from another 403(b) arrangement are not subject to these annual contribution
limits.) Commonly, some or all of the contributions made to the TSA are made
under a salary reduction agreement between the employee and the employer.
These contributions are called "salary reduction" or "elective deferral"
contributions. However, a TSA can also be wholly or partially funded through
nonelective employer contributions or after-tax employee contributions. To
determine the permissible annual contribution to the participant's TSA, a TSA
plan participant generally must calculate tentative annual contributions under
several formulas.
Generally, the elective deferral contribution limit to a TSA is the lowest of
the following: (1) the annual "maximum exclusion allowance" for the employee
in Section 403(b)(2) of the Code, (2) the annual limit on employer
contributions to defined contribution plans, and (3) the annual limit on all
elective deferrals.
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o The annual maximum exclusion allowance for the employee under Section
403(b)(2) of the Code is 20% of includable compensation times years of
service minus previous contributions to all qualified plans, TSAs and EDC
plans in which the participant participates with this employer.
o The annual limit on employer contributions to defined contribution plans is
the lesser of $30,000 or 25% of compensation.
o The annual limit on all salary reduction or elective deferral contributions
under all plans of any employer you participate in is generally limited to
$10,500 in 2000. Note, however, that the maximum salary reduction
contribution you can make if you participate in both a 403(b) arrangement
and an EDC plan is limited to the lower maximum allowed under Code Section
457. In 2000, this amount is $8,000. All amounts could be adjusted for
cost of living changes in future years.
Any excess deferral contributions which are not withdrawn by April 15th after
the year of the deferral may cause the contract to fail TSA rules.
Special provisions may allow "catch-up" contributions to compensate for
smaller contributions made in previous years.
ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS
You may make rollover contributions to your EQUI-VEST TSA contract from TSAs
under Section 403(b) of the Internal Revenue Code or from an IRA to which only
prior TSA distributions were rolled over. Generally, you may make a rollover
contribution to a TSA when you have a distributable event from an existing TSA
as a result of your:
o termination of employment with the employer who provided the TSA funds; or
o reaching age 59 1/2 even if you are still employed; or
o disability (special federal income tax definition).
A transfer occurs when changing the funding vehicle, even if there is no
distributable event. Under a direct transfer, you do not receive a
distribution. We accept direct transfers of TSA funds under Revenue Ruling
90-24 only if:
o you give us acceptable written documentation as to the source of the funds,
and
o the EQUI-VEST contract receiving the funds has provisions at least as
restrictive as the source contract.
Before you transfer funds to an EQUI-VEST TSA contract, you may have to obtain
your employer's authorization or demonstrate that you do not need employer
authorization. For example, the transferring TSA may be subject to Title I of
ERISA, if the employer makes matching contributions to salary reduction
contributions made by employees. In that case, the employer must continue to
approve distributions from the plan or contract.
We do not currently accept funds which were ever held in custodial accounts
under Section 403(b)(7) of the Code.
SPECIAL RULE FOR ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS AFTER AGE 70 1/2
Any rollover or direct transfer contribution to an EQUI-VEST TSA must be net
of the required minimum distribution for the tax year if:
o you are or will be at least age 70 1/2 in the current calendar year, and
o you have separated from service with the employer who provided the funds to
purchase the TSA you are transferring or rolling over to the EQUI-VEST
TSA.
This rule applies regardless of whether the source of funds
is a:
o rollover by check of the proceeds from another TSA; or
o direct rollover from another TSA; or
o direct transfer under Revenue Ruling 90-24 from
another TSA.
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Further, you must use the same elections regarding recalculation of your life
expectancy (and if applicable, your spouse's life expectancy), if you have
already begun to receive required minimum distributions from or with respect
to the TSA from which you are making your contribution to the EQUI-VEST TSA.
You must also elect or have elected a minimum distribution calculation method
requiring recalculation of your life expectancy (and if applicable, your
spouse's life expectancy) if you elect an annuity payout for the funds in this
contract subsequent to this year.
DISTRIBUTIONS FROM QUALIFIED PLANS AND TSAS
WITHDRAWAL RESTRICTIONS. You may not be able to to withdraw or take payment
from all or part of your TSA or 401(k) qualified plan unless you reach age 59
1/2, die, become disabled (special federal income tax definition), separate
from service with the employer who provided the funds or suffer financial
hardship. These restrictions apply to salary reduction or elective deferral
contributions and earnings on those contributions. Hardship withdrawals are
limited to the amount of your salary reduction contributions without earnings.
These restrictions do not apply to your account balance attributable to salary
reduction contributions to the TSA contract and earnings on December 31, 1988
or to your account balance attributable to employer contributions. To take
advantage of this grandfathering you must properly notify us in writing at our
processing office of your December 31, 1988 account balance if you have
qualifying amounts directly transferred to your EQUI-VEST TSA contract from
another TSA in a Revenue Ruling 90-24 transfer.
TAX TREATMENT OF DISTRIBUTIONS FROM QUALIFIED PLANS AND TSAS. Amounts held
under qualified plans and TSAs are generally not subject to federal income tax
until benefits are distributed.
Distributions include withdrawals and annuity payments. Death benefits paid to
a beneficiary are also taxable distributions. Amounts distributed from
qualified plans and TSAs are includable in gross income as ordinary income,
not capital gain. (Under limited circumstances specified in federal income tax
rules, qualified plan participants, not TSA participants, are eligible for
capital gains or income averaging treatment on distributions.) Distributions
from qualified plans and TSAs may be subject to 20% federal income tax
withholding. See "Federal and state income tax withholding and information
reporting" below. In addition, qualified plan and TSA distributions may be
subject to additional tax penalties.
If you have made after-tax contributions, you will have a tax basis in your
qualified plan or TSA contract, which will be recovered tax-free. Since we do
not track your investment in the contract, if any, it is your responsibility
to determine how much of the distribution is taxable.
DISTRIBUTIONS BEFORE ANNUITY PAYMENTS BEGIN. On a total surrender, the amount
received in excess of the investment in the contract is taxable. We will
report the total amount of the distribution. The amount of any partial
distribution from a qualified plan or TSA prior to the annuity starting date
is generally taxable, except to the extent that the distribution is treated as
a withdrawal of after-tax contributions. Distributions are normally treated as
pro rata withdrawals of after-tax contributions and earnings on those
contributions.
ANNUITY PAYMENTS. If you elect an annuity payout option, the nontaxable
portion of each payment is calculated by dividing your investment in the
contract by an expected return determined under an IRS table prescribed for
qualified annuities. The balance of each payment is fully taxable. The full
amount of the payments received after your investment in the contract is
recovered is fully taxable. If you (and your beneficiary under a joint and
survivor annuity) die before recovering the full investment in the contract, a
deduction is allowed on your (or your beneficiary's) final tax return.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Death benefit distributions from a qualified plan or TSA generally receive the
same tax treatment as distributions during your lifetime. In some instances,
distributions from a
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qualified plan or TSA made to your surviving spouse may be rolled over to a
traditional IRA.
LOANS FROM QUALIFIED PLANS AND TSAS
If the plan permits, loans are available from a qualfied plan or TSA plan.
Loans are subject to federal income tax limits and may also be subject to the
limits of the plan from which the funds came. Federal income tax rule
requirements apply even if the plan is not subject to ERISA.
Loans are generally not treated as a taxable distribution. If the amount of
the loan exceeds permissible limits under federal income tax rules when made,
the amount of the excess is treated (solely for tax purposes) as a taxable
distribution. Additionally, if the loan is not repaid at least quarterly,
amortizing (paying down) interest and principal, the amount not repaid when
due will be treated as a taxable distribution. Under Proposed Treasury
Regulations the entire unpaid balance of the loan is includable in income in
the year of the default. In addition, the 10% early distribution penalty tax
may apply. The amount of the unpaid loan balance is reported to the IRS on
Form 1099-R as a distribution. Finally, unpaid loans may become taxable when
the individual separates from service.
o The amount of a loan to a participant, when combined with all other loans
to the participant from all qualified plans of the employer, cannot exceed
the lesser of (1) the greater of $10,000 or 50% of the participant's
nonforfeitable accrued benefits, (2) $50,000 reduced by the excess
(if any) of the highest outstanding loan balance over the
previous twelve months over the outstanding loan balance of plan loans on
the date the loan was made.
o In general, the term of the loan cannot exceed five years unless the loan
is used to acquire the participant's primary residence. EQUI-VEST TSA
contracts have a term limit of 10 years for loans 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.
TAX-DEFERRED ROLLOVERS AND DIRECT TRANSFERS
You may roll over any "eligible rollover distribution" from a qualified plan
or TSA into another eligible retirement plan, either as a direct rollover or
as a rollover you do yourself within 60 days of your receiving the
distribution. To the extent rolled over, it remains tax-deferred.
You may roll over a distribution from a qualified plan or TSA to another
qualified plan or TSA or to a traditional IRA. A spousal beneficiary may roll
over death benefits only to a traditional IRA. You cannot roll over funds from
a TSA to a qualified plan or from a qualified plan to a TSA.
The taxable portion of most distributions will be eligible for rollover.
However, federal income tax rules exclude certain distributions from rollover
treatment including (1) periodic payments for life or for a period of 10 years
or more, (2) hardship withdrawals, and (3) any required minimum distributions
under federal income tax rules.
Direct transfers of TSA funds from one TSA to another under Revenue Ruling
90-24 are not distributions.
DISTRIBUTION REQUIREMENTS
Qualified plans and TSAs are subject to required minimum distribution rules.
See "Required minimum distributions."
SPOUSAL CONSENT RULES
If ERISA rules apply to your qualified plan or TSA you will need to get
spousal consent for loans, withdrawals, or other distributions if you are
married when you request a withdrawal type transaction under the TSA contract.
In addition, unless you elect otherwise with the written consent of your
spouse, the retirement benefits payable under the plan must be paid in the
form of a qualified joint and survivor annuity. A qualified joint and survivor
annuity is payable for the life of the annuitant with a survivor annuity for
the life of the spouse in an amount not less than one-half of the amount
payable to the annuitant during his or her lifetime. In addition, if you are
married, the beneficiary must be your spouse, unless your spouse consents in
writing to the designation of another beneficiary.
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If you are married and you die before annuity payments have begun, payments
will be made to your surviving spouse in the form of a life annuity unless at
the time of your death a contrary election was in effect. However, your
surviving spouse may elect, before payments begin, to receive payments in any
form permitted under the terms of the employer's plan and the contract.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a qualified plan or TSA before you reach age 59 1/2. This
is in addition to any income tax. There are exceptions to the extra penalty
tax. No penalty tax applies to pre-age 59 1/2 distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o if you are separated from service, any form of payout after you are age 55;
or
o only if you are separated from service, a payout in the form of
substantially equal periodic payments made at least annually over your
life (or your life expectancy), or over the joint lives of you and your
beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
SIMPLIFIED EMPLOYEE PENSIONS (SEPS)
An employer can establish a SEP plan for its employees and can make
contributions to a contract for each eligible employee. A SEP IRA contract is
a form of traditional IRA contract, owned by the employee-annuitant and most
of the rules which apply to traditional IRAs apply. See "Traditional
Individual Retirement Annuities (Traditional IRAs)" later in this prospectus.
A major difference is the amount of permissible contributions. Rules similar
to those discussed above under "Qualified Plans General; Contributions" apply.
In 2000 an employer can annually contribute an amount for an employee up to
the lesser of $25,500 or 15% of the employee's compensation. This amount may
be adjusted for cost of living changes in future years. In figuring out
compensation you exclude the employer's contribution to the SEP. Under our
current practice, regular traditional IRA contributions by the employee may
not be made under a SEP IRA contract and are put into a separate traditional
IRA contract.
Salary reduction SEP (SARSEP) plans may no longer be established for years
beginning after December 31, 1996. However, employers who had established
SARSEP plans prior to 1997 can continue to make contributions on behalf of
participating employees for 1997 and later years. SARSEP plans are subject to
a number of special rules, some of which are discussed in the SAI.
SEP plans are available under EQUI-VEST Series 300 in most states. EQUI-VEST
SEP Series 200 are available in states where the 300 Series is not available.
SIMPLE IRAS (SAVINGS INCENTIVE MATCH PLAN)
An eligible employer may establish a "SIMPLE IRA" plan to make contributions
to special individual retirement accounts or individual retirement annuities
for its employees ("SIMPLE IRAs"). The IRS has issued various forms which may
be used by employers to set up a SIMPLE IRA plan. Currently, we are accepting
only those SIMPLE IRA plans using IRS Form 5304-SIMPLE. Use of Form
5304-SIMPLE requires that the employer permit the employee to select a SIMPLE
IRA provider.
The employer cannot maintain any other qualified plan, SEP plan or TSA
arrangement if it makes contributions under a SIMPLE IRA plan. (Eligible
employers may maintain EDC plans.)
Any type of employer - corporation, partnership, self-employed person,
government or tax-exempt entity - is eligible to establish a SIMPLE IRA plan
if it meets the requirements about number of employees and compensation of
those employees.
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It is the responsibility of the employer to determine whether it is eligible
to establish a SIMPLE IRA plan and whether such plan is appropriate.
The employer must have no more than 100 employees who earned at least $5,000
in compensation from the employer in the prior calendar year.
An employer establishing a SIMPLE IRA plan should consult its tax adviser
concerning the various technical rules applicable to establishing and
maintaining SIMPLE IRA plans. For example, the definition of employee's
"compensation" may vary depending on whether it is used in the context of
employer eligibility, employee participation, and employee or employer
contributions.
Participation must be open to all employees who received at least $5,000 in
compensation from the employer in any two preceding years (they do not have to
be consecutive years) and who are reasonably expected to receive at least
$5,000 in compensation during the year. (Certain collective bargaining unit
and alien employees may be excluded.)
The only kinds of contributions which may be made to a SIMPLE IRA are (i)
contributions under a salary reduction agreement entered into between the
employer and the participating employee and (ii) required employer
contributions (employer matching contributions or employer nonelective
contributions). (Direct transfer and rollover contributions from other SIMPLE
IRAs, but not traditional IRAs or Roth IRAs, may also be made.) Salary
reduction contributions can be any percentage of compensation (or a specific
dollar amount, if the employer's plan permits) but are limited to $6,000 in
2000. The $6,000 elective deferral limit may be indexed for cost of living
adjustments in future years.
Generally, the employer is required to make matching contributions on behalf
of each eligible employee in an amount equal to the salary reduction
contributions, up to 3% of the employee's compensation. In certain
circumstances, an employer may elect to make required employer contributions
on an alternate basis. Employer matching contributions to a SIMPLE IRA for
self-employed individuals are treated the same as matching contributions for
employees. (They are not subject to the elective deferral limits.)
TAX TREATMENT OF SIMPLE IRAS
Unless specifically otherwise mentioned, for example, regarding differences in
funding and potential penalty tax on distributions, the rules which apply to
traditional IRAs also apply to SIMPLE IRAs. See "Traditional Individual
Retirement Annuities (Traditional IRAs)" later in this prospectus.
Amounts contributed to SIMPLE IRAs are not currently taxable to employees.
Only the employer can deduct SIMPLE IRA contributions, not the employee. An
employee eligible to participate in a SIMPLE IRA is treated as an active
participant in an employer plan and thus may not be able to deduct (fully)
regular contributions to his/her own traditional IRA.
As with traditional IRAs in general, contributions and earnings accumulate tax
deferred until withdrawn and are then fully taxable. There are no withdrawal
restrictions applicable to SIMPLE IRAs. However, because of the level of
employer involvement, SIMPLE IRA plans are subject to ERISA. See the rules
under "ERISA Matters" below.
Amounts withdrawn from a SIMPLE IRA can always be rolled over to another
SIMPLE IRA and, within limits, to a traditional IRA or Roth IRA. No rollovers
from a SIMPLE IRA to a traditional IRA or a Roth IRA are permitted for
individuals under age 59 1/2 who have not participated in the employer's
SIMPLE IRA plan for two full years. Also, for such individuals, any amounts
withdrawn from a SIMPLE IRA are not only fully taxable but are also subject to
a 25% (not 10%) additional federal income tax penalty. (The exceptions for
death, disability, etc. apply.)
SIMPLE IRA plans are available under EQUI-VEST Series 400 in most states.
EQUI-VEST SIMPLE IRA Series 300 and Series 200 are available in states where
Series 400 is not available.
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PUBLIC AND TAX-EXEMPT ORGANIZATION EMPLOYEE DEFERRED COMPENSATION PLANS (EDC
PLANS)
SPECIAL EMPLOYER AND OWNERSHIP RULES. Employers eligible to maintain EDC plans
are governmental entities such as states, municipalities, and state agencies
(governmental employer) or tax-exempt entities (tax-exempt employer).
Participation in an EDC plan of a tax-exempt employer is limited to a select
group of management or highly compensated employees because of ERISA rules
that do not apply to governmental employer plans.
An employer can fund its EDC plan in whole or in part with annuity contracts
purchased for participating employees and their beneficiaries. These employees
do not have to include in income the employer's contributions to purchase the
EDC contracts or any earnings until they receive or are entitled to receive
funds from the EDC plan. The EDC plan funds are subject to the claims of the
employer's general creditors in an EDC plan maintained by a tax-exempt
employer. In an EDC plan maintained by a governmental employer, the plan's
assets must be held in trust for the exclusive benefit of employees. An
annuity contract can be a trust equivalent if the contract includes the trust
rules. Regardless of contract ownership, the EDC plan may permit the employee
to choose among various investment options.
CONTRIBUTION LIMITS. Although an EDC plan is not a qualified plan, a number of
federal income tax rules for qualified plans apply, such as limits on
contributions. Generally, the maximum contribution amount that can be excluded
from gross income in any tax year under an EDC plan is 33 1/3% of the
employee's "includable compensation," up to a specified maximum. In 2000,
the maximum contribution amount is $8,000. This amount could be adjusted for
cost of living changes in future years. Special rules may permit "catch-up"
contributions during the three years preceding normal retirement age under the
EDC plan.
WITHDRAWAL LIMITS. In general, no amounts may be withdrawn from an EDC plan
prior to the calendar year in which the employee attains age 70 1/2, separates
from service with the employer or in the event of an unforeseen emergency.
Income or gains on contributions under an EDC plan are subject to federal
income tax when amounts are distributed or made available to the employee or
beneficiary. Small amounts (up to $5000) may be taken out by the employee or
forced out by the plan under certain circumstances, even though the employee
may still be working and amounts would not otherwise be made available.
DISTRIBUTION REQUIREMENTS. IRS rules require that distributions from an EDC
must be in substantially non-increasing amounts no less frequently than
annually. EDC plans are subject to minimum distribution rules similar to those
that apply to qualified plans. See "Required minimum distributions" in this
section. That is, distributions from EDC plans generally must start no later
than April 1st of the calendar year following the calendar year in which the
employee attains age 70 1/2 or retires from service with the employer
maintaining the EDC plan, whichever is later. Failure to make required
distributions may cause the disqualification of the EDC plan. Disqualification
may result in current taxation of EDC plan benefits. In addition, a 50%
penalty tax is imposed on the difference between the required distribution
amount and the amount actually distributed, if any. It is the plan
administrator's responsibility to see that minimum distributions from an EDC
plan are made.
If the EDC plan provides, a deceased employee's beneficiary may be able to
elect to receive death benefits in installments instead of a lump sum, and
the payments will be taxed as they are received. However, the death
benefits must be received within 15 years of the date of the deceased
employee's death (or within the period of the life expectancy of the
surviving spouse if the spouse is the designated beneficiary).
TAX TREATMENT OF DISTRIBUTIONS. Distributions from an EDC plan may not be
rolled over or transferred to any kind of IRA.
Distributions to an EDC plan participant are characterized as "wages" for
income tax reporting and withholding purposes.
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No election out of withholding is possible. See "Federal and state income tax
withholding and information reporting" in this section. Withholding on wages
is the employer's responsibility. Distributions from an EDC plan are not
subject to FICA tax, if FICA tax was withheld by the employer when wages were
deferred. In certain circumstances, receipt of payments from an EDC plan may
result in a reduction of an employee's Social Security benefits.
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)
This part of the prospectus contains the information that the IRS requires you
to have before you purchase an IRA, and covers some of the special tax rules
that apply to IRAs.
Your ownership interest in the IRA cannot be forfeited. You or your
beneficiaries who survive you are the only ones who can receive the IRA's
benefits or payments.
If you own multiple IRAs, including IRAs funded by or through your employer,
you may be required to combine IRA values or contributions for tax purposes.
For further information about individual retirement arrangements, you can read
Internal Revenue Service Publication 590 ("Individual Retirement Arrangements
(IRAs)"). This publication is usually updated annually, and can be obtained
from any IRS district office or the IRS Web site (www.irs.gov).
The EQUI-VEST SEP and SIMPLE IRA contracts have been approved by the IRS as to
form for use as a traditional IRA. This IRS approval is a determination only
as to the form of the annuity. It does not represent a determination of the
merits of the annuity as an investment. The IRS approval does not address
every feature possibly available under the EQUI-VEST SEP, SARSEP and SIMPLE
IRA contracts.
CANCELLATION
You can cancel an EQUI-VEST IRA contract by following the directions under
"Your right to cancel within a certain number of days" earlier in the
prospectus. If you cancel a contract, we may have to withhold tax, and we must
report the transaction to the IRS. A contract cancellation could have an
unfavorable tax impact.
CONTRIBUTIONS
As SEP, SARSEP-IRA and SIMPLE IRA contracts are employer-funded traditional
IRAs, the employee does not make regular contributions to the contract other
than through the employer. However, an employee can make rollover or transfer
contributions to SEP-IRA, SARSEP-IRA, and in limited circumstances, to
SIMPLE-IRA contracts.
ROLLOVERS AND TRANSFERS
Rollover contributions may be made to a traditional IRA from these sources:
o qualified plans;
o TSAs (including Internal Revenue Code Section 403(b)(7) custodial
accounts); and
o other traditional IRAs.
Any amount contributed to a traditional IRA after you reach age 70 1/2 must be
net of your required minimum distribution for the year in which the rollover
or direct transfer contribution is made.
RECHARACTERIZATION
Employer-funded amounts that have been contributed as traditional IRA funds
may subsequently be treated as Roth IRA funds. Special federal income tax
rules allow you to change your mind again and have employer-funded amounts
that are subsequently treated as Roth IRA funds, once again treated as
traditional IRA funds. You do this by using the forms we prescribe. This is
referred to as having "recharacterized" your contribution.
ROLLOVERS FROM QUALIFIED PLANS OR TSAS
There are two ways to do rollovers:
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o Do it yourself
You actually receive a distribution that can be rolled over and you roll
it over to a traditional IRA within 60 days after the date you receive the
funds. The distribution from your qualified plan or TSA will be net of 20%
mandatory federal income tax withholding. If you want, you can replace the
withheld funds yourself and roll over the full amount.
o Direct rollover
You tell your qualified plan trustee or TSA issuer/custodian/fiduciary to
send the eligible rollover distribution directly to your traditional IRA
issuer. Direct rollovers are not subject to mandatory federal income tax
withholding.
All distributions from a TSA or qualified plan are eligible
rollover distributions, unless the distribution is:
o only after-tax contributions you made to the plan; or
o "required minimum distributions" after age 70 1/2 or separation from
service; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancies) of
you and your designated beneficiary; or
o a hardship withdrawal; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o corrective distributions which fit specified technical tax rules; or
o loans that are treated as distributions; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current spouse or former spouse.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your
other traditional IRAs if you complete the transaction within 60 days after
you receive the funds. You may make such a rollover only once in every
12-month period for the same funds. Trustee-to-trustee or
custodian-to-custodian direct transfers are not rollover transactions. You can
make these more frequently than once in every 12-month period.
The surviving spouse beneficiary of a deceased individual can roll over or
directly transfer an inherited traditional IRA to one or more other
traditional IRAs. Also, in some cases, traditional IRAs can be transferred on
a tax-free basis between spouses or former spouses as a result of a court
ordered divorce or separation decree.
EXCESS CONTRIBUTIONS
Excess contributions to IRAs are subject to a 6% excise tax for the year in
which made and for each year after until withdrawn. The following are examples
of excess contributions to IRAs:
o regular contributions to a traditional IRA made after you reach age 70 1/2;
or
o rollover contributions of amounts which are not eligible to be rolled over,
for example, after-tax contributions to a qualified plan or minimum
distributions required to be made after age 70 1/2.
You can avoid the excise tax by withdrawing an excess contribution before the
due date (including extensions) for filing your federal income tax return for
the year. You do not have to include the excess contribution withdrawn as part
of your income. It is also not subject to the 10% additional penalty tax on
early distributions discussed below under "Early distribution penalty tax."
You do have to withdraw any earnings that are attributed to the excess
contribution. The withdrawn earnings would be included in your gross income
and could be subject to the 10% penalty tax.
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Even after the due date for filing your return, you may withdraw an excess
rollover contribution, without income inclusion or 10% penalty, if:
(1) the rollover was from a qualified retirement plan to a traditional IRA;
(2) the excess contribution was due to incorrect information that the plan
provided; and
(3) you took no tax deduction for the excess contribution.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS
You can withdraw any or all of your funds from a traditional IRA at any time.
You do not need to wait for a special event like retirement.
TAXATION OF PAYMENTS
Earnings in traditional IRAs are not subject to federal income tax until you
or your beneficiary receive them. Taxable payments or distributions include
withdrawals from your contract, surrender of your contract and annuity
payments from your contract. Death benefits are also taxable. The conversion
of amounts from a SEP IRA, SARSEP IRA or SIMPLE IRA (after two plan
participant years) to a Roth IRA is taxable. Generally, the total amount of
any distribution from a traditional IRA must be included in your gross income
as ordinary income.
In addition, a distribution is not taxable if:
o the amount received is a withdrawal of excess contributions, as described
under "Excess contributions" above; or
o the entire amount received is rolled over to another traditional IRA (see
"Rollovers and transfers" above).
Distributions from a traditional IRA are not eligible for favorable ten-year
averaging and long-term capital gain treatment available to certain
distributions from qualified plans under very limited circumstances.
REQUIRED MINIMUM DISTRIBUTIONS
Traditional IRAs are subject to required minimum distribution rules described
below in "Required minimum distributions."
SUCCESSOR ANNUITANT AND OWNER
If your spouse is the sole primary beneficiary and elects to become the
successor annuitant and owner, no death benefit is payable until your
surviving spouse's death.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA
as collateral for a loan or other obligation. If you borrow against your IRA
or use it as collateral, its tax-favored status will be lost as of the first
day of the tax year in which this prohibited event occurs. If this happens,
you must include the value of the traditional IRA in your federal gross
income. Also, the early distribution penalty tax of 10% will apply if you have
not reached age 59 1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59 1/2. The
extra penalty tax does not apply to pre-age 59 1/2 distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o to pay medical insurance premiums for unemployed individuals (special
federal income tax definition); or
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o to pay certain first-time home buyer expenses (special federal income tax
definition); or
o to pay certain higher education expenses (special federal income tax
definition); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy), or over the joint lives of you
and your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
ILLUSTRATION OF GUARANTEED INTEREST RATES
In the following two tables, we provide information that the IRS requires us
to furnish to prospective IRA contract owners. In the tables we illustrate the
3% minimum guaranteed interest rate for contributions we assume are allocated
entirely to the guaranteed interest option under series 300 and 400 contracts.
In Table I we assume a $1,000 contribution made annually on the contract date
and on each anniversary after that. We assume no withdrawals or transfers were
made under the contract. In Table II we assume a single initial contribution
of $1,000, and no additional contributions. We also assume no withdrawals or
transfers. The 3% guaranteed interest rate is in the contract.
The values shown assume the withdrawal charge applies. These values reflect
the effect of the annual administrative charge deducted at the end of each
contract year in which the account value is less than $20,000.
To find the appropriate value for the end of the contract year at any
particular age, you subtract the age (nearest birthday) at issue of the
contract from the current age and find the corresponding year in the table.
Years that correspond to a current age over 70, should be ignored.
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You should consider the information shown in the tables in light of your
present age. Also, with respect to Table I, you should consider your ability to
contribute $1,000 annually. Any change in the amounts contributed annually in
Table I, or in the amount of the single contribution in Table II would, of
course, change the results shown.
TABLE I
ACCOUNT VALUES AND
CASH VALUES
(assuming $1,000 contributions made annually
at the beginning of the contract year)
3% MINIMUM GUARANTEE
- -----------------------------------------------
CONTRACT ACCOUNT CASH
YEAR END VALUE VALUE
- -----------------------------------------------
1 $ 1,009.40 $ 954.89
- -----------------------------------------------
2 $ 2,039.68 $ 1,929.54
- -----------------------------------------------
3 $ 3,100.87 $ 2,933.43
- -----------------------------------------------
4 $ 4,193.90 $ 3,967.43
- -----------------------------------------------
5 $ 5,319.72 $ 5,032.45
- -----------------------------------------------
6 $ 6,479.31 $ 6,129.42
- -----------------------------------------------
7 $ 7,673.69 $ 7,313.69
- -----------------------------------------------
8 $ 8,903.90 $ 8,543.90
- -----------------------------------------------
9 $ 10,171.01 $ 9,811.01
- -----------------------------------------------
10 $ 11,476.14 $ 11,116.14
- -----------------------------------------------
11 $ 12,820.43 $ 12,460.43
- -----------------------------------------------
12 $ 14,205.04 $ 13,845.04
- -----------------------------------------------
13 $ 15,631.19 $ 15,271.19
- -----------------------------------------------
14 $ 17,100.13 $ 16,740.13
- -----------------------------------------------
15 $ 18,613.13 $ 18,253.13
- -----------------------------------------------
16 $ 20,201.53 $ 19,841.53
- -----------------------------------------------
17 $ 21,837.57 $ 21,477.57
- -----------------------------------------------
18 $ 23,522.70 $ 23,162.70
- -----------------------------------------------
19 $ 25,258.38 $ 24,898.38
- -----------------------------------------------
20 $ 27,046.13 $ 26,686.13
- -----------------------------------------------
21 $ 28,887.52 $ 28,527.52
- -----------------------------------------------
22 $ 30,784.14 $ 30,424.14
- -----------------------------------------------
23 $ 32,737.67 $ 32,377.67
- -----------------------------------------------
24 $ 34,749.80 $ 34,389.80
- -----------------------------------------------
25 $ 36,822.29 $ 36,462.29
- -----------------------------------------------
3% MINIMUM GUARANTEE
- -----------------------------------------------
CONTRACT ACCOUNT CASH
YEAR END VALUE VALUE
- -----------------------------------------------
26 $ 38,956.96 $ 38,596.96
- -----------------------------------------------
27 $ 41,155.67 $ 40,795.67
- -----------------------------------------------
28 $ 43,420.34 $ 43,060.34
- -----------------------------------------------
29 $ 45,752.95 $ 45,392.95
- -----------------------------------------------
30 $ 48,155.53 $ 47,795.53
- -----------------------------------------------
31 $ 50,630.20 $ 50,270.20
- -----------------------------------------------
32 $ 53,179.11 $ 52,819.11
- -----------------------------------------------
33 $ 55,804.48 $ 55,444.48
- -----------------------------------------------
34 $ 58,508.61 $ 58,148.61
- -----------------------------------------------
35 $ 61,293.87 $ 60,933.87
- -----------------------------------------------
36 $ 64,162.69 $ 63,802.69
- -----------------------------------------------
37 $ 67,117.57 $ 66,757.57
- -----------------------------------------------
38 $ 70,161.10 $ 69,801.10
- -----------------------------------------------
39 $ 73,295.93 $ 72,935.93
- -----------------------------------------------
40 $ 76,524.81 $ 76,164.81
- -----------------------------------------------
41 $ 79,850.55 $ 79,490.55
- -----------------------------------------------
42 $ 83,276.07 $ 82,916.07
- -----------------------------------------------
43 $ 86,804.35 $ 86,444.35
- -----------------------------------------------
44 $ 90,438.48 $ 90,078.48
- -----------------------------------------------
45 $ 94,181.64 $ 93,821.64
- -----------------------------------------------
46 $ 98,037.08 $ 97,677.08
- -----------------------------------------------
47 $ 102,008.20 $ 101,648.20
- -----------------------------------------------
48 $ 106,098.44 $ 105,738.44
- -----------------------------------------------
49 $ 110,311.40 $ 109,951.40
- -----------------------------------------------
50 $ 114,650.74 $ 114,290.74
- -----------------------------------------------
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TABLE II
ACCOUNT VALUES AND
CASH VALUES
(assuming a single contribution of $1,000 and
no further contribution)
3% MINIMUM GUARANTEE
- -----------------------------------------------
CONTRACT ACCOUNT CASH
YEAR END VALUE VALUE
- -----------------------------------------------
1 $ 1,009.40 $ 954.89
- -----------------------------------------------
2 $ 1,018.89 $ 963.87
- -----------------------------------------------
3 $ 1,019.46 $ 964.40
- -----------------------------------------------
4 $ 1,020.04 $ 964.96
- -----------------------------------------------
5 $ 1,020.64 $ 965.53
- -----------------------------------------------
6 $ 1,021.26 $ 966.11
- -----------------------------------------------
7 $ 1,021.90 $ 1,021.90
- -----------------------------------------------
8 $ 1,022.55 $ 1,022.55
- -----------------------------------------------
9 $ 1,023.23 $ 1,023.23
- -----------------------------------------------
10 $ 1,023.93 $ 1,023.93
- -----------------------------------------------
11 $ 1,024.65 $ 1,024.65
- -----------------------------------------------
12 $ 1,025.38 $ 1,025.38
- -----------------------------------------------
13 $ 1,026.15 $ 1,026.15
- -----------------------------------------------
14 $ 1,026.93 $ 1,026.93
- -----------------------------------------------
15 $ 1,027.74 $ 1,027.74
- -----------------------------------------------
16 $ 1,028.57 $ 1,028.57
- -----------------------------------------------
17 $ 1,029.43 $ 1,029.43
- -----------------------------------------------
18 $ 1,030.31 $ 1,030.31
- -----------------------------------------------
19 $ 1,031.22 $ 1,031.22
- -----------------------------------------------
20 $ 1,032.16 $ 1,032.16
- -----------------------------------------------
21 $ 1,033.12 $ 1,033.12
- -----------------------------------------------
22 $ 1,034.11 $ 1,034.11
- -----------------------------------------------
23 $ 1,035.14 $ 1,035.14
- -----------------------------------------------
24 $ 1,036.19 $ 1,036.19
- -----------------------------------------------
25 $ 1,037.28 $ 1,037.28
- -----------------------------------------------
3% MINIMUM GUARANTEE
- -----------------------------------------------
CONTRACT ACCOUNT CASH
YEAR END VALUE VALUE
- -----------------------------------------------
26 $ 1,038.40 $ 1,038.40
- -----------------------------------------------
27 $ 1,039.55 $ 1,039.55
- -----------------------------------------------
28 $ 1,040.73 $ 1,040.73
- -----------------------------------------------
29 $ 1,041.96 $ 1,041.96
- -----------------------------------------------
30 $ 1,043.22 $ 1,043.22
- -----------------------------------------------
31 $ 1,044.51 $ 1,044.51
- -----------------------------------------------
32 $ 1,045.85 $ 1,045.85
- -----------------------------------------------
33 $ 1,047.22 $ 1,047.22
- -----------------------------------------------
34 $ 1,048.64 $ 1,048.64
- -----------------------------------------------
35 $ 1,050.10 $ 1,050.10
- -----------------------------------------------
36 $ 1,051.60 $ 1,051.60
- -----------------------------------------------
37 $ 1,053.15 $ 1,053.15
- -----------------------------------------------
38 $ 1,054.74 $ 1,054.74
- -----------------------------------------------
39 $ 1,056.39 $ 1,056.39
- -----------------------------------------------
40 $ 1,058.08 $ 1,058.08
- -----------------------------------------------
41 $ 1,059.82 $ 1,059.82
- -----------------------------------------------
42 $ 1,061.61 $ 1,061.61
- -----------------------------------------------
43 $ 1,063.46 $ 1,063.46
- -----------------------------------------------
44 $ 1,065.37 $ 1,065.37
- -----------------------------------------------
45 $ 1,067.33 $ 1,067.33
- -----------------------------------------------
46 $ 1,069.35 $ 1,069.35
- -----------------------------------------------
47 $ 1,071.43 $ 1,071.43
- -----------------------------------------------
48 $ 1,073.57 $ 1,073.57
- -----------------------------------------------
49 $ 1,075.78 $ 1,075.78
- -----------------------------------------------
50 $ 1,078.05 $ 1,078.05
- -----------------------------------------------
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REQUIRED MINIMUM DISTRIBUTIONS
If you are a participant in a qualified retirement plan, EDC plan, or own a
TSA or traditional IRA, including SEP, SARSEP or SIMPLE IRA, the required
minimum distribution rules force you to start calculating and taking annual
distributions from these tax-favored retirement plans and arrangements by a
specified date. The beginning date depends on the type of plan or arrangement,
and your age and retirement status. The distribution requirements are designed
to use up your interest in the plan over your life expectancy. Whether the
correct amount has been distributed is calculated on a year-by-year basis;
there are no provisions to allow amounts taken in excess of the required
amount to be carried back to other years.
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS - WHEN YOU HAVE TO TAKE THE FIRST
REQUIRED MINIMUM DISTRIBUTION
You must start taking annual distributions from your traditional IRAs
beginning at age 70 1/2.
Generally, you must take the first required minimum distribution for the
calendar year in which you turn age 70 1/2. Qualified plan, TSA and EDC
participants may be able to delay the start of required minimum distributions
for all or part of your account balance until after age 70 1/2, as follows:
o For qualified plan, TSA and EDC participants who have not retired from
service with the employer who provided the funds for this qualified plan,
TSA, or EDC contract by the calendar year the participant turns age
70 1/2, the required beginning date for minimum distributions is extended to
April 1st following the calendar year of retirement. Note that this rule
does not apply to qualified plan participants who are 5% owners.
o TSA plan participants may also delay the start of required minimum
distributions to age 75 of the portion of their account value attributable
to their December 31, 1986 TSA account balance, even if retired at age
70 1/2.
The first required minimum distribution is for the calendar year in which you
turn age 70 1/2, or the year you retire, if you are eligible for the delayed
start rule. You have the choice to take this first required minimum
distribution during the calendar year you turn 70 1/2 or retire, or to delay
taking it until the first three-month period in the next calendar year
(January 1 - April 1). Distributions must start no later than your "Required
Beginning Date," which is April 1st of the calendar year after the calendar
year in which you turn age 70 1/2 or retire if you are eligible for the
delayed start rule. If you choose to delay taking the first annual minimum
distribution, then you will have to take two minimum distributions in that
year - the delayed one for the first year and the one actually for that year.
Once minimum distributions begin, they must be made at some time each year.
HOW YOU CALCULATE REQUIRED MINIMUM DISTRIBUTIONS
There are two approaches to taking required minimum distributions -
"account-based" or "annuity-based."
ACCOUNT-BASED METHOD. If you choose an "account-based" method, you divide the
value of your qualified plan, TSA, EDC, or traditional IRA as of December 31st
of the past calendar year by a life expectancy factor from IRS tables. This
account balance gives you the required minimum distribution amount for that
particular plan or arrangement for that year. The required minimum
distribution amount will vary each year as the account value and your life
expectancy factors change.
You have a choice of life expectancy factors, depending on whether you choose
a method based only on your life expectancy, or the joint life expectancies of
you and another individual. You can decide to "recalculate" your life
expectancy every year by using your current life expectancy factor. You can
decide instead to use the "term certain" method, where you reduce your life
expectancy by one every year after the initial year. If your spouse is your
designated beneficiary for the purpose of calculating annual account-based
required minimum distributions, you can also annually "recalculate" your
spouse's life expectancy if you want. If you choose someone who is not your
spouse as your designated beneficiary for the purpose of calculating annual
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account-based required minimum distributions, you have to use the "term
certain" method of calculating that person's life expectancy. If you pick a
nonspouse designated beneficiary, you may also have to do another special
calculation.
You can later apply your traditional IRA or TSA funds to a life annuity-based
payout. You can only do this if you already chose to recalculate your life
expectancy annually (and your spouse's life expectancy if you select a spousal
joint annuity). For example, if you anticipate selecting a form of life
annuity payout after you are age 70 1/2, you must have elected to recalculate
life expectancies.
If the qualified plan or EDC plan permits, you may also be able to select an
account based withdrawal method followed by a life annuity payout if you elect
to recalculate life expectancies.
ANNUITY-BASED METHOD. If you choose an annuity-based method you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS?
No. If you want, you can choose a different method and a different beneficiary
for each of your traditional IRAs and other retirement plans. For example, you
can choose an annuity payout from one IRA, a different annuity payout from a
qualified plan, and an account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED
ON THE METHOD YOU CHOOSE?
No, unless you affirmatively select an annuity payout option or an
account-based withdrawal option such as our minimum distribution withdrawal
option. Because the options we offer do not cover every option permitted under
federal income tax rules, you may prefer to do your own required minimum
distribution calculations for one or more of your traditional IRAs.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR?
The required minimum distribution amount for your traditional IRAs is
calculated on a year-by-year basis. There are no carry-back or carry-forward
provisions. Also, you cannot apply required minimum distribution amounts you
take from your qualified plans to the amounts you have to take from your
traditional IRAs and vice-versa. However, the IRS will let you calculate the
required minimum distribution for each traditional IRA or TSA that you
maintain, using the method that you picked for that particular IRA or TSA. You
can add these required minimum distribution amount calculations together. As
long as the total amount you take out every year satisfies your overall
traditional IRA or TSA required minimum distribution amount, you may choose to
take your annual required minimum distribution from any one or more
traditional IRAs that you own.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR?
Your plan or arrangement could be disqualified, and you could have to pay tax
on the entire value. Even if your plan or arrangement is not disqualified, you
could have to pay a 50% penalty tax on the shortfall (required amount less
amount actually taken). It is your responsibility to meet the required minimum
distribution rules. We will remind you when our records show that your age 70
1/2 is approaching. If this is an IRA or TSA and you do not select a method
with us, we will assume you are taking your required minimum distribution from
another traditional IRA or TSA that you own. Note that in the case of a
qualified plan or EDC the distribution must be taken annually.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE?
If you die after either (a) the start of annuity payments, or (b) your
Required Beginning Date, your beneficiary must receive payment of the
remaining values in the contract at least as rapidly as under the distribution
method before your death.
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In some circumstances, your surviving spouse may elect to become the owner of
your traditional IRA and halt distributions until he or she reaches age
70 1/2.
If you die before your Required Beginning Date and before annuity payments
begin, federal income tax rules require complete distribution of your entire
value in the contract within five years after your death. Payments to a
designated beneficiary over the beneficiary's life or over a period certain
that does not extend beyond the beneficiary's life expectancy are also
permitted, if these payments start within one year of your death. A surviving
spouse beneficiary can also (a) delay starting any payments until you would
have reached age 70 1/2 or (b) roll over your qualified plan, TSA, or
traditional IRA into his or her own traditional IRA.
SPECIAL EDC MINIMUM DISTRIBUTION RULES
Any distribution payable over a period of more than one year must be paid at
least annually and must be substantially nonincreasing. If an EDC plan
participant dies before the Required Beginning Date, then required minimum
distributions made after death must be paid over a period of not more than 15
years. If the surviving spouse is the beneficiary, these required minimum
distributions may be paid over the life expectancy period of the spouse.
Rollovers to traditional IRAs are not permitted.
ERISA MATTERS
ERISA rules are designed to save and protect qualified retirement plan assets
to be paid to plan participants when they retire.
Qualified plans under Section 401 of the Internal Revenue Code are generally
subject to ERISA. Some TSAs may be subject to Title I of ERISA, generally
dependent on the level of employer involvement, for example, if the employer
makes matching contributions.
In addition, certain loan rules apply only to loans under ERISA plans:
o For contracts which are subject to ERISA, the trustee or sponsoring
employer is responsible for insuring that any loan meets applicable DOL
requirements. It is the responsibility of the plan administrator, the
trustee of the qualified plan and/or the employer, and not Equitable Life,
to properly administer any loan made to plan participants.
o With respect to specific loans made by the plan to a plan participant, the
plan administrator determines the interest rate, the maximum term
consistent with EQUI-VEST processing and all other terms and conditions of
the loan.
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 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 Loans must be available to all plan participants, former participants (or
death beneficiaries of participants) who still have account balances under
the plan, and alternate payees on a reasonably equivalent basis.
o Plans subject to ERISA provide that the participant's spouse must consent
in writing to the loan.
o Except to the extent permitted in accordance with the terms of a prohibited
transaction exemption issued by DOL, loans are not available (i) in a
Keogh (non-corporate) 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.
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
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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 EQUI-VEST Trusteed, HR-10 Annuitant-Owned, SIMPLE IRA and TSA programs
provide 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 financial professionals shall not be responsible if a
plan fails to meet the requirements of Section 404(c).
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable.
The rate of withholding will depend on the type of distribution and, in
certain cases, the amount of your distribution. Any income tax withheld is a
credit against your income tax liability. If you do not have sufficient income
tax withheld or do not make sufficient estimated income tax payments, you may
incur penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this
purpose. You cannot elect out of withholding unless you provide us with your
correct Taxpayer Identification Number and a United States residence address.
You cannot elect out of withholding if we are sending the payment out of the
United States.
You should note the following special situations:
o We might have to withhold and/or report on amounts we pay under a free look
or cancellation.
o We are generally required to withhold on conversion rollovers of
traditional IRAs in SEP, SARSEP, or SIMPLE IRAs to Roth IRAs, as it is
considered a withdrawal from the traditional IRA and is taxable.
Special withholding rules apply to foreign recipients and United States
citizens residing outside the United States. We do not discuss these rules
here. Certain states have indicated that state income tax withholding will
also apply to payments from the contracts made to residents. In some states,
you may elect out of state withholding, even if federal withholding applies.
Generally, an election out of federal withholding will also be considered an
election out of state withholding. If you need more information concerning a
particular state or any required forms, call our processing office at the
toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number
of withholding exemptions, we withhold assuming that you are married and
claiming three withholding exemptions. If you do not give us your correct
Taxpayer Identification Number, we withhold as if you are single with no
exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $14,880 in periodic annuity payments in
2000 your payments will generally be exempt from federal income tax
withholding. You could specify a different choice of withholding exemption or
request that tax be withheld. Your
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withholding election remains effective unless and until you revoke it. You may
revoke or change your withholding election at any time.
MANDATORY WITHHOLDING FROM TSA AND QUALIFIED PLAN DISTRIBUTIONS
Unless you have the distribution go directly to the new plan, eligible
rollover distributions from qualified plans and TSAs are subject to mandatory
20% withholding. An eligible rollover distribution from a TSA can be rolled
over to another TSA or a traditional IRA. An eligible rollover distribution
from a qualified plan can be rolled over to another qualified plan or
traditional IRA. All distributions from a TSA or qualified plan are eligible
rollover distributions unless they are on the following list of exceptions:
o any after-tax contributions you made to the plan; or
o any distributions which are "required minimum distributions" after age
70 1/2 or separation from service; or
o hardship withdrawals; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and your designated beneficiary; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o corrective distributions which fit specified technical tax rules; or
o loans that are treated as distributions; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current spouse or former spouse.
A death benefit payment to your surviving spouse, or a qualified domestic
relations order distribution to your current or former spouse, may be a
distribution subject to mandatory 20% withholding.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender or partial withdrawal), and
any distribution from a qualified plan or TSA which is not an eligible
rollover distribution we generally withhold at a flat 10% rate.
You cannot elect out of withholding if the payment is an "eligible rollover
distribution" from a qualified plan or TSA. If a non-periodic distribution
from a qualified plan or TSA is not an "eligible rollover distribution" then
the 10% withholding rate applies.
IMPACT OF TAXES TO EQUITABLE LIFE
The contracts provide that we may charge Separate Account A for taxes. We do
not now, but may in the future set up reserves for such taxes.
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ABOUT OUR 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, respectively, issued by the
corresponding portfolios 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.
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 an affiliate 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 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 investment
objectives, policies, restrictions, risks, expenses, their Rule 12b-1 plan
relating to its Class IB shares, and
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other aspects of the Trusts operations, appears in the prospectus for EQ
Advisors Trust, attached at the end of this prospectus, or in its SAI which is
available upon request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example,
we can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity for new allocations as of March 1, 2000 and the related
price per $100 of maturity value were as follows:
- -----------------------------------------------------------------------------
FIXED MATURITY
OPTIONS
WITH JUNE 15TH
MATURITY DATE RATE TO MATURITY AS PRICE
OF OF PER $100 OF
MATURITY YEAR MARCH 1, 2000 MATURITY VALUE
- -----------------------------------------------------------------------------
2001 5.20% $ 93.68
2002 5.65% $ 88.20
2003 6.10% $ 82.34
2004 6.15% $ 77.41
2005 6.25% $ 72.57
2006 6.35% $ 67.90
2007 6.40% $ 63.63
2008 6.40% $ 59.82
2009 6.45% $ 55.96
2010 6.50% $ 52.31
V=-----------------------------------------------------------------------------
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity
option.
(b) We determine the period remaining in your fixed maturity option (based
on the withdrawal date) and convert it to fractional years based on
a 365-day year. For example, three years and 12 days becomes 3.0329.
(c) We determine the current rate to maturity that applies on the
withdrawal date to new allocations to the same fixed maturity
option.
(d) We determine the present value of the fixed maturity amount payable at
the maturity date, using the period determined in (b) and the rate
determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be
positive or negative.
-------------------------------------------------------------------------------
Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that
same fixed maturity option on the date of the calculation.
-------------------------------------------------------------------------------
If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment
that would have applied if you had withdrawn the entire value in that fixed
maturity option. This percentage is equal to the percentage of the value in
the fixed maturity option that you are withdrawing. Any withdrawal charges
that are deducted from a fixed maturity option will result in a market value
adjustment calculated in the same way. See Appendix III for an example.
For purposes of calculating the rate to maturity for new allocations to a
fixed maturity option (see (1)(c) above), we use the rate we have in effect
for new allocations to that
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fixed maturity option. We use this rate even if new allocations to that option
would not be accepted at that time. This rate will not be less than 3%. If we
do not have a rate to maturity in effect for a fixed maturity option to which
the "current rate to maturity" in (1)(c) above would apply, we will use the
rate at the next closest maturity date. If we are no longer offering new fixed
maturity options, the "current rate to maturity" will be determined in
accordance with our procedures then in effect. We reserve the right to add up
to 0.50% to the current rate in (1)(c) above for purposes of calculating the
market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment
performance on those assets. You do not participate in the performance of the
assets held in this separate account. We may, subject to state law that
applies, transfer all assets allocated to the separate account to our general
account. We guarantee all benefits relating to your value in the fixed
maturity options, regardless of whether assets supporting fixed maturity
options are held in a separate account or our general account.
We have no specific formula for establishing the rates to maturity for the
fixed maturity options. We expect the rates to be influenced by, but not
necessarily correspond to, among other things, the yields that we can expect
to realize on the separate account's investments from time to time. Our
current plans are to invest in fixed-income obligations, including corporate
bonds, mortgage-backed and asset-backed securities and government and agency
issues having durations in the aggregate consistent with those of the fixed
maturity options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the
contracts, we are not obligated to invest those assets according to any
particular plan except as we may be require to by state insurance laws. We
will not determine the rates to maturity we establish by the performance of
the nonunitized separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option and the fixed
maturity options 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. However, the market value adjustment interest under the contracts are
registered under the Securities Act of 1933.
We have been advised that the staff of the SEC has not reviewed the portions
of this prospectus that relate to the general account (other than market value
adjustment interests). The disclosure with regard to general accounts,
however, may be subject to certain provisions of the federal securities laws
relating to the accuracy and completeness of statements made in prospectuses.
ABOUT OTHER METHODS OF PAYMENT
AUTOMATIC INVESTMENT PROGRAM - FOR CERTAIN SEP AND KEOGH PLAN CONTRACTS ONLY
You may use our automatic investment program, or "AIP," to have a specified
amount automatically deducted from a bank checking account, bank money market
account, or credit union checking account and contributed as an
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additional contribution into your contracts on a monthly basis. AIP is
available for Single Life SEP and Keogh Units provided that the single life is
the employer who provided the funds.
AIP additional contributions may be allocated to any of the variable
investment options and the guaranteed interest option but not the fixed
maturity options. Our minimum contribution amount requirement is $20. You
choose the day of the month you wish to have your account debited. However,
you may not choose a date later than the 28th day of the month.
You may cancel AIP at any time by notifying our processing office. We are not
responsible for any debits made to your account before the time written notice
of cancellation is received at our processing office.
Wire transfers. Employers may also send contributions by wire transfer from
a bank.
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 may cause 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 generally 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. We may close earlier due to emergency
conditions. 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 contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
o Quarterly rebalancing will be processed on a calendar year basis and
semiannual or annual rebalancing will be processed on the first business
day of the month. Rebalancing will not be done retroactively.
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 a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o Contributions allocated to the guaranteed interest option will receive the
guaranteed interest rate in effect on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June
15th is a non-business day, that fixed maturity option will mature on the
prior 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 Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
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o Transfers out of a fixed maturity option will be at the market adjusted
amount 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.
o For the interest sweep, the first monthly transfer will occur on the last
business day of the month following the month that 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 contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is
taken. If we do not receive instructions in time from all contract owners, 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 contract owners 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
contract owners, 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 contract owners,
we will see to it that appropriate action is taken.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner 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 annuity 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 contract owners.
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.
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 distribution of the contracts.
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ABOUT OUR INDEPENDENT ACCOUNTANTS
The consolidated financial statements of Equitable Life at December 31, 1999
and 1998, and for the three years ended December 31, 1999 incorporated in this
prospectus by reference to the Annual Report on Form 10-K are incorporated in
reliance on the report of PricewaterhouseCoopers LLP independent accountants
given on the authority of such firm as experts in auditing and accounting.
FINANCIAL STATEMENTS
The financial statements of Separate Account 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 our processing office or
calling 1-800-628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
Generally, the owner may not assign a contract for any purpose. However, a
trustee owner of a Trusteed contract can transfer ownership to the annuitant.
We will not be bound by an assignment unless it is in writing and we have
received it at our processing office. In some cases, an assignment or change
of ownership may have adverse tax consequences. See "Tax information" earlier
in this prospectus.
You cannot assign a contract as security for a loan or other obligation. Loans
from account value, however, are permitted under TSA (but not University TSA)
and Corporate Trusteed contracts only, unless restricted by the employer.
FUNDING CHANGES
The employer or trustee can change the funding vehicle for an EDC or Trusteed
contract. You can change the funding vehicle for a TSA, SEP or SIMPLE IRA
contract.
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 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 will be 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.
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Investment performance
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77 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 1and 2 take into
account all current fees and charges under the contract including the
withdrawal charge, 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 the annuity administrative fee, if applicable.
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 annual administrative charge and any withdrawal charge, or charges
designed to approximate certain taxes that may be imposed on us, such as
premium taxes in your state or the annuity administrative fee if applicable.
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 portfolios in which the variable investment options invest.
In some cases, the results shown relate to periods when the variable
investment options and/or the contracts were not available. In those cases, we
adjusted the results of the portfolios to reflect the charges under the
contracts that would have applied had the investment options and/or contracts
been available. Since charges under the contracts vary, we have assumed, for
each charge, the highest that might apply.
Finally, 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 reflect the results
of the separate accounts that preceded them. The "Since portfolio inception"
figures for these options are based on the date of inception of the preceding
separate accounts. We have adjusted these results to reflect the fee and
expense structure in effect for 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 the portfolios, including the measurements
reflected in the tables below.
THE PERFORMANCE INFORMATION SHOWN BELOW AND THE PERFORMANCE INFORMATION 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
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expenses typically associated with a managed portfolio. Also, they do not
reflect other current charges such as the mortality and expense risks and
other expense charges, annual administrative charge, or any withdrawal charge,
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 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.
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.
Calvert Socially Responsible: Standard & Poor's 500 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. Benchmark #2 - Standard &
Poor's 500 Index.
EQ/Evergreen Foundation: 60% Standard & Poor's 500 Index/40% Lehman Brothers
Aggregate Bond Index.
MFS Emerging Growth Companies: Benchmark #1 - 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.
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.
Benchmark #2 - Russell 2000 Value Index.
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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 EQUI-VEST performance relative
to other variable annuity products.
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79 Investment performance
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TABLE 1
AVERAGE ANNUAL TOTAL RETURN UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
- -------------------------------------------------------------------------------------------------------------------------
SINCE SINCE
1 3 5 10 OPTION PORTFOLIO
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION* INCEPTION
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EQ/Aggressive Stock 8.86% 4.09% 11.69% 13.32% 14.94% 14.94%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock 14.47% 22.12% 23.70% 14.88% 15.43% 10.83%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors 0.75% 6.69% 7.58% 6.09% 4.93% 6.28%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Equity Index 10.11% 21.15% 23.54% -- 20.78% 19.46%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Global 26.71% 17.59% 16.04% 12.04% 13.48% 10.81%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income 8.54% 16.14% 17.55% -- 13.71% 12.82%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors 15.78% 14.83% 15.53% 13.50% 11.61% 13.59%
- -------------------------------------------------------------------------------------------------------------------------
Alliance High Yield (11.60)% (2.77)% 5.08% 6.55% 3.06% 5.81%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities (8.41)% (0.61)% 1.38% -- 0.48% 2.33%
- -------------------------------------------------------------------------------------------------------------------------
Alliance International 26.03% 8.09% -- -- 7.76% 8.15%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Money Market (4.02)% (0.39)% 0.27% 1.10% 3.13% 3.13%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond (10.36)% (0.47)% 2.59% -- 0.42% 0.74%
- -------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth 17.00% -- -- -- 7.76% 11.62%
- -------------------------------------------------------------------------------------------------------------------------
EQ/Balanced 7.77% 11.05% 11.70% 7.94% 9.51% 9.51%
- -------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies 60.35% -- -- -- 39.18% 42.20%
- -------------------------------------------------------------------------------------------------------------------------
MFS Research 12.61% -- -- -- 15.36% 17.66%
- -------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity 8.79% -- -- -- 9.17% 11.67%
- -------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy 10.99% -- -- -- 4.37% 6.18%
- -------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity 82.12% -- -- -- (0.51)% (0.51)%
- -------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced (8.50)% -- -- -- 2.42% 3.79%
- -------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value (9.78)% -- -- -- 2.28% 4.21%
- -------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income (5.28)% -- -- -- 5.19% 6.82%
- -------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock 20.62% -- -- -- 8.47% 9.58%
- -------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value (6.89)% -- -- -- (4.99)% (2.50)%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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),
Warburg Pincus Small Company Value (6/2/97). The inception dates for the
variable investment options that became available after 12/31/98 and are
therefore not shown in this table are: EQ/Evergreen, EQ/Evergreen
Foundation, MFS Growth with Income, EQ/Alliance Premier Growth, Capital
Guardian Research, Capital Guardian U.S. Equity and Calvert Socially
Responsible (8/30/99) and EQ/Alliance Technology (anticipated to become
available on or about 5/1/00).
<PAGE>
- -----
80 Investment performance
- --------------------------------------------------------------------------------
** The inception dates for the portfolios underlying the 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), Warburg
Pincus Small Company Value (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 after 12/31/98 and are therefore not
shown in the tables are: EQ/Alliance Premier Growth, Capital Guardian
Research, and Capital Guardian U.S. Equity (4/30/99); and Calvert
Socially Responsible (8/30/99); and EQ/Alliance Technology (anticipated
to become available on or about 5/1/00).
<PAGE>
- -----
81 Investment performance
- --------------------------------------------------------------------------------
TABLE 2
GROWTH OF $1,000 UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
- -------------------------------------------------------------------------------------------------------------------------
SINCE
1 3 5 10 PORTFOLIO
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Aggressive Stock $ 1,088.59 $ 1,127.66 $ 1,738.39 $ 3,491.17 $ 8,860.66
- -------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock $ 1,144.67 $ 1,821.06 $ 2,896.44 $ 4,004.07 $ 25,286.20
- -------------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors $ 1,007.45 $ 1,214.41 $ 1,441.12 $ 1,806.37 $ 1,866.13
- -------------------------------------------------------------------------------------------------------------------------
Alliance Equity Index $ 1,101.11 $ 1,778.01 $ 2,877.87 - $ 2,824.22
- -------------------------------------------------------------------------------------------------------------------------
Alliance Global $ 1,267.06 $ 1,625.87 $ 2,103.61 $ 3,118.14 $ 3,551.28
- -------------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income $ 1,085.36 $ 1,566.72 $ 2,244.66 - $ 2,125.31
- -------------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors $ 1,157.81 $ 1,514.12 $ 2,058.07 $ 3,549.13 $ 3,691.54
- -------------------------------------------------------------------------------------------------------------------------
Alliance High Yield $ 883.99 $ 919.14 $ 1,280.91 $ 1,885.62 $ 2,083.10
- -------------------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities $ 915.94 $ 981.67 $ 1,071.06 -- $ 1,223.05
- -------------------------------------------------------------------------------------------------------------------------
Alliance International $ 1,260.28 $ 1,262.88 -- -- $ 1,450.53
- -------------------------------------------------------------------------------------------------------------------------
Alliance Money Market $ 959.77 $ 988.45 $ 1,013.82 $ 1,115.98 $ 1,723.86
- -------------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond $ 896.36 $ 985.91 $ 1,136.62 -- $ 1,047.10
- -------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth $ 1,169.97 -- -- -- $ 1,341.32
- -------------------------------------------------------------------------------------------------------------------------
EQ/Balanced $ 1,077.67 $ 1,369.45 $ 1,738.88 $ 2,146.09 $ 4,154.52
- -------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies $ 1,603.47 -- -- -- $ 2,561.01
- -------------------------------------------------------------------------------------------------------------------------
MFS Research $ 1,126.08 -- -- -- $ 1,543.93
- -------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity $ 1,087.90 -- -- -- $ 1,342.95
- -------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy $ 1,109.90 -- -- -- $ 1,173.71
- -------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity $ 1,821.24 -- -- -- $ 987.89
- -------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced $ 915.02 -- -- -- $ 1,104.41
- -------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value $ 902.24 -- -- -- $ 1,116.34
- -------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income $ 947.17 -- -- -- $ 1,192.84
- -------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock $ 1,206.17 -- -- -- $ 1,276.97
- -------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value $ 931.13 -- -- -- $ 934.60
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1.
<PAGE>
- -----
82 Investment performance
- --------------------------------------------------------------------------------
TABLE 3
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SINCE
1 3 5 10 20 PORTFOLIO
YEAR YEARS YEARS YEARS YEARS INCEPTION*
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK 17.24% 8.23% 14.69% 14.99% -- 16.11%
- ------------------------------------------------------------------------------------------------------------------------
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% 12.42%
- ------------------------------------------------------------------------------------------------------------------------
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% -- 8.53%
- ------------------------------------------------------------------------------------------------------------------------
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% 14.27% -- 12.92%
- ------------------------------------------------------------------------------------------------------------------------
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%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
83
- --------------------------------------------------------------------------------
TABLE 3
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
SINCE
1 3 5 10 20 PORTFOLIO
YEAR YEARS YEARS YEARS YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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%
- -------------------------------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH 26.20% -- -- -- -- 16.30%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 34.26% -- -- -- -- 19.49%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 43.09% -- -- -- -- 25.88%
- -------------------------------------------------------------------------------------------------------------------------
EQ/BALANCED 16.20% 15.38% 14.86% 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%
- -------------------------------------------------------------------------------------------------------------------------
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%
- -------------------------------------------------------------------------------------------------------------------------
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%
- -------------------------------------------------------------------------------------------------------------------------
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%
- -------------------------------------------------------------------------------------------------------------------------
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 21.26% -- -- -- -- 16.99%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark #2 (1.49)% -- -- -- -- 7.06%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1. Lipper survey and
benchmark "since portfolio inception" information are as of the month-end
closest to the actual date of portfolio inception.
<PAGE>
- -----
84 Investment performance
- --------------------------------------------------------------------------------
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 17.24% 26.79% 98.47% 304.38% -- 938.42%
------------------------------------------------------------------------------------------------------------------------
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% 2,167.26% 3,853.25%
------------------------------------------------------------------------------------------------------------------------
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% 125.19% -- 131.37%
------------------------------------------------------------------------------------------------------------------------
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% 279.74% -- 348.31%
------------------------------------------------------------------------------------------------------------------------
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% -- -- 146.90%
------------------------------------------------------------------------------------------------------------------------
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% 322.33% -- 337.75%
------------------------------------------------------------------------------------------------------------------------
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% 131.34% -- 168.23%
------------------------------------------------------------------------------------------------------------------------
Lipper High Yield 3.65% 15.25% 51.19% 151.82% -- 166.74%
------------------------------------------------------------------------------------------------------------------------
Benchmark #1 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% -- -- 51.36%
------------------------------------------------------------------------------------------------------------------------
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%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
85 Investment performance
- --------------------------------------------------------------------------------
TABLE 4
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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%
------------------------------------------------------------------------------------------------------------------------
EQ/BALANCED 16.20% 53.60% 99.89% 166.11% -- 423.93%
------------------------------------------------------------------------------------------------------------------------
Lipper Balanced 10.45% 49.38% 103.91% 204.29% -- 335.16%
------------------------------------------------------------------------------------------------------------------------
Benchmark 9.07% 58.00% 128.08% 240.54% -- 558.00%
------------------------------------------------------------------------------------------------------------------------
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%
------------------------------------------------------------------------------------------------------------------------
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%
------------------------------------------------------------------------------------------------------------------------
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%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
86 Investment performance
- --------------------------------------------------------------------------------
TABLE 4
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999 (CONTINUED)
<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% -- -- -- -- 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 of month-end
closest to the actual date of portfolio inception.
<PAGE>
- -----
87 Investment performance
- --------------------------------------------------------------------------------
TABLE 5
YEAR-BY-YEAR RATES OF RETURN
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
1990 1991 1992 1993
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 5.73% 84.57% (4.47)% 15.17%
- ---------------------------------------------------------------------------------------
Alliance Common Stock (9.27)% 35.81% 1.82% 23.11%
- ---------------------------------------------------------------------------------------
Alliance Conservative Investors 4.97% 18.23% 4.36% 9.27%
- ---------------------------------------------------------------------------------------
Alliance Equity Index -- -- -- --
- ---------------------------------------------------------------------------------------
Alliance Global (7.33)% 28.79% (1.86)% 30.34%
- ---------------------------------------------------------------------------------------
Alliance Growth and Income -- -- -- (0.59)%+
- ---------------------------------------------------------------------------------------
Alliance Growth Investors 9.12% 46.90% 3.52% 13.71%
- ---------------------------------------------------------------------------------------
Alliance High Yield (2.43)% 22.78% 10.80% 21.48%
- ---------------------------------------------------------------------------------------
Alliance Intermediate Government
Securities -- 10.94%+ 4.17% 9.09%
- ---------------------------------------------------------------------------------------
Alliance International -- -- -- --
- ---------------------------------------------------------------------------------------
Alliance Money Market 6.82% 4.69% 2.16% 1.58%
- ---------------------------------------------------------------------------------------
Alliance Quality Bond -- -- -- (0.84)%+
- ---------------------------------------------------------------------------------------
Alliance Small Cap Growth - -- -- -
- ---------------------------------------------------------------------------------------
EQ/Balanced (1.46)% 40.02% (4.15)% 10.80%
- ---------------------------------------------------------------------------------------
Mercury Basic Value Equity -- -- -- --
- ---------------------------------------------------------------------------------------
Mercury World Strategy -- -- -- --
- ---------------------------------------------------------------------------------------
MFS Emerging Growth Companies -- -- -- --
- ---------------------------------------------------------------------------------------
MFS Research -- -- -- --
- ---------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets
Equity -- -- -- --
- ---------------------------------------------------------------------------------------
EQ/Putnam Balanced -- -- -- --
- ---------------------------------------------------------------------------------------
EQ/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 (5.11)% 29.87% 20.54% 9.31% (1.07)% 17.24%
- -------------------------------------------------------------------------------------------------------------------
Alliance Common Stock (3.48)% 30.64% 22.55% 27.45% 27.62% 23.50%
- -------------------------------------------------------------------------------------------------------------------
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 2.62% 4.32% 3.90% 3.98% 3.89% 3.56%
- -------------------------------------------------------------------------------------------------------------------
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% 13.44% 16.52% 16.20%
- -------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity -- -- -- 15.97%+ 10.09% 17.35%
- -------------------------------------------------------------------------------------------------------------------
Mercury World Strategy -- -- -- 3.77%+ 5.39% 19.72%
- -------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies -- -- -- 21.34%+ 32.72% 71.35%
- -------------------------------------------------------------------------------------------------------------------
MFS Research -- -- -- 15.01%+ 22.44% 21.47%
- -------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets
Equity -- -- -- (20.59)%+ (28.00)% 93.12%
- -------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced -- -- -- 13.46%+ 10.31% (1.30)%
- -------------------------------------------------------------------------------------------------------------------
EQ/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>
- ----------
88 Investment performance
- --------------------------------------------------------------------------------
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:
o The "separate account" universe reports performance data net of investment
management fees, direct operating expenses and asset-based charges
applicable under variable life insurance 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.
<PAGE>
- ----------
89 Investment performance
- --------------------------------------------------------------------------------
The current yields and effective yields assume the deduction of all current
contract charges and expenses other than the annual administrative charge,
withdrawal charge, and any charges for state premium and other applicable
taxes. For more information, see "Alliance Money Market option yield
information" and "Other yield information" in the SAI.
<PAGE>
Incorporation of certain documents by reference
----------------
90 Incorporation of certain documents by reference
-------------------------------------------------------------------------------
Equitable Life's annual report on Form 10-K for the year ended December 31,
1999, is considered to be a part of this prospectus because it is incorporated
by reference.
After the date of this prospectus and before we terminate the offering of the
securities under this prospectus, all documents or reports we file with the
SEC under the Securities Exchange Act of 1934 ("Exchange Act") will be
considered to become part of this prospectus because they are incorporated by
reference.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of
its incorporation, will be considered changed or replaced for the purpose of
this prospectus if a statement contained in any other subsequently filed
document that is considered to be part of this prospectus changes or replaces
that statement. After that, only the statement that is changed or replaced
will be considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our annual report on
Form 10-K and quarterly reports on Form 10-Q, electronically according to
EDGAR under CIK No. 0000727920. The SEC maintains a Web site that contains
reports, proxy and information statements and other information regarding
registrants that file electronically with the SEC. The address of the site is
http://www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to The
Equitable Life Assurance Society of the United States, 1290 Avenue of the
Americas, New York, New York 10104. Attention: Corporate Secretary (telephone:
(212) 554-1234).
<PAGE>
Appendix I: Condensed financial information
- --------
A-1 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
The following tables show the accumulation unit values and the number of
outstanding units for each variable investment option under each contract
series at the last business day of the periods shown. The unit values and
number of units outstanding are for contracts offered under Separate Account A
with the same asset based charge. The information presented is shown for the
past ten years, or from the first year the particular contracts were offered if
less than ten years ago.
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT EQ/ALLIANCE TECHNOLOGY WHICH IS BEING OFFERED FOR THE FIRST TIME
ON MAY 1, 2000.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
--------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
EQ/AGGRESSIVE STOCK
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 95.45 $ 123.95 $ 149.41 $ 163.33 $ 161.59 $ 189.44
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 664 1,310 2,468 3,226 3,342 2,980
- ------------------------------------------------------------------------------------------------------------------
EQ/BALANCED
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 91.64 $ 108.26 $ 119.26 $ 135.29 $ 157.63 $ 183.18
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 289 386 548 655 752 854
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE COMMON STOCK
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 97.03 126.78 $ 155.42 $ 198.12 $ 252.88 $ 312.81
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 948 1,989 3,457 4,765 5,808 6,502
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE CONSERVATIVE INVESTORS
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 95.10 $ 112.97 $ 117.25 $ 130.98 $ 147.17 $ 159.92
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 325 491 567 553 661 752
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 100.95 $ 135.94 $ 164.12 $ 214.66 $ 271.24 $ 322.15
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 47 592 1,486 2,686 3,805 4,579
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE GLOBAL
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 104.12 $ 122.06 $ 138.00 $ 151.87 $ 182.50 $ 249.93
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,305 2,121 2,995 3,369 3,395 3,509
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH AND INCOME
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 98.86 $ 121.02 $ 143.37 $ 179.30 $ 213.81 $ 250.31
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 210 498 975 1,800 2,475 3,095
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 96.31 $ 120.08 $ 133.40 $ 153.69 $ 180.63 $ 225.59
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,023 2,113 3,325 3,704 3,962 4,231
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-2 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
-----------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALLIANCE HIGH YIELD
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 95.88 $ 113.44 $ 137.53 $ 160.74 $ 150.42 $ 143.43
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 99 209 444 831 1,164 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) 32 89 146 202 314 360
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE INTERNATIONAL
- ------------------------------------------------------------------------------------------------------------------
Unit value -- $ 104.15 $ 112.83 $ 107.92 $ 117.72 $ 160.04
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 141 763 968 971 926
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 102.61 $ 107.04 $ 111.21 $ 115.66 $ 120.19 $ 124.47
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 63 81 165 146 262 360
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE QUALITY BOND
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 93.87 $ 108.38 $ 112.65 $ 121.30 $ 130.07 $ 125.76
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 53 135 196 283 557 622
- ------------------------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 125.55 $ 118.57 $ 149.54
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 488 1,101 976
- ------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCE PREMIER GROWTH
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 116.36
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 887
- ------------------------------------------------------------------------------------------------------------------
CALVERT SOCIALLY RESPONSIBLE
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 107.58
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 4
- ------------------------------------------------------------------------------------------------------------------
CAPITAL GUARDIAN U.S. EQUITY
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 101.64
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 13
- ------------------------------------------------------------------------------------------------------------------
CAPITAL GUARDIAN RESEARCH
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 106.78
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 8
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-3 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
---------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EQ/EVERGREEN
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 106.57
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 5
- ----------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN FOUNDATION
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 105.16
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------
MFS EMERGING GROWTH COMPANIES
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 121.34 $ 161.04 $ 275.93
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 256 1,090 2,427
- ----------------------------------------------------------------------------------------------------------------
MFS GROWTH WITH INCOME
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 104.48
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 18
- ----------------------------------------------------------------------------------------------------------------
MFS RESEARCH
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 115.01 $ 140.83 $ 171.06
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 236 720 959
- ----------------------------------------------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 115.97 $ 127.67 $ 149.82
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 145 444 617
- ----------------------------------------------------------------------------------------------------------------
MERCURY WORLD STRATEGY
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 103.77 $ 109.37 $ 130.94
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 52 84 88
- ----------------------------------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS
EQUITY
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 79.41 $ 57.18 $ 110.43
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 109 217 590
- ----------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 113.46 $ 125.16 $ 123.53
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 109 275 345
- ----------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 115.17 $ 128.20 $ 124.76
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 250 581 640
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-4 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
---------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
T. ROWE PRICE EQUITY INCOME
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 121.04 $ 130.25 $ 133.07
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 475 1,070 1,072
- ------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 97.61 $ 109.49 $ 142.46
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 387 671 765
- ------------------------------------------------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY VALUE
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 118.06 $ 104.82 $ 105.28
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 577 859 721
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-5 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
DECEMBER 31,
----------------------------------------------------------------
1990 1991 1992 1993 1994
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------
EQ/AGGRESSIVE STOCK
- --------------------------------------------------------------------------------------------
Unit value $ 27.36 $ 50.51 $ 48.30 $ 55.68 $ 52.88
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 9,545 12,962 17,986 21,496 24,787
- --------------------------------------------------------------------------------------------
ALLIANCE COMMON
STOCK
- --------------------------------------------------------------------------------------------
Unit value $ 75.67 $102.76 $ 104.63 $ 128.81 $ 124.32
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 9,670 10,292 11,841 13,917 15,749
- --------------------------------------------------------------------------------------------
ALLIANCE
CONSERVATIVE
INVESTORS
- --------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 95.10
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 325
- --------------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- --------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 100.95
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 47
- --------------------------------------------------------------------------------------------
ALLIANCE GLOBAL
- --------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 104.12
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 1,305
- --------------------------------------------------------------------------------------------
ALLIANCE GROWTH AND
INCOME
- --------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 98.86
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 210
- --------------------------------------------------------------------------------------------
ALLIANCE GROWTH
INVESTORS
- --------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 96.31
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 1,023
- --------------------------------------------------------------------------------------------
ALLIANCE HIGH YIELD
- --------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 95.88
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 99
- --------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------
DECEMBER 31,
-----------------------------------------------------------------
1995 1996 1997 1998 1999
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK
- --------------------------------------------------------------------------------------------
Unit value $ 68.73 $ 82.91 $ 90.75 $ 89.92 $ 105.59
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 25,821 27,945 28,030 25,634 20,946
- --------------------------------------------------------------------------------------------
ALLIANCE COMMON
STOCK
- --------------------------------------------------------------------------------------------
Unit value $ 162.42 $ 199.05 $ 253.68 $ 323.75 $ 399.74
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 16,292 16,933 17,386 17,231 16,705
- --------------------------------------------------------------------------------------------
ALLIANCE
CONSERVATIVE
INVESTORS
- --------------------------------------------------------------------------------------------
Unit value $ 112.97 $ 117.25 $ 130.98 $ 147.17 $ 159.92
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 491 567 553 661 752
- --------------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- --------------------------------------------------------------------------------------------
Unit value $ 135.94 $ 164.12 $ 214.66 $ 271.24 $ 322.15
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 592 1,486 2,686 3,805 4,579
- --------------------------------------------------------------------------------------------
ALLIANCE GLOBAL
- --------------------------------------------------------------------------------------------
Unit value $ 122.06 $ 138.00 $ 151.87 $ 182.50 $ 249.93
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 2,121 2,995 3,369 3,395 3,509
- --------------------------------------------------------------------------------------------
ALLIANCE GROWTH AND
INCOME
- --------------------------------------------------------------------------------------------
Unit value $ 121.02 $ 143.37 $ 179.30 $ 213.81 $ 250.31
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 498 975 1,800 2,475 3,095
- --------------------------------------------------------------------------------------------
ALLIANCE GROWTH
INVESTORS
- --------------------------------------------------------------------------------------------
Unit value $ 120.08 $ 133.40 $ 153.69 $ 180.63 $ 225.59
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 2,113 3,325 3,704 3,962 4,231
- --------------------------------------------------------------------------------------------
ALLIANCE HIGH YIELD
- --------------------------------------------------------------------------------------------
Unit value $ 113.44 $ 137.53 $ 160.74 $ 150.42 $ 143.43
- --------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 209 444 831 1,164 998
- --------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-6 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
DECEMBER 31,
-----------------------------------------------------------------
1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ALLIANCE
INTERMEDIATE
GOVERNMENT
SECURITIES
- ------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 98.19
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 32
- ------------------------------------------------------------------------------------------
ALLIANCE
INTERNATIONAL
- ------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- --
- ------------------------------------------------------------------------------------------
ALLIANCE MONEY
MARKET
- ------------------------------------------------------------------------------------------
Unit value $ 23.38 $ 24.48 $ 25.01 $ 25.41 $ 26.08
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 1,307 1,325 1,201 1,065 1,000
- ------------------------------------------------------------------------------------------
EQ/ALLIANCE PREMIER
GROWTH
- ------------------------------------------------------------------------------------------
Unit value
- ------------------------------------------------------------------------------------------
Number of unites
outstanding (000's)
- ------------------------------------------------------------------------------------------
ALLIANCE QUALITY
BOND
- ------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 93.87
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- 53
- ------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP
GROWTH
- ------------------------------------------------------------------------------------------
Unit value -- -- -- -- -
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -
- ------------------------------------------------------------------------------------------
EQ/BALANCED
- ------------------------------------------------------------------------------------------
Unit value $ 19.40 $ 27.17 $ 26.04 $ 28.85 $ 26.18
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 19,423 21,100 25,975 31,259 32,664
- ------------------------------------------------------------------------------------------
CALVERT SOCIALLY
RESPONSIBLE
- ------------------------------------------------------------------------------------------
Unit Value
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's)
- ------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
- ------------------------------------------------------------------------------------------
DECEMBER 31,
----------------------------------------------------------------
1995 1996 1997 1998 1999
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
ALLIANCE
INTERMEDIATE
GOVERNMENT
SECURITIES
- ------------------------------------------------------------------------------------------
Unit value $ 109.80 $ 112.40 $ 118.98 $ 126.48 $ 124.96
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 89 146 202 314 360
- ------------------------------------------------------------------------------------------
ALLIANCE
INTERNATIONAL
- ------------------------------------------------------------------------------------------
Unit value $ 104.15 $ 112.83 $ 107.92 $ 117.72 $ 160.04
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 141 763 968 971 926
- ------------------------------------------------------------------------------------------
ALLIANCE MONEY
MARKET
- ------------------------------------------------------------------------------------------
Unit value $ 27.22 $ 28.28 $ 29.41 $ 30.55 $ 31.63
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 1,021 1,013 973 1,261 1,516
- ------------------------------------------------------------------------------------------
EQ/ALLIANCE PREMIER
GROWTH
- ------------------------------------------------------------------------------------------
Unit value $ 116.36
- ------------------------------------------------------------------------------------------
Number of unites
outstanding (000's) 887
- ------------------------------------------------------------------------------------------
ALLIANCE QUALITY
BOND
- ------------------------------------------------------------------------------------------
Unit value $ 108.38 $ 112.65 $ 121.30 $ 130.07 $ 125.76
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 135 196 283 557 622
- ------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP
GROWTH
- ------------------------------------------------------------------------------------------
Unit value - - $ 125.55 $ 118.57 $ 149.64
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) - - 488 1,101 976
- ------------------------------------------------------------------------------------------
EQ/BALANCED
- ------------------------------------------------------------------------------------------
Unit value $ 30.92 $ 34.06 $ 38.66 $ 45.07 $ 52.39
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 30,212 28,319 26,036 24,361 22,434
- ------------------------------------------------------------------------------------------
CALVERT SOCIALLY
RESPONSIBLE
- ------------------------------------------------------------------------------------------
Unit Value $ 107.58
- ------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 4
- ------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-7 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
- -----------------------------------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITAL GUARDIAN U.S.
EQUITY
- -----------------------------------------------------------------------------------------------------------------------------
Unit value $ 101.64
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 13
- -----------------------------------------------------------------------------------------------------------------------------
CAPITAL GUARDIAN
RESEARCH
- -----------------------------------------------------------------------------------------------------------------------------
Unit value $ 106.78
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 8
- -----------------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN
- -----------------------------------------------------------------------------------------------------------------------------
Unit value $ 106.57
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 5
- -----------------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN
FOUNDATION
- -----------------------------------------------------------------------------------------------------------------------------
Unit value $ 105.16
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -
- -----------------------------------------------------------------------------------------------------------------------------
MFS EMERGING
GROWTH
COMPANIES
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 121.34 $ 101.04 $ 275.93
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 256 1,090 2,427
- -----------------------------------------------------------------------------------------------------------------------------
MFS GROWTH WITH
INCOME
- -----------------------------------------------------------------------------------------------------------------------------
Unit value $ 104.48
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) 18
- -----------------------------------------------------------------------------------------------------------------------------
MFS RESEARCH
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 115.01 $ 140.83 $ 171.06
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 236 720 959
- -----------------------------------------------------------------------------------------------------------------------------
MERCURY BASIC VALUE
EQUITY
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 115.97 $ 127.97 $ 149.82
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 145 444 617
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
A-8 Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION
(CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
-----------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
MERCURY WORLD
STRATEGY
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 103.77 $ 109.37 $ 130.94
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 52 84 88
- -----------------------------------------------------------------------------------------------------------------------------
MORGAN STANLEY
EMERGING MARKETS
EQUITY
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 79.41 $ 57.18 $ 110.43
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 109 217 590
- -----------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 113.46 $ 125.16 $ 123.53
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 109 275 345
- -----------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH &
INCOME VALUE
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 115.17 $ 128.20 $ 124.76
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 250 581 648
- -----------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY
INCOME
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 121.04 $ 130.25 $ 133.07
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 475 1,070 1,072
- -----------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE
INTERNATIONAL
STOCK
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 97.61 $ 109.49 $ 142.46
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 387 671 765
- -----------------------------------------------------------------------------------------------------------------------------
WARBURG PINCUS
SMALL COMPANY
VALUE
- -----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 118.06 $ 104.82 $ 105.28
- -----------------------------------------------------------------------------------------------------------------------------
Number of units
outstanding (000's) -- -- -- -- -- -- -- 577 859 721
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Appendix II: Original contracts
- --------
B-1 Appendix II: Original contracts
- --------------------------------------------------------------------------------
Original Contracts are EQUI-VEST contracts under which the contract owner has
not elected to add any new variable investment options. Therefore, only the
Alliance Money Market, EQ/Balanced, Alliance Common Stock and EQ/Aggressive
Stock variable investment options are available.
SELECTING YOUR INVESTMENT METHOD. If you own an original contract, only the
guaranteed interest option and the Alliance Money Market, EQ/Balanced, Alliance
Common Stock and EQ/Aggressive Stock options are available. In most cases, you
may request that we add additional variable investment options to your original
contract. We reserve the right to deny your request.
TRANSFERRING YOUR ACCOUNT VALUE. If you own an original contract, including
original contract owners who elect to amend their contract by selecting maximum
transfer flexibility, 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 contract.
<PAGE>
Appendix III: Market value adjustment example
- --------
C-1 Appendix III: Market value adjustment example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 had been
invested on June 14, 2001 to a fixed maturity option with a maturity date of
June 15, 2010 (i.e., nine years later) at a rate to maturity of 7.00%,
resulting in a maturity value at the maturity date of $183,846. We further
assume that a withdrawal of $50,000 is made four years later, on June 15, 2005.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
HYPOTHETICAL ASSUMED RATE
TO MATURITY ON JUNE 15,
2005
- ----------------------------------------------------------------------------------------------
5.00% 9.00%
- ----------------------------------------------------------------------------------------------
AS OF JUNE 15, 2005 (BEFORE WITHDRAWAL)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
(1) Market adjusted amount $144,048 $ 119,487
- ----------------------------------------------------------------------------------------------
(2) Fixed maturity amount $131,080 $ 131,080
- ----------------------------------------------------------------------------------------------
(3) Market value adjustment:
(1) - (2) $ 12,968 $ (11,593)
- ----------------------------------------------------------------------------------------------
ON JUNE 15, 2005 (AFTER WITHDRAWAL)
- ----------------------------------------------------------------------------------------------
(4) Portion of market value adjustment associated with withdrawal:
(3) x [$50,000/(1)] $ 4,501 $ (4,851)
- ----------------------------------------------------------------------------------------------
(5) Reduction in fixed maturity amount
[$50,000 - (4)] $ 45,499 $ 54,851
- ----------------------------------------------------------------------------------------------
(6) Fixed maturity amount (2) - (5) $ 85,581 $ 76,229
- ----------------------------------------------------------------------------------------------
(7) Maturity value $120,032 $ 106,915
- ----------------------------------------------------------------------------------------------
(8) Market adjusted amount of (7) $ 94,048 $ 69,487
- ----------------------------------------------------------------------------------------------
</TABLE>
You should note that under this example if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a negative market value
adjustment is realized. On the other hand, if a withdrawal is made when rates
have decreased from 7.00% to 5.00% (left column), a positive market value
adjustment is realized.
<PAGE>
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
Additional loan provisions 2
Tax rules: special aspects 4
Required minimum distributions option 5
Calculation of annuity payments 6
The reorganization 8
Custodian and independent accountants 9
Alliance Money Market option yield information 9
Other yield information 10
Financial statements 17
</TABLE>
HOW TO OBTAIN AN EQUI-VEST STATEMENT OF ADDITIONAL INFORMATION FOR SEPARATE
ACCOUNT A
Call 1-800-628-6673 or send this request form to:
EQUI-VEST
Employer Sponsored Programs
Processing Office
The Equitable Life
P.O. Box 2996
New York, NY 10116-2996
................................................................................
Please send me an EQUI-VEST Statement of Additional Information dated May 1,
2000
(Employer-Sponsored Retirement Programs)
- ------------------------------------------------------------------------------
Name:
- ------------------------------------------------------------------------------
Address:
- ------------------------------------------------------------------------------
City State Zip
888-1285A (5/00)
<PAGE>
EQUI-VEST(TM)
Employer-Sponsored Retirement Programs
TSA ADVANTAGE(SM)
SUPPLEMENT DATED MAY 1, 2000
TO THE PROSPECTUS DATED MAY 1, 2000
- --------------------------------------------------------------------------------
This supplement adds and modifies certain information contained in the
prospectus dated May 1, 2000 for the EQUI-VEST deferred annuity contract issued
by THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES.
We offer the series 600 TSA Advantage contract to fund all Section 403(b) plans
sponsored by Section 501(c)(3) tax-exempt organizations, except those plans
sponsored by primary or secondary schools. It is also available to
post-secondary public educational institutions described in Section
403(b)(1)(A)(ii) of the Internal Revenue Code with more than 500 employees
eligible to participate. For plans sponsored by a hospital or other health care
organization qualified or intended to qualify under Section 501(c)(3) of the
Internal Revenue Code, the TSA Advantage contract will be available only when
the employer makes contributions to the 403(b) plan (whether on a matching or
non-elective contribution basis) or makes a contribution to a plan qualified
under 401(a) of the Internal Revenue Code, matching employee elective deferrals
in the 403(b) plan. Under the TSA Advantage contract, contributions including
rollover contributions and direct transfer contributions from existing Section
403(b) plans (programs or arrangements) may be accepted only if the
contributions are fully vested under the existing TSA plan. The TSA Advantage
contract may not currently be available in your state. Your financial
professional can provide information about state availability.
For Section 403(b) plans offered for hospital and health care facility
employees, non-salary reduction (employer contributions) must be made. TSA
Advantage is available only to employees of employers that currently have, or
within the first contract year are expected to have, at least 50 participants.
Employees in Section 403(b) plans that do not meet these requirements are only
eligible for TSA series 100 and 200 contracts. Subject to a written agreement
between Equitable Life and an employer sponsoring a 403(b) plan that uses an
EQUI-VEST TSA Advantage contract as a funding vehicle for plan assets, Equitable
Life may reimburse that employer for certain expenses associated with that
employer's plan, for example recordkeeping or other administrative services. Any
such reimbursement will not exceed ten dollars for each EQUI-VEST TSA Advantage
contract issued to a participant of that employer's 403(b) plan.
- --------------------------------------------------------------------------------
A participant is an individual who participates in an employer's plan funded by
an EQUI-VEST contract. The participant is also the annuitant who is the
measuring life for determining annuity benefits.
- --------------------------------------------------------------------------------
We may at some future time, under certain circumstances and subject to
applicable law, allow a current owner of a series 100 or series 200 TSA contract
to exchange it for a TSA Advantage contract. An exchange for a TSA Advantage
contract may or may not be advantageous to you, based on all the circumstances,
including a comparison of contractual terms and conditions, and charges and
deductions. We will provide additional information upon request at such time as
exchanges may be permitted.
---------------------------------
See "Tax information" in the prospectus for a more detailed discussion of
sources of contributions, certain contribution limitations and other tax
information for TSA contracts.
We offer the EQUI-VEST TSA Advantage contract to purchasers on the same basis
and under the same terms and conditions described in the prospectus as those
that apply to the EQUI-VEST series 100 and 200 TSA contracts, except for certain
material differences. Terms we use in this supplement have the same meaning as
in the prospectus, unless we indicate otherwise.
Material differences between TSA Advantage and the provisions of the EQUI-VEST
TSA series 100 and 200 contracts described in the prospectus include the
information above as well as the following:
72241
<PAGE>
- -----
2
- --------------------------------------------------------------------------------
THE FOLLOWING IS ADDED TO "EQUI-VEST EMPLOYER-SPONSORED RETIREMENT PROGRAMS AT A
GLANCE - KEY FEATURES" UNDER "FEES AND CHARGES" ON PAGE 11 OF THE PROSPECTUS:
- --------------------------------------------------------------------------------
Fees and charges under series 600 o Daily charge on amounts invested in
variable investment options for
mortality and expense risks and
other expenses at a current annual
rate of 1.20% currently (2%
maximum).
o Annual administrative charge: $30
currently or 2% of the account
value, if less ($65 maximum).
o Charge for third-party transfer
(such as in the case of a
trustee-to-trustee transfer for an
IRA contract) or exchange (if your
contract is exchanged for a
contract issued by another
insurance company): none currently
($65 maximum).
o No sales charge deducted at the
time you make contributions.
o Withdrawal charge: We deduct a
charge equal to 6% of the amount
withdrawn or the defaulted loan
amount in the first six contract
years. The total of all withdrawal
charges may not exceed 8% of all
contributions made in the first six
contract years. Under certain
circumstances the withdrawal charge
will not apply. They are discussed
in "Charges and expenses" later in
this supplement.
o We deduct a charge designed to
approximate certain taxes that may
be imposed on us, such as premium
taxes in your state. The 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 0.25%
to 1.15% annually, 12b-1 fees of
0.25% annually, and other expenses.
- --------------------------------------------------------------------------------
<PAGE>
THE FOLLOWING TABLE AND EXAMPLES ARE ADDED AFTER "IF YOU ELECT A VARIABLE
ANNUITY PAYOUT OPTION:" ON PAGE 18 OF THE PROSPECTUS:
Fee table
- -----
3
- --------------------------------------------------------------------------------
The fee table below will help you understand the various charges and expenses
that apply to the series 600 TSA Advantage contract. The table reflects charges
you will directly incur under the 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. Also, an annuity administrative fee may apply when your annuity
payments are to begin. Each of the charges and expenses is more fully described
in "Charges and expenses" later in this supplement.
The guaranteed interest option and fixed maturity options discussed in the
prospectus are not covered by the fee table and examples. However, the annual
administrative charge and the withdrawal charge do apply to the guaranteed
interest and the fixed maturity options. Also, an annuity administrative fee may
apply when your annuity payments are to begin. A market value adjustment (up or
down) may apply as a result of a withdrawal, transfer or surrender of amounts
from a fixed maturity option.
EQUI-VEST SERIES 600 CONTRACTS
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR VARIABLE INVESTMENT OPTIONS EXPRESSED AS AN ANNUAL
PERCENTAGE OF DAILY NET ASSETS
- -------------------------------------------------------------------------------------------------------------------------------
Mortality and expense risk(1) 0.95%
Other expenses 0.25%
----
Total Separate Account A annual expenses 1.20% current (2.00% maximum)
- -------------------------------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE ON EACH CONTRACT DATE ANNIVERSARY
- -------------------------------------------------------------------------------------------------------------------------------
Annual administrative charge(2) $30 current or 2% of your account
value, if less ($65
maximum, per occurrence)
- -------------------------------------------------------------------------------------------------------------------------------
CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE AT THE TIME YOU REQUEST CERTAIN TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge(3) 6%
Charge for third-party transfer or exchange(4) None currently ($65 maximum per
occurrence)
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
4
- --------------------------------------------------------------------------------
CLASS IB SHARES ANNUAL EXPENSES
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
TOTAL
MANAGEMENT OTHER ANNUAL
FEES(5) 12B-1 FEE(6) EXPENSES(7) EXPENSES(6)(8)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock 0.60% 0.25% 0.04% 0.89%
Alliance Common Stock 0.46% 0.25% 0.04% 0.75%
Alliance Conservative Investors 0.60% 0.25% 0.07% 0.92%
Alliance Equity Index 0.25% 0.25% 0.05% 0.55%
Alliance Global 0.73% 0.25% 0.09% 1.07%
Alliance Growth and Income 0.59% 0.25% 0.05% 0.89%
Alliance Growth Investors 0.57% 0.25% 0.05% 0.87%
Alliance High Yield 0.60% 0.25% 0.05% 0.90%
Alliance Intermediate Government Securities 0.50% 0.25% 0.07% 0.82%
Alliance International 0.85% 0.25% 0.20% 1.30%
Alliance Money Market 0.34% 0.25% 0.05% 0.64%
EQ/Alliance Premier Growth 0.90% 0.25% 0.00% 1.15%
Alliance Quality Bond 0.53% 0.25% 0.05% 0.83%
Alliance Small Cap Growth 0.75% 0.25% 0.07% 1.07%
EQ/Alliance Technology 0.90% 0.25% 0.00% 1.15%
EQ/Balanced 0.57% 0.25% 0.05% 0.87%
Calvert Socially Responsible 0.65% 0.25% 0.15% 1.05%
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%
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>
- -----
5
- --------------------------------------------------------------------------------
- ----------
Notes:
(1) A portion of this charge is for providing the death benefit.
(2) The charge is the lesser of $30 or 2% of account value. We reserve the
right to increase this charge to an annual maximum of $65.
(3) This charge applies to withdrawn contributions that were made in the
current and five prior contract years. This charge is deducted upon a
withdrawal of amounts, or defaulted loan amounts, in excess of the 10%
free withdrawal amount. Important exceptions and limitations may eliminate
or reduce this charge.
(4) We do not currently impose a third-party transfer or exchange charge.
However, we reserve the right to impose a charge in the future, but the
charge may not exceed a maximum of $65 for each occurrence.
(5) The management fees shown reflect revised management fees, effective on or
about May 1, 2000 which were approved by shareholders. The management fees
shown for EQ/Putnam Balanced, EQ/Putnam Growth & Income 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 that portfolio's shareholders.
(6) Portfolio shares are all subject to fees imposed under the 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 the life of the contracts. Prior to October 18, 1999, the
total annual expenses for the Alliance Small Cap Growth portfolio were
limited to 1.20% under an expense limitation arrangement related to that
portfolio's Rule 12b-1 Plan. The arrangement is no longer in effect. The
amounts shown have been restated to reflect the expenses that would have
been incurred in 1999, absent the expense limitation arrangement.
(7) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (8) for any expense limitation
agreements.
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% for each of these portfolios.
(8) 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 Emerging
Markets Equity; 1.25% for T. Rowe Price International Stock; 1.20% for
Mercury World Strategy; 1.15% for EQ/Alliance Premier Growth and
EQ/Alliance Technology; 1.10% for 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, MFS Growth with Income,
MFS Research, Mercury Basic Value Equity, EQ/Putnam Growth & Income Value
and T. Rowe Price Equity Income; and 0.90% for EQ/Putnam Balanced. The
expense limitations for the EQ/Putnam Growth & Income Value, 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
portfolio reflects 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; 0.66% for Capital Guardian International; 0.46% for
Mercury World Strategy; 0.23% for EQ/Alliance Premier Growth; 0.10% for
EQ/Alliance Technology; 0.24% 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; 0.37% 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; 0.21% for T. Rowe Price Equity Income; and 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 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>
- -----
6
- --------------------------------------------------------------------------------
EXAMPLES: EQUI-VEST SERIES 600 CONTRACTS
For the series 600 TSA Advantage contract, the examples show the expenses that a
hypothetical contract owner would pay in the situations illustrated. We assume a
single contribution of $1,000 is invested in one of the variable investment
options listed and a 5% annual return is earned on assets in that option.(1) The
annual administrative charge is based on charges that apply to a mix of
estimated contract sizes, resulting in an estimated administrative charge for
the purpose of these examples of $0.51 per $1,000. We also assume there is no
waiver of the withdrawal charge. Total Separate Account A expenses used to
compute the example below are the maximum expenses rather than the lower current
expenses. The series 600 contracts were first offered in July 1998.
These examples should not be considered a representation of past or future
expense for each option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CONTRACT AT
THE END OF EACH PERIOD SHOWN, THE
EXPENSES WOULD BE:
-----------------------------------------------
Class IB Shares 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock $ 85.90 $ 151.54 $ 219.71 $ 336.63
Alliance Common Stock $ 84.51 $ 147.42 $ 212.96 $ 322.77
Alliance Conservative Investors $ 86.20 $ 152.42 $ 221.16 $ 339.57
Alliance Equity Index $ 82.52 $ 141.53 $ 203.24 $ 302.61
Alliance Global $ 87.69 $ 156.81 $ 228.34 $ 354.16
Alliance Growth and Income $ 85.90 $ 151.54 $ 219.71 $ 336.63
Alliance Growth Investors $ 85.70 $ 150.95 $ 218.75 $ 334.66
Alliance High Yield $ 86.00 $ 151.83 $ 220.19 $ 337.61
Alliance Intermediate Government Securities $ 85.20 $ 149.48 $ 216.34 $ 329.72
Alliance International $ 89.97 $ 163.51 $ 239.26 $ 376.10
Alliance Money Market $ 83.42 $ 144.18 $ 207.62 $ 311.73
EQ/Alliance Premier Growth $ 88.48 $ 159.15 - -
Alliance Quality Bond $ 85.30 $ 149.78 $ 216.82 $ 330.71
Alliance Small Cap Growth $ 87.69 $ 156.81 $ 228.34 $ 354.16
EQ/Alliance Technology $ 88.48 $ 159.15 - -
EQ/Balanced $ 85.70 $ 150.95 $ 218.75 $ 334.66
Calvert Socially Responsible $ 87.49 $ 156.22 - -
Capital Guardian Research $ 86.49 $ 153.30 - -
Capital Guardian U.S. Equity $ 86.49 $ 153.30 - -
EQ/Evergreen $ 86.49 $ 153.30 $ 222.60 $ 342.51
EQ/Evergreen Foundation $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Emerging Growth Companies $ 86.99 $ 154.76 $ 224.99 $ 347.38
MFS Growth with Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
MFS Research $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury Basic Value Equity $ 86.49 $ 153.30 $ 222.60 $ 342.51
Mercury World Strategy $ 88.98 $ 160.60 $ 234.52 $ 366.63
Morgan Stanley Emerging Markets Equity $ 94.44 $ 176.54 $ 260.31 $ 417.55
EQ/Putnam Balanced $ 86.00 $ 151.83 $ 220.19 $ 337.61
EQ/Putnam Growth & Income Value $ 86.49 $ 153.30 $ 222.60 $ 342.51
T. Rowe Price Equity Income $ 86.49 $ 153.30 $ 222.60 $ 342.51
T. Rowe Price International Stock $ 89.47 $ 162.06 $ 236.89 $ 371.38
Warburg Pincus Small Company Value $ 87.98 $ 157.69 $ 229.77 $ 357.06
- --------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
IF YOU DO NOT SURRENDER YOUR CONTRACT AT
THE END OF EACH PERIOD SHOWN, THE
EXPENSES WOULD BE:
------------------------------------------------
Class IB Shares 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock $ 30.87 $ 94.38 $ 160.35 $ 336.63
Alliance Common Stock $ 29.40 $ 90.02 $ 153.16 $ 322.77
Alliance Conservative Investors $ 31.18 $ 95.31 $ 161.88 $ 339.57
Alliance Equity Index $ 27.30 $ 83.76 $ 142.82 $ 302.61
Alliance Global $ 32.75 $ 99.97 $ 169.52 $ 354.16
Alliance Growth and Income $ 30.87 $ 94.38 $ 160.35 $ 336.63
Alliance Growth Investors $ 30.66 $ 93.76 $ 159.32 $ 334.66
Alliance High Yield $ 30.97 $ 94.69 $ 160.86 $ 337.61
Alliance Intermediate Government Securities $ 30.13 $ 92.20 $ 156.76 $ 329.72
Alliance International $ 35.17 $ 107.08 $ 181.13 $ 376.10
Alliance Money Market $ 28.24 $ 86.58 $ 147.49 $ 311.73
EQ/Alliance Premier Growth $ 33.59 $ 102.44 - -
Alliance Quality Bond $ 30.24 $ 92.51 $ 157.27 $ 330.71
Alliance Small Cap Growth $ 32.75 $ 99.97 $ 169.52 $ 354.16
EQ/Alliance Technology $ 33.59 $ 102.44 - -
EQ/Balanced $ 30.66 $ 93.76 $ 159.32 $ 334.66
Calvert Socially Responsible $ 32.54 $ 99.35 - -
Capital Guardian Research $ 31.49 $ 96.24 - -
Capital Guardian U.S. Equity $ 31.49 $ 96.24 - -
EQ/Evergreen $ 31.49 $ 96.24 $ 163.41 $ 342.51
EQ/Evergreen Foundation $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Emerging Growth Companies $ 32.02 $ 97.80 $ 165.96 $ 347.38
MFS Growth with Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
MFS Research $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury Basic Value Equity $ 31.49 $ 96.24 $ 163.41 $ 342.51
Mercury World Strategy $ 34.12 $ 103.99 $ 176.10 $ 366.63
Morgan Stanley Emerging Markets Equity $ 39.89 $ 120.89 $ 203.53 $ 417.55
EQ/Putnam Balanced $ 30.97 $ 94.69 $ 160.86 $ 337.61
EQ/Putnam Growth & Income Value $ 31.49 $ 96.24 $ 163.41 $ 342.51
T. Rowe Price Equity Income $ 31.49 $ 96.24 $ 163.41 $ 342.51
T. Rowe Price International Stock $ 34.64 $ 105.53 $ 178.62 $ 371.38
Warburg Pincus Small Company Value $ 33.07 $ 100.90 $ 171.04 $ 357.06
- -------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
7
- --------------------------------------------------------------------------------
(1) The amount accumulated from the $1,000 contribution could not be paid in
the form of an annuity at the end of any of the periods shown in the
examples. This is because if the amount applied to purchase an annuity
payout option is less than $2,000, or the initial payment is less than
$20, we may pay the amount to you in a single sum instead of as payments
under an annuity payout option. See "Accessing your money."
IF YOU ELECT A 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 above example
of "if you do not surrender your contract" 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 the Appendix at the end of this supplement for unit values and number
of units outstanding as of the period shown for each of the variable investment
options, available as of December 31, 1999.
<PAGE>
THE FOLLOWING IS ADDED AFTER THE INFORMATION UNDER "VARIABLE ANNUITY
ADMINISTRATIVE FEE" ON PAGE 49 OF THE PROSPECTUS:
Charges and expenses
- -----
8
- --------------------------------------------------------------------------------
CHARGES UNDER SERIES 600 CONTRACTS
MORTALITY AND EXPENSE RISKS 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 death benefit.
The daily charge is equivalent to a current annual rate of 0.95%.
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We may change the actuarial
basis for our guaranteed annuity payment tables, but only for new contributions
and only at five year intervals from the contract date. Lastly, we assume a
mortality risk to the extent that at the time of death, the guaranteed death
benefit exceeds the cash value of the contract. The expense risk we assume is
the risk that it will cost us more to issue and administer the contracts than we
expect.
To the extent that the mortality and expense risk 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
contracts.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts. The daily charge is equivalent to a maximum annual rate of 0.25%
of the net assets in each variable investment option.
MAXIMUM TOTAL CHARGES. The total annual rate for the above charges is currently
1.20%. We may increase or decrease this total annual rate, but we may not
increase it above a maximum rate of 2.00%. We will only make any increase after
we have sent you advance notice. Any increase or decrease will apply only after
the date of the change. Any changes we make will reflect differences in costs
and anticipated expenses, and will not be unfairly discriminatory.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last day of
each contract year. We will deduct a pro rata portion of the charge if you
surrender your contract, elect an annuity payout option, or the annuitant dies
during the contract year. We deduct the charge if your account value on the last
day of the contract year is less than $25,000 for TSA Advantage contracts. If
your account value on such date is $25,000 or more for TSA Advantage contracts,
we do not deduct the charge. The charge is equal to $30 or, if less, 2% of your
current account value plus any amount previously withdrawn during that contract
year.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option, unless you tell us otherwise. If these amounts are
insufficient, we will make up the required amounts from the fixed maturity
options to the extent you have value in those options, unless you tell us
otherwise.
We may increase this charge if our administrative costs rise, but the charge
will never exceed $65 annually. We reserve the right to deduct this charge on a
quarterly, rather than annual basis.
Also, we may reduce or eliminate the administrative charge when a TSA Advantage
contract is used by an employer and administrative services are performed by us
at a modified or minimum level. Any reduction or waiver we make will not be
unfairly discriminatory.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
There currently is no third-party transfer (such as in the case of a
trustee-to-trustee transfer for an IRA contract), or exchange (if your contract
is exchanged for a contract issued by another insurance company) charge for
series 600 contracts. However, we reserve the right to impose this charge in the
future, but it may not exceed a maximum of $65 per occurrence, subject to any
law that applies.
<PAGE>
- -----
9
- --------------------------------------------------------------------------------
WITHDRAWAL CHARGE FOR SERIES 600 CONTRACTS
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; (2) you terminate your contract; or (3) we
terminate your contract. The amount of the charge will depend on whether the
free withdrawal amount applies, and the availability of one or more exceptions.
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 the withdrawal charges
from your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge.
We deduct the amount of the withdrawal and the withdrawal charge pro rata from
the variable investment options and from the guaranteed interest option. If
these amounts are insufficient we will make up the required amounts from the
fixed maturity options in order of the earliest maturities date(s). If we will
make up the required amounts from the fixed maturity options, a market value
adjustment may apply. The withdrawal charge is equal to 6% of the amount
withdrawn or the defaulted loan amount during the first six contract years. In
the case of a surrender, we will pay the greater of (i) the account value after
the withdrawal charge has been imposed (cash value), or (ii) the free withdrawal
amount plus 94% of the remaining account value.
We reserve the right to change the amount of the withdrawal charge, but it will
not exceed 6% of the amount withdrawn or the defaulted loan amount. Any change
will not be unfairly discriminatory. Also, the total of all withdrawal charges
assessed will not exceed 8% of all contributions made in the first six contract
years.
10% FREE WITHDRAWAL AMOUNT. Each contract year, you can withdraw up to 10% of
your account value without paying a withdrawal charge. The 10% free withdrawal
amount is determined using your account value at the time you request a
withdrawal, minus any other withdrawals made during the contract year.
EXCEPTIONS TO THE WITHDRAWAL CHARGE. A withdrawal charge will not apply upon any
of the events listed below:
o The annuitant retires under the terms of the TSA plan, or separates from
service;
o The annuitant reaches age 59 1/2 and completes at least five contract
years;
o The annuitant dies and a death benefit is payable to the beneficiary;
o We receive a properly completed election form providing for the account
value to be used to buy a life annuity;
o The annuitant reaches age 55 and completes at least five contract years
and we receive a properly completed election form providing for the
account value to be used to buy a period certain annuity. The period
certain annuity must extend beyond the annuitant's age 59 1/2 and must not
permit any prepayment of the unpaid principal before the annuitant reaches
age 59 1/2;
o The annuitant completes at least three contract years and we receive a
properly completed election form providing for the account value to be
used to buy a period certain annuity of at least 10 years which does not
permit any prepayment of the unpaid principal;
o A request is made for a refund of an excess contribution within one month
of the date on which the contribution is made;
o The annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration;
o We receive proof satisfactory to us that the annuitant's life expectancy
is six months or less (such proof must include, but is not limited to,
certification by a licensed physician);
o The annuitant has been confined to a nursing home for more than 90 days
(or such other period, if required in your state) as verified by a
licensed physician. A nursing home for this purpose means one which is (a)
approved by
<PAGE>
- ------
10
- --------------------------------------------------------------------------------
Medicare as a provider of skilled nursing care service, or (b) licensed as a
skilled nursing home by the state or territory in which it is located (it must
be within the United States, Puerto Rico, U.S. Virgin Islands, or Guam) and
meets all of the following:
- - its main function is to provide skilled, intermediate, or custodial
nursing care;
- - it provides continuous room and board to three or more persons;
- - it is supervised by a registered nurse or licensed practical nurse;
- - it keeps daily medical records of each patient;
- - it controls and records all medications dispensed; and
- - its primary service is other than to provide housing for residents.
o The annuitant elects a withdrawal that qualifies as a hardship withdrawal
under the federal income tax rules.
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 ADMINISTRATIVE FEE
We deduct a fee of up to $350 from the amount to purchase 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 Investment advisory 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, administrative service 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 the prospectus.
<PAGE>
THE FOLLOWING "INVESTMENT PERFORMANCE" INFORMATION REPLACES "INVESTMENT
PERFORMANCE" BEGINNING ON PAGE 82 OF THE PROSPECTUS:
Investment performance
- ------
11
- --------------------------------------------------------------------------------
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 withdrawal
charge, 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 if
applicable 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
annual administrative charge and any withdrawal charge, or 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 portfolios in which the variable investment options invest. In
some cases, the results shown relate to periods when the variable investment
options and/or the contracts were not available. In those cases, we adjusted the
results of the portfolios to reflect the charges under the contracts that would
have applied had the investment options and/or contracts been available.
Finally, 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 reflect the results of the
separate accounts that preceded them. The "Since portfolio inception" figures
for these options are based on the date of inception of the preceding separate
accounts. We have adjusted these results to reflect the fee and expense
structure in effect for 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 the portfolios, including the measurements reflected
in the tables below.
THE PERFORMANCE INFORMATION SHOWN BELOW AND THE PERFORMANCE INFORMATION THAT WE
ADVERTISE REFLECT PAST PERFORMANCE AND DO 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 current charges such as the
mortality and expense risks and other expense charge,
<PAGE>
- ------
12
- --------------------------------------------------------------------------------
annual administration charge, or any withdrawal charge 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
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.
CALVERT SOCIALLY RESPONSIBLE: Standard & Poor's 500 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
Benchmark #2 - Standard & Poor's 500 Index.
EQ/EVERGREEN FOUNDATION: 60% Standard & Poor's 500
Index/40% Lehman Brothers Aggregate Bond 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.
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 EQUI-VEST performance relative to other
variable annuity products.
<PAGE>
- -----
13
- --------------------------------------------------------------------------------
TABLE 1
AVERAGE ANNUAL TOTAL RETURN UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
---------------------------------------------------------------------------
SINCE SINCE
1 3 5 10 OPTION PORTFOLIO
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION* INCEPTION**
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
EQ/Aggressive Stock 8.58% 4.01% 11.43% 13.33% 14.69% 14.69%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock 14.39% 22.04% 23.64% 15.05% 15.27% 10.94%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors 0.64% 6.59% 7.48% 6.28% 4.89% 6.36%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Equity Index 9.99% 21.03% 23.44% - 20.67% 19.36%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Global 26.56% 17.46% 15.92% 12.21% 13.36% 10.91%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income 8.42% 16.03% 17.44% - 13.60% 13.38%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors 15.66% 14.40% 15.24% 13.56% 11.35% 13.60%
- --------------------------------------------------------------------------------------------------------------------------
Alliance High Yield (11.69)% (2.53)% 4.99% 6.74% 3.00% 5.91%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities (8.51)% (0.44)% 1.61% - 0.88% 2.66%
- --------------------------------------------------------------------------------------------------------------------------
Alliance International 25.89% 7.97% - - 7.73% 8.04%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Money Market (4.08)% (0.21)% 0.65% 1.60% 3.15% 3.15%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond (10.47)% (0.30)% 2.66% - 0.77% 1.38%
- --------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth 16.90% - - - 7.64% 11.51%
- --------------------------------------------------------------------------------------------------------------------------
EQ/Balanced 7.63% 10.91% 11.58% 8.15% 9.43% 9.43%
- --------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies 60.59% - - - 39.39% 42.41%
- --------------------------------------------------------------------------------------------------------------------------
MFS Research 12.77% - - - 15.53% 17.83%
- --------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity 8.94% - - - 9.32% 11.83%
- --------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy 11.15% - - - 4.59% 6.33%
- --------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity 82.40% - - - (0.03)% (0.03)%
- --------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced (8.37)% - - - 2.79% 4.04%
- --------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value (9.65)% - - - 2.66% 4.42%
- --------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income (5.15)% - - - 5.35% 6.98%
- --------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock 20.79% - - - 8.62% 9.74%
- --------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value (6.75)% - - - (4.42)% (2.01)%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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),
Warburg Pincus Small Company Value (6/2/97). The inception dates for the
variable investment options that became available on or after 12/31/98
and are therefore not shown in this table are: EQ/Evergreen, EQ/Evergreen
Foundation, and MFS Growth with Income, EQ/Alliance Premier Growth,
Capital Guardian Research, Capital Guardian U.S. Equity and Calvert
Socially Responsible (8/30/99) and EQ/Alliance Technology (anticipated to
become available on or about 5/1/00).
<PAGE>
- ------
14
- --------------------------------------------------------------------------------
** The inception dates for the portfolios underlying the 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), Warburg
Pincus Small Company Value (5/1/97). The inception dates for the
portfolios that became available on or after 12/31/98 and are therefore
not shown in the tables are: EQ/Evergreen, EQ/Evergreen Foundation, and
MFS Growth with Income (12/31/98), EQ/Alliance Premier Growth, Capital
Guardian Research, and Capital Guardian U.S. Equity (4/30/99); and
Calvert Socially Responsible (8/30/99); and EQ/Alliance Technology
(5/1/00).
<PAGE>
- ------
15
- --------------------------------------------------------------------------------
TABLE 2
GROWTH OF $1,000 UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
-----------------------------------------------------------------------
SINCE
1 3 5 10 PORTFOLIO
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION*
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Aggressive Stock $ 1,085.82 $ 1,125.17 $ 1,718.33 $ 3,495.28 $ 8,571.56
- ----------------------------------------------------------------------------------------------------------------------
Alliance Common Stock $ 1,143.87 $ 1,817.51 $ 2,888.87 $ 4,061.47 $ 26,069.65
- ----------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors $ 1,006.36 $ 1,210.96 $ 1,434.12 $ 1,838.49 $ 1,881.53
- ----------------------------------------------------------------------------------------------------------------------
Alliance Equity Index $ 1,099.93 $ 1,772.91 $ 2,866.02 - $ 2,809.53
- ----------------------------------------------------------------------------------------------------------------------
Alliance Global $ 1,265.57 $ 1,620.57 $ 2,093.13 $ 3,164.30 $ 3,591.14
- ----------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income $ 1,084.21 $ 1,561.98 $ 2,234.41 - $ 2,192.20
- ----------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors $ 1,156.61 $ 1,497.35 $ 2,032.02 $ 3,566.75 $ 3,693.95
- ----------------------------------------------------------------------------------------------------------------------
Alliance High Yield $ 883.13 $ 926.10 $ 1,275.76 $ 1,920.50 $ 2,109.55
- ----------------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities $ 914.94 $ 986.86 $ 1,082.97 - $ 1,258.05
- ----------------------------------------------------------------------------------------------------------------------
Alliance International $ 1,258.92 $ 1,258.57 - - $ 1,433.72
- ----------------------------------------------------------------------------------------------------------------------
Alliance Money Market $ 959.24 $ 993.83 $ 1,032.79 $ 1,171.83 $ 1,727.85
- ----------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond $ 895.29 $ 990.95 $ 1,140.18 - $ 1,089.50
- ----------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth $ 1,168.97 - - - $ 1,337.76
- ----------------------------------------------------------------------------------------------------------------------
EQ/Balanced $ 1,076.26 $ 1,364.15 $ 1,729.25 $ 2,188.11 $ 4,102.83
- ----------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies $ 1,605.89 - - - $ 2,571.24
- ----------------------------------------------------------------------------------------------------------------------
MFS Research $ 1,127.68 - - - $ 1,550.20
- ----------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity $ 1,089.44 - - - $ 1,348.05
- ----------------------------------------------------------------------------------------------------------------------
Mercury World Strategy $ 1,111.47 - - - $ 1,178.16
- ----------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity $ 1,823.97 - - - $ 999.29
- ----------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced $ 916.31 - - - $ 1,111.51
- ----------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value $ 903.52 - - - $ 1,122.61
- ----------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income $ 948.51 - - - $ 1,197.36
- ----------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock $ 1,207.87 - - - $ 1,281.80
- ----------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value $ 932.45 - - - $ 947.29
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1.
<PAGE>
- ------
16
- --------------------------------------------------------------------------------
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 17.12% 8.11% 14.59% 14.87% - 15.88%
- --------------------------------------------------------------------------------------------------------------------
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 23.38% 26.09% 26.25% 16.90% 16.72% 12.24%
- --------------------------------------------------------------------------------------------------------------------
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 8.55% 10.79% 10.85% 8.36% - 8.44%
- --------------------------------------------------------------------------------------------------------------------
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 18.64% 25.10% 26.02% - - 21.89%
- --------------------------------------------------------------------------------------------------------------------
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 36.51% 21.69% 18.98% 14.16% - 12.80%
- --------------------------------------------------------------------------------------------------------------------
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 16.95% 20.30% 20.31% - - 15.46%
- --------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% 17.23% 20.50% - - 16.45%
- --------------------------------------------------------------------------------------------------------------------
Benchmark 20.71% 23.10% 25.01% - - 18.77%
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS 24.76% 18.73% 18.28% 15.31% - 15.32%
- --------------------------------------------------------------------------------------------------------------------
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 (4.74)% 1.32% 8.30% 8.66% - 7.80%
- --------------------------------------------------------------------------------------------------------------------
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 (1.31)% 3.49% 4.84% - - 4.75%
- --------------------------------------------------------------------------------------------------------------------
Lipper U.S. Government (2.60)% 4.04% 5.81% - - 5.89%
- --------------------------------------------------------------------------------------------------------------------
Benchmark 0.49% 5.50% 6.93% - - 6.76%
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE INTERNATIONAL 35.79% 12.23% - - - 11.49%
- --------------------------------------------------------------------------------------------------------------------
Lipper International 43.24% 18.74% - - - 16.13%
- --------------------------------------------------------------------------------------------------------------------
Benchmark 26.96% 15.74% - - - 13.11%
- --------------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET 3.47% 3.73% 3.85% 3.67% - 5.15%
- --------------------------------------------------------------------------------------------------------------------
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 (3.43)% 3.63% 5.92% - - 3.45%
- --------------------------------------------------------------------------------------------------------------------
Lipper Corporate Bond BBB-Rated (2.56)% 4.06% 6.53% - - 4.36%
- --------------------------------------------------------------------------------------------------------------------
Benchmark (0.82)% 5.73% 7.73% - - 5.64%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- ------
17
- --------------------------------------------------------------------------------
TABLE 3
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999 (CONTINUED)
<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 26.09% - - - - 16.19%
- ---------------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 34.26% - - - - 19.49%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 43.09% - - - - 25.88%
- -------------------------------------------------------------------------------------------------------------------
EQ/BALANCED 16.09% 15.28% 14.77% 10.20% - 11.04%
- -------------------------------------------------------------------------------------------------------------------
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 71.59% - - - - 46.49%
- -------------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap 51.65% - - - - 32.50%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 21.26% - - - - 16.99%
- -------------------------------------------------------------------------------------------------------------------
MFS RESEARCH 21.64% - - - - 22.46%
- -------------------------------------------------------------------------------------------------------------------
Lipper Growth 29.78% - - - - 29.33%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- -------------------------------------------------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY 17.51% - - - - 16.52%
- -------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 18.00%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- -------------------------------------------------------------------------------------------------------------------
MERCURY WORLD STRATEGY 19.89% - - - - 10.79%
- -------------------------------------------------------------------------------------------------------------------
Lipper Global Flexible Portfolio 12.93% - - - - 11.91%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 13.07% - - - - 16.81%
- -------------------------------------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING
MARKETS EQUITY 93.40% - - - - 4.43%
- -------------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets 82.53% - - - - 2.90%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 66.41% - - - - (0.88)%
- -------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED (1.16)% - - - - 8.39%
- -------------------------------------------------------------------------------------------------------------------
Lipper Balanced 8.69% - - - - 13.91%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 11.39% - - - - 18.81%
- -------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE (2.54)% - - - - 8.80%
- -------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 18.00%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- -------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME 2.31% - - - - 11.46%
- -------------------------------------------------------------------------------------------------------------------
Lipper Equity Income 6.90% - - - - 14.28%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 27.36%
- -------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK 30.29% - - - - 14.34%
- -------------------------------------------------------------------------------------------------------------------
Lipper International 43.24% - - - - 20.38%
- -------------------------------------------------------------------------------------------------------------------
Benchmark 26.96% - - - - 18.32%
- -------------------------------------------------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY VALUE 0.58% - - - - 2.09%
- -------------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 34.26% - - - - 24.22%
- -------------------------------------------------------------------------------------------------------------------
Benchmark #1 21.26% - - - - 16.99%
- -------------------------------------------------------------------------------------------------------------------
Benchmark #2 (1.49)% - - - - 7.06%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1. Lipper Survey and
benchmark "since portfolio inception" information are as of the month-end
closest to the actual date of portfolio inception.
<PAGE>
- ------
18
- --------------------------------------------------------------------------------
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 17.12% 26.37% 97.56% 300.04% - 907.17%
- -------------------------------------------------------------------------------------------------------------------------
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 23.38% 100.46% 220.74% 376.76% 2,102.68% 3,665.21%
- -------------------------------------------------------------------------------------------------------------------------
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 8.55% 36.01% 67.41% 123.19% - 129.28%
- -------------------------------------------------------------------------------------------------------------------------
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 18.64% 95.77% 217.89% - - 217.43%
- -------------------------------------------------------------------------------------------------------------------------
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 36.51% 80.19% 138.43% 276.09% - 342.49%
- -------------------------------------------------------------------------------------------------------------------------
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 16.95% 74.09% 152.11% - - 145.50%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% 62.52% 157.04% - - 158.01%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 20.71% 86.55% 205.26% - - 204.09%
- -------------------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS 24.76% 67.36% 131.47% 315.58% - 330.68%
- -------------------------------------------------------------------------------------------------------------------------
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 (4.74)% 4.01% 48.99% 129.49% - 165.41%
- -------------------------------------------------------------------------------------------------------------------------
Lipper High Yield 3.65% 15.25% 51.19% 151.82% - 166.74%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark #1 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 (1.31)% 10.84% 26.65% - - 50.13%
- -------------------------------------------------------------------------------------------------------------------------
Lipper U.S. Government (2.60)% 12.55% 32.56% - - 64.40%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 0.49% 17.43% 39.81% - - 77.41%
- -------------------------------------------------------------------------------------------------------------------------
ALLIANCE INTERNATIONAL 35.79% 41.35% - - - 67.58%
- -------------------------------------------------------------------------------------------------------------------------
Lipper International 43.24% 69.17% - - - 103.07%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 26.96% 55.06% - - - 79.52%
- -------------------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET 3.47% 11.62% 20.78% 43.42% - 142.62%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Money Market 3.78% 12.64% 22.65% 47.52% - 178.18%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 4.74% 15.79% 28.88% 63.79% - 229.35%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- ------
19
- --------------------------------------------------------------------------------
TABLE 4
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALLIANCE QUALITY BOND (3.43)% 11.30% 33.34% - - 23.61%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Corporate Bond BBB-Rated (2.56)% 12.69% 37.39% - - 30.19%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark (0.82)% 18.20% 45.12% - - 40.97%
- -------------------------------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH 26.09% - - - - 49.24%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 34.26% - - - - 62.98%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 43.09% - - - - 84.91%
- -------------------------------------------------------------------------------------------------------------------------
EQ/BALANCED 16.09% 53.21% 99.12% 164.09% - 415.98%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Balanced 10.45% 49.38% 103.90% 204.29% - 335.16%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 9.07% 58.00% 128.08% 240.54% - 558.00%
- -------------------------------------------------------------------------------------------------------------------------
MFS EMERGING GROWTH COMPANIES 71.59% - - - - 176.97%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap 51.65% - - - - 120.85%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 21.26% - - - - 52.05%
- -------------------------------------------------------------------------------------------------------------------------
MFS RESEARCH 21.64% - - - - 71.70%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Growth 29.78% - - - - 101.13%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -------------------------------------------------------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY 17.51% - - - - 50.39%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 56.85%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -------------------------------------------------------------------------------------------------------------------------
MERCURY WORLD STRATEGY 19.89% - - - - 31.43%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Global Flexible Portfolio 12.93% - - - - 35.69%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 13.07% - - - - 49.16%
- -------------------------------------------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING
MARKETS EQUITY 93.40% - - - - 10.80%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets 82.53% - - - - 7.48%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 66.41% - - - - 5.32%
- -------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED (1.16)% - - - - 24.00%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Balanced 8.69% - - - - 42.44%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 11.39% - - - - 61.21%
- -------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH &
INCOME VALUE (2.54)% - - - - 25.24%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 12.90% - - - - 56.85%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME 2.31% - - - - 33.58%
- -------------------------------------------------------------------------------------------------------------------------
Lipper Equity Income 6.90% - - - - 43.31%
- -------------------------------------------------------------------------------------------------------------------------
Benchmark 21.03% - - - - 90.75%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- ------
20
- --------------------------------------------------------------------------------
TABLE 4
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999 (CONTINUED)
<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
INTERNATIONAL STOCK 30.29% - - - - 43.00%
- --------------------------------------------------------------------------------------------------
Lipper International 43.24% - - - 65.44%
- --------------------------------------------------------------------------------------------------
Benchmark 26.96% - - - - 56.70%
- --------------------------------------------------------------------------------------------------
WARBURG PINCUS SMALL
COMPANY VALUE 0.58% - - - - 5.68%
- --------------------------------------------------------------------------------------------------
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 and portfolio inception.
<PAGE>
- ------
21
- --------------------------------------------------------------------------------
TABLE 5
YEAR-BY-YEAR RATES OF RETURN
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Aggressive Stock 5.52% 84.47% (4.61)% 15.08% (5.24)%
- --------------------------------------------------------------------------------------------------------
Alliance Common Stock (9.36)% 35.86% 1.72% 23.07% (3.58)%
- --------------------------------------------------------------------------------------------------------
Alliance Conservative Investors 4.88% 18.16% 4.27% 9.18% (5.50)%
- --------------------------------------------------------------------------------------------------------
Alliance Equity Index - - - - (0.14)%
- --------------------------------------------------------------------------------------------------------
Alliance Global (7.49)% 28.72% (1.96)% 30.27% 3.71%
- --------------------------------------------------------------------------------------------------------
Alliance Growth and Income - - - (0.62)% (2.02)%
- --------------------------------------------------------------------------------------------------------
Alliance Growth Investors 9.01% 46.85% 3.42% 13.63% (4.56)%
- --------------------------------------------------------------------------------------------------------
Alliance High Yield (2.54)% 22.72% 10.72% 21.42% (4.20)%
- --------------------------------------------------------------------------------------------------------
Alliance Intermediate Government
Securities - 10.88% 4.08% 9.01% (5.77)%
- --------------------------------------------------------------------------------------------------------
Alliance International - - - - -
- --------------------------------------------------------------------------------------------------------
Alliance Money Market 6.80% 4.69% 2.07% 1.48% 2.53%
- --------------------------------------------------------------------------------------------------------
Alliance Quality Bond - - - (0.87)% (6.49)%
- --------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth - - - - -
- --------------------------------------------------------------------------------------------------------
EQ/Balanced (1.45)% 40.11% (4.26)% 10.71% (9.38)%
- --------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies - - - - -
- --------------------------------------------------------------------------------------------------------
MFS Research - - - - -
- --------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity - - - - -
- --------------------------------------------------------------------------------------------------------
Mercury World Strategy - - - - -
- --------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity - - - - -
- --------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced - - - - -
- --------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value - - - - -
- --------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income - - - - -
- --------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock - - - - -
- --------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value - - - - -
- --------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
1995 1996 1997 1998 1999
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Aggressive Stock 29.81% 20.44% 9.20% ( 1.19)% 17.12%
- ---------------------------------------------------------------------------------------------------------
Alliance Common Stock 30.61% 22.50% 27.37% 27.55% 23.38%
- ---------------------------------------------------------------------------------------------------------
Alliance Conservative Investors 18.71% 3.68% 11.62% 12.25% 8.55%
- ---------------------------------------------------------------------------------------------------------
Alliance Equity Index 34.60% 20.64% 30.69% 26.25% 18.64%
- ---------------------------------------------------------------------------------------------------------
Alliance Global 17.14% 12.96% 9.93% 20.07% 36.51%
- ---------------------------------------------------------------------------------------------------------
Alliance Growth and Income 22.34% 18.37% 24.95% 19.13% 16.95%
- ---------------------------------------------------------------------------------------------------------
Alliance Growth Investors 24.61% 10.99% 15.11% 16.54% 24.76%
- ---------------------------------------------------------------------------------------------------------
Alliance High Yield 18.24% 21.15% 16.79% ( 6.51)% (4.74)%
- ---------------------------------------------------------------------------------------------------------
Alliance Intermediate Government
Securities 11.73% 2.27% 5.76% 6.20% (1.31)%
- ---------------------------------------------------------------------------------------------------------
Alliance International 9.54% 8.23% ( 4.49)% 8.99% 35.79%
- ---------------------------------------------------------------------------------------------------------
Alliance Money Market 4.23% 3.81% 3.91% 3.82% 3.47%
- ---------------------------------------------------------------------------------------------------------
Alliance Quality Bond 15.38% 3.84% 7.58% 7.13% (3.43)%
- ---------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth - - 25.50%+ ( 5.69)% 26.09%
- ---------------------------------------------------------------------------------------------------------
EQ/Balanced 18.07% 10.07% 13.35%+ 16.43% 16.09%
- ---------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies - - 21.45%+ 32.90% 71.59%
- ---------------------------------------------------------------------------------------------------------
MFS Research - - 15.12%+ 22.62% 21.64%
- ---------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity - - 16.08%+ 10.24% 17.51%
- ---------------------------------------------------------------------------------------------------------
Mercury World Strategy - - 3.87%+ 5.54% 19.89%
- ---------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity - - (20.54)%+ (27.90)% 93.40%
- ---------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced - - 13.56%+ 10.47% (1.16)%
- ---------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value - - 15.28%+ 11.47% (2.54)%
- ---------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income - - 21.15%+ 7.76% 2.31%
- ---------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock - - ( 2.30)%+ 12.33% 30.29%
- ---------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value - - 18.17%+ (11.09)% 0.58%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
+ Returns for these portfolios represent less than 12 months of performance.
The returns are as of each portfolio inception date as shown in Table 1.
<PAGE>
- ------
22
- --------------------------------------------------------------------------------
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:
o The "separate account" universe reports performance data net of investment
management fees, direct operating expenses and asset-based charges
applicable under variable life insurance 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.
<PAGE>
- ------
23
- --------------------------------------------------------------------------------
The current yields and effective yields assume the deduction of all current
contract charges and expenses other than the annual administrative charge,
withdrawal charge, and any charges for state premium and other applicable taxes.
For more information, see "Alliance Money Market option yield information" and
"Other yield information" in the SAI.
<PAGE>
THE FOLLOWING IS ADDED AFTER PAGE B-6 OF THE PROSPECTUS:
- -------
A-1
- --------------------------------------------------------------------------------
The unit values and number of units outstanding shown below are for contracts
offered under Separate Account A with the same daily asset charges of 1.20%.
SERIES 600 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT EQ/ALLIANCE TECHNOLOGY WHICH IS BEING OFFERED FOR THE FIRST TIME ON MAY
22, 2000.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
DECEMBER 31, DECEMBER 31,
1998 1999
- --------------------------------------------------------------------------------
<S> <C> <C>
EQ/AGGRESSIVE STOCK
- --------------------------------------------------------------------------------
Unit value $90.25 $105.69
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 4
- --------------------------------------------------------------------------------
ALLIANCE COMMON STOCK
- --------------------------------------------------------------------------------
Unit value $102.87 $126.92
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 105
- --------------------------------------------------------------------------------
ALLIANCE CONSERVATIVE INVESTORS
- --------------------------------------------------------------------------------
Unit value $102.74 $111.53
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 6
- --------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX
- --------------------------------------------------------------------------------
Unit value $103.69 $123.02
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 50
- --------------------------------------------------------------------------------
ALLIANCE GLOBAL
- --------------------------------------------------------------------------------
Unit value $98.37 $134.29
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 20
- --------------------------------------------------------------------------------
ALLIANCE GROWTH AND INCOME
- --------------------------------------------------------------------------------
Unit value $102.73 $120.14
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 37
- --------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS
- --------------------------------------------------------------------------------
Unit value $101.93 $127.17
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 21
- --------------------------------------------------------------------------------
ALLIANCE HIGH YIELD
- --------------------------------------------------------------------------------
Unit value $89.20 $84.97
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 5
- --------------------------------------------------------------------------------
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES
- --------------------------------------------------------------------------------
Unit value $103.32 $101.97
- --------------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------
A-2
- --------------------------------------------------------------------------------
SERIES 600 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT EQ/ALLIANCE TECHNOLOGY WHICH IS BEING OFFERED FOR THE FIRST TIME
ON MAY 22, 2000. (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
DECEMBER 31, DECEMBER 31,
1998 1999
- --------------------------------------------------------------------------
<S> <C> <C>
ALLIANCE INTERNATIONAL
- --------------------------------------------------------------------------
Unit value $93.00 $126.30
- --------------------------------------------------------------------------
Number of units outstanding (000's) - 3
- --------------------------------------------------------------------------
ALLIANCE MONEY MARKET
- --------------------------------------------------------------------------
Unit value $101.68 $105.21
- --------------------------------------------------------------------------
Number of units outstanding (000's) - 17
- --------------------------------------------------------------------------
EQ/ALLIANCE PREMIER GROWTH
- --------------------------------------------------------------------------
Unit value - 116.42
- --------------------------------------------------------------------------
Number of units outstanding (000s) - 36
- --------------------------------------------------------------------------
ALLIANCE QUALITY BOND
- --------------------------------------------------------------------------
Unit value $103.62 $100.07
- --------------------------------------------------------------------------
Number of units outstanding (000's) - 4
- --------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH
- --------------------------------------------------------------------------
Unit value $86.94 $109.62
- --------------------------------------------------------------------------
Number of units outstanding (000's) - 2
- --------------------------------------------------------------------------
EQ/BALANCED
- --------------------------------------------------------------------------
Unit value $102.39 $118.36
- --------------------------------------------------------------------------
Number of units outstanding (000's) - 11
- --------------------------------------------------------------------------
CALVERT SOCIALLY RESPONSIBLE
- --------------------------------------------------------------------------
Unit value - 107.64
- --------------------------------------------------------------------------
Number of units outstanding (000s) - -
- --------------------------------------------------------------------------
CAPITAL GUARDIAN RESEARCH
- --------------------------------------------------------------------------
Unit value - 106.84
- --------------------------------------------------------------------------
Number of units outstanding (000s) - 1
- --------------------------------------------------------------------------
CAPITAL GUARDIAN U.S. EQUITY
- --------------------------------------------------------------------------
Unit value - 101.69
- --------------------------------------------------------------------------
Number of units outstanding (000s) - 1
- --------------------------------------------------------------------------
EQ/EVERGREEN
- --------------------------------------------------------------------------
Uit value - 106.63
- --------------------------------------------------------------------------
Number of units outstanding (000s) - -
- --------------------------------------------------------------------------
EQ/EVERGREEN FOUNDATION
- --------------------------------------------------------------------------
Unit value - 105.21
- --------------------------------------------------------------------------
Number of units outstanding (000s) - -
- --------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------
A-3
- --------------------------------------------------------------------------------
SERIES 600 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT EQ/ALLIANCE TECHNOLOGY WHICH IS BEING OFFERED FOR THE FIRST TIME
ON MAY 22, 2000. (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
DECEMBER 31, DECEMBER 31,
1998 1999
- ----------------------------------------------------------------------------
<S> <C> <C>
MFS EMERGING GROWTH COMPANIES
- ----------------------------------------------------------------------------
Unit value $103.53 $177.65
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 36
- ----------------------------------------------------------------------------
MFS GROWTH WITH INCOME
- ----------------------------------------------------------------------------
Unit value - 104.53
- ----------------------------------------------------------------------------
Number of units outstanding (000s) - 2
- ----------------------------------------------------------------------------
MFS RESEARCH
- ----------------------------------------------------------------------------
Unit value $99.10 $120.55
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 6
- ----------------------------------------------------------------------------
MERCURY BASIC VALUE EQUITY
- ----------------------------------------------------------------------------
Unit value $97.91 $115.06
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 7
- ----------------------------------------------------------------------------
MERCURY WORLD STRATEGY
- ----------------------------------------------------------------------------
Unit value $94.96 $113.85
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ----------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS EQUITY
- ----------------------------------------------------------------------------
Unit value $81.49 $157.61
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 3
- ----------------------------------------------------------------------------
EQ/PUTNAM BALANCED
- ----------------------------------------------------------------------------
Unit value $101.17 $99.99
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 3
- ----------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE
- ----------------------------------------------------------------------------
Unit value $100.60 $98.04
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 3
- ----------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME
- ----------------------------------------------------------------------------
Unit value $101.12 $103.45
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 3
- ----------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK
- ----------------------------------------------------------------------------
Unit value $94.15 $122.67
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 3
- ----------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY VALUE
- ----------------------------------------------------------------------------
Unit value $82.88 $83.36
- ----------------------------------------------------------------------------
Number of units outstanding (000's) - 1
- ----------------------------------------------------------------------------
</TABLE>
<PAGE>
THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES
SUPPLEMENT DATED MAY 1, 2000
TO EQUI-VEST(R) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS
PROSPECTUS DATED MAY 1, 2000
FOR EMPLOYEES OF ALLEGHENY COUNTY, PENNSYLVANIA
- --------------------------------------------------------------------------------
This Supplement modifies certain information contained in the prospectus dated
May 1, 2000 ("Prospectus") as it relates to the Series 200 EDC Contracts offered
by The Equitable Life Assurance Society of the United States ("Equitable Life").
The Series 200 EDC Contracts, modified as described below (the "Modified EDC
Contracts"), are offered to employees of Allegheny County, Pennsylvania, on the
basis described in the Prospectus, except that the Withdrawal Charge and Annual
Administrative Charge applicable to the Modified EDC Contracts will be as
follows:
o Withdrawal Charge. The Withdrawal Charge ("WC") schedule for the Modified
EDC Contract is as follows:
CONTRACT YEAR(S) WC
--------------------------- ---------------------------
1 6%
2 5
3 4
4 3
5 2
6+ 0
This table replaces the table in the Prospectus under "Withdrawal charge for
series 100 and 200 contracts" in "Charges and expenses."
No WC will apply in the event of the:
-- Death
-- Disability
-- Separation from service from Allegheny County
-- Retirement of the participant.
The annual administrative charge is waived.
E2338
888-1281
<PAGE>
THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES
SUPPLEMENT DATED MAY 1, 2000
TO EQUI-VEST(R) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS
PROSPECTUS DATED MAY 1, 2000
- --------------------------------------------------------------------------------
This supplement modifies certain information in the prospectus dated May 1, 2000
(the "Prospectus") for EQUI-VEST group and individual deferred variable annuity
contracts offered by Equitable Life. Equitable Life will offer a modified
version of its EQUI-VEST Series 200 TSA contracts (the "Modified TSA Agreement")
only to participants in qualifying retirement programs of certain nonprofit
healthcare organizations. This Supplement describes the material differences
between the Modified TSA Agreement and the EQUI-VEST Series 200 TSA contract
described in the Prospectus. Terms in this Supplement have the same meaning as
in the Prospectus.
Material differences between the Modified TSA Agreement and the TSA provisions
described in the EQUI-VEST Prospectus include the following:
o WITHDRAWAL CHARGE. The Withdrawal Charge schedule for the Modified TSA
Agreement is as follows:
CONTRACT YEAR(S) WC
--------------------------- ---------------------------
1 6%
2 5
3 4
4 3
5 2
6+ 0
This table replaces the EQUI-VEST Series 200 Withdrawal Charge table in
"Withdrawal charge for series 100 and 200 contracts" under "Charges and
expenses."
o EXCEPTIONS TO THE WITHDRAWAL CHARGE. For the modified TSA Agreement, the
section in "Charges and expenses" has been revised to add the following
waivers:
No charge will be applied to any amount withdrawn from the Modified TSA
Agreement if:
- -- The annuitant has separated from service, or
- -- The annuitant makes a withdrawal at any time if he qualifies to receive
Social Security disability benefits as certified by the Social Security
Administration or any successor agency, or
- -- The annuitant makes a withdrawal that qualifies as a hardship withdrawal
under the Plan and the Code.
o ANNUAL ADMINISTRATIVE CHARGE. The annual administrative charge to
participants under the Modified TSA Agreement is at maximum the charge
described in the Prospectus -- that is, it is equal to the lesser of $30 or
2% of the account value on the last business day of each year (adjusted to
include any withdrawals made during the year), to be prorated for a
fractional year. This charge may be reduced or waived when a Modified TSA
Agreement is used by the employer and the required participant services are
performed at a modified or minimum level.
FOR USE ONLY IN THE STATE OF ILLINOIS
888-1278
<PAGE>
The Equitable Life Assurance
Society Of The United States
SUPPLEMENT DATED MAY 1, 2000
TO EQUI-VEST(R) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS
PROSPECTUS DATED MAY 1, 2000
EQUI-VEST(R) TSA Contracts
(Series 100 and Series 200)
Offered to Certain Public School Employees Within the State of Indiana
- --------------------------------------------------------------------------------
This Supplement adds to and modifies certain information contained in the
Prospectus dated May 1, 2000 ("Prospectus") for Equi-Vest(R) Employer-Sponsored
Retirement Programs offered by Equitable Life. Equitable Life will offer its
EQUI-VEST(R) Series 100 and Series 200 TSA Contracts, as described below
("Modified TSA Contracts"), to certain participants in plans that meet the
requirements of Internal Revenue Code Section 403(b) (referred to as "Section
403(b) Plans") sponsored by a public education institution described in "Tax
information" under "Tax-Sheltered annuity arrangements (TSAs)" as "Section
403(b) Plans" sponsored by a public education institution described in Section
403(b)(1)(A)(ii) of the Code within the State of Indiana ("Employer"). Modified
TSA Contracts will be available only when an Employer makes contributions for
employees participating in Section 403(b) Plans (whether in addition to, or
instead of, employee salary reduction or elective deferred contributions, as
applicable) and has entered into an agreement with Equitable Life that permits
Equitable Life to offer to you Modified TSA Contracts as a funding vehicle for
your Employer's Section 403(b) Plan ("Modified TSA Agreement"). Terms not
otherwise defined in this Supplement have the same meaning as in the Prospectus.
Modified TSA Agreements and Contracts: Exceptions to Withdrawal Charge. Modified
TSA Contracts are offered to participants on the same basis and under the same
terms and conditions described in the Prospectus as applicable to the
EQUI-VEST(R) TSA Series 100 and Series 200 Contracts, except for certain
material differences described in this Supplement.
Your Employer may notify us of its termination of a Modified TSA Agreement
during the seven-day period ("Employer Window Period") starting on the fifth
anniversary of the initial Modified TSA Contract purchased pursuant to a
Modified TSA Agreement. If your Employer terminates its Modified TSA Agreement
during an Employer Window Period, then you will have a 30-day period ("Annuitant
Window Period"), starting on the first business day after the end of an Employer
Window Period, during which to notify our Processing Office, in writing, whether
you desire to terminate your Modified TSA Contract and transfer your Modified
TSA Contract's account value to a successor funding vehicle without a withdrawal
charge being applied.
The Prospectus section entitled "Charges under the contracts" in
"Charges and expenses" has been revised to add the following waiver:
No charge will be applied to any amount withdrawn from your Modified TSA
Contract if your Employer terminates its Modified TSA Agreement with us; and
within the 30-day Annuitant Window Period, you choose to transfer the account
value under your Modified TSA Contract to a successor funding vehicle.
Your opportunity to transfer your account value without paying a withdrawal
charge is wholly dependent upon your Employer providing you with timely notice
of the termination of its Modified TSA Agreement with us and notifying you of
the Annuitant Window Period.
Equitable Life is not obliged to provide you with information relating to your
Employer's decision to terminate its Modified TSA Agreement.
You are not required to make such a transfer and you may decide to continue your
Modified TSA Contract even if your Employer terminates its Modified TSA
Agreement.
FOR USE ONLY IN THE STATE OF INDIANA
E2342
888-1280
<PAGE>
- --------------------------------------------------------------------------------
2
Guaranteed Interest Option Rates. Until the start of the Employer Window Period
all Modified TSA Contracts held by Annuitants of one Employer ("Unit") will be
credited with a current rate of interest in the Guaranteed Interest Option up to
0.50% lower than the current rate for all other EQUI-VEST(R) Series 100 and
Series 200 TSA Contracts purchased on the same date and not purchased pursuant
to a Modified TSA Agreement or other modified service agreement Equitable Life
has with an Employer. Equitable Life reserves the right to apply different
interest percentage rates to Units, at its discretion, based upon variances in
Unit experience, expenses and other factors. The current rate credited under
Modified TSA Contracts, however, will never be lower than the minimum guaranteed
rates under all EQUI-VEST(R) Series 100 and Series 200 TSA Contracts. See "Your
contracts value in the guaranteed interest option" in the Prospectus.
Once the Employer Window Period begins, the rates for any Modified TSA Contract
within a Unit will be the same as the rates in effect for all other EQUI-VEST(R)
Series 100 and Series 200 TSA Contracts purchased on the same date and not
purchased pursuant to a Modified TSA Agreement or other modified service
agreement Equitable Life has with an Employer.
ANNUAL ADMINISTRATIVE CHARGE. The annual administrative charge under Modified
TSA Contracts may be reduced or waived when participant services are performed
at a modified or minimum level under a Modified TSA Agreement. This annual
administrative charge may continue to be reduced or waived even if your Employer
terminates its Modified TSA Agreement with us. Any reduction or waiver to an
annual administrative charge will not be unfairly discriminatory. See "Charges
and expenses" in the Prospectus.
FOR USE ONLY IN THE STATE OF INDIANA
E2342
<PAGE>
The Equitable Life Assurance
Society Of The United States
SUPPLEMENT DATED MAY 1, 2000
TO EQUIT-VEST(R) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS
PROSPECTUS DATED MAY 1, 2000
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the prospectus dated May 1, 2000
for EQUI-VEST deferred annuity contracts offered by Equitable Life. Terms in
this Supplement have the same meanings as in the prospectus.
In addition to other options described in "Accessing your money" in the
prospectus, the following distribution options may be available to participants
in certain public employee deferred compensation plans in the State of Iowa. If
such plans permit the use of such options, your employer may select one of the
following options upon receipt of your irrevocable election to receive payments
in such form:
1. MINIMUM DISTRIBUTION OPTION
Beginning in the year that you are required to begin minimum distribution
payments under the Code and applicable U.S. Treasury regulations and each year
thereafter, we will make annual payments to you subject to the rules of the Code
and to our administrative rules then in effect. The amount of each payment will
be calculated as described in this item 1.
Each year, we will calculate an annual amount equal to the minimum distribution
required under Section 401(a)(9) of the Code and applicable Treasury
regulations. The minimum distribution for each such year will be determined by
dividing (a) your account value as of December 31 of the previous year, by (b) a
life expectancy factor described below.
As you may elect under the terms of your employer's plan, the life expectancy
factor is either a single life expectancy factor (based on your life expectancy)
or a joint life expectancy factor (based on the joint lives of you and your
spouse). Either such factor will be determined based on tables contained in
Section 401(a)(9) of the Code or applicable Treasury regulations.
If the joint life expectancy factor is elected, your designated beneficiary for
minimum distribution purposes must be your spouse, unless the naming of a
non-spouse beneficiary is permitted pursuant to our rules in effect at the time
a beneficiary is named (such naming is not permitted at this date).
Life expectancy factors will be recalculated each year, unless (a) you elect not
to recalculate or (b) the beneficiary is not your spouse. If life expectancy is
not recalculated, then each life expectancy factor is based on the calculation
for the calendar year in which you (and the beneficiary, if joint life
expectancy applies) begin receiving minimum distributions reduced by one for
each subsequent calendar year.
The election of the life expectancy factor to be used and whether recalculation
is to apply will be irrevocable.
The calculation procedure may be changed as necessary in our sole discretion to
comply with the minimum distribution rules under Section 401(a)(9) of the Code
and applicable Treasury regulations.
2. COMBINATION OF SYSTEMATIC WITHDRAWAL AND MINIMUM DISTRIBUTION OPTION
Beginning on the date of the first payment of your plan benefits, if we are
directed by your employer under the terms of the employer's plan, we will make
systematic withdrawal payments to you as follows at the frequency you have
elected (annually, quarterly or monthly), subject to our administrative rules
then in effect. The systematic withdrawal option described in "Accessing your
money" in the prospectus will be in combination with the minimum distribution
option as described below.
FOR USE ONLY WITH PEDC CONTRACTS IN THE STATE OF IOWA
888-1277
<PAGE>
- --------------------------------------------------------------------------------
2
Prior to the year that minimum distributions are required to start, we will pay
the amount of each systematic withdrawal payment of the type you have selected.
Based on your elections regarding your beneficiary and recalculations of life
expectancy as described in item 1 above, we will calculate annually the required
imputed minimum distribution amount and determine whether an additional payment
to you is required. The calculation of such imputed minimum distribution amount
will be made on a basis consistent with the required minimum distribution rules
described in item 1 above, using the tables contained in Section 401(a)(9) of
the Code and applicable Treasury regulations. Beginning with the year that
minimum distributions are required to start, we will calculate annually the
required minimum distribution and determine whether an additional payment to you
is required. If required, an imputed minimum distribution payment or a required
minimum distribution payment, as applicable, will be made in addition to the
systematic withdrawal payments.
If at any time after you have made the irrevocable election under your
employer's plan as described above, the Internal Revenue Service disallows the
basis for calculating the payments as described in this item 2, we will have the
right, in our sole discretion, to change the basis for calculating the payments
as we deem necessary in order to meet the requirements of the Code and
applicable Treasury regulations.
FOR USE ONLY WITH PEDC CONTRACTS IN THE STATE OF IOWA
E2341
<PAGE>
The Equitable Life Assurance
Society Of The United States
SUPPLEMENT DATED MAY 1, 2000
TO EQUI-VEST(R) EMPLOYER-SPONSORED RETIREMENT PROGRAMS
PROSPECTUS DATED MAY 1, 2000
EQUI-VEST(R) EDC Contracts (Series 100 and Series 200) offered to certain
employees of State and Municipal Governments within the State of Iowa
- --------------------------------------------------------------------------------
This Supplement adds to and modifies certain information contained in the
prospectus dated May 1, 2000 (Prospectus) for EQUI-VEST(R) Employer-Sponsored
Retirement Programs offered by Equitable Life. Equitable Life will offer
EQUI-VEST(R) EDC, as described below ("Iowa/Enhanced EDC Contracts"), to fund
plans that meet the requirements of Internal Revenue Code Section 457 ("Section
457 Plans") sponsored by certain state and municipal governments described in
Section 457 of the Code, within the State of Iowa ("Employer"). Iowa/Enhanced
EDC Contracts will be available only when an Employer (i) makes contributions to
a Section 457 Plan, whether in addition to, in the form of, employee salary
reduction or elective deferred contributions, as applicable, and (ii) has
entered into an agreement with Equitable Life that permits Equitable Life to
offer Iowa/Enhanced EDC Contracts as a funding vehicle for your Employer's
Section 457 Plan; and the total assets of all Section 457 plans sponsored by all
state, municipal and other local governments is greater than $50 million in plan
assets for all Iowa/Enhanced EDC Contracts within the state of Iowa. Terms not
otherwise defined in this Supplement have the same meaning as in the Prospectus.
Employees of an Employer may participate under an Iowa/Enhanced EDC Contract on
the same basis and under the same terms and conditions described in the
Prospectus as applicable to EQUI-VEST(R) EDC Contracts, except for certain
material differences described in this Supplement. Participation under
Iowa/Enhanced EDC Contracts will be available to (i) annuitants, within the
State of Iowa, participating under EQUI-VEST(R) EDC Contracts purchased prior to
the date of this Supplement and (ii) any annuitant participating under an
Iowa/Enhanced EDC Contract purchased as of or after the date of this Supplement.
THE "EQUI-VEST EMPLOYER-SPONSORED RETIREMENT PROGRAMS AT A GLANCE -- KEY
FEATURES" SECTION OF THE PROSPECTUS HAS BEEN MODIFIED FOR THE FEES AND CHARGES
RELATED TO SERIES 100 AND 200 AS FOLLOWS:
ANNUAL ADMINISTRATIVE CHARGE. The annual administrative charge is waived and
does not apply to Iowa/Enhanced EDC Contracts.
Annual expenses of EQ Advisors Trust Portfolios include 12b-1 fees for EQ
Advisors Trust for Iowa/Enhanced EDC Contracts and are Class IB shares.
FEE TABLES. For Iowa/Enhanced EDC Contracts, the following fee tables are
applicable. You should refer to the fee tables of the Prospectus for all other
applicable expenses related to EQUI-VEST Series 100 and Series 200 Contracts.
Please also see the discussion of the modifications to "Charges and expenses"
set forth in the Supplement.
FOR USE ONLY IN THE STATE OF IOWA
888-1276
<PAGE>
- --------------------------------------------------------------------------------
2
Table 1: EQUI-VEST Series 100
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Alliance
Alliance Intermediate Alliance Alliance Alliance
Money Government Quality Alliance Growth and Equity
Market Securities Bond High Yield Income Index
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL
EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT
ANNUAL EXPENSES .90% .90% .90% .90% .90% .90%
Annual Expenses
Investment Advisory Fees .34% .50% .53% .60% .59% .25%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25% .25%
Other Expenses .05% .07% .05% .05% .05% .05%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES (8) .64% .82% .83% .90% .89% .55%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Table 1: EQUI-VEST Series 100
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Alliance Alliance
Alliance Alliance EQ/ Small Conser- Alliance
Common Alliance Inter- Aggressive Cap vative EQ/ Growth
Stock Global national Stock Growth Investors Balanced Investors
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT
ANNUAL EXPENSES
Mortality and Expense
Risk Fees (1) .65% .65% .65% .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT
ANNUAL EXPENSES .90% .90% .90% .90% .90% .90% .90% .90%
Annual Expenses
Investment Advisory
Fees .46% .73% .85% .60% .75% .60% .57% .57%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25% .25% .25% .25%
Other Expenses .04% .09% .20% .04% .07% .07% .05% .05%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL
EXPENSES (8) .75% 1.07% 1.30% .89% 1.07% .92% .87% .87%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
- --------------------------------------------------------------------------------
3
Table 1: EQUI-VEST Series 100 (continued)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
T. Rowe
Price T. Rowe EQ/Putnam
Inter- Price Growth &
national Equity Income EQ/Putnam MFS
Stock Income Value Balanced Research
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .85% .60% .60% .60% .65%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25%
Other Expenses .15% .10% .10% .05% .05%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) 1.25% .95% .95% .90% .95%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Table 1: EQUI-VEST Series 100
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Morgan
MFS Stanley Warburg Mercury
Emerging Emerging Pincus Small Mercury Basic
Growth Markets Company World Value
Companies Equity Value Strategy Equity
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense Risk
Fees (1) .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .65% 1.15% .75% .70% .60%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25%
Other Expenses .10% .35% .10% .25% .10%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) 1.00% 1.75% 1.10% 1.20% .95%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
- --------------------------------------------------------------------------------
4
Table 2: EQUI-VEST Series 200 (continued)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
EQ/Alliance Calvert Capital Capital
Premier EQ/Alliance Socially Guardian Guardian
Growth Technology Responsible Research U.S. Equity
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense
Risk Fees (1) .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25%
- ----------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .90% .90% .65% .65% .65%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25%
Other Expenses .00% .00% .15% .05% .05%
- ----------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) 1.15% 1.15% 1.05% .95% .95%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
Table 2: EQUI-VEST Series 200
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
EQ/
EQ/ Evergreen MFS Growth
Evergreen Foundation With Income
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense
Risk Fees (1) .65% .65% .65%
Other Expenses (2) .25% .25% .25%
- -------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .65% .60% .60%
Rule 12b-1 Fees (9) .25% .25% .25%
Other Expenses .05% .10% .10%
- -------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) .95% .95% .95%
- -------------------------------------------------------------------------------------
</TABLE>
- ------------
Notes 3 and 4 of the Fee Table are not applicable to Iowa/Enhanced EDC
Contracts. As to certain limitations on charges, see "Maximum total charges"
under "Charges and expenses" below for the modifications to the "Charges and
expenses" section of the Prospectus. Also, Note 9 is revised as follows as shown
on the last page of the Fee Tables.
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
- --------------------------------------------------------------------------------
5
Table 2: EQUI-VEST Series 200 (continued)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Alliance
Alliance Intermediate Alliance Alliance Alliance Alliance
Money Government Quality High Growth and Equity
Market Securities Bond Yield Income Index
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL
EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL
EXPENSES .90% .90% .90% .90% .90% .90%
Annual Expenses
Investment Advisory Fees .34% .50% .53% .60% .59% .25%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25% .25%
Other Expenses .05% .07% .05% .05% .05% .05%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL
EXPENSES (8) .64% .82% .83% .90% .89% .55%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Table 2: EQUI-VEST Series 200
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Alliance Alliance
Alliance Alliance EQ/ Small Conser- Alliance
Common Alliance Inter- Aggressive Cap vative EQ/ Growth
Stock Global national Stock Growth Investors Balanced Investors
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL
EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT
ANNUAL EXPENSES .90% .90% .90% .90% .90% .90% .90% .90%
Annual Expenses
Investment Advisory Fees .46% .73% .85% .60% .75% .60% .57% .57%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25% .25% .25% .25%
Other Expenses .04% .09% .20% .04% .07% .07% .05% .05%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL
EXPENSES (8) .75% 1.07% 1.30% .89% 1.07% .92% .87% .87%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
- --------------------------------------------------------------------------------
6
Table 2: EQUI-VEST Series 200 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
T. Rowe T. Rowe
Price Price EQ/Putnam
Inter- Equity Growth & EQ/Putnam MFS
national Income Income Value Balanced Research
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .85% .60% .60% .60% .65%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25%
Other Expenses .15% .10% .10% .05% .05%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) 1.25% .95% .95% .90% .95%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Table 2: EQUI-VEST Series 200
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Morgan
MFS Stanley Warburg Mercury
Emerging Emerging Pincus Small Mercury Basic
Growth Markets Company World Value
Companies Equity Value Strategy Equity
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25% .25%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .65% 1.15% .75% .70% .60%
Rule 12b-1 Fees (9) .25% .25% .25% .25% .25%
Other Expenses .10% .35% .10% .25% .10%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) 1.00% 1.75% 1.10% 1.20% .95%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
- ------------
Notes 3 and 4 of the Fee Table are not applicable to Iowa/Enhanced EDC
Contracts. As to certain limitations on charges, see "Maximum total charges"
under "Charges and expenses" below for the modifications to the "Charges and
expenses" section of the Prospectus. Also, Note 9 is revised as follows as shown
on the next page.
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
- --------------------------------------------------------------------------------
7
Table 1: EQUI-VEST Series 100
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
EQ/Alliance Calvert Capital
Premier EQ/Alliance Socially Guardian
Growth Technology Responsible Research
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25%
- --------------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .90% .90% .65% .65%
Rule 12b-1 Fees (9) .25% .25% .25% .25%
Other Expenses .00% .00% .15% .05%
- --------------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) 1.15% 1.15% 1.05% .95%
- --------------------------------------------------------------------------------------------------------
</TABLE>
Table 1: EQUI-VEST Series 100
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Capital EQ/
Guardian EQ/ Evergreen MFS Growth
U.S. Equity Evergreen Foundation With Income
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense Risk Fees (1) .65% .65% .65% .65%
Other Expenses (2) .25% .25% .25% .25%
- --------------------------------------------------------------------------------------------------
TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES .90% .90% .90% .90%
Annual Expenses
Investment Management and Advisory Fees .60% .65% .60% .60%
Rule 12b-1 Fees (9) .25% .25% .25% .25%
Other Expenses .05% .05% .10% .10%
- --------------------------------------------------------------------------------------------------
TOTAL ANNUAL EXPENSES
(AFTER EXPENSE LIMITATION) (10) .95% .95% .95% .95%
- --------------------------------------------------------------------------------------------------
</TABLE>
- ------------
(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 the life of the
contracts. Prior to October 1, 1999, the total annual expenses for the
Alliance Small Cap Growth portfolio were limited to 1.20% under an
expense limitation arrangement related to that portfolio's Rule 12b-1
Plan. The arrangement is no longer in effect. The amounts shown have
been restated to reflect the expenses that would have been incurred in
1999, absent the expense limitation arrangement.
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
- --------------------------------------------------------------------------------
8
"CHARGES AND EXPENSES" OF THE PROSPECTUS HAS BEEN MODIFIED AS FOLLOWS:
CHARGES TO PORTFOLIOS. The following paragraph is added to "Charges that EQ
Advisors Trust deducts" after the Portfolio investment advisory fee table:
The Rule 12b-1 Plan adopted with respect to EQ Advisors Trust's Class IB shares
provides that EQ Advisors Trust, on behalf of each Portfolio, may charge
annually up to 0.25% of the average daily net assets of a Portfolio attributable
to its Class IB shares in respect of activities primarily intended to result in
the sale of the Class IB shares. This fee will not be increased for the life of
the Iowa/Enhanced EDC Contracts. Fees and expenses are described more fully in
the EQ Advisors Trust prospectus.
MAXIMUM TOTAL CHARGES. The discussion under "Maximum total charges" is
applicable to Iowa/Enhanced EDC Contracts attributable to EQUI-VEST EDC
Contracts issued to fund Section 457 Plans prior to the date of this Supplement.
The discussion, however, does not apply to Iowa/Enhanced EDC Contracts issued on
and after the date of this Supplement.
CHARGES FOR OTHER EXPENSES. The discussion under "Charges for other expenses"
is replaced by the following:
We make a daily charge (after any deductions to provide for taxes) against the
assets held in each of the Investment Funds under an Iowa/Enhanced EDC Contract.
This charge is reflected in the unit values and made at an annual rate not to
exceed 0.90% for each of the variable investment options. The charge is for
financial accounting, death benefits, mortality risk, expenses and expense risk.
The specific charges for Series 100 and 200 Iowa/Enhanced EDC Contracts are:
expenses and financial accounting -- 0.25%; expense risks -- 0.30%; and
mortality risks and death benefits -- 0.35%.
ANNUAL ADMINISTRATIVE CHARGE. The annual administrative charge under Iowa/
Enhanced EDC Contracts is waived.
WITHDRAWAL CHARGE. The following will apply to withdrawals under Iowa/Enhanced
EDC Contracts, in addition to the exceptions to the withdrawal charge discussed
under the section entitled "Withdrawal charges for series 100 and 200
contracts."
o the annuitant retires pursuant to terms of the Section 457 plan, or separates
from service;
o the annuitant has qualified to receive Social Security disability benefits as
certified by the Social Security Administration;
o we receive proof satisfactory to us that the annuitant's life expectancy is
six months or less (such proof must include, but is not limited to,
certification by a licensed physician);
o the annuitant elects a withdrawal that qualifies as a hardship withdrawal
under the Code;
o the annuitant has been confined to a nursing home for more than a 90-day
period (or such other period, if required in Iowa as verified by a licensed
physician). A nursing home for this purpose means one which is (a) approved
by Medicare as a provider of skilled nursing care service, or (b) licensed as
a skilled nursing home by the state or territory in which it is located (it
must be within the United States, Puerto Rico, U.S. Virgin Islands, or Guam)
and meets all of the following:
o its main function is to provide skilled, intermediate or custodial nursing
care;
o it provides continuous room and board to three or more persons;
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
o it is supervised by a registered nurse or practical nurse;
o it keeps daily medical records of each patient;
o it controls and records all medications dispensed; and
o its primary service is other than to provide housing for residents.
FOR USE ONLY IN THE STATE OF IOWA
<PAGE>
THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES
SUPPLEMENT DATED MAY 1, 2000
TO EQUI-VEST(R) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS
PROSPECTUS DATED MAY 1, 2000
- --------------------------------------------------------------------------------
This supplement modifies certain information in the prospectus dated May 1, 2000
(the "Prospectus") for EQUI-VEST group and individual deferred variable annuity
contracts offered by Equitable Life. Equitable Life will offer its EQUI-VEST
Series 200 TSA contracts modified with Rider 95MDHOSP (the "Modified TSA
Contract") only to employees (age 75 and below) of hospitals and non-profit
healthcare organizations doing business in Maryland. This Supplement describes
the material differences between the Modified TSA Contract and the EQUI-VEST
Series 200 TSA contract described in the Prospectus. Terms in this Supplement
have the same meaning as in the Prospectus.
Material differences between the Modified TSA Contract and the TSA provisions
described in the EQUI-VEST Prospectus include the following:
o WITHDRAWAL CHARGE. The Withdrawal Charge schedule for the Modified TSA
Contract is as follows:
CONTRACT YEAR(S) CHARGE
- ------------------------ -------------------------
1 6%
2 5
3 4
4 3
5 2
6+ 0
This table replaces the EQUI-VEST Series 200 Withdrawal Charge table in
"Withdrawal charge for series 100 and 200 contracts" under "Charges and
expenses" in the Prospectus.
o No withdrawal charge will apply to funds transferred on or after January 18,
1996 into the Modified TSA Contract from another tax sheltered annuity
contract qualified under Section 403(b) of the Code and issued by an
insurance company other than Equitable Life.
o LOANS. Loans will be available under the Modified TSA Contract when the TSA
plan is subject to the Employee Retirement Income Security Act of 1974
(ERISA). Only one outstanding loan will be permitted at any time. There is a
minimum loan amount of $1,000 and a maximum loan amount which varies
depending on the participant's account value but may never exceed $50,000.
For more complete details and rules on Loans see "Loans from qualified plans
and TSAs" in the Prospectus and "Additional Loan Provisions" in the Statement
of Additional Information.
o EXCEPTIONS TO THE WITHDRAWAL CHARGE. For the modified TSA Contract, the
Section in "Charges and expenses" has been revised as follows:
No charge will be applied to any amount withdrawn from the TSA Contract if:
-- the annuitant has separated from service, or
-- the annuitant makes a withdrawal that qualifies as a hardship
withdrawal under the Plan and the Code, or
-- the annuitant makes a withdrawal at any time if he qualifies to receive
Social Security disability benefits as certified by the Social Security
Administration or any successor agency.
o ANNUAL ADMINISTRATIVE CHARGE. No annual administrative charge will be
charged to participants in the Modified TSA Contract.
FOR USE ONLY IN THE STATE OF MARYLAND
E2337
888-1284
<PAGE>
THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES
SUPPLEMENT DATED MAY 1, 2000
TO EQUI-VEST(R) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS
PROSPECTUS DATED MAY 1, 2000
For Employees of Employers Associated with Realty One
- --------------------------------------------------------------------------------
This Supplement modifies certain information contained in the prospectus dated
May 1, 2000 ("Prospectus") as it relates to certain series 200 Trusteed
Contracts offered by The Equitable Life Assurance Society of the United States
("Equitable Life"). The Series 200 Trusteed Contracts, modified as described
below (the "Modified Trusteed Contracts"), are offered to employees of employers
associated with Realty One, a real estate brokerage firm, on the basis described
in the Prospectus, except that the Withdrawal Charge applicable to the Modified
Trusteed Contracts will be waived for all plan assets invested under such
Contracts, except for any withdrawal of plan assets which were invested in the
guaranteed interest option less than 120 days prior to such withdrawal. Except
as modified above, the discussion under "Withdrawal charge for series 100 and
200 contracts" under "Charges and expenses" with respect to Trusteed Contracts
is applicable to the Modified Trusteed Contracts.
The annual administrative charge is waived.
E2340
888-1282
<PAGE>
EQUI-VEST(R)
A Combination 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 prospectus for EQUI-VEST, dated May 1,
2000. That prospectus provides detailed information concerning the contracts and
the variable investment options, as well as the fixed maturity options, that
fund the contracts. 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 (P.O. Box 2996, New York, NY 10116-2996), by calling toll free,
1-800-628-6673, or by contacting your financial professional.
TABLE OF CONTENTS
Required minimum distributions option 2
Unit value 2
Calculation of annuity payments 3
The reorganization 3
Custodian and independent accountants 4
Alliance Money Market option yield information 4
Other yield information 5
Financial statements 5
Copyright 2000 The Equitable Life Assurance Society of the
United States New York, New York 10104 All rights reserved.
888-1175
Cat. No.
<PAGE>
2
- --------------------------------------------------------------------------------
REQUIRED MINIMUM DISTRIBUTIONS OPTION
If you elect this feature designed for annuitants age 70 1/2 or older, described
in the prospectus, each year we calculate your minimum distribution based on the
account value as of December 31 of the prior calendar year and then calculate
the minimum distribution amount based on the various choices you make. This does
not apply to Roth IRA or NQ Contracts.
You may choose whether the required minimum distribution will be calculated
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 expectancy) each year, or (2) not recalculate your
life expectancy. If you have chosen a joint life expectancy method of
calculation with your spouse, you may choose to either have both lives
recalculated or not 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 life
expectancy is not recalculated, it means that it is determined once, for the
initial year, and in every subsequent year that number is reduced by one more
year.
If you do not specify a method, IRS regulations require us to 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 account
value to an annuity payout.
The minimum distribution calculation takes into account partial withdrawals made
during the current calendar year but prior to the date we determine your minimum
distribution amount, except that when the required minimum distribution is
elected in the year in which the annuitant attains age 71 1/2, no adjustment for
partial withdrawals will be made for any withdrawals made between January 1 and
April 1 of the year in which the election is made.
Our required minimum distribution option should not be elected if the annuitant
continues to work beyond age 70 1/2 and contributions continue to be made 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.
Please note that our required minimum distribution option does not provide for
all the flexibility provided by federal law. 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. A valuation period is each business day together
with any consecutive preceding non-business day. The unit values for EQUI-VEST
may vary. The method of calculating unit values is set forth below.
The unit value for a variable investment option for any valuation period is
equal to the unit value for the preceding valuation period multiplied by the
"net investment factor" for the variable investment option for that valuation
period. 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 before giving
effect to any amounts allocated to or withdrawn from the variable
investment options for the valuation period. 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 direct expenses of EQ Advisors
Trust.
<PAGE>
3
- --------------------------------------------------------------------------------
(b) is the value of the variable investment option's shares of the
corresponding Portfolio at the end of the preceding valuation period (after
any amounts allocated or withdrawn for that valuation period).
(c) is the daily Separate Account A asset charge for the expenses of the
contracts times the number of calendar days in the valuation period, plus
any charge for taxes or amounts set aside as a reserve for taxes.
CALCULATION OF ANNUITY PAYMENTS
The calculation of monthly annuity payments 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. The
annuity unit values used for EQUI-VEST may vary, although the method of
calculating annuity unit values set forth below applies to all contracts.
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 variable investment option reduced for each day in
the valuation period by:
o .00013366 of the net investment factor for a contract with an assumed base
rate of net investment return of 5% a year; or
o .00009425 of the net investment factor for a contract with an assumed base
rate of net investment return of 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.
The assumed base rate will be 5%, except in states where that rate is not
permitted. Annuity payments based upon an assumed base rate of 3 1/2% will at
first be smaller than those based upon a 5% assumed base rate. Payments based
upon a 3 1/2% rate, however, will rise more rapidly when unit values are rising,
and payments will fall more slowly when unit values are falling than those based
upon a 5% rate.
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 specified therein. The first three monthly payments
are the same. The initial payment will be calculated using the basis guaranteed
in the applicable EQUI-VEST 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 annuity
involves a life contingency, the risk class and the age of the annuitants 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.
After that, each monthly payment will be calculated by multiplying the number of
annuity units credited by the average annuity unit value for the selected fund
for the second calendar month immediately preceding the due date of the payment.
The number of units is calculated by dividing the first monthly payment by the
annuity unit value for the valuation period which 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 account
value for an EQUI-VEST Series 100 Contract on a retirement date is enough to
fund an annuity with a monthly payment of $100 and 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
1999, the annuity payment due in December 1999 would be $95.19 (the number of
units (26.74) times $3.56).
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
Fund, EQ/Balanced Fund, Alliance Common Stock Fund and EQ/Aggressive Stock Fund,
was
<PAGE>
4
- --------------------------------------------------------------------------------
organized as an open-end management investment company, with 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 Funds 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 Funds of Separate Account A. On
September 6, 1991, all of the shares of The Equitable Trust held by these Funds
were replaced by shares of Portfolios of The Hudson River Trust corresponding to
these Funds 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 the shares of EQ Advisors Trust owned by the
variable annuity options.
The financial statements of Separate Account A as at 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
incorporated in reliance on the reports of PricewaterhouseCoopers LLP,
independent accountants, given on the authority of such 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 the 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 annual
administrative charge, which is not reflected in the unit value. See the
applicable "Annual administrative charge" section 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 annual administrative charge for EQUI-VEST that
is deducted from the Alliance Money Market option will vary for each contract
and the percentage of the aggregate account value allocated to the Alliance
Money Market option. To determine the effect of the annual administrative charge
on the yield, we start with the actual aggregate annual administrative charges,
as a percentage of total assets held under EQUI-VEST. This amount is multiplied
by 365/7 to produce an average administrative charge factor which is used in
weekly yield computations for the ensuing year. The average administrative
charge is then divided by the number of Alliance Money Market option units for
the EQUI-VEST series contract as of the end of the prior calendar year, and the
resulting quotient is deducted 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
<PAGE>
5
- --------------------------------------------------------------------------------
result, i.e., effective yield = (base period return + 1)[superscript: 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 and therefore may be lower when
compared with yields of other investments. 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
or bank deposits. The yield should not be compared to the yield of money market
funds made available to the general public because their yields 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.
While the Alliance Money Market option yields will vary among the different
EQUI-VEST contracts, the same method of calculating Alliance Money Market option
yields applies. The seven-day current yield and effective yield figures set
forth below reflect the highest charges that are currently being assessed under
any EQUI-VEST contract and are for illustrative purposes only.
The seven-day current yield for the Alliance Money Market option was 3.87% for
the period ended December 31, 1999. The effective yield for the Alliance Money
Market option for that period was 3.94%. Because these yields reflect the
deduction of Separate Account A expenses, including the annual 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 YIELD INFORMATION
Thirty-day yields may vary according to the series of your EQUI-VEST contract,
although the same method of calculating variable investment option yields
applies. The yield figures set forth below reflect the highest charges that are
currently being assessed under any series of EQUI-VEST contract.
The effective yield is obtained by giving effect to the compounding nature of
the variable investment 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 4.55%
for the Alliance Intermediate Government Securities option, 5.33% for the
Alliance Quality Bond option and 12.37% for the Alliance High Yield option.
Because these yields reflect the deduction of Separate Account A expenses,
including the annual administrative charge, they are lower than the yield
figures for the corresponding Portfolios which reflect only the deduction of
Trust-level expenses.
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>
EQUI-VEST(R)
EMPLOYER-SPONSORED RETIREMENT
PROGRAM
A Combination Variable and Fixed Deferred
Annuity Contract
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 2000
- ---------
1
- --------------------------------------------------------------------------------
This statement of additional information ("SAI") is not a prospectus. It should
be read in conjunction with the related prospectus for EQUI-VEST, dated May 1,
2000. That prospectus provides detailed information concerning the contracts and
the variable investment options as well as the fixed maturity options that fund
the contracts. 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 (P.O. Box 2996, New York, NY 10116-2996), by calling toll free,
1-800-628-6673, or by contacting your financial professional.
TABLE OF CONTENTS
Additional loan provisions 2
Tax rules: special aspects 4
Required minimum distributions option 5
Unit values 6
Calculation of annuity payments 6
The reorganization 7
Custodian and independent accountants 7
Alliance Money Market option yield information 8
Other yield information 9
Financial statements 9
<PAGE>
- ---------
2
- --------------------------------------------------------------------------------
ADDITIONAL LOAN PROVISIONS
The EQUI-VEST Corporate Trusteed, non-ERISA, and ERISA TSA Loans have the
following features in common:
The term of a TSA or Corporate Trusteed loan is five years unless the loan is
used to acquire the Participant's primary residence. Our contract limit for
loans used to purchase the Participant's primary residence is 10 years.
The loan term under corporate trusteed and TSA contracts may not extend beyond
the earliest of: (1) election and commencement of annuity benefits, (2) the date
of termination of the contract and (3) the date a death benefit is paid.
Payment to us to cover loan interest and to amortize a loan will be due
beginning the first day of the third month following the effective date of the
loan and quarterly thereafter. All loan payments must be made by check and must
be drawn on a bank in the U.S., in U.S. dollars and made payable to Equitable
Life. Loan payments received prior to the due date will be credited only on the
next payment due date. Any payments we receive will first be applied to
interest, with the balance applied to repayment of the loan.
Only one loan is permitted at any one time. At any time after the loan has been
issued, a loan may be repaid in full and terminated earlier than scheduled.
Plans subject to ERISA provide that the Participant's spouse must consent in
writing to the loan. Also, see ERISA TSA loans for additional information.
On the loan effective date, we will transfer to a loan reserve account an amount
equal to the loan plus 10% of the loaned amount for TSA loans and 25% for
Corporate Trusteed loans. The additional amount is intended as a reserve to
cover the contingencies including unpaid interest and applicable withdrawal
charges. Initially, an amount equal to the loan amount will be held in our
general account and will earn interest at an effective annual rate of 4% during
the loan term (for TSA loans, the interest is at the loan reserve account
rate--the loan interest rate minus 2% during the loan term), whereas the
additional loan reserve, as stated above, will be held in the general account
but will earn interest at the guaranteed interest option's current guaranteed
interest rate applicable to the contract.
You may specify from which investment options the loan and loan reserve are to
be deducted when you request the loan. If not specified, we will prorate the
amounts withdrawn from the investment options based on the amounts in each
investment option. No partial withdrawals or transfers from the loan reserve
account are permitted.
On the first day of the third month following the effective date of the loan and
quarterly thereafter (or on the first business day thereafter, if such day is
not a business day), the amount of interest earned at 4% annually (loan reserve
account rate for TSA loans) during the prior quarter will be transferred to the
guaranteed interest option. Any loan payment will result in a transfer of the
amount of principal repaid from the portion of the loan reserve account that
earns 4% interest (loan reserve account Rate for TSA loans) to the guaranteed
interest option, and then may be withdrawn (if otherwise permitted) or
transferred to one or more variable investment options.
Upon full repayment of the loan, any amounts remaining in the loan reserve
account will be transferred to the guaranteed interest account and may then be
withdrawn (if otherwise permitted) or transferred among the variable investment
options.
EQUI-VEST CORPORATE TRUSTEED LOANS
The EQUI-VEST Corporate Trusteed loan request form is entered into between the
Participant and the trustee. Equitable Life performs services specified in the
Agreement on behalf of the trustee. The trustee (or employer, or other plan
administrator and not Equitable Life) is responsible for monitoring compliance
with Internal Revenue Code and ERISA requirements and the requirements of the
particular plan. The trustee will make payments to Equitable Life.
The trustee of a qualified plan purchasing an EQUI-VEST Corporate Trusteed
contract may set any interest rate for a
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loan so long as it is not less than 6% nor more than the maximum rate permitted
by applicable law. The trustee (contract owner) must bill the plan participant
(annuitant) for the difference, if any, between 6% and the rate the trustee
charges. Under the terms of the Internal Revenue Code and ERISA, if an
unreasonably high or low rate of interest is charged for loans, the plan may be
disqualified and the amount of the loan may be treated as a taxable
distribution. In that case, the trustee would be required to report the "deemed"
distribution to the Internal Revenue Service ("IRS").
For Corporate Trusteed contracts, the "loan effective date" means either (1) the
first day of the month following the date the loan agreement, properly completed
and signed by the plan participant (annuitant), is approved by the trustee
(contract owner) and received and accepted by us at our Processing Office, if
the loan agreement is received on or before the 15th day of the month, or (2)
the first day of the second month following the date the loan agreement,
properly completed and signed by the plan participant (annuitant), is approved
by the trustee (contract owner) and received and accepted by us at our
processing office, if the loan agreement is received after the 15th day of the
month.
The loan amount is based on the Participant's vested interest in the plan and
the account value of the EQUI-VEST contract on the loan effective date.
If loan interest (except interest due at the end of the loan term) or required
principal repayments are not received at our processing office within fifteen
days after the due date, or if any loan principal and accrued interest are due
at the end of the loan term, the loan is in default. We will make a partial
withdrawal from the additional loan reserve account in an amount sufficient to
pay the amount due plus any applicable withdrawal charges and any required
income tax withholding. Such a withdrawal could result in a penalty tax or the
disqualification of your EQUI-VEST Corporate Trusteed contract or the qualified
plan.
The trustee is required to report to the IRS the amount of the default as a
deemed taxable distribution, which may also be subject to penalty tax.
NON-ERISA TSA LOANS
The minimum loan amount is $3,000 and the maximum is $50,000 (less the highest
outstanding loan balance in the preceding twelve calendar months less the
outstanding balance of all loans from the employer's qualified plan on the date
the loan is made). The maximum amount of the loan is 80% of the account value,
if the amount of the account value is at least $3,750 but less than $12,500;
$10,000 if the amount of the account value is at least $12,500 but less than
$20,000; or 50% of the account value if the amount of the account value is
$20,000 or more.
ERISA TSA LOANS
The minimum loan amount is $1,000; the maximum is 50% of the account value, but
not more than $50,000. The $50,000 maximum is reduced by the excess of the
highest outstanding loan balance in the preceding twelve calendar months, less
the outstanding balance of any loans under all the employer's qualified plans on
the date the loan is effective.
Equitable Life will set a reasonable interest rate for plan loans as defined
below, unless the plan administrators notify us of their intent to set their own
rate. If we set the rate, it will be equal to the Moody's Corporate Bond Yield
Averages. With Moody's, we will use the average for Baa bonds for the calendar
month ending two months before the date on which the rate is determined.
NON-ERISA AND ERISA TSA LOANS
The account value is measured on the "loan effective date" which is the first
day of the month following the date we approve a properly completed loan request
form.
There are a number of rules governing the minimum and maximum that can be
requested for a loan. These rules are
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described on the loan request form. This form should be reviewed carefully prior
to requesting a loan.
If a required loan repayment on a TSA contract is not made, we will treat the
amount equal to the interest and principal payment due as a default. We will
also deduct a default charge (as described below). We will treat such amount
(plus any required income tax withholding) as a "deemed distribution." Such
amount will be taxable and also may be subject to a penalty tax.
The default charge on the amount of deemed distribution is equal to the
applicable withdrawal charge, which would have applied if such amount had been
withdrawn from the contract.
Amounts in default will be in the loan reserve account in suspense until federal
tax rules permit such amounts to be deducted from the TSA contract to repay your
obligation to us.
Currently, we default your loan on a missed-payment-by-missed-payment basis, but
under proposed federal regulations, we may be required to default the entire
unpaid loan balance and unpaid interest at the time of the default. Under these
proposed regulations, we would be required to treat the entire remaining
outstanding balance of the loan (including any unpaid interest) as a deemed
taxable distribution in the year of the default, which is subject to income tax
reporting and early distribution tax penalty. See "Tax information" in the
prospectus. If your contract is subject to federal income tax withdrawal
restrictions at the time you default, because of the interplay between federal
income tax rules and state insurance law requisites, we may be required to
continue to charge interest and credit interest on the unpaid loan balance until
such defaulted payment liability can be satisfied by an actual distribution.
This may result in additional taxable income to you. Interest credited on
amounts in default could result in additional taxable income in the amount of
the interest credited and could be subject to a penalty tax. See "Tax
information" in the prospectus.
TAX RULES: SPECIAL ASPECTS
CERTAIN DISTRIBUTIONS FROM TRUSTEED CONTRACTS
In the case of an EQUI-VEST Trusteed contract, the trustee, as contract owner,
may transfer ownership of the contract to the annuitant in certain
circumstances. This transfer constitutes a distribution from a qualified plan.
Although the annuitant will receive a tax information report on the distribution
from the plan administrator, this transaction is not a taxable event to the
annuitant until any payments are made under the transferred contract. The
transfer of ownership from the Trustee to the annuitant is not an IRA rollover.
If they otherwise qualify as "eligible rollover distributions," amounts
distributed from the contract, however, may subsequently be directly rolled over
into an individual retirement arrangement or another qualified retirement plan.
SIMPLIFIED EMPLOYEE PENSION PLAN (SEPS)
When an employer establishes a SEP for its employees, contributions for each
eligible employee can be made under a Contract issued as a traditional IRA.
Contributions. In 2000, an employer's contribution to a SEP for an employee,
including any salary reduction contributions, cannot exceed the lesser of
$25,500 or 15% of the employee's compensation. The employee's compensation is
determined without taking into account the employer's contribution to the SEP,
and is limited to $167,000 in 2000.
The employer must make a contribution for each employee who has reached age 21
and has worked for the employer during at least three of the preceding five
years. Contributions are not required for employees who (1) earn less than $450
in 2000, (2) are covered by a collective bargaining agreement or (3) are
non-resident aliens who receive no earned income from the employer from sources
within the United States. Generally, SEP plans are maintained on a calendar year
basis.
Employer contributions must be made under a written program, which provides that
(i) withdrawals are permitted, (ii) contributions are made under an allocation
formula and (iii)
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bear a uniform relationship to compensation. Contributions cannot discriminate
in favor of highly compensated employees. Contributions to the SEP may take
employer-paid Social Security benefits into account, provided the level of
integration satisfies the limits contained in the Internal Revenue Code.
Provided that the plan was established prior to January 1, 1997, employers with
25 or fewer eligible employees for the prior taxable year may allow such
employees to make salary reduction contributions to a SEP (SARSEP). SARSEP plans
may not be established after December 31, 1996. New participants may be added
after that date as long as the plan was in effect prior to January 1, 1997.
SARSEP arrangements can be offered only if at least 50% of the eligible
employees elect to participate in the SARSEP. Special nondiscrimination rules
apply to highly compensated employees in a SARSEP. The percentage of
compensation deferred by any eligible highly compensated employee cannot exceed
125% of the average deferred compensation percentage for all eligible non-highly
compensated employees. In addition, rules similar to those applicable to
401(k) programs and salary reduction TSAs apply to require distributions of
excess elective deferrals and excess contributions.
PENALTIES FOR EXCESS DEFERRALS
If an individual's aggregate elective deferrals under 401(k) plans, SIMPLE IRAs,
SARSEPs and TSAs exceed the permitted elective deferral limit in any taxable
year ($10,500 in 2000), the individual will be taxed twice on the excess
deferral--once in the year of the deferral and again when a distribution occurs.
If the individual notifies the affected plan or plans and, by April 15 of the
following year, receives a distribution of the excess deferral and related
income, the excess deferral will only be taxed in the year of deferral. Any
related income will be taxed in the year of the distribution. The distribution
of the excess deferral plus income is not treated as a withdrawal of restricted
funds, is not subject to the 10% penalty tax on early retirement distributions
and is not an eligible rollover distribution subject to 20% mandatory federal
income tax withholding. If excess deferrals remain in the plan, the plan may be
disqualified.
REQUIRED MINIMUM DISTRIBUTIONS OPTION
If you elect this feature designed for annuitants age 70 1/2 or older, described
in the prospectus, each year we calculate your minimum distribution based on the
account value as of December 31 of the prior calendar year and then calculate
the minimum distribution amount based on the various choices you make.
You may choose whether the required minimum distribution will be calculated
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 expectancy) each year, or (2) not recalculate your
life expectancy. If you have chosen a joint life expectancy method of
calculation with your spouse, you may choose to either have both lives
recalculated or not 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 life
expectancy is not recalculated, it means that it is determined once, for the
initial year, and in every subsequent year that number is reduced by one more
year.
If you do not specify a method, IRS regulations require us to 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 account
value to an annuity payout.
The minimum distribution calculation takes into account partial withdrawals made
during the current calendar year but prior to the date we determine your minimum
distribution amount, except that when the required minimum distribution is
elected in the year in which the annuitant attains age 71 1/2, no adjustment for
partial withdrawals will be made for any withdrawals made between January 1 and
April 1 of the year in which the election is made.
Our required minimum distribution option should not be elected if the annuitant
continues to work beyond age 70 1/2
<PAGE>
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and contributions continue to be made 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.
Please note that our required minimum distribution option does not provide for
all the flexibility provided by federal law. 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. A valuation period is each business day together
with any consecutive preceding non-business day. The unit values for EQUI-VEST
may vary. The method of calculating unit values is set forth below.
The unit value for a variable investment option for any valuation period is
equal to the unit value for the preceding valuation period multiplied by the
"net investment factor" for the variable investment option for that valuation
period. 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 before giving effect to any
amounts allocated to or withdrawn from the variable investment options for
the valuation period. 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 direct expenses of EQ Advisors Trust.
(b)is the value of the variable investment option's shares of the corresponding
portfolio at the end of the preceding valuation period (after any amounts
allocated or withdrawn for that valuation period).
(c)is the daily Separate Account A asset charge for the expenses of the
contracts times the number of calendar days in the valuation period, plus any
charge for taxes or amounts set aside as a reserve for taxes.
CALCULATION OF ANNUITY PAYMENTS
The calculation of monthly annuity payments 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. The
annuity unit values used for EQUI-VEST may vary, although the method of
calculating annuity unit values set forth below applies to all contracts.
Annuity unit values will also vary by the variable investment option. For each
valuation period, the adjusted net investment factor is equal to the net
investment factor for the variable investment option reduced for each day in the
valuation period by:
o .00013366 of the net investment factor for a contract with an assumed base
rate of net investment return of 5% a year; or
o .00009425 of the net investment factor for a contract with an assumed base
rate of net investment return of 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.
The assumed base rate will be 5%, except in states where that rate is not
permitted. Annuity payments based upon an assumed base rate of 3 1/2% will at
first be smaller than those based upon a 5% assumed base rate. Payments based
upon a 3 1/2% rate, however, will rise more rapidly when unit values are rising,
and payments will fall more slowly when unit values are falling than those based
upon a 5% rate.
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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 specified therein. The first three monthly payments
are the same. The initial payment will be calculated using the basis guaranteed
in the applicable EQUI-VEST 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 annuity
involves a life contingency, the risk class and the age of the annuitants will
affect payments.
Payments after the first three will vary according to the investment performance
of variable investment option(s) selected to fund the variable payments. After
that, each monthly payment will be calculated by multiplying the number of
annuity units credited by the average annuity unit value for the selected fund
for the second calendar month immediately preceding the due date of the payment.
The number of units is calculated by dividing the first monthly payment by the
annuity unit value for the valuation period which 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 account
value for an EQUI-VEST Series 100 Contract on a retirement date is enough to
fund an annuity with a monthly payment of $100 and 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
1999, the annuity payment due in December 1999 would be $95.19 (the number of
units (26.74) times $3.56).
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
Fund, EQ/Balanced Fund, Alliance Common Stock Fund and EQ/Aggressive Stock Fund,
was organized as an open-end management investment company, with 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 Funds 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
Funds of Separate Account A. On September 6, 1991, all of the shares of The
Equitable Trust held by these Funds were replaced by shares of portfolios of The
Hudson River Trust corresponding to these Funds of Separate Account A. On
October 18, 1999, all of the portfolios of The Hudson River Trust were
transferred to EQ Advisors Trust.
CUSTODIAN AND INDEPENDENT ACCOUNTANTS
Equitable Life is the custodian for the shares of EQ Advisors Trust owned by the
variable annuity options.
The financial statements of Separate Account A as at 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
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this SAI have been so incorporated in reliance on the reports of
PricewaterhouseCoopers LLP, independent accountants, given on the authority of
such firm as experts in accounting and auditing.
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 the 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 annual
administrative charge, which is not reflected in the unit value. See the
applicable "Annual administrative charge" section 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 annual administrative charge for EQUI-VEST that
is deducted from the Alliance Money Market option will vary for each contract
and the percentage of the aggregate account value allocated to the Alliance
Money Market option. To determine the effect of the annual administrative charge
on the yield, we start with the actual aggregate annual administrative charges,
as a percentage of total assets held under EQUI-VEST. This amount is multiplied
by 365/7 to produce an average administrative charge factor which is used in
weekly yield computations for the ensuing year. The average administrative
charge is then divided by the number of Alliance Money Market option units for
the EQUI-VEST series contract as of the end of the prior calendar year, and the
resulting quotient is deducted 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)[superscript: 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 and therefore may be lower when
compared with yields of other investments. 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
or bank deposits. The yield should not be compared to the yield of money market
funds made available to the general public because their yields 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.
While the Alliance Money Market option yields will vary among the different
EQUI-VEST contracts, the same method of calculating Alliance Money Market option
yields applies. The seven-day current yield and effective yield figures set
forth below reflect the highest charges that are currently being assessed under
any EQUI-VEST contract and are for illustrative purposes only.
The seven-day current yield for the Alliance Money Market option was 3.97% for
the period ended December 31, 1999. The effective yield for the Alliance Money
Market option for that period was
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4.05%. Because these yields reflect the deduction of Separate Account A
expenses, including the annual 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 YIELD INFORMATION
The effective yield is obtained by giving effect to the compounding nature of
the variable investment 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 4.51%
for the Alliance Intermediate Government Securities option, 5.28% for the
Alliance Quality Bond option and 12.44% for the Alliance High Yield option.
Because these yields reflect the deduction of Separate Account A expenses,
including the annual administrative charge, they are lower than the yield
figures for the corresponding Portfolios, which reflect only the deduction of
Trust-level expenses.
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:
-------------------
- 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;
- Report of Independent Accountants - PricewaterhouseCoopers
LLP
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; and
- 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. 2-30070 on October 27, 1987, refiled
electronically on July 10, 1998.
(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. 2-30070 on April 24,
1995, refiled electronically on July 10, 1998.
2. Not applicable.
3. (a) Sales Agreement among Equitable, Separate Account A
and Equitable Variable Life Insurance Company, as
principal underwriter for the Hudson River Trust,
previously filed with this Registration Statement
No. 2-30070 on April 24, 1995, refiled electronically
on July 10, 1998.
(b) 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, previously filed with this
Registration Statement No. 2-30070 on April 26, 1993,
refiled electronically on July 10, 1998.
C-1
<PAGE>
(c) Distribution and Servicing Agreement among Equico
Securities, Inc. (now AXA Advisors LLC), Equitable and
Equitable Variable Life Insurance Company, dated as of
May 1, 1994, previously filed with this Registration
Statement No. 2-30070 on February 14, 1995, refiled
electronically on July 10, 1998.
(d) Distribution Agreement dated as of January 1, 1995 by
and between The Hudson River Trust and Equico
Securities, Inc. (now AXA Advisors LLC), previously
filed with this Registration Statement No. 2-30070
on April 24, 1995, refiled electronically on
July 10, 1998.
(e) Sales Agreement, dated as of January 1, 1995, by and
among Equico Securities, Inc. (now AXA Advisors LLC),
Equitable, Separate Account A, Separate Account No.
301 and Separate Account No. 51, previously filed with
this Registration Statement No. 2-30070 on April 24,
1995, refiled electronically on July 10, 1998.
4. (a) Form of Group Annuity Contract No. 11929 CI,
amendments and endorsements thereto; Application for
Group Annuity Contract; Form of Certificate No.
119331; Form of Group Annuity Contract 11930 CT,
endorsements and amendments thereto; Form of
Certificate No. 11934 T; Form of Group Annuity
Contract No. 11931 CH, endorsements and amendments
thereto; Form of Certificate No. 11935 CH; Form of
Group Annuity Contract No. 11932 CP, endorsements and
amendments thereto, Form of Certificate No. 11935P;
Form of Group Annuity Contract No. 11938 C-C,
amendments and endorsements thereto; Form of
Certificate No. 11938C; Form of Group Annuity Contract
No. 11937C NQ, endorsements and amendments thereto;
Form of Certificate No. 11937 NQ and amendment
thereto; and, Form of Certificate No. 11939C NQ-I;
previously filed with this Registration Statement No.
2-30070 on April 24, 1995, refiled electronically on
July 10, 1998.
(b) Additional amendments to Group Annuity Contracts and
Certificates listed in Exhibit 4(a) above, previously
filed with this Registration Statement File No.
2-30070 on March 2, 1990, refiled electronically on
July 10, 1998.
(c) Unit Investment Trust Endorsement, previously filed
with this Registration Statement File No. 2-30070 on
December 21, 1987, refiled electronically on July 10,
1998.
(d) Form of Individual Annuity Contracts No. 92CTRA, No.
92CTRB, No. 92 EDCB, 92HR1A, 92HR1B, 92IRAA, 92IRAB,
92NQCA, 92NQCB, 92PEDB, 92QPIA, 92SEPA, 92SEPB,
92TSAA, 92TSAB, 92TSUA, 92TSUB, 92UTRA, and forms of
Application No. 180-1000 used with individual
qualified variable annuity contracts and No. 180-1001
used with individual non-qualifed variable annuity
contracts, previously filed with this Registration
Statement File No. 2-30070 on May 27, 1992, refiled
electronically on July 10, 1998.
(e) Form of Group Annuity Contract No. AC0000, Form of
Certificate No. 11993AC; Endorsements applicable to
IRA and SEP Certificates, previously filed with this
Registration Statement File No. 2-30070 on April 24,
1995, refiled electronically on July 10, 1998.
(f) Form of Group Annuity Contract No. 1050-94IC,
previously filed with this Registration Statement No.
2-30070 on April 24, 1995, refiled electronically on
July 10, 1998.
(g) Forms of Group Annuity Certificate Nos. 94ICA and
94ICB, previously filed with this Registration
Statement No. 2-30070 on April 24, 1995, refiled
electronically on July 10, 1998.
(h) Forms of endorsement nos. 94ENIRAI, 94ENNQI and
94ENMVAI to contract no. 1050-94IC, previously filed
C-2
<PAGE>
with this Registration Statement No. 2-30070 on April
24, 1995, refiled electronically on July 10, 1998.
(i) Forms of data pages to endorsement nos. 94ENIRAI,
94ENNQI and 94ENMVAI, previously filed with this
Registration Statement No. 2-30070 on April 24, 1995,
refiled electronically on July 10, 1998.
(j) Form of Supplementary Contract No. SC96MDSB,
previously filed with this Registration Statement No.
2-30070 on April 26, 1996.
(j)(i) Forms of Rider Nos. PF10933-IA for use with Contract
No. 11936-P (see Exhibit No. 4.(a), 98EDCB-IA (and
form No. Pending) (for use with Contract No. 92EDCB
(see Exhibit No. 4.(d)), in connection with IOWA EDC,
previously filed with this Registration Statement
File No. 2-30070 on January 1, 1999.
(k) Form of Data Pages for TSA Advantage Certificates,
previously filed with this Registration Statement on
Form N-4, File No. 2-30070 on June 9, 1998.
(l) Form of Endorsement applicable to TSA Advantage
Certificates, plus Table of Guaranteed Annuity
Payments Rider, previously filed with this
Registration Statement on Form N-4, File No. 2-30070
on June 9, 1998.
(m) Form of Data Pages for Standard Roth IRA Certificates,
previously filed with this Registration Statement on
Form N-4, File No. 2-30070 on June 9, 1998.
(n) Form of Endorsement for Standard Roth IRA
Certificates, previously filed with this Registration
Statement on Form N-4, File No. 2-30070 on June 9,
1998.
(o) Form of Data Pages for Roth Advantage Certificates
previously filed with this Registration Statement on
Form N-4, File No. 2-30070 on June 9, 1998.
(p) Form of Endorsement for Roth Advantage Certificates
previously filed with this Registration Statement on
Form N-4, File No. 2-30070 on June 9, 1998.
(q) Form of Endorsement (No. 98ENIRAI) Applicable to IRA
Certificates, previously filed with this Registration
Statement on Form N-4, File No. 2-30070 on April 30,
1999.
(r) Form of Beneficiary Continuation Option Endorsement
(Form No. 2000 ENIRA-BCO) to be used with certain
certificates.
5. (a) Forms of Applications and Requests for Enrollment for
Equi-Vest Qualifed and Non-Qualified Plans, previously
filed with this Registration Statement, File No. 2-30070
on October 27, 1987, refiled electronically on July 10,
1998.
(b) Form of application used with the variable annuity
contracts offered under EQUI-VEST PERSONAL RETIREMENT
PROGRAMS, previously filed with this Registration
Statement No. 2-30070 on April 24, 1995, refiled
electronically on July 10, 1998.
(c) Form of Application for use with TSA Advantage
Certificates, standard Roth IRA Certificates, and Roth
Advantage IRA Certificates, previously filed with this
Registration Statement on Form N-4, File No. 2-30070 on
April 30, 1999.
6. (a) Copy of the Restated Charter of Equitable, as amended
January 1, 1997, previously filed with this Registration
Statement on Form N-4 (File No. 2-30070) on April 28,
1997.
(b) By-Laws of Equitable, as amended November 21, 1996,
previously filed with this Registration Statement on Form
N-4 (File No. 2-30070) on April 28, 1997.
7. Not applicable.
8. Form of Participation Agreement among EQ Advisors Trust,
Equitable, Equitable Distributors, Inc. and EQ Financial
Consultants, Inc. (now AXA Advisors, LLC), incorporated by
reference to the EQ Advisors Trust Registration Statement on
Form N-1A (File Nos. 33-17217 and 811-07953), filed on August
28, 1997.
C-3
<PAGE>
9. (a) Opinion and Consent of Herbert P. Shyer, Esq., Executive
Vice President and General Counsel of Equitable, as to the
legality of the securities being registered, previously
filed with this Registration Statement No. 2-30070 on
December 21, 1987, refiled electronically on July 10,
1998.
(b) Opinion and Consent of Jonathan E. Gaines, Esq., Vice
President and Associate General Counsel of Equitable, as
to the legality of the securities being registered,
previously filed with this Registration Statement No.
2-30070 on July 17, 1992, refiled electronically on July
10, 1998.
(c) Opinion and Consent of Jonathan E. Gaines, Esq., Vice
President and Associate General Counsel of Equitable, as
to the legality of the securities being registered,
previously filed with this Registration Statement No.
2-30070 on April 24, 1995, refiled electronically on July
10, 1998.
(d) Opinion and Consent of Jonathan E. Gaines, Esq., Vice
President and Associate General Counsel of Equitable, as
to the legality of the securities being registered for
Momentum, previously filed with this Registration
Statement No. 2-30070 on February 28, 1996.
10. (a) Powers of Attorney.
(b) Notice concerning regulatory relief, previously filed with
this Registration Statement No. 2-30070 on May 27, 1992,
refiled electronically on July 10, 1998.
(c) Consent of PricewaterhouseCoopers LLP.
11. Not applicable.
12. Not applicable.
13. (a) Schedules for computation of Money Market Fund Yield
quotations, previously filed with this Registration
Statement No. 2-30070 on April 28, 1994, refiled
electronically on July 10, 1998.
(b) Formulae for Determining "30-Day Yields" for Equi-Vest
Series Contracts Invested In One Investment Fund
(Intermediate Government Securities, Quality Bond or High
Yield) of The Hudson River Trust, previously filed with
this Registration Statement No. 2-30070 on April 24, 1995,
refiled electronically on July 10, 1998.
(c) Separate Account A Performance Values Worksheets One-Year
Standardized Performance, previously filed with this
Registration Statement No. 2-30070 on April 28, 1994,
refiled electronically on July 10, 1998.
C-4
<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-5
<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 Dillion Read LLC
299 Park Ave. 40th Floor
New York, NY 10171
Mary R. (Nina) Henderson Director
Best Foods
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-6
<PAGE>
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
Didier Pineau-Valencienne Director
Credit Suisse First Boston
64, rue de Miromesil
75008 Paris, France
George J. Sella, Jr. Director
P.O. Box 397
Newton, NJ 07860
Peter J. Tobin Director
St. John's University
8,000 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
*Kevin R. Byrne Senior Vice President and Treasurer
*John A. Caroselli Executive Vice President
*Selig Erlich Senior Vice President and Chief
Actuary
*Alvin H. Fenichel Senior Vice President and
Controller
C-7
<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 Vice President and 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
*Maureen K. Wolfson Vice President
*R. Lee Wilson Executive Vice President
C-8
<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"), (formerly The Equitable
Companies Incorporated), 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-9
<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
C-10
<PAGE>
Item 27. Number of Contractowners
------------------------
As of March 31, 2000, there were 883,380 owners of qualified and
non-qualified EQUI-VEST certificates 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 a2ny 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 undertook 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.
C-11
<PAGE>
Item 29. Principal Underwriters
----------------------
(a) AXA Advisors, LLC (formerly EQ Financial Consultants, Inc.), an
affiliate of Equitable, is the principal underwriter for Separate
Account A, Separate Account No. 301, Separate Account No. 45,
Separate Account I, Separate Account FP and 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-12
<PAGE>
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 Americans, New York, NY 10104 and
135 West 50th St., New York, NY 10020, and the 135 West 50th 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;
(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.
Equitable hereby represents that the fees and charges deducted
under the contracts described in this Registration Statement, in the aggregate,
in such case, 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 assessment 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.
The Registrant hereby represents that it is relying on the
November 28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable
annuity contracts offered as funding vehicles for retirement plans meeting the
requirements of Section 403(b) of the Internal Revenue Code. Registrant further
represents that it complies with the provisions of paragraphs (1) - (4) of that
letter.
C-13
<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 the
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/ Naomi J. Weinstein
-------------------------
Naomi J. Weinstein
Vice President
C-14
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Depositor has duly 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/ Naomi J. Weinstein
------------------------
Naomi J. Weinstein
Vice President
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, 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/ Naomi J. Weinstein
-------------------------
Naomi J. Weinstein
Attorney-in-Fact
April 26, 2000
C-15
<PAGE>
EXHIBIT INDEX
--------------
EXHIBIT NO. TAG VALUE
- ----------- ---------
4(r) Form of Endorsements EX-99.4(r)
10(a) Powers of Attorney EX-99.10a
10(c) Consent of Independent Accountant EX-99.10c
ENDORSEMENT
In this Endorsement "you" or "your" means the Owner of the Contract at the time
an owner's right is exercised.
Effective immediately, the Equitable hereby amends your Contract as follows:
SECTION 1.01 "ANNUITANT" IS AMENDED AS FOLLOWS:
The term "Annuitant" means the individual on whose life this Contract is based.
The Annuitant is the owner of this Contract.
SECTION 1.07 "CODE" IS AMENDED AS FOLLOWS:
The term "Code" means the Internal Revenue Code of 1986, as now or hereafter
amended, or any corresponding provisions of prior or subsequent United States
revenue laws, and includes applicable tax regulations.
SECTION 1.20 "RETIREMENT DATE." THE THIRD SENTENCE IS REPLACED WITH THE
FOLLOWING:
You may not choose a Retirement Date later than the maximum maturity age,
currently age 90, unless state law requires a different age. If you choose a
Retirement Date later than age 70 1/2, you must make withdrawals as set forth
under Section 3.05 of this Contract in an amount at least equal to the minimum
distributions required under the Code.
SECTION 2.11 "DEATH BENEFIT." THE FOLLOWING IS ADDED AFTER THE 3RD PARAGRAPH:
Under either of the following two circumstances, the death benefit described in
Section 2.11 of the Contract will not be paid at your death before the
Retirement Date and the coverage under this Contract will continue if:
a. You are married at the time of your death and the person named as your
beneficiary under Section 4.04 of the Contract is your surviving
spouse; and
b. Your surviving spouse elects to become "Successor Annuitant and Owner"
of your Contract.
Also, a death benefit will not be paid under this Section 2.11 if the
"Beneficiary Continuation Option" under Section 2.12 is in effect.
SECTION 2.12 "BENEFICIARY CONTINUATION OPTION." THIS SECTION IS ADDED TO YOUR
CONTRACT:
This Section 2.12 will apply only if you die before the Retirement Date, and the
beneficiary named pursuant to Section 4.04 of the Contract is an individual.
If there is more than one beneficiary, and any beneficiary is not an individual,
then this Section 2.12 does not apply, and the death benefit described in
Section 2.11 of the Contract is payable.
2000ENIRA-BCO 1 of 5
<PAGE>
If this Section 2.12 applies and there is more than one beneficiary, the Annuity
Account Value will be apportioned among your beneficiaries as you designate
pursuant to Section 4.04 of the Contract.
If you die after your Required Beginning Date for required minimum distribution
payments, as described below in Subsection A of Section 3.05 of the Contract as
amended by this Endorsement (Minimum Distribution Rules-Required Payments During
Your Life) and such required minimum distribution payments have not commenced
under this Contract, the death benefit as described in Section 2.11 will be paid
in a lump sum and this Section 2.12 does not apply unless prior to your death
you have notified us in accordance with our procedures then in effect that the
beneficiary named pursuant to 4.04 of the Contract is also the designated
beneficiary for purposes of "Minimum Distribution Rules-Required Payments During
Your Life" described in Subsection A of Section 3.05 of your Contract.
If the beneficiary qualifies to continue your Contract and we receive the
beneficiary's election within 60 days of receipt of proof of your death, the
beneficiary may continue your Contract pursuant to this Section 2.12 under the
terms set forth in (a) through (g) below. Your Contract may be continued by one
or more beneficiaries (collectively, the "Continuation Beneficiary"). If there
is more than one beneficiary, the election must be provided to us within 60 days
by each beneficiary with respect to that beneficiary's portion of the Annuity
Account Value. For any beneficiary who does not so timely elect, we will pay
that beneficiary's share of the death benefit pursuant to Section 2.11 of the
Contract in a lump sum:
a. the Continuation Beneficiary will automatically become the Annuitant
as defined in Section 1.01 of the Contract as amended by this
Endorsement with respect to that Continuation Beneficiary's portion of
the Annuity Account Value.
b. the Continuation Beneficiary will have the same right to transfer
amounts among the Investment Divisions as the Annuitant.
c. the Continuation Beneficiary cannot make any additional contributions.
d. distributions to the Continuation Beneficiary will be made in
accordance with requirements described in Subsection B of Section 3.05
as amended by this Endorsement (Minimum Distributions Rules--Required
Payments After Death). If there is more than one beneficiary, and any
Continuation Beneficiary requests payment pursuant to Subsection B(1)
of Section 3.05 of the Contract, then all Continuation Beneficiaries
must agree to make this payment election. If all Continuation
Beneficiaries cannot so agree, then we will instead make a complete
distribution of your entire interest no later than December 31st of
the calendar year that contains the fifth anniversary of your death.
Further, where payment pursuant to Subsection B(1) of Section 3.05 of
the Contract is elected by all Continuation Beneficiaries, the Annuity
Account Value apportioned to each Continuation Beneficiary is
distributed based upon the life expectancy of the oldest of the
beneficiaries designated under Section 4.04 of the Contract, even if
that individual does not elect to be a Continuation Beneficiary.
e. the Continuation Beneficiary may withdraw the Annuity Account Value
apportioned to such Continuation Beneficiary at any time; withdrawals
made
2000ENIRA-BCO 2 of 5
<PAGE>
after we have received a Continuation Beneficiary's election to
continue this Contract are not subject to a withdrawal charge.
f. upon the Continuation Beneficiary's death, we will make a lump sum
payment (other payment options are not available) to the person
designated by the deceased Continuation Beneficiary to receive that
deceased Continuation Beneficiary's portion of the Annuity Account
Value, if any remains.
g. the Contract cannot be assigned and must continue in your name for
benefit of your Continuation Beneficiary.
THE TITLE OF SECTION 3.05 AND THE FIRST SEVEN PARAGRAPHS OF THE CONTRACT ARE
DELETED AND REPLACED WITH THE FOLLOWING:
"Required Minimum Distribution Rules and Payment of Annuity Benefits."
This Contract is subject to these "Required Minimum Distribution Rules " of
Sections 408(b) and 401(a)(9) of the Code and the Treasury Regulations that
apply.
A. MINIMUM DISTRIBUTION RULES -- REQUIRED PAYMENTS DURING YOUR LIFE -
Your entire interest in this Contract will be distributed or begin to
be distributed no later than the first day of April following the
calendar year in which you attain age 70 1/2 ( "Required Beginning
Date "). Your entire interest may be distributed, as you elect, over
(a) your life, or the lives of you and your designated beneficiary, or
(b) a period certain not extending beyond your life expectancy, or the
joint and last survivor expectancy for you and your designated
beneficiary. Distributions must be made in periodic payments at
intervals of no longer than one year. In addition, payments must be
either non-increasing or they may increase only as provided in Q & A
F-3 of Section 1.401(a)(9)-1 of the Proposed Treasury Regulations, or
any successor Regulation thereto.
All distributions made under this Contract must be made in accordance
with the requirements of Sections 408(b) and 401(a)(9) of the Code,
including the incidental death benefit requirements of Section
401(a)(9)(G) of the Code, and applicable Treasury Regulations,
including the minimum distribution incidental benefit requirements of
Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any
successor Regulation thereto.
For purposes of determining the "period certain" referred to in the
first paragraph of this Section, life expectancy is computed by use of
the expected return multiples in Tables V and VI of Treasury
Regulation Section 1.72-9. Unless you otherwise elect prior to the
time distributions are required to begin, life expectancies will be
recalculated annually. Such election will be irrevocable and will
apply to all subsequent years. The life expectancy of a non-spouse
beneficiary may not be recalculated. Instead, life expectancy will be
calculated using the attained age of such beneficiary during the
calendar year in which you attain age 70 1/2, and payments for
subsequent years will be calculated based on such life expectancy
reduced by one for each calendar year which has elapsed since the
calendar year life expectancy was first calculated.
2000ENIRA-BCO 3 of 5
<PAGE>
B. MINIMUM DISTRIBUTION RULES - REQUIRED PAYMENTS AFTER DEATH - If you
die after distribution of your interest in this Contract has begun,
the remaining portion of such interest will continue to be distributed
at least as rapidly as under the method of distribution being used
prior to your death.
If you die before distribution of your interest in this Contract
begins, distribution of your entire interest will be completed no
later than December 31 of the calendar year containing the fifth
anniversary of your death, except to the extent that an election is
made to receive distributions after your death in accordance with the
following alternate form of distribution in (1) or (2) below:
(1) If your interest is payable to a designated beneficiary, then
your entire interest may be distributed over the life of, or over
a period certain not greater than the life expectancy of, the
designated beneficiary. Such distributions must commence on or
before December 31 of the calendar year immediately following the
calendar year of your death.
(2) If the designated beneficiary is your surviving spouse, the date
that distributions are required to begin in accordance with (1)
above shall not be earlier than the later of (a) December 31 of
the calendar year immediately following the calendar year of your
death or (b) December 31 of the calendar year in which you would
have attained age 70 1/2.
If the designated beneficiary is your surviving spouse, and a
Successor Annuitant and Owner option (described in Section 2.11 as
amended by this Endorsement) is elected, the distribution of your
interest need not be made until after your spouse's death.
For purposes of determining the "period certain" referred to above,
life expectancy is computed by use of the expected return multiples in
Table V and VI of Treasury Regulation Section 1.72-9. For purposes of
distributions beginning after your death, unless otherwise elected by
the surviving spouse by the time distributions are required to begin,
life expectancies will be recalculated annually. Such election will be
irrevocable by the surviving spouse and will apply to all subsequent
years. In the case of any other designated beneficiary, life
expectancies will be calculated using the attained age of such
beneficiary during the calendar year in which distributions are
required to begin, pursuant to this Section 3.05 as amended by this
Endorsement and payments for any subsequent calendar year will be
calculated based on such life expectancy reduced by one for each
calendar year which has elapsed since the calendar year life
expectancy was first calculated.
Distributions under this Section 3.05 are considered to have begun if
distributions are made because you have reached your Required
Beginning Date, or if prior to the Required Beginning Date,
distributions irrevocably commence to you over a period permitted and
in any annuity form acceptable under Section 1.401(a)(9)-1 of the
Proposed Treasury Regulations or any successor Regulation thereto.
2000ENIRA-BCO 4 of 5
<PAGE>
SECTION 4.04 "BENEFICIARY." THE THIRD PARAGRAPH IS REPLACED WITH THE FOLLOWING:
Any part of a death benefit payable pursuant to Section 2.11 for which there is
no designated beneficiary living at your death will be payable in a single sum
to your surviving spouse, if any; if there is no surviving spouse, then to your
children who survive you, in equal shares; or if there are no children, then to
your estate.
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
/s/ Edward Miller /s/ Pauline Sherman
Edward Miller Pauline Sherman
Chairman and Chief Executive Officer Vice President, Secretary and Associate
General Counsel
2000ENIRA-BCO 5 of 5
<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/ Francoise Colloc'h
-------------------------------------
Francoise Colloc'h
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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.
<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
<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
<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.
<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
<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
<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
<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
<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
<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
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statements of Additional Information
constituting part of the Registration Statement No. 2-30070 (the "Registration
Statement") on Form N-4 that this Post-Effective Amendment No. 66 amends 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 the Statements of Additional Information, and to the
incorporation by reference of our reports into the Prospectuses which constitute
part of this Registration Statement. We also consent to the incorporation by
reference in the Prospectuses of our reports dated February 1, 2000 appearing on
page F-1 and page F-47 of The Equitable Life Assurance Society of the United
States' Annual Report on Form 10-K for the year ended December 31, 1999. We also
consent to the references to us under the headings "About Our Independent
Accountants" in the Prospectuses and "Custodian and Independent Accountants" in
the Statements of Additional Information.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
April 26, 2000
