<PAGE>
American Life
SEPARATE ACCOUNT NO. 3
SEMI-ANNUAL REPORT
&
SEMI-ANNUAL REPORTS OF
MUTUAL OF AMERICA INVESTMENT CORPORATION
SCUDDER VARIABLE LIFE INVESTMENT FUND
AMERICAN CENTURY VP CAPITAL APPRECIATION FUND
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUND:
EQUITY-INCOME PORTFOLIO
FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS
FUND II:
CONTRAFUND AND ASSET MANAGER PORTFOLIOS
JUNE 30, 1997
This report is not to be construed as an offering for sale of any Variable
Product. No offering is
made except in conjunction with a prospectus which must precede or accompany
this report.
<PAGE>
THE AMERICAN LIFE INSURANCE COMPANY OF NEW YORK
SEPARATE ACCOUNT NO. 3
SEMI-ANNUAL REPORT
JUNE 30, 1997
Dear Policyholder:
We are pleased to send you the 1997 Semi-Annual Report of American Life's
Separate Account No. 3. This Account, which commenced operations in late 1994,
is an investment vehicle for owners of our Variable Universal Life policies.
Separate Account No. 3 consists of sixteen distinct funds. Each invests in
shares of one of eight funds of Mutual of America Investment Corporation
("Investment Company"): the Money Market, All America, Equity Index, Bond,
Short-Term Bond, Mid-Term Bond, Composite and Aggressive Equity Funds; three
portfolios of Scudder Variable Life Investment Fund ("Scudder"): The Bond,
Capital Growth and International Portfolios; the VP Capital Appreciation Fund
(formerly TCI Growth) of American Century Variable Portfolios, Inc. ("American
Century"); the Balanced Portfolio of Acacia Capital Corporation's Calvert
Responsibly Invested Balanced Portfolios ("Calvert"), the Equity-Income
Portfolio of Fidelity Investments Variable Insurance products Fund ("Fidelity
VIP"); and the Contrafund and Asset Manager Portfolios of Fidelity Investments
Variable Insurance Products Fund II ("Fidelity VIP II").
Each of the Funds of Separate Account No. 3 owns shares in a similarly named
fund of the Investment Company, portfolio of Scudder, fund of American
Century, portfolio of Calvert, portfolio of Fidelity VIP and portfolio of
Fidelity VIP II. The investment results of each of the Funds of Separate
Account No. 3 are based on the performance of the corresponding funds or
portfolios of the Investment Company, Scudder, American Century, Calvert,
Fidelity VIP and Fidelity VIP II.
The Separate Account funds invest in funds and portfolios which have the
following investment objectives:
THE INVESTMENT COMPANY MONEY MARKET FUND: This Fund seeks to obtain high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital through investments in money
market instruments and other short-term debt securities.
THE INVESTMENT COMPANY ALL AMERICA FUND: The investment objective for
approximately 60% of the assets of this Fund (the "Indexed Assets") is to
provide investment results that, to the extent practical, correspond to the
performance of the Standard & Poor's 500 Composite Index. The Indexed Assets
are invested in the same manner as the Equity Index Fund described below. The
investment objective for the remaining approximately 40% of the assets (the
"Active Assets") is to achieve a high level of total return, through both
appreciation of capital and, to a lesser extent, current income, by means of a
diversified portfolio of securities that may include common stocks, securities
convertible into common stocks, bonds and money market instruments.
THE INVESTMENT COMPANY EQUITY INDEX FUND: This Fund seeks to duplicate, as
closely as possible, the investment performance of the Standard & Poor's 500
Composite Index ("S&P 500") by investing in approximately 500 publicly traded
stocks that comprise the S&P 500 ("Standard & Poor's 500", "S&P" and "S&P 500"
are trademarks of Standard & Poor's Corporation.)
THE INVESTMENT COMPANY BOND FUND: This Fund seeks a high level of current
income, together with preservation of capital, through investments in such
securities as U.S. Government, corporate and other notes and bonds.
THE INVESTMENT COMPANY SHORT-TERM BOND FUND: This Fund seeks a high level of
current income, together with preservation of capital, through investments in
such securities as U.S. Government, corporate and other notes and bonds with
an average maturity of one to three years.
THE INVESTMENT COMPANY MID-TERM BOND FUND: This Fund seeks a high level of
current income, together with preservation of capital, through investments in
such securities as U.S. Government, corporate and other notes and bonds with
an average maturity of three to seven years.
THE INVESTMENT COMPANY COMPOSITE FUND: This Fund seeks a high total rate of
return on investments, through both appreciation of capital and current
income, through investments in a diversified portfolio of common stocks, bonds
and money market instruments.
I
<PAGE>
THE INVESTMENT COMPANY AGGRESSIVE EQUITY FUND: The investment objective for
approximately half of the assets of the Fund is to achieve capital
appreciation by investing in companies believed to possess above-average
growth potential. Growth can be in the areas of earnings or gross sales which
can be measured in either dollars or in unit volume. The investment objective
for the other half of the assets of the Fund is to achieve capital
appreciation by investing in companies believed to possess valuable assets or
whose securities are undervalued in the marketplace in relation to factors
such as a company's assets, earnings or growth potential.
THE SCUDDER BOND PORTFOLIO: This Portfolio seeks a high level of income
consistent with a high quality portfolio of debt securities.
THE SCUDDER CAPITAL GROWTH PORTFOLIO: This Portfolio seeks to maximize long-
term capital growth through a broad and flexible investment program. The
Portfolio invests in marketable securities, principally common stocks, and
consistent with its objective, may invest in preferred stocks and short-term
debt instruments.
THE SCUDDER INTERNATIONAL PORTFOLIO: This Portfolio seeks long-term capital
growth through investing primarily in diversified holdings of marketable
foreign equity investments in companies, wherever organized, that do business
primarily outside the United States and which are listed on foreign exchanges.
VP CAPITAL APPRECIATION FUND: This Fund seeks capital growth over time by
investing primarily in common stocks (including securities convertible into
common stocks and, at times, well-established foreign stocks) of growth
companies across all capitalization ranges that are considered by management
to have better-than-average prospects for appreciation. Prior to May 1, 1997,
this Fund was known as TCI Growth Fund.
THE CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO: This Portfolio seeks a
total return above the rate of inflation through an actively managed portfolio
of stocks, bonds and money market instruments selected with a concern for the
social impact of each investment.
THE FIDELITY VIP EQUITY-INCOME PORTFOLIO: This Portfolio seeks reasonable
income by investing primarily in income-producing equity securities while also
considering the potential for capital appreciation. Secondarily, the
Portfolio's goal is to achieve a yield that exceeds the composite yield on the
securities comprising the S&P 500.
THE FIDELITY VIP II CONTRAFUND PORTFOLIO: This Portfolio seeks long-term
capital appreciation by investing primarily in a broad variety of common
stocks using both growth-oriented and contrarian disciplines.
THE FIDELITY VIP II ASSET MANAGER PORTFOLIO: This Portfolio seeks high long-
term return with reduced risk by using a broadly diversified mix of stocks,
bonds and short-term fixed-income investments.
II
<PAGE>
For the six months ended June 30, 1997, the following total returns were
experienced in these sixteen Separate Account funds:
<TABLE>
<S> <C>
Investment Company Money Market Fund(1)............................ + 1.5%
Investment Company All America Fund................................ +15.7%
Investment Company Equity Index Fund............................... +19.2%
Investment Company Bond Fund....................................... + 1.7%
Investment Company Short-Term Bond Fund............................ + 1.7%
Investment Company Mid-Term Bond Fund.............................. + 1.7%
Investment Company Composite Fund.................................. + 6.1%
Investment Company Aggressive Equity Fund.......................... +12.0%
Scudder Bond Fund.................................................. + 1.9%
Scudder Capital Growth Fund........................................ +22.6%
Scudder International Fund......................................... +12.8%
American Century VP Capital Appreciation Fund...................... - 4.4%
Calvert Responsibly Invested Balanced Fund......................... + 9.3%
Fidelity VIP Equity-Income Fund.................................... +15.2%
Fidelity VIP II Contrafund......................................... +10.4%
Fidelity VIP II Asset Manager Fund................................. +10.0%
</TABLE>
-------
(1) The current seven-day net annualized yield as of 8/19/97
was 3.25% and is not necessarily indicative of future
actual yields.
Total return is equal to the changes in the value of a unit of participation
in a fund from the beginning to the end of the specified period. It reflects
investment income earned and reinvested plus the changes in the market value
(whether realized or unrealized) of the securities in the respective fund or
portfolio of the Investment Company, Scudder, American Century, Calvert or
Fidelity during the indicated period. Results are net of all charges,
including a monthly service charge (assessed against an average account
balance for all policyholders) based upon a hypothetical $1,000 invested at
the beginning of the period. These returns are not guaranteed and are not
necessarily indicative of the future investment performance of the particular
fund. Withdrawals and contributions made within a period would experience
different rates of return based on the respective unit values on the dates of
such transactions.
This report includes financial statements for each fund of Separate Account
No. 3. Following this report are the financial statements for each similarly
named fund of the Investment Company, portfolios of Scudder, fund of American
Century, portfolio of Calvert and portfolios of Fidelity VIP and VIP II.
I hope you will find this report helpful and informative.
Sincerely,
/s/ Manfred Altstadt
Manfred Altstadt
Senior Executive Vice President and
Chief Financial Officer, The American
Life Insurance Company of New York
III
<PAGE>
CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
SEMI-ANNUAL REPORT OF AMERICAN LIFE SEPARATE ACCOUNT NO. 3............... I
Statement of Assets and Liabilities..................................... VI
Statement of Operations................................................. VIII
Statements of Changes in Net Assets..................................... X
Notes to Financial Statements........................................... XIII
SEMI-ANNUAL REPORT OF MUTUAL OF AMERICA INVESTMENT CORPORATION........... 1
President's Message..................................................... 1
Portfolio Management Discussions........................................ 2
Portfolio of Investments in Securities:
Money Market Fund..................................................... 9
All America Fund...................................................... 10
Equity Index Fund..................................................... 19
Bond Fund............................................................. 25
Short-Term Bond Fund.................................................. 28
Mid-Term Bond Fund.................................................... 30
Composite Fund........................................................ 32
Aggressive Equity Fund................................................ 37
Statement of Assets and Liabilities..................................... 44
Statement of Operations................................................. 45
Statements of Changes in Net Assets..................................... 46
Financial Highlights.................................................... 48
Notes to Financial Statements........................................... 54
SEMI-ANNUAL REPORT OF SCUDDER VARIABLE LIFE INVESTMENT FUND
SEMI-ANNUAL REPORT OF VP CAPITAL APPRECIATION FUND OF AMERICAN CENTURY
VARIABLE PORTFOLIOS, INC.
SEMI-ANNUAL REPORT OF CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO OF
ACACIA CAPITAL CORPORATION
SEMI-ANNUAL REPORT OF FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS
FUND: EQUITY-INCOME PORTFOLIO
SEMI-ANNUAL REPORT OF FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS
FUND II: CONTRAFUND PORTFOLIO
SEMI-ANNUAL REPORT OF FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS
FUND II: ASSET MANAGER PORTFOLIO
</TABLE>
IV
<PAGE>
[This page intentionally left blank]
V
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
INVESTMENT COMPANY
---------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ -------
<S> <C> <C> <C> <C>
Assets:
Investments in Mutual of
America Investment Corporation
at market value
(Cost:
Money Market Fund -- $2,094
All America Fund -- $337,735
Equity Index Fund -- $109,675
Bond Fund -- $22,214)
(Notes 1 and 2)............... $2,101 $398,562 $121,565 $22,168
Due From (To) General Account.. (209) (22,927) (2,140) (6,154)
------ -------- -------- -------
Net Assets..................... $1,892 $375,635 $119,425 $16,014
====== ======== ======== =======
Unit Value at June 30, 1997
(Note 5)...................... $ 1.91 $ 6.27 $ 2.06 $ 2.81
====== ======== ======== =======
Number of Units Outstanding at
June 30, 1997 (Note 5)........ 990 59,903 58,085 5,701
====== ======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT COMPANY
-------------------------------------------------------
SHORT-TERM MID- TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
---------- --------- --------- -----------------
<S> <C> <C> <C> <C>
Assets:
Investments in Mutual of America Investment Corporation at
market value
(Cost:
Short-Term Bond Fund -- $1,918
Mid-Term Bond Fund -- $1,777
Composite Fund -- $254,957
Aggressive Equity Fund -- $135,698)
(Notes 1 and 2).............................................. $1,945 $1,739 $260,935 $143,297
Due From (To) General Account................................ (351) (562) (55,148) 7,987
------ ------ -------- --------
Net Assets................................................... $1,594 $1,177 $205,787 $151,284
====== ====== ======== ========
Unit Value at June 30, 1997 (Note 5)......................... $ 1.16 $ 1.21 $ 4.00 $ 2.02
====== ====== ======== ========
Number of Units Outstanding at June 30, 1997 (Note 5)........ 1,370 969 51,476 74,779
====== ====== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
VI
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
AMERICAN
SCUDDER CENTURY CALVERT
-------------------------------- ------------ -----------
CAPITAL VP CAPITAL RESPONSIBLY
BOND GROWTH INTERNATIONAL APPRECIATION INVESTED
FUND FUND FUND FUND FUND
------- -------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Assets:
Investments in Scudder Portfolios,
American Century VP Capital
Appreciation Fund and Calvert
Responsibly Invested Portfolio at
market value
(Cost:
Scudder Bond Fund -- $5,361
Scudder Capital Growth Fund -- $238,181
Scudder International Fund -- $105,389
American Century VP Capital
Appreciation Fund -- $83,328
Calvert Responsibly Invested Fund -- $19,757)
(Notes 1 and 2)............................................. $ 4,863 $248,569 $ 96,434 $73,855 $18,193
Due From (To) General Account................................ (1,413) (11,244) 16,657 (2,015) (2,492)
------- -------- -------- ------- -------
Net Assets................................................... $ 3,450 $237,325 $113,091 $71,840 $15,701
======= ======== ======== ======= =======
Unit Value at June 30, 1997 (Note 5)......................... $ 11.76 $ 27.25 $ 15.23 $ 11.07 $ 2.45
======= ======== ======== ======= =======
Number of Units Outstanding at June 30, 1997 (Note 5)........ 293 8,710 7,427 6,488 6,404
======= ======== ======== ======= =======
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
------------------------------------
VIP VIP II VIP II
EQUITY-INCOME CONTRA ASSET MANAGER
FUND FUND FUND
------------- -------- -------------
<S> <C> <C> <C>
Assets:
Investments in Fidelity Portfolios at
market value
(Cost:
VIP Equity-Income Fund -- $122,712
VIP II Contra Fund -- $184,034
VIP II Asset Manager Fund -- $79,749
(Notes 1 and 2)......................... $105,924 $170,828 $72,715
Due From (To) General Account............ (3,515) 8,919 (2,735)
-------- -------- -------
Net Assets............................... $102,409 $179,747 $69,980
======== ======== =======
Unit Value at June 30, 1997 (Note 5)..... $ 25.38 $ 18.41 $ 19.60
======== ======== =======
Number of Units Outstanding at June 30,
1997 (Note 5)........................... 4,035 9,763 3,571
======== ======== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
VII
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
INVESTMENT COMPANY
-------------------------------------------
MONEY MARKET ALL AMERICA EQUITY INDEX BOND
FUND FUND FUND FUND
------------ ----------- ------------ -----
<S> <C> <C> <C> <C>
Investment Income and Expenses:
Income (Notes 1 and 4):
Dividends....................... $-- $ -- $ -- $ --
---- ------- ------- -----
Total income.................... -- -- -- --
---- ------- ------- -----
Expenses (Note 3):
Fees and Administrative Ex-
penses......................... 9 1,864 534 105
---- ------- ------- -----
Total Expenses................... 9 1,864 534 105
---- ------- ------- -----
Net Investment Income (Loss)..... (9) (1,864) (534) (105)
---- ------- ------- -----
Net Realized and Unrealized Gain
(Loss) on Investments (Note 1):
Net realized gain (loss) on in-
vestments...................... (10) 1,496 59 (113)
Net unrealized appreciation (de-
preciation) of investments..... 50 50,287 16,401 685
---- ------- ------- -----
Net Realized and Unrealized Gain
(Loss) on Investments........... 40 51,783 16,460 572
---- ------- ------- -----
Net Increase (Decrease) in Net
Assets Resulting From
Operations...................... $ 31 $49,919 $15,926 $ 467
==== ======= ======= =====
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT COMPANY
------------------------------------------------
SHORT-TERM MID-TERM COMPOSITE AGGRESSIVE EQUITY
BOND FUND BOND FUND FUND FUND
---------- --------- --------- -----------------
<S> <C> <C> <C> <C>
Investment Income and Ex-
penses:
Income (Notes 1 and 4):
Dividends................... $-- $-- $ -- $ --
---- ---- ------- -------
Total income................ -- -- -- --
---- ---- ------- -------
Expenses (Note 3):
Fees and Administrative Ex-
penses..................... 9 8 1,198 658
---- ---- ------- -------
Total Expenses............... 9 8 1,198 658
---- ---- ------- -------
Net Investment Income (Loss). (9) (8) (1,198) (658)
---- ---- ------- -------
Net Realized and Unrealized
Gain (Loss) on Investments
(Note 1):
Net realized gain (loss) on
investments................ (1) (58) (536) (163)
Net unrealized appreciation
(depreciation) of invest-
ments...................... 64 97 16,406 15,244
---- ---- ------- -------
Net Realized and Unrealized
Gain (Loss) on Investments.. 63 39 15,870 15,081
---- ---- ------- -------
Net Increase (Decrease) in
Net Assets Resulting From
Operations.................. $ 54 $ 31 $14,672 $14,423
==== ==== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
VIII
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SCUDDER AMERICAN CENTURY CALVERT
-------------------------- ---------------- -----------
CAPITAL VP CAPITAL RESPONSIBLY
BOND GROWTH INTERNATIONAL APPRECIATION INVESTED
FUND FUND FUND FUND FUND
---- ------- ------------- ---------------- -----------
<S> <C> <C> <C> <C> <C>
Investment Income and
Expenses:
Income (Notes 1 and 4):
Dividends.............. $108 $11,141 $1,533 $ 1,480 $ --
---- ------- ------ ------- ------
Total income........... 108 11,141 1,533 1,480 --
---- ------- ------ ------- ------
Expenses (Note 3):
Fees and Administrative
Expenses.............. 20 1,038 437 351 71
---- ------- ------ ------- ------
Total Expenses.......... 20 1,038 437 351 71
---- ------- ------ ------- ------
Net Investment Income
(Loss)................. 88 10,103 1,096 1,129 (71)
---- ------- ------ ------- ------
Net Realized and
Unrealized Gain (Loss)
on Investments
(Note 1):
Net realized gain(loss)
on investments........ -- 2,437 173 (1,260) 503
Net unrealized appreci-
ation (depreciation)
of investments........ 6 25,925 8,698 (2,315) 912
---- ------- ------ ------- ------
Net Realized and
Unrealized Gain (Loss)
on Investments......... 6 28,362 8,871 (3,575) 1,415
---- ------- ------ ------- ------
Net Increase (Decrease)
in Net Assets Resulting
From Operations......... $ 94 $38,465 $9,967 $(2,446) $1,344
==== ======= ====== ======= ======
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
-----------------------------------
VIP VIP II VIP II
EQUITY-INCOME CONTRA ASSET MANAGER
FUND FUND FUND
------------- ------- -------------
<S> <C> <C> <C>
Investment Income and Expenses:
Income (Notes 1 and 4):
Dividends................................. $ 6,675 $ 3,702 $ 6,181
------- ------- -------
Total income.............................. 6,675 3,702 6,181
------- ------- -------
Expenses (Note 3):
Fees and Administrative Expenses.......... 471 824 333
------- ------- -------
Total Expenses............................. 471 824 333
------- ------- -------
Net Investment Income (Loss)............... 6,204 2,878 5,848
------- ------- -------
Net Realized and Unrealized Gain (Loss) on
Investments (Note 1):
Net realized gain (loss) on investments... 3,289 1,675 1,636
Net unrealized appreciation (depreciation)
of investments........................... 2,632 10,985 (1,807)
------- ------- -------
Net Realized and Unrealized Gain (Loss) on
Investments............................... 5,921 12,660 (171)
------- ------- -------
Net Increase (Decrease) in Net Assets Re-
sulting From Operations................... $12,125 $15,538 $ 5,677
======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
IX
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INVESTMENT COMPANY
-----------------------------------------------------------------------------
MONEY MARKET FUND ALL AMERICA FUND EQUITY INDEX FUND
------------------------- ------------------------- -------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
1997 DECEMBER 31, 1997 DECEMBER 31, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease)
in Net Assets:
From Operations:
Net investment income
(loss)................ $ (9) $ 42 $ (1,864) $ 10,078 $ (534) $ 1,429
Net realized gain
(loss) on investments. (10) 8 1,496 3,857 59 4,782
Net unrealized
appreciation
(depreciation) of
investments........... 50 (40) 50,287 9,747 16,401 (4,621)
------ ------ -------- -------- -------- -------
Net increase (Decrease)
in net assets
resulting from opera-
tions.................. 31 10 49,919 23,682 15,926 1,590
------ ------ -------- -------- -------- -------
From Unit Transactions:
Contributions.......... 2,441 1,812 94,182 141,486 52,101 25,410
Withdrawals............ (18) -- (6,016) (1,292) (1,669) (79)
Net Transfers.......... (1,390) (1,039) 22,239 7,080 7,070 12,758
------ ------ -------- -------- -------- -------
Net increase (Decrease)
from unit
transactions........... 1,033 773 110,405 147,274 57,502 38,089
------ ------ -------- -------- -------- -------
Net Increase (Decrease)
in
Net Assets............. 1,064 783 160,324 170,956 73,428 39,679
Net Assets
Beginning of Period
/Year.................. 828 45 215,311 44,355 45,997 6,318
------ ------ -------- -------- -------- -------
End of Period /Year..... $1,892 $ 828 $375,635 $215,311 $119,425 $45,997
====== ====== ======== ======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT COMPANY
-----------------------------------------------------------------------------
BOND FUND SHORT-TERM BOND FUND MID-TERM BOND FUND
------------------------- ------------------------- -------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
1997 DECEMBER 31, 1997 DECEMBER 31, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income
(loss)................ $ (105) $ 815 $ (9) $ 36 $ (8) $ 146
Net realized gain
(loss) on investments. (113) 160 (1) 6 (58) 11
Net unrealized
appreciation
(depreciation) of
investments........... 685 (688) 64 (20) 97 (133)
------- ------ ------ ------ ------ ------
Net increase (Decrease)
in net assets
resulting from opera-
tions.................. 467 287 54 22 31 24
------- ------ ------ ------ ------ ------
From Unit Transactions:
Contributions.......... 13,911 16,685 671 836 1,842 1,878
Withdrawals............ (853) (36) (43) -- -- --
Net Transfers.......... (6,412) (9,398) (122) (156) (1,242) (1,388)
------- ------ ------ ------ ------ ------
Net increase (Decrease)
from unit
transactions........... 6,646 7,251 506 680 600 490
------- ------ ------ ------ ------ ------
Net Increase (Decrease)
in Net Assets........... 7,113 7,538 560 702 631 514
Net Assets
Beginning of Period
/Year.................. 8,901 1,363 1,034 332 546 32
------- ------ ------ ------ ------ ------
End of Period /Year..... $16,014 $8,901 $1,594 $1,034 $1,177 $ 546
======= ====== ====== ====== ====== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
X
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INVESTMENT COMPANY
-----------------------------------------------------
COMPOSITE FUND AGGRESSIVE EQUITY FUND
-------------------------- --------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income
(loss)................. $ (1,198) $ 18,378 $ (658) $10,358
Net realized gain (loss)
on investments......... (536) 1,028 (163) 4,488
Net unrealized
appreciation
(depreciation) of
investments............ 16,406 (10,231) 15,244 (7,427)
-------- -------- -------- -------
Net Increase (Decrease)
in net assets resulting
from operations......... 14,672 9,175 14,423 7,419
-------- -------- -------- -------
From Unit Transactions:
Contributions........... 54,288 102,419 67,852 51,635
Withdrawals............. (2,886) (815) (2,442) (402)
Net Transfers........... 38,230 (18,407) (13,029) 8,080
-------- -------- -------- -------
Net Increase (Decrease)
from unit transactions.. 89,632 83,197 52,381 59,313
-------- -------- -------- -------
Net Increase (Decrease)
in Net Assets........... 104,304 92,372 66,804 66,732
Net Assets:
Beginning of Period/Year. 101,483 9,111 84,480 17,748
-------- -------- -------- -------
End of Period/Year....... $205,787 $101,483 $151,284 $84,480
======== ======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
SCUDDER
-------------------------------------------------------------------------------
BOND FUND CAPITAL GROWTH FUND INTERNATIONAL FUND
------------------------- -------------------------- --------------------------
FOR THE SIX
MONTHS ENDED FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
JUNE 30, YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------ ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 88 $ 55 $ 10,103 $ 3,008 $ 1,096 $ (284)
Net realized gain
(loss) on investments. -- 521 2,437 26,960 173 20,574
Net unrealized
appreciation
(depreciation) on
investments........... 6 (506) 25,925 (18,445) 8,698 (17,740)
------- ------- -------- -------- -------- -------
Net Increase (Decrease)
in net assets resulting
from operations........ 94 70 38,465 11,523 9,967 2,550
------- ------- -------- -------- -------- -------
From Unit Transactions:
Contributions.......... 3,859 3,469 54,616 81,156 17,237 55,906
Withdrawals............ (80) (55) (2,267) (691) (272) (65)
Net Transfers.......... (1,802) (2,503) 34,475 (17,444) 16,417 2,880
------- ------- -------- -------- -------- -------
Net Increase (Decrease)
from unit transactions. 1,977 911 86,824 63,021 33,382 58,721
------- ------- -------- -------- -------- -------
Net Increase (Decrease)
in Net Assets.......... 2,071 981 125,289 74,544 43,349 61,271
Net Assets:
Beginning of
Period/Year............ 1,379 398 112,036 37,492 69,742 8,471
------- ------- -------- -------- -------- -------
End of Period/Year...... $ 3,450 $ 1,379 $237,325 $112,036 $113,091 $69,742
======= ======= ======== ======== ======== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
XI
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
AMERICAN CENTURY CALVERT
------------------------- -------------------------
VP CAPITAL APPRECIATION
FUND RESPONSIBLY INVESTED FUND
------------------------- -------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE YEAR ENDED JUNE 30, YEAR ENDED
30, 1997 DECEMBER 31, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets:
From Operations:
Net investment income..... $ 1,129 $ 5,195 $ (71) $ 518
Net realized gain (loss)
on investments........... (1,260) (819) 503 2,111
Net unrealized apprecia-
tion (depreciation) of
investments.............. (2,315) (7,075) 912 (2,455)
------- ------- ------- ------
Net Increase (Decrease) in
net assets resulting from
operations................ (2,446) (2,699) 1,344 174
------- ------- ------- ------
From Unit Transactions:
Contributions............. 15,819 22,862 13,820 7,215
Withdrawals............... (609) (3,014) (568) (11)
Net Transfers............. (9,193) (2,578) (4,174) (2,331)
------- ------- ------- ------
Net Increase (Decrease)
from unit transactions.... 6,017 17,270 9,078 4,873
------- ------- ------- ------
Net Increase (Decrease) in
Net Assets................ 3,571 14,571 10,422 5,047
Net Assets:
Beginning of Period/Year... 68,269 53,698 5,279 232
------- ------- ------- ------
End of Period/Year......... $71,840 $68,269 $15,701 $5,279
======= ======= ======= ======
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
--------------------------------------------------------------------------------
VIP VIP II VIP II
EQUITY-INCOME CONTRA ASSET MANAGER
FUND FUND FUND
-------------------------- -------------------------- --------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31, JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From Operations:
Net investment income.. $ 6,204 $ 41 $ 2,878 $ (753) $ 5,848 $ 896
Net realized gain
(loss) on investments. 3,289 21,966 1,675 37,528 1,636 7,735
Net unrealized
appreciation
(depreciation) of
investments........... 2,632 (19,580) 10,985 (24,248) (1,807) (5,635)
-------- ------- -------- -------- ------- -------
Net Increase (Decrease)
in net assets resulting
from operations........ 12,125 2,427 15,538 12,527 5,677 2,996
-------- ------- -------- -------- ------- -------
From Unit Transactions:
Contributions.......... 56,595 55,772 42,489 53,192 24,998 34,846
Withdrawals............ (1,830) (1,482) (1,814) (490) (254) (56)
Net Transfers.......... (16,970) (12,956) 12,858 34,973 (7,218) (9,449)
-------- ------- -------- -------- ------- -------
Net Increase (Decrease)
from unit transactions
....................... 37,795 41,334 53,533 87,675 17,526 25,341
-------- ------- -------- -------- ------- -------
Net Increase (Decrease)
in Net Assets 49,920 43,761 69,071 100,202 23,203 28,337
Net Assets:
Beginning of
Period/Year............ 52,489 8,728 110,676 10,474 46,777 18,440
-------- ------- -------- -------- ------- -------
End of Period/Year...... $102,409 $52,489 $179,747 $110,676 $69,980 $46,777
======== ======= ======== ======== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
XII
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Separate Account No. 3 of The American Life Insurance Company ("the
Company") was established in conformity with New York Insurance Law and
commenced operations on December 21, 1994 as a unit investment trust. On that
date, the following American Life funds became available as investment
options: Money Market Fund, All America Fund, Equity Index Fund, Bond Fund,
Short-Term Bond Fund, Mid-Term Bond Fund, Composite Fund, Aggressive Equity
Fund, Scudder Bond Fund, Scudder Capital Growth Fund, Scudder International
Fund, American Century VP Capital Appreciation Fund (formerly the TCI Growth
Fund), and the Calvert Responsibly Invested Balanced Fund. The American Life
funds invest in a corresponding fund of Mutual of America Investment
Corporation ("Investment Company"), portfolios of Scudder Variable Life
Investment Fund ("Scudder"), fund of American Century Variable Portfolios Inc.
("American Century") and a corresponding fund of Calvert Responsibly Invested
Balanced Portfolio of Acacia Capital Corporation ("Calvert").
On May 1, 1995, Fidelity Investments' Equity-Income, Contrafund and Asset
Manager Funds became available to Separate Account No. 3 as investment
options. The Fidelity Equity-Income Fund invests in the corresponding
portfolio of Fidelity Variable Insurance Products Fund and the Contrafund and
Asset Manager Funds invest in corresponding portfolios of Fidelity Variable
Insurance Products Fund II (collectively, "Fidelity").
Separate Account No. 3 was formed by the Company to support the operations
of the Company's variable universal life insurance policies. The assets of
Separate Account No. 3 are the property of the Company. The portion of
Separate Account No. 3's assets applicable to the policies will not be charged
with liabilities arising out of any other business the Company may conduct.
The significant accounting policies of Separate Account No. 3 are as
follows:
Investment Valuation--Investments are made in shares of the Investment
Company, Scudder, American Century, Calvert and Fidelity and are valued at the
reported net asset values of the respective Funds and Portfolios.
Investment Transactions--Investment transactions are recorded on the trade
date. Realized gains and losses on sales of investments are determined based
on the average cost of the investment sold.
Federal Income Taxes--Separate Account No. 3 will be treated as a part of
the Company and will not be taxed separately as a "regulated investment
company" under existing law. The Company is taxed as a life insurance company
under the life insurance tax provisions of the Internal Revenue Code of 1986.
No provision for income taxes is required in the accompanying financial
statements.
2. INVESTMENTS
The number of shares owned by Separate Account No. 3 and the respective net
asset values (rounded to the nearest cent) per share at June 30, 1997 are as
follows:
<TABLE>
<CAPTION>
NUMBER OF NET ASSET
SHARES VALUE
--------- ---------
<S> <C> <C>
Investment Company Funds:
Money Market Fund.................................. 1,719 $1.22
All America Fund................................... 139,866 2.85
Equity Index Fund.................................. 63,243 1.92
Bond Fund.......................................... 15,602 1.42
Short-Term Bond Fund............................... 1,841 1.06
Mid-Term Bond Fund................................. 1,886 0.92
Composite Fund..................................... 137,482 1.90
Aggressive Equity Fund............................. 85,969 1.67
</TABLE>
XIII
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
NUMBER OF NET ASSET
SHARES VALUE
--------- ---------
<S> <C> <C>
Scudder Portfolios:
Bond Fund--Class "A"................................. 727 $ 6.69
Capital Growth Fund--Class "A"....................... 13,131 18.93
International Fund--Class "A"........................ 6,533 14.76
American Century VP Capital Appreciation Fund......... 7,645 9.66
Calvert Responsibly Invested Fund..................... 9,281 1.96
Fidelity Portfolios:
Equity-Income Fund................................... 4,802 22.06
Contrafund........................................... 9,527 17.93
Asset Manager Fund................................... 4,380 16.60
</TABLE>
3. EXPENSES
Administrative Fees and Expenses and Cost of Insurance--In connection with
its administrative functions, the Company deducts daily charges at an annual
rate of .40% (except for the American Century VP Capital Appreciation Fund for
which the rate charged is .20% and each Fidelity fund for which the rate is
.30%) from the value of the net assets of each fund. Monthly charges equaling
the lesser of $2.00 or 1/12 of 1% of account value may also be deducted.
The cost of insurance charges, to compensate the Company for life insurance
coverage provided under the policies, are deducted monthly and reflected as
net transfers in the accompanying financial statements.
Mortality and Expense Risk Fees--The Company assumes the risk that insureds
may live for a shorter period of time than estimated for purposes of current
or guaranteed cost of insurance rates; for this it deducts a risk charge daily
at an annual rate of .70% from the value of the net assets of each fund. An
expense risk charge, deducted daily at an annual rate of .15% from the value
of the net assets of each fund, compensates the Company for the risk that
administrative expenses incurred are greater than estimated.
4. DIVIDENDS
All dividend distributions are reinvested in additional shares of the
respective Funds or Portfolios at net asset value. No dividend distributions
have been declared and none have been paid by the Investment Company during
the first six months of 1997. It is the Investment Company's practice to
declare and pay dividends at the end of the year.
On January 29, 1997, February 26, 1997 and April 28, 1997, dividends were
paid by the Scudder Bond Portfolio. The combined amount of the dividends was
$108.
On January 29, 1997, February 26, 1997 and April 28, 1997, dividends were
paid by the Scudder Capital Growth Portfolio. The combined amount of the
dividends was $11,141.
On February 26, 1997, a dividend was paid by the Scudder International
Portfolio. The amount of the dividend was $1,533.
On March 29, 1997, a dividend was paid by the American Century VP Capital
Appreciation Fund. The amount of the dividend was $1,480.
On February 7, 1997, a dividend was paid by the Fidelity Equity-Income
Portfolio. The amount of the dividend was $6,675.
On February 7, 1997, a dividend was paid by the Fidelity Contrafund
Portfolio. The amount of the dividend was $3,702.
On February 7, 1997, a dividend was paid by the Fidelity Asset Manager
Portfolio. The amount of the dividend was $6,181.
XIV
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
5. FINANCIAL HIGHLIGHTS
Shown below are financial highlights for a Unit outstanding for the six
months ended June 30, 1997 and each of the previous years ended December 31:
<TABLE>
<CAPTION>
INVESTMENT COMPANY
-----------------------------------------------
MONEY MARKET FUND ALL AMERICA FUND
------------------- ---------------------------
1997 1996 1995(a) 1997 1996 1995 1994(b)
----- ----- ------- ------ ------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning of
year/period................... $1.87 $1.80 $1.77 $5.39 $4.52 $3.36 $3.32
===== ===== ===== ====== ====== ===== =====
Unit value, end of year/period. $1.91 $1.87 $1.80 $6.27 $5.39 $4.52 $3.36
===== ===== ===== ====== ====== ===== =====
Units outstanding, end of
year/period................... 990 442 25 59,903 39,912 9,813 107
===== ===== ===== ====== ====== ===== =====
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT COMPANY
-----------------------------------------
EQUITY INDEX FUND BOND FUND
--------------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
1997 1996 1995(c) 1997 1996 1995(d)
------ ------ ------- ----- ----- -------
Unit value, beginning of year/period. $1.72 $1.42 $ 1.25 $2.75 $2.69 $ 2.36
====== ====== ======= ===== ===== =======
Unit value, end of year/period....... $2.06 $1.72 $ 1.42 $2.81 $2.75 $ 2.69
====== ====== ======= ===== ===== =======
Units outstanding, end of
year/period......................... 58,085 26,794 4,449 5,701 3,239 507
====== ====== ======= ===== ===== =======
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT COMPANY
---------------------------------------
SHORT-TERM BOND
FUND MID-TERM BOND FUND
------------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
1997 1996 1995(a) 1997 1996 1995(a)
----- ----- ------- ----- ----- -------
Unit value, beginning of year/period.... $1.14 $1.10 $ 1.08 $1.19 $1.16 $ 1.11
===== ===== ======= ===== ===== =======
Unit value, end of year/period.......... $1.16 $1.14 $ 1.10 $1.21 $1.19 $ 1.16
===== ===== ======= ===== ===== =======
Units outstanding, end of year/period... 1,370 908 302 969 460 28
===== ===== ======= ===== ===== =======
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT COMPANY
--------------------------------------------------
COMPOSITE FUND AGGRESSIVE EQUITY FUND
--------------------- ----------------------------
1997 1996 1995(c) 1997 1996 1995 1994(b)
------ ------ ------- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning of
year/period................ $3.75 $3.39 $3.14 $1.80 $1.43 $1.05 $1.03
====== ====== ===== ====== ====== ====== =====
Unit value, end of
year/period................ $4.00 $3.75 $3.39 $2.02 $1.80 $1.43 $1.05
====== ====== ===== ====== ====== ====== =====
Units outstanding, end of
year/period................ 51,476 27,055 2,688 74,779 46,985 12,411 174
====== ====== ===== ====== ====== ====== =====
</TABLE>
- -------
(a) For the period August 25, 1995 (Commencement of Operations) to December
31, 1995.
(b) For the period December 21, 1994 (Commencement of Operations) to December
31, 1994.
(c) For the period February 23, 1995 (Commencement of Operations) to December
31, 1995.
(d) For the period March 3, 1995 (Commencement of Operations) to December 31,
1995.
XV
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
SCUDDER
--------------------------------------------------
BOND FUND CAPITAL GROWTH FUND
--------------------- ----------------------------
1997 1996 1995(a) 1997 1996 1995 1994(b)
------ ------ ------- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning of
year/period................ $11.48 $11.30 $10.68 $22.11 $18.64 $14.67 $14.50
====== ====== ====== ====== ====== ====== ======
Unit value, end of
year/period................ $11.76 $11.48 $11.30 $27.25 $22.11 $18.64 $14.67
====== ====== ====== ====== ====== ====== ======
Units outstanding, end of
year/period................ 293 120 35 8,710 5,067 2,011 737
====== ====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
SCUDDER
----------------------------
INTERNATIONAL FUND
----------------------------
1997 1996 1995 1994(b)
------ ------ ------ -------
<S> <C> <C> <C> <C>
Unit value, beginning of year/period............... $13.43 $11.85 $10.80 $10.66
====== ====== ====== ======
Unit value, end of year/period..................... $15.23 $13.43 $11.85 $10.80
====== ====== ====== ======
Units outstanding, end of year/period.............. 7,427 5,193 715 17
====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
AMERICAN CENTURY CALVERT
--------------------- -------------------
VP CAPITAL RESPONSIBILITY
APPRECIATION FUND INVESTED FUND
--------------------- -------------------
1997 1996 1995(d) 1997 1996 1995(a)
------ ------ ------- ----- ----- -------
<S> <C> <C> <C> <C> <C> <C>
Unit value, beginning of year/period. $11.53 $12.18 $11.14 $2.23 $2.01 $1.89
====== ====== ====== ===== ===== =====
Unit value, end of year/period....... $11.07 $11.53 $12.18 $2.45 $2.23 $2.01
====== ====== ====== ===== ===== =====
Units outstanding, end of
year/period......................... 6,488 5,921 4,409 6,404 2,364 115
====== ====== ====== ===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
-------------------------------------------
VIP
EQUITY-INCOME VIP II
FUND CONTRA FUND
--------------------- ---------------------
1997 1996 1995(a) 1997 1996 1995(d)
------ ------ ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
Unit value, beginning of
year/period....................... $21.93 $19.43 $17.68 $16.59 $13.85 $12.41
====== ====== ====== ====== ====== ======
Unit value, end of year/period..... $25.38 $21.93 $19.43 $18.41 $16.59 $13.85
====== ====== ====== ====== ====== ======
Units outstanding, end of
year/period....................... 4,035 2,393 449 9,763 6,672 756
====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
FIDELITY
---------------------
VIP II
ASSET MANAGER
FUND
---------------------
1997 1996 1995(a)
------ ------ -------
<S> <C> <C> <C>
Unit value, beginning of year/period...................... $17.72 $15.66 $14.87
====== ====== ======
Unit value, end of year/period............................ $19.60 $17.72 $15.66
====== ====== ======
Units outstanding, end of year/period..................... 3,571 2,639 1,178
====== ====== ======
</TABLE>
- -------
(a) For the period August 25, 1995 (Commencement of Operations) to December 31,
1995.
(b) For the period December 21, 1994 (Commencement of Operations) to December
31, 1994.
(c) For the period February 23, 1995 (Commencement of Operations) to December
31, 1995.
(d) For the period June 19, 1995 (Commencement of Operations) to December 31,
1995.
XVI
<PAGE>
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<PAGE>
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<PAGE>
THE AMERICAN LIFE INSURANCE COMPANY OF NEW YORK
320 Park Avenue New York, New York 10022-6839 212-224-1700
A subsidiary of Mutual of America Life Insurance Company
Mutual of America Life Insurance Company is a Registered Broker-Dealer and
distributes the variable products of The American Life Insurance Company of New
York
