AMERICAN LIFE
SEPARATE ACCOUNT NO. 3
SEMI-ANNUAL REPORT
JUNE 30, 1999
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, 1999
Dear Policyowner:
We are pleased to send you the 1999 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 seventeen distinct funds. Each invests in
shares of one of nine funds of Mutual of America Investment Corporation
("Investment Company"): the Money Market, All America, Equity Index, Mid-Cap
Equity Index (commenced operations on May 3, 1999), 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 of American Century
Variable Portfolios, Inc. ("American Century"); the Calvert Social Balanced
Portfolio of Calvert Variable Series, Inc. (formerly, 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 investment objectives and primary investments of the funds and
portfolios in which the Separate Account Funds invest are summarized as follows:
Investment Company Money Market Fund: This Fund seeks to realize 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.
Investment Company All America Fund: This Fund seeks to outperform the
Standard & Poor's Composite Index of 500 Stocks (the "S&P 500 Index") by
investing in a diversified portfolio of primarily common stocks, with
approximately 60% of its assets invested to provide investment results that
correspond to the performance of the S&P 500 Index and the remaining
approximately 40% of its assets invested to seek 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 primarily common stocks
with a broad exposure to the market. ("Standard & Poor's", "S&P"and "S&P 500"
are trademarks of The McGraw-Hill Companies, Inc.)
Investment Company Equity Index Fund: This Fund seeks to provide
investment results that correspond to the performance of the S&P 500 Index by
investing primarily in the common stocks that comprise the S&P 500 Index.
Investment Company Mid-Cap Equity Index Fund: This Fund seeks to provide
investment results that correspond to the performance of the S&P MidCap 400
Index by investing primarily in the common stocks that comprise the S&P MidCap
400 Index. ("S&P MidCap 400" is a trademark of The McGraw-Hill Companies, Inc.)
Investment Company Bond Fund: This Fund seeks as high a level of current
income over time as is believed consistent with prudent investment risk, with
preservation of capital a secondary objective, by investing primarily in
publicly-traded, investment grade debt securities.
Investment Company Short-Term Bond Fund: This Fund seeks as high a level
of current income over time as is believed consistent with prudent investment
risk, with preservation of capital a secondary objective, by investing primarily
in publicly-traded, investment grade debt securities and in money market
instruments with an average maturity of one to three years.
Investment Company Mid-Term Bond Fund: This Fund seeks as high a level of
current income over time as is believed consistent with prudent investment risk,
with preservation of capital a secondary objective, by investing primarily in
publicly-traded, investment grade debt securities with an average maturity of
three to seven years.
Investment Company Composite Fund: This Fund seeks as high a total rate of
return, through both appreciation of capital and current income, as is
consistent with prudent investment risk, by investing in a diversified portfolio
of publicly-traded common stocks, bonds and money market instruments.
1
<PAGE>
Investment Company Aggressive Equity Fund: This Fund's investment
objective is capital appreciation, by investing approximately half of its assets
in companies believed to possess above-average growth potential and the other
half of its assets in companies believed to possess valuable assets or whose
securities are believed to be undervalued in the marketplace.
Scudder Bond Portfolio: This Portfolio seeks a high level of income
consistent with a high quality portfolio of primarily investment grade debt
securities.
Scudder Capital Growth Portfolio: This Portfolio seeks to maximize
long-term capital growth through a broad and flexible investment program, by
investing in marketable securities, principally common stocks and, consistent
with its objective of long-term capital growth, preferred stocks.
Scudder International Portfolio: This Portfolio seeks long-term growth of
capital primarily through a diversified portfolio of foreign equity securities,
by investing primarily in established companies that do business principally
outside of the United States and that are listed on foreign exchanges.
American Century VP Capital Appreciation Fund: This Fund seeks capital
growth by investing primarily in common stocks that meet certain fundamental and
technical standards and are considered by the Fund's management to have
better-than-average prospects for appreciation.
Calvert Social Balanced Portfolio: This Portfolio seeks a competitive
total rate of return through an actively managed, non-diversified portfolio of
stocks, bonds and money market instruments that offer income and growth
opportunity and satisfy the investment and social criteria for the Portfolio.
Fidelity VIP Equity-Income Portfolio: This Portfolio seeks reasonable
income by investing primarily in income-producing equity securities, while
considering the potential for capital appreciation, and it also seeks to achieve
a yield that exceeds the composite yield on the securities comprising the S&P
500 Index.
Fidelity VIP II Contrafund Portfolio: This Portfolio seeks capital
appreciation by investing primarily in common stocks of companies whose value,
the Portfolio's adviser believes, is not fully recognized by the public.
Fidelity VIP II Asset Manager Portfolio: This Portfolio seeks high total
return with reduced risk over the long-term by allocating its assets among
stocks, bonds and short-term money market instruments, with an expected "neutral
mix" over the long-term of 10% in short-term/money-market instruments, 40% in
bonds and 50% in stocks.
For the six months ended June 30, 1999, the following total returns were
experienced in these seventeen Separate Account Funds:
Investment Company Money Market Fund(1) .............. + 1.2%
Investment Company All America Fund .................. +11.0%
Investment Company Equity Index Fund ................. +11.0%
Investment CompanyMid-Cap Equity Index Fund(2) ....... + 3.7%
Investment Company Bond Fund ......................... - 2.8%
Investment Company Short-Term Bond Fund .............. + 0.9%
Investment Company Mid-Term Bond Fund ................ - 0.9%
Investment Company Composite Fund .................... + 4.4%
Investment Company Aggressive Equity Fund ............ + 5.7%
Scudder Bond Fund .................................... - 2.3%
Scudder Capital Growth Fund .......................... + 9.8%
Scudder International Fund ........................... + 8.8%
American Century VP Capital Appreciation Fund ........ +14.9%
Calvert Social Balanced Fund ......................... + 4.0%
Fidelity VIP Equity-Income Fund ...................... +11.5%
Fidelity VIP II Contrafund ........................... +10.1%
Fidelity VIP II Asset Manager Fund ................... + 4.1%
------
(1) The seven-day net annualized effective yield as of 8/10/99 was
2.87% and is not necessarily indicative of future actual yields.
(2) Commenced operations May 3, 1999; total return is from that date.
2
<PAGE>
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 policyowners) 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. Accompanying 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
Fidelity VIP II. Total Return Separate Account Performance Notes for extended
time periods and other services are available by calling 1-800-468-3785.
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
3
<PAGE>
CONTENTS
Page
----
Semi-Annual Report of American Life Separate Account No. 3 ................ 1
Statement of Assets and Liabilities .................................... 5
Statement of Operations ................................................ 7
Statements of Changes in Net Assets .................................... 9
Notes to Financial Statements .......................................... 12
4
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Investment Company
--------------------------------------------------------------
Mid-Cap
Money Market All America Equity Index Equity Index Bond
Fund Fund Fund Fund Fund
------------ ----------- ------------ ------------ -------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Mutual of America Investment
Corporation at market value
(Cost:
Money Market Fund -- $8,725
All America Fund -- $878,080
Equity Index Fund -- $472,677
Mid-Cap Equity Index Fund -- $92
Bond Fund -- $36,167)
(Notes 1 and 2) ....................................... $8,733 $1,039,067 $583,896 $ 94 $34,677
$34,677
Due From (To) General Account ........................... 10 (869) (29) ( 4) 270
------ ---------- -------- ----- -------
NET ASSETS: ............................................. $8,743 $1,038,198 $583,867 $ 90 $34,947
====== ========== ======== ===== =======
UNIT VALUE AT JUNE 30, 1999 (Note 5) .................... $ 2.07 $ 9.03 $ 3.19 $1.04 $ 3.10
====== ========== ======== ===== =======
NUMBER OF UNITS OUTSTANDING AT
JUNE 30, 1999 (Note 5) ............................... 4,230 114,974 182,778 87 11,284
====== ========== ======== ===== =======
Investment Company
--------------------------------------------------
Aggressive-
Short-Term Mid-Term Composite 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-- $3,482
Mid-Term Bond Fund-- $3,576
Composite Fund-- $461,577
Aggressive-Equity Fund-- $327,401
(Notes 1 and 2) ................. .................... $ 3,488 $ 3,503 $478,520 $334,775
Due From (To) General Account ...... .................... (11) (50) 6,694 1,239
-------- -------- -------- --------
Net Assets ......................... .................... $ 3,477 $ 3,453 $485,214 $336,014
======== ======== ======== ========
Unit Value at June 30, 1999 (Note 5) .................... $ 1.26 $ 1.32 $ 5.17 $ 2.14
-------- -------- -------- --------
NUMBER OF UNITS OUTSTANDING AT
JUNE 30, 1999 (Note 5) .......... .................... 2,755 2,619 93,824 156,929
======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements
5
<PAGE>
<TABLE>
<CAPTION>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
American
Scudder Century Calvert
---------------------------------- ------------ --------
Capital VP Capital Social
Bond Growth International Appreciation Balanced
Fund Fund Fund Fund Fund
-------- --------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Scudder Portfolios, American Century VP
Capital Appreciation Fund and Calvert Social
Balanced Portfolio at market value
(Cost:
Scudder Bond Fund -- $12,080
Scudder Capital Growth Fund -- $749,405
Scudder International Fund -- $227,442
American Century VP Capital
Appreciation Fund -- $108,102
Calvert Social Balanced Fund -- $61,819)
(Notes 1 and 2). ..................................... $7,531 $768,874 $179,559 $110,432 $56,838
Due From (To) General Account ........................... 62 2,147 152 (3) (205)
------ -------- -------- -------- -------
NET ASSETS: ............................................. $7,593 $771,021 $179,711 $110,429 $56,633
====== ======== ======== ======== =======
UNIT VALUE AT JUNE 30, 1999 (NOTE 5) .................... $12.78 $ 39.81 $ 18.50 $ 12.34 $ 3.18
====== ======== ======== ======== =======
NUMBER OF UNITS OUTSTANDING AT
JUNE 30, 1999 (NOTE 5) ............................... 594 19,368 9,712 8,949 17,824
====== ======== ======== ======== =======
Fidelity
-----------------------------------
VIP
Equity- VIP II VIP II
Income Contra Asset Manager
Fund Fund Fund
--------- --------- -------------
<S> <C> <C> <C>
ASSETS:
Investments in Fidelity Portfolios at market value
(Cost:
VIP Equity-Income Fund -- $304,184
VIP II Contra Fund -- $448,855
VIP II Asset Manager Fund -- $203,093)
(Notes 1 and 2) ...................................... $250,600 $488,834 $178,314
Due From (To) General Account ........................... 846 2,975 (1,623)
-------- -------- --------
NET ASSETS .............................................. $251,446 $491,809 $176,691
======== ======== ========
UNIT VALUE AT JUNE 30, 1999 (Note 5) .................... $ 34.34 $ 28.93 $ 25.16
======== ======== ========
NUMBER OF UNITS OUTSTANDING AT JUNE 30, 1999 (Note 5) ... 7,322 16,997 7,022
======== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF OPERATIONS
For the Period
May 3, 1999
(Commencement of
Operations) to
June 30, 1999
For The Six Months Ended June 30, 1999 (Unaudited) (Unaudited)
-------------------------------------------------- ----------------
Investment Company
---------------------------------------------------------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income (Note 4):
Dividend Income ..................................... $ -- $ -- $ -- $ --
--------- --------- --------- ---------
Expenses (Note 3):
Fees ................................................ 34 4,848 2,607 --
Administrative Expenses ............................. 105 1,101 660 4
--------- --------- --------- ---------
Total Expenses ......................................... 139 5,949 3,267 4
--------- --------- --------- ---------
NET INVESTMENT INCOME (LOSS) ........................... (139) (5,949) (3,267) (4)
--------- --------- --------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (Note 1):
Net realized gain (loss) on investments ............. (25) 2,466 831 --
Net unrealized appreciation (depreciation) of
investments ....................................... 179 107,883 58,042 2
--------- --------- --------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS ........................................ 154 110,349 58,873 2
--------- --------- --------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................... $ 15 $ 104,400 $ 55,606 $ (2)
========= ========= ========= =========
For the Six Months Ended June 30, 1999 (Unaudited)
----------------------------------------------------------
Investment Company
----------------------------------------------------------
Aggressive
Bond Short-Term Mid-Term Composite Equity
Fund Bond Fund Bond Fund Fund Fund
-------- ---------- --------- --------- ----------
INVESTMENT INCOME AND EXPENSES:
Income (Note 4):
Dividend Income ..................................... $ -- $ -- $ -- $ -- $ --
------- -------- -------- ------- -------
Expenses (Note 3):
Fees ................................................ 209 17 17 2,476 1,537
Administrative Expenses 362 4 45 921 228
------- -------- -------- ------- -------
Total Expenses ......................................... 571 21 62 3,397 1,765
------- -------- -------- ------- -------
NET INVESTMENT INCOME (LOSS) ........................... (571) (21) (62) (3,397) (1,765)
------- -------- -------- ------- -------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (Note 1):
Net realized gain (loss) on investments ............. (501) (1) (29) 90 (1,766)
Net unrealized appreciation (depreciation) of
investments ....................................... (243) 67 33 25,723 23,774
------- -------- -------- ------- -------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS ......................................... (744) 66 4 25,813 22,008
------- -------- -------- ------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................... $(1,315) $ 45 $ (58) $22,416 $20,243
======= ====== ===== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1999 (Unaudited)
American
Scudder Century Calvert
----------------------------------- ----------- -------
Capital VP Capital Social
Bond Growth International Appreciation Balanced
Fund Fund Fund Fund Fund
-------- --------- ------------- ------------ --------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income (Note 4):
Dividend Income ........................................... $ 364 $ 72,252 $ 16,406 $ -- $ --
-------- -------- -------- -------- ---------
Expenses (Note 3):
Fees ...................................................... 39 3,556 845 467 267
Administrative Expenses ................................... 95 124 40 33 211
-------- -------- -------- -------- ---------
Total Expenses ............................................... 134 3,680 885 500 478
-------- -------- -------- -------- ---------
NET INVESTMENT INCOME (LOSS) ................................. 230 68,572 15,521 (500) (478)
-------- -------- -------- -------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (Note 1):
Net realized gain (loss) on investments ................... 1,349 15,567 11,969 (666) 1,089
Net unrealized appreciation (depreciation) of
investments ............................................. (1,807) (13,511) (12,235) 15,859 1,516
-------- -------- -------- -------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ....... (458) 2,056 (266) 15,193 2,605
-------- -------- -------- -------- ---------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ................................................ $ (228) $ 70,628 $ 15,255 $ 14,693 $ 2,127
======== ======== ======== ======== ========
Fidelity
----------------------------------
VIP
Equity- VIP II VIP II
Income Contra Asset Manager
Fund Fund Fund
------- ------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME AND EXPENSES:
Income (Note 4):
Dividend Income ............................................ $ 10,795 $ 15,980 $ 11,496
-------- -------- --------
Expenses (Note 3):
Fees ....................................................... 1,158 2,123 797
Administrative Expenses .................................... 1,214 361 361
-------- -------- --------
Total Expenses ................................................ 2,372 2,484 1,158
-------- -------- --------
NET INVESTMENT INCOME (Loss) .................................. 8,423 13,496 10,338
-------- -------- --------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments .................... 26,500 14,696 3,156
Net unrealized appreciation (depreciation) of
investments .............................................. (8,717) 14,623 (6,165)
-------- -------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........ 17,783 29,319 (3,009)
-------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 26,206 $ 42,815 $ 7,329
======== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENTS OF CHANGES IN NET ASSETS
Investment Company
-------------------------------------------------------------------------------------
Money Market Fund All America Fund Equity Index 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, 1999 December 31, June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) 1998 (Unaudited) 1998 (Unaudited) 1998
------------- ------------ ------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) ............ $ (139) $ 58 $ (5,949) $ 89,933 $ (3,267) $ 26,288
Net realized gain (loss) on
investments ........................... (25) (6) 2,466 1,744 831 2,147
Net unrealized appreciation
(depreciation) of investments ......... 179 (27) 107,883 32,513 58,042 34,890
------ ------- ---------- -------- -------- --------
Net Increase (Decrease) in net assets
resulting from operations ............... 15 25 104,400 124,190 55,606 63,325
------ ------- ---------- -------- -------- --------
From Unit Transactions:
Contributions ........................... 3,102 6,108 128,577 241,902 96,386 180,950
Withdrawals ............................. -- (57) (7,362) (10,084) (6,654) (7,360)
Net Transfers ........................... (700) (3,176) (43,219) (49,261) 36,118 4,004
------ ------- ---------- -------- -------- --------
Net Increase (Decrease) from unit
transactions ............................ 2,402 2,875 77,996 182,557 125,850 177,594
------ ------- ---------- -------- -------- --------
NET INCREASE (DECREASE) IN
NET ASSETS .............................. 2,417 2,900 182,396 306,747 181,456 240,919
NET ASSETS:
Beginning of Period/Year .................. 6,326 3,426 855,802 549,055 402,411 161,492
------ ------- ---------- -------- -------- --------
End of Period/Year ......................... $8,743 $ 6,326 $1,038,198 $855,802 $583,867 $402,411
====== ======= ========== ======== ======== ========
Investment Company
-------------------------------------------------------------------------------
Mid-Cap
Equity Index Fund Bond Fund Short-Term Fund
----------------- --------------------------- ------------------------------
For the Period
May 3, 1999
(Commencement of For the Six For the For the Six For the
Operations) to Months Ended Year Ended Months Ended Year Ended
June 30, 1999 June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) (Unaudited) 1998 (Unaudited) 1998
---------------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) .......... $(4) $ (571) $ 1,687 $ (21) $ 103
Net realized gain (loss) on
investments .......................... -- (501) 233 (1) 6
Net Unrealized appreciation
(depreciation) of investments ....... 2 (243) (1,044) 67 (12)
--- -------- ------- ------ ------
Net Increase (Decrease) in net assets
resulting from operations ............. (2) (1,315) 876 45 97
--- -------- ------- ------ ------
From Unit Transactions:
Contributions ......................... 1 12,596 25,539 745 1,370
Withdrawals -- (1,581) (2,714) -- --
Net Transfers ......................... 91 (14,559) (5,483) (327) (277)
--- -------- ------- ------ ------
Net Increase (Decrease) from unit
transactions ........................... 92 (3,544) 17,342 418 1,093
--- -------- ------- ------ ------
NET INCREASE (DECREASE)
IN NET ASSETS .......................... 90 (4,859) 18,218 463 1,190
NET ASSETS:
Beginning of Period/Year ................ -- 39,806 21,588 3,014 1,824
--- -------- ------- ------ ------
End of Period/Year ....................... $90 $ 34,947 $39,806 $3,477 $3,014
=== ======== ======= ====== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Investment Company
-------------------------------------------------------------------------------------
Mid-Term Bond Fund Composite Fund Aggressive Equity 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, 1999 December 31, June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) 1998 (Unaudited) 1998 (Unaudited) 1998
------------- ------------ ------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) ............. $ (62) $ 49 $ (3,397) $ 14,028 $ (1,765) $ (1,051)
Net realized gain (loss) on
investments ............................ (29) (1) 90 (2,308) (1,766) (5,609)
Net Unrealized appreciation
(depreciation) of investments .......... 33 (30) 25,723 40,252 23,774 (9,779)
------- ------- --------- -------- -------- --------
Net Increase (Decrease) in net assets
resulting from operations ................ (58) 18 22,416 51,972 20,243 (16,439)
------- ------- --------- -------- -------- --------
From Unit Transactions:
Contributions ............................ 1,880 4,187 92,044 160,764 64,248 164,628
Withdrawals .............................. -- (157) (5,462) (13,170) (7,481) (15,635)
Net Transfers ............................ (1,551) (2,597) (125,939) (43,657) (38,184) (57,515)
------- ------- --------- -------- -------- --------
Net Increase (Decrease) from unit
transactions .............................. 329 1,433 (39,357) 103,937 18,583 91,478
------- ------- --------- -------- -------- --------
NET INCREASE (DECREASE)
INNET ASSETS ............................. 271 1,451 (16,941) 155,909 38,826 75,039
NET ASSETS:
Beginning of Period/Year .................... 3,182 1,731 502,155 346,246 297,188 222,149
------- ------- --------- -------- -------- --------
End of Period/Year .......................... $ 3,453 $ 3,182 $ 485,214 $502,155 $336,014 $297,188
======= ======= ========= ======== ======== ========
Scudder
-------------------------------------------------------------------------------------
Bond Fund Capital Growth Fund International 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, 1999 December 31, June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) 1998 (Unaudited) 1998 (Unaudited) 1998
------------- ------------ ------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) ............. $ 230 $ 140 $ 68,572 $ 21,930 $ 15,521 $ 13,208
Net realized gain (loss) on investments .. 1,349 435 15,567 59,922 $ 11,969 8,854
Net Unrealized appreciation
(depreciation) of investments .......... (1,807) (417) (13,511) 20,657 (12,235) (3,025)
------- ------- -------- -------- -------- --------
Net Increase (Decrease) in net assets
resulting from operations ................ (228) 158 70,628 102,509 15,255 19,037
------- ------- -------- -------- -------- --------
From Unit Transactions:
Contributions ............................ 4,041 7,436 97,686 171,043 21,825 41,383
Withdrawals .............................. (335) (747) (15,903) (17,243) (3,038) (3,269)
Net Transfers ............................ (2,830) (4,105) (14,347) (37,452) (12,101) (6,087)
------- ------- -------- -------- -------- --------
Net Increase (Decrease) from unit
transactions ............................. 876 2,584 67,436 116,348 6,686 32,027
------- ------- -------- -------- -------- --------
NET INCREASE (DECREASE)
IN NET ASSETS ............................ 648 2,742 138,064 218,857 21,941 51,064
NET ASSETS:
Beginning of Period/Year .................... 6,945 4,203 632,957 414,100 157,770 106,706
------- ------- -------- -------- -------- --------
End of Period/Year .......................... $ 7,593 $ 6,945 $771,021 $632,957 $179,711 $157,770
======= ======= ======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
American Century Calvert
---------------------------- ---------------------------
VP Capital Appreciation Fund Social Balanced Fund
---------------------------- ---------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) 1998 (Unaudited) 1998
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ......................................... $ (500) $ 3,232 $ (478) $ 2,632
Net realized gain (loss) on investments ....................... (666) (2,064) 1,089 3,550
Net Unrealized appreciation (depreciation) of investments ..... 15,859 (3,934) 1,516 (1,400)
-------- ------- ------- -------
Net Increase (Decrease) in net assets resulting
from operations ............................................... 14,693 (2,766) 2,127 4,782
-------- ------- ------- -------
From Unit Transactions:
Contributions ................................................. 10,308 28,381 14,321 30,086
Withdrawals ................................................... (2,567) (1,400) (948) (2,076)
Net Transfers ................................................. (6,831) (9,765) (5,245) (12,258)
-------- ------- ------- -------
Net Increase (Decrease) from unit transactions ................... 910 17,216 8,128 15,752
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS ............................ 15,603 14,450 10,255 20,534
NET ASSETS:
Beginning of Period/Year ......................................... 94,826 80,376 46,378 25,844
-------- ------- ------- -------
End of Period/Year ............................................... $110,429 $94,826 $56,633 $46,378
======== ======= ======= =======
Fidelity
-------------------------------------------------------------------------------------
VIP Equity-Income Fund VIPII Contra Fund VIPII Asset Manager 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, 1999 December 31, June 30, 1999 December 31, June 30, 1999 December 31,
(Unaudited) 1998 (Unaudited) 1998 (Unaudited) 1998
------------- ------------ ------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income(loss) .............. $ 8,423 $ 6,552 $ 13,496 $ 10,289 $ 10,338 $ 11,124
Net realized gain (loss) on
investments ............................ 26,500 41,256 14,696 43,590 3,156 17,688
Net Unrealized appreciation
(depreciation) of investments .......... (8,717) (31,062) 14,623 22,246 (6,165) (13,211)
-------- -------- -------- -------- -------- --------
Net Increase (Decrease) in net assets
resulting from operations ................ 26,206 16,746 42,815 76,125 7,329 15,601
-------- -------- -------- -------- -------- --------
From Unit Transactions:
Contributions ............................ 56,876 132,435 69,439 124,636 32,006 69,680
Withdrawals .............................. (13,639) (22,291) (11,151) (15,833) (2,656) (2,791)
Net Transfers ............................ (39,753) (58,797) 13,621 (43,163) (11,377) (31,342)
-------- -------- -------- -------- -------- --------
Net Increase (Decrease) from
unit transactions ......................... 3,484 51,347 71,909 65,640 17,973 35,547
-------- -------- -------- -------- -------- --------
NET INCREASE (DECREASE) IN
NET ASSETS ................................ 29,690 68,093 114,724 141,765 25,302 51,148
NET ASSETS:
Beginning of Period/Year .................... 221,756 153,663 377,085 235,320 151,389 100,241
-------- -------- -------- -------- -------- --------
End of Period/Year .......................... $251,446 $221,756 $491,809 $377,085 $176,691 $151,389
======== ======== ======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<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 of New York
("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
alternatives: 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 and Calvert Social Balanced
Fund (formerly 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 Social Balanced Portfolio of
Calvert Variable Series, Inc. (formerly 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
alternatives. 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").
On May 3, 1999 the Mid-Cap Equity Index Fund of the Investment Company
became available to Separate Account No. 3.
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, 1999 are as
follows:
Number of Net Asset
Shares Value
--------- --------
Investment Company Funds:
Money Market Fund: ............................... 7,204 $ 1.21
All America Fund ................................. 319,514 3.25
Equity Index Fund ................................ 212,231 2.75
Mid-Cap Equity Index Fund ........................ 91 1.04
Bond Fund ........................................ 24,774 1.40
Short-Term Bond Fund ............................. 3,321 1.05
Mid-Term Bond Fund ............................... 3,839 0.91
Composite Fund ................................... 254,791 1.88
Aggressive Equity Fund ........................... 207,669 1.61
Scudder Portfolios:
Bond Portfolio ................................... 1,164 6.47
Capital Growth Portfolio--Class "A" .............. 32,143 23.92
International Portfolio--Class "A" ............... 12,400 14.48
12
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Number of Net Asset
Shares Value
---------- --------
American Century VP Capital Appreciation Fund ... 10,547 $ 10.47
Calvert Social Balanced Portfolio ............... 25,295 2.25
Fidelity Portfolios:
Equity-Income--"Initial"Class ................ 9,196 27.26
Contrafund--"Initial"Class ................... 18,729 26.10
Asset Manager--"Initial"Class ................ 10,080 17.69
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 American Century 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, to compensate
the Company for life insurance coverage provided under the policies, is 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 mortality
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 will be 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 1999. It is the Investment Company's practice to declare and
pay dividends at the end of the year.
On January 27, 1999 and April 28, 1999, dividends were paid by the Scudder
Bond Portfolio. The combined amount of the dividends was $364.
On January 27, 1999 and April 28, 1999, dividends were paid by the Scudder
Capital Growth Portfolio. The combined amount of the dividends was $72,252.
On April 28, 1999, a dividend was paid by the Scudder International
Portfolio. The amount of the dividend was $16,406.
On February 5, 1999, a dividend was paid by the Fidelity Equity-Income
Portfolio. The amount of the dividend was $10,795.
On February 5, 1999, a dividend was paid by the Fidelity Contrafund
Portfolio. The amount of the dividend was $15,980.
On February 5, 1999, a dividend was paid by the Fidelity Asset Manager
Portfolio. The amount of the dividend was $11,496.
13
<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, 1999 and for each of the previous years, or, if not in
existence a full year, the initial period ended December 31:
<TABLE>
<CAPTION>
Investment Company
--------------------------------------------------------------------------------------------
Money Market Fund All America Fund
---------------------------------------- ------------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995 1994
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning
of period/year ...... $2.03 $1.95 $1.87 $1.80 $1.77 $ 8.09 $ 6.76 $ 5.39 $ 4.52 $3.36 $3.32
===== ===== ===== ===== ===== ======= ====== ====== ====== ===== =====
Unit value, end
of period/year ...... $2.07 $2.03 $1.95 $1.87 $1.80 $ 9.03 $ 8.09 $ 6.76 $ 5.39 $4.52 $3.36
===== ===== ===== ===== ===== ======= ====== ====== ====== ===== =====
Units outstanding,
end of period/year .. 4,230 3,113 1,755 442 25 114,974 105,770 81,264 39,912 9,813 107
===== ===== ===== ===== ===== ======= ====== ====== ====== ===== =====
Investment Company
----------------------------------------------------------------------------------------------
Mid-Cap
Equity
Equity Index Fund Index Fund Bond Fund
-------------------------------------------- ---------- --------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995 1994
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning
of period/year ...... $ 2.86 $ 2.26 $ 1.72 $ 1.42 $1.25 $1.00 $ 3.17 $ 3.00 $2.75 $2.69 $2.36
======= ======= ====== ====== ===== ===== ====== ======= ===== ===== =====
Unit value, end
of period/year ...... $ 3.19 $ 2.86 $ 2.26 $ 1.72 $1.42 $1.04 $ 3.10 3.17 $3.00 $2.75 $2.69
======= ======= ====== ====== ===== ===== ====== ======= ===== ===== =====
Units outstanding,
end of period/year .. 188,778 140,499 71,579 26,794 4,449 87 11,284 12,551 7,204 3,239 507
======= ======= ====== ====== ===== ===== ====== ======= ===== ===== =====
Investment Company
---------------------------------------------------------------------------------------
Short-Term Bond Fund Mid-Term Bond Fund
--------------------------------------- -------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning
of period/year ...... $1.24 $1.19 $1.14 $1.10 $1.08 $1.32 $1.26 $1.19 $1.16 $1.11
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Unit value, end
of period/year. ..... $1.26 $1.24 $1.19 $1.14 $1.10 $1.32 $1.32 $1.26 $1.19 $1.16
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Units outstanding,
end of period/year .... 2,755 2,422 1,530 908 302 2,619 2,404 1,374 460 28
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Investment Company
----------------------------------------------------------------------------------------------
Composite Fund Aggressive Equity Fund
---------------------------------------- --------------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995 1994
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning
of period/year ...... $ 4.93 $ 4.36 $ 3.75 $ 3.39 $3.14 $ 2.02 $ 2.15 $ 1.80 $ 1.43 $ 1.05 $1.03
====== ======= ====== ====== ===== ======= ======= ======= ====== ====== =====
Unit value, end
of period/year. ..... $ 5.17 $ 4.93 $ 4.36 $ 3.75 $3.39 $ 2.14 $ 2.02 $ 2.15 $ 1.80 $ 1.43 $1.05
====== ======= ====== ====== ===== ======= ======= ======= ====== ====== =====
Units outstanding,
end of period/year .. 93,824 101,886 79,417 27,055 2,688 156,929 147,405 103,218 46,985 12,411 174
====== ======= ====== ====== ===== ======= ======= ======= ====== ====== =====
</TABLE>
- ----------
* Commenced operations May 3, 1999.
14
<PAGE>
AMERICAN LIFE SEPARATE ACCOUNT NO. 3
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
Scudder
-------------------------------------------------------------------------------------------
Bond Fund Capital Growth Fund
------------------------------------------- ----------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995 1994
----- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning
of period/year ... $13.02 $12.37 $11.48 $11.30 $10.68 $36.07 $29.64 $22.11 $18.64 $14.67 $14.50
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Unit value, end
of period/year ... $12.78 $13.02 $12.37 $11.48 $11.30 $39.81 $36.07 $29.64 $22.11 $18.64 $14.67
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Units outstanding,
end of period/year 594 534 340 120 35 19,368 17,547 970 5,067 2,011 737
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Scudder
--------------------------------------------------------
International Fund
--------------------------------------------------------
1999 1998 1997 1996 1995 1994
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Unit value, beginning of period/year ....................... $16.93 $14.46 $13.43 $11.85 $10.80 $10.66
====== ====== ====== ====== ====== ======
Unit value, end of period/year ............................. $18.50 $16.93 $14.46 $13.43 $11.85 $10.80
====== ====== ====== ====== ====== ======
Units outstanding, end of period/year ...................... 9,712 9,321 7,377 5,193 715 17
====== ====== ====== ====== ====== ======
American Century Calvert
----------------------------------------------- ----------------------------------------------
VP Capital Appreciation Fund Social Balanced Fund
----------------------------------------------- ----------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
------ ------ ------ ------ ------ ------ ------- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning
of period/year ...... $10.69 $11.04 $11.53 $12.18 $11.14 $ 3.04 $ 2.65 $2.23 $2.01 $1.89
====== ====== ====== ====== ====== ====== ====== ===== ===== =====
Unit value, end
of period/year ...... $12.34 $10.69 $11.04 $11.53 $12.18 $ 3.18 $ 3.04 $2.65 $2.23 $2.01
====== ====== ====== ====== ====== ====== ====== ===== ===== =====
Units outstanding,
end of period/year .. 8,949 8,874 7,282 5,921 4,409 17,824 15,253 9,760 2,364 115
====== ====== ====== ====== ====== ====== ====== ===== ===== =====
Fidelity
--------------------------------------------------------------------------------------------------
VIP Equity-Income Fund VIP II Contra Fund
----------------------------------------------- ----------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
------ ------ ------ ------ ------ ------ ------- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit value, beginning
of period/year ..... $30.65 $27.77 $21.93 $19.43 $17.68 $26.16 $20.36 $16.59 $13.85 $12.41
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Unit value, end
of period/year ...... $34.34 $30.65 $27.77 $21.93 $19.43 $28.93 $26.16 $20.36 $16.59 $13.85
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Units outstanding,
end of period/year .. 7,322 7,236 5,533 2,393 449 16,997 14,417 11,560 6,672 756
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Fidelity
-------------------------------------------
VIP II Asset Manager Fund
-------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Unit value, beginning of period/year ...................................... $24.04 $21.14 $17.72 $15.66 $14.87
====== ====== ====== ====== ======
Unit value, end of period/year ............................................ $25.16 $24.04 $21.14 $17.72 $15.66
====== ====== ====== ====== ======
Units outstanding, end of period/year ..................................... 7,022 6,297 4,742 2,639 1,178
====== ====== ====== ====== ======
</TABLE>
15
<PAGE>
THE AMERICAN LIFE
INSURANCE COMPANY OF NEW YORK
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
320 PARK AVENUE
NEW YORK, NY 10022-6839
212-224-1700
www.mutualofamerica.com
