Separate Account No 45 of Axa Equitable Life Insurance Co – ‘485BPOS’ on 4/25/01

On:  Wednesday, 4/25/01, at 12:59pm ET   ·   Effective:  4/25/01   ·   Accession #:  771726-1-500025   ·   File #s:  33-83750, 811-08754

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Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485BPOS     Post-Effective Amendment                             260   1.63M 
12: EX-99.10A   Consent of Pricewaterhousecoopers LLP                  1      8K 
13: EX-99.10C   Yr 2001 Power of Attorney                              1      8K 
 2: EX-99.3D    Distribution Agreement                                 3±    15K 
 3: EX-99.3E    Distribution Agreement                                 2     13K 
 4: EX-99.4(E)(E)  Form of Endorsement - Roth Ira Contracts            7     29K 
 5: EX-99.4(F)(F)  Form of Endorsement - Ira Certificates              6     24K 
 6: EX-99.4(G)(G)  Form of Endorsement - Non-Qualified                 3     12K 
                          Certificates                                           
 7: EX-99.4(H)(H)  Form of Optional Death Benefit Rider                2      9K 
 8: EX-99.4(I)(I)  Form of Data Pages for Equitable Accumulator       74    248K 
 9: EX-99.4(J)(J)  Form of Amendment                                   1      7K 
10: EX-99.4(K)(K)  Form of Endorsement - Non-Qualified                 2     11K 
                          Certificates                                           
11: EX-99.7     Form of Reinsurance Agreement                         21     79K 

485BPOS   —   Post-Effective Amendment
Document Table of Contents

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                                                     Registration No. 33-83750
                                                     Registration No. 811-8754
------------------------------------------------------------------------------- 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

------------------------- 

FORM N-4  

  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933      [ ]

  Pre-Effective Amendment No.                                  [ ]

  Post-Effective Amendment No. 21                              [X]

AND/OR  

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940       [ ]       

Amendment No. 37                                          [X] 

(Check appropriate box or boxes)  

------------------------- 

SEPARATE ACCOUNT No. 45 
of  
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES 
(Exact Name of Registrant)  

------------------------- 

THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES 
(Name of Depositor) 

1290 Avenue of the Americas, New York, New York 10104 
(Address of Depositor's Principal Executive Offices)  
Depositor's Telephone Number, including Area Code: (212) 554-1234 

------------------------- 

ROBIN WAGNER  
VICE PRESIDENT AND COUNSEL
The Equitable Life Assurance Society of the United States 
1290 Avenue of the Americas, New York, New York 10104 
(Name and Address of Agent for Service) 

------------------------- 

Please send copies of all communications to:  
PETER E. PANARITES  
 Foley & Lardner
Washington Harbour
3000 K Street, Northwest
Washington, D.C. 20007  
------------------------- 

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Approximate Date of Proposed Public Offering: Continuous.     

It is proposed that this filing will become effective (check  
appropriate box):                                                               

[ ]      Immediately upon filing pursuant to paragraph (b) of Rule 485.         

[ ]      On (date)  pursuant to paragraph (b) of Rule 485.                      

[ ]      60 days after filing pursuant to paragraph (a)(1) of Rule 485.         

[X]      On May 1, 2001 pursuant to paragraph (b)(1) of Rule 485.               

If appropriate, check the following box:                                        

[ ]      This post-effective amendment designates a new effective date for      
previously filed post-effective amendment.                    

Title of Securities Being Registered:                                           

 Units of interest in Separate Account under variable annuity contracts.

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Equitable Accumulator(SM)                                                       
A combination variable and fixed deferred                                       
annuity contract                                                                

PROSPECTUS DATED MAY 1, 2001                                                    

Please read and keep this prospectus for future reference. It contains          
important information that you should know before purchasing or taking any      
other action under your contract. Also, at the end of this prospectus you will  
find attached the prospectus for EQ Advisors Trust, which contains important    
information about its portfolios.                                               

--------------------------------------------------------------------------------

WHAT IS THE EQUITABLE ACCUMULATOR?                                              

Equitable Accumulator is a deferred annuity contract issued by THE EQUITABLE    
LIFE ASSURANCE SOCIETY OF THE UNITED STATES. It provides for the accumulation   
of retirement savings and for income. The contract offers income and death      
benefit protection. It also offers a number of payout and distribution options. 
The distribution options available under the contract are the Assured Payment   
Option and APO Plus. You invest to accumulate value on a tax-deferred basis in  
one or more of our variable investment options, fixed maturity options, or the  
account for special dollar cost averaging ("investment options"). This contract 
may not currently be available in all states.                                   

                                                                [Download Table]
                                                                          
--------------------------------------------------------------------------
 VARIABLE INVESTMENT OPTIONS*                                             
 FIXED INCOME                                                             
--------------------------------------------------------------------------
o EQ/Alliance High Yield               o EQ/Alliance Money Market         
o EQ/Alliance Intermediate                                                
  Government Securities                                                   
--------------------------------------------------------------------------
 DOMESTIC STOCKS                                                          
--------------------------------------------------------------------------
o EQ/Aggressive Stock                  o EQ/Evergreen Omega(3)            
o EQ/Alliance Common Stock             o EQ/FI Mid Cap                    
o EQ/Alliance Growth and Income        o EQ/FI Small /Mid Cap Value(4)    
o EQ/Alliance Premier Growth           o EQ/Janus Large Cap Growth        
o EQ/Alliance Small Cap Growth         o EQ/Mercury Basic Value Equity    
o EQ/Alliance Technology               o EQ/MFS Emerging Growth           
o EQ/AXP New Dimensions                  Companies                        
o EQ/AXP Strategy Aggressive           o EQ/MFS Investors Trust(5)        
o EQ/Bernstein Diversified Value(1)    o EQ/MFS Research                  
o EQ/Capital Guardian Research         o EQ/Putnam Growth & Income        
o EQ/Capital Guardian U.S. Equity        Value                            
o EQ/Equity 500 Index(2)               o EQ/Small Company Index(6)        
--------------------------------------------------------------------------
 INTERNATIONAL STOCKS                                                     
--------------------------------------------------------------------------
o EQ/Alliance Global                   o EQ/Morgan Stanley Emerging       
o EQ/Alliance International              Markets Equity                   
o EQ/International Equity Index(7)     o EQ/T. Rowe Price International   
                                         Stock                            
--------------------------------------------------------------------------
 BALANCED/HYBRID                                                          
--------------------------------------------------------------------------
o EQ/Alliance Growth Investors         o EQ/Balanced(1)                   
--------------------------------------------------------------------------

*  Effective on May 18, 2001, all of the names of the variable investment       
options will include "EQ/."                                               
(1) Available on or about May 18, 2001.                                         
(2) Formerly named "Alliance Equity Index."                                     
(3) Formerly named "EQ/Evergreen."                                              
(4) Formerly named "Warburg Pincus Small Company Value."                        
(5) This reflects the name change of the MFS Growth with Income option,         
effective May 18, 2001.                                                 
(6) Formerly named "BT Small Company Index."                                    
(7) Formerly named "BT International Equity Index."                             

You may allocate amounts to any of the variable investment options. Each        
variable investment option is a subaccount of our Separate Account No. 45. Each 
variable investment option, in turn, invests in a corresponding securities      
portfolio of EQ Advisors Trust. Your investment results in a variable           
investment option will depend on the investment performance of the related      
portfolio.                                                                      

FIXED MATURITY OPTIONS. You may allocate amounts to one or more fixed maturity  
options. These amounts will receive a fixed rate of interest for a specified    
period. Interest is earned at a guaranteed rate set by us. We make a market     
value adjustment (up or down) if you make transfers or withdrawals from a fixed 
maturity option before its maturity date.                                       

ACCOUNT FOR SPECIAL DOLLAR COST AVERAGING. This account pays fixed interest at  
guaranteed rates.                                                               

TYPES OF CONTRACTS. We offer the contracts for use as:                          

o A nonqualified annuity ("NQ") for after-tax contributions only.               

o An individual retirement annuity ("IRA"), either traditional IRA or Roth IRA. 
We offer two versions of the traditional IRA: "Rollover IRA" and "Flexible  
Premium IRA." The Assured Payment Option and APO Plus are available under   
Rollover IRA and Flexible Premium IRA contracts.                            
We also offer two versions of the Roth IRA: "Roth Conversion IRA" and       
"Flexible Premium Roth IRA."                                                

o An annuity that is an investment vehicle for a qualified defined contribution 
or defined benefit plan ("QP").                                             

o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA") --      
("Rollover TSA").                                                           

A contribution of at least $5,000 is required to purchase an NQ, Rollover IRA,  
Roth Conversion IRA, QP or Rollover TSA contract. For Flexible Premium IRA or   
Flexible Premium Roth IRA contracts, we require a contribution of $2,000 to     
purchase a contract. Under Rollover IRA or Flexible Premium IRA contracts you   
may elect the Assured Payment Option or APO Plus with a minimum initial         
contribution of $10,000.                                                        

Registration statements relating to this offering have been filed with the      
Securities and Exchange Commission ("SEC"). The statement of additional         
information ("SAI") dated May 1, 2001 is a part of one of the registration      
statements. The SAI is available free of charge. You may request one by writing 
to our processing office or calling 1-800-789-7771. The SAI has been            
incorporated by reference into this prospectus. This prospectus and the SAI can 
also be obtained from the SEC's Web site at http://www.sec.gov. The table of    
contents for the SAI appears at the back of this prospectus.                    

THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS  
PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A     
CRIMINAL OFFENSE. THE CONTRACTS ARE NOT INSURED BY THE FDIC OR ANY OTHER        
AGENCY. THEY ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK 
GUARANTEED. THEY ARE SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF           
PRINCIPAL.                                                                      
                                                                          X00001
                                                                  2000 Portfolio

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Contents of this prospectus                                                     

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EQUITABLE ACCUMULATOR(SM)                                                       

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Index of key words and phrases                                               4  
Who is Equitable Life?                                                       5  
How to reach us                                                              6  
Equitable Accumulator at a glance -- key features                            8  

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FEE TABLE                                                                   12  
--------------------------------------------------------------------------------

Examples                                                                    15  

--------------------------------------------------------------------------------

1                                                                               
CONTRACT FEATURES AND BENEFITS                                              17  

--------------------------------------------------------------------------------

How you can purchase and contribute to your contract                        17  
Owner and annuitant requirements                                            24  
How you can make your contributions                                         24  
What are your investment options under the contract?                        24  
Allocating your contributions                                               30  
Your benefit base                                                           32  
Annuity purchase factors                                                    32  
Our baseBUILDER option                                                      32  
Guaranteed minimum death benefit                                            34  
Your right to cancel within a certain number of days                        36  

--------------------------------------------------------------------------------

2                                                                               
DETERMINING YOUR CONTRACT'S VALUE                                           37  

--------------------------------------------------------------------------------

Your account value and cash value                                           37  
Your contract's value in the variable investment options                    37  
Your contract's value in the fixed maturity options                         37  
Your contract's value in the account for special dollar cost averaging      37  

-------------------------                                                       
"We," "our," and "us" refer to Equitable Life.                                  

When we address the reader of this prospectus with words such as "you" and      
"your," we mean the person who has the right or responsibility that the         
prospectus is discussing at that point. This is usually the contract owner.     

When we use the word "contract" it also includes certificates that are issued   
under group contracts in some states.                                           

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3                                                                               
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3                                                                               
TRANSFERRING YOUR MONEY AMONG INVESTMENT OPTIONS                            38  

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Transferring your account value                                             38  
Disruptive transfer activity                                                38  
Rebalancing your account value                                              38  

--------------------------------------------------------------------------------
4                                                                               
ACCESSING YOUR MONEY                                                        40  

--------------------------------------------------------------------------------

Assured Payment Option and APO Plus                                         40  
Withdrawing your account value                                              44  
How withdrawals are taken from your account value                           46  
How withdrawals affect your guaranteed minimum income benefit                   
 and guaranteed minimum death benefit                                     46
Loans under Rollover TSA contracts                                          47  
Surrendering your contract to receive its cash value                        48  
When to expect payments                                                     48  
Your annuity payout options                                                 48  

--------------------------------------------------------------------------------
5                                                                               
CHARGES AND EXPENSES                                                        52  

--------------------------------------------------------------------------------

Charges that Equitable Life deducts                                         52  
Charges that EQ Advisors Trust deducts                                      55  
Group or sponsored arrangements                                             55  
Other distribution arrangements                                             55  

--------------------------------------------------------------------------------
6                                                                               
PAYMENT OF DEATH BENEFIT                                                    56  

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Your beneficiary and payment of benefit                                     56  
How death benefit payment is made                                           57  
Beneficiary continuation option                                             57  

--------------------------------------------------------------------------------
7                                                                               
TAX INFORMATION                                                             59  

--------------------------------------------------------------------------------

Overview                                                                    59  
Buying a contract to fund a retirement arrangement                          59  
Transfers among investment options                                          59  
Taxation of nonqualified annuities                                          59  
Individual retirement arrangements (IRAs)                                   61  
Roth individual retirement annuities (Roth IRAs)                            70  
Special rules for contracts funding qualified plans                         74  
Tax-Sheltered Annuity contracts (TSAs)                                      74  
Federal and state income tax withholding and information reporting          79  
Impact of taxes to Equitable Life                                           80  

--------------------------------------------------------------------------------

8                                                                               
MORE INFORMATION                                                            81  

--------------------------------------------------------------------------------

About our Separate Account No. 45                                           81  
About EQ Advisors Trust                                                     81  
About our fixed maturity options                                            82  
About the general account                                                   83  
About other methods of payment                                              84  
Dates and prices at which contract events occur                             84  
About your voting rights                                                    85  
About legal proceedings                                                     85  
About our independent accountants                                           85  
Financial statements                                                        86  
Transfers of ownership, collateral assignments, loans, and borrowing        86  
Distribution of the contracts                                               86  

--------------------------------------------------------------------------------

9                                                                               
INVESTMENT PERFORMANCE                                                      87  

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Communicating performance data                                              90  

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10                                                                              
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE                             92  
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APPENDICES                                                                      
--------------------------------------------------------------------------------

I    -- Condensed financial information                                    A-1  
II   -- Purchase considerations for QP contracts                           B-1  
III  -- Market value adjustment example                                    C-1  
IV   -- Guaranteed minimum death benefit example                           D-1  
V    -- Example of payments under the Assured                                   
      Payment Option and APO Plus                                        E-1
VI   -- Assured Payment Option and APO Plus contracts                           
      issued in the state of Maryland                                    F-1

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STATEMENT OF ADDITIONAL INFORMATION                                             
TABLE OF CONTENTS                                                     
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Index of key words and phrases                                                  

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This index should help you locate more information on the terms used in this    
prospectus.                                                                     

                                                                [Download Table]

                                              PAGE
                                                  
account for special dollar cost averaging       29
account value                                   37
annuitant                                       17
annuity payout options                          48
APO Plus                                        43
Assured Payment Option                          40
baseBUILDER                                     32
beneficiary                                     56
benefit base                                    32
business day                                    84
cash value                                      37
conduit IRA                                     66
contract date                                   10
contract date anniversary                       10
contract year                                   10
contributions to Roth IRAs                      69
  regular contributions                         69
  rollovers and direct transfers                70
  conversion contributions                      71
  direct custodian-to-custodian transfers       69
contributions to traditional IRAs               62
  regular contributions                         62
  rollovers and transfers                       64
disruptive transfer activity                    38
EQAccess                                         6
ERISA                                           47
fixed maturity options                          28
Flexible Premium IRA                         cover
Flexible Premium Roth IRA                    cover

                                                                [Download Table]

                                              PAGE
                                                  
guaranteed minimum death benefit                34
guaranteed minimum income benefit               33
IRA                                          cover
IRS                                             59
investment options                              24
loan reserve account                            47
market adjusted amount                          28
market value adjustment                         29
market timing                                   38
maturity value                                  28
NQ                                           cover
participant                                     24
portfolio                                    cover
processing office                                6
QP                                           cover
rate to maturity                                28
Required Beginning Date                         66
Rollover IRA                                 cover
Rollover TSA                                 cover
Roth Conversion IRA                          cover
Roth IRA                                     cover
SAI                                          cover
SEC                                          cover
TOPS                                             6
TSA                                          cover
traditional IRA                              cover
unit                                            30
variable investment options                     24

To make this prospectus easier to read, we sometimes use different words than   
in the contract or supplemental materials. This is illustrated below. Although  
we use different words, they have the same meaning in this prospectus as in the 
contract or supplemental materials. Your financial professional can provide     
further explanation about your contract.                                        

                                                                [Download Table]

------------------------------------------------------------------------------------
 PROSPECTUS                      CONTRACT OR SUPPLEMENTAL MATERIALS                 
------------------------------------------------------------------------------------
                                                                                    
  fixed maturity options        Guarantee Periods (GIROs in Supplemental Materials) 
  variable investment options   Investment Funds                                    
  account value                 Annuity Account Value                               
  rate to maturity              Guaranteed Rates                                    
  unit                          Accumulation Unit                                   
  baseBUILDER                   Guaranteed Minimum Income Benefit                   
------------------------------------------------------------------------------------

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Who is Equitable Life?                                                          

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We are The Equitable Life Assurance Society of the United States ("Equitable    
Life"), a New York stock life insurance corporation. We have been doing         
business since 1859. Equitable Life is a wholly owned subsidiary of AXA         
Financial, Inc. (previously, The Equitable Companies Incorporated). AXA, a      
French holding company for an international group of insurance and related      
financial services companies, is the sole shareholder of AXA Financial, Inc. As 
the sole shareholder, and under its other arrangements with Equitable Life and  
Equitable Life's parent, AXA exercises significant influence over the           
operations and capital structure of Equitable Life and its parent. No company   
other than Equitable Life, however, has any legal responsibility to pay amounts 
that Equitable Life owes under the contract.                                    

AXA Financial, Inc. and its consolidated subsidiaries managed approximately     
$483.1 billion in assets as of December 31, 2000. For over 100 years Equitable  
Life has been among the largest insurance companies in the United States. We    
are licensed to sell life insurance and annuities in all fifty states, the      
District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Our home office 
is located at 1290 Avenue of the Americas, New York, N.Y. 10104.                

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HOW TO REACH US                                                                 

You may communicate with our processing office as listed below for the purposes 
described. Certain methods of contacting us, such as by telephone or            
electronically may be unavailable or delayed (for example our facsimile service 
may not be available at all times and/ or we may be unavailable due to          
emergency closing). In addition, the level and type of service available may be 
restricted based on criteria established by us.                                 

--------------------------------------------------                              
FOR CONTRIBUTIONS SENT BY REGULAR MAIL:                                         
--------------------------------------------------                              
Equitable Accumulator                                                           
P.O. Box 13014                                                                  
Newark, NJ 07188-0014                                                           

--------------------------------------------------                              
FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY:                                     
--------------------------------------------------                              
Equitable Accumulator                                                           
c/o Bank One, N.A.                                                              
300 Harmon Meadow Boulevard, 3rd Floor                                          
Attn: Box 13014                                                                 
Secaucus, NJ 07094                                                              

--------------------------------------------------                              
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR                                
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT                               
BY REGULAR MAIL:                                                                
--------------------------------------------------                              
Equitable Accumulator                                                           
P.O. Box 1547                                                                   
Secaucus, NJ 07096-1547                                                         

--------------------------------------------------                              
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR                                
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT                               
BY EXPRESS DELIVERY:                                                            
--------------------------------------------------                              
Equitable Accumulator                                                           
200 Plaza Drive, 4th Floor                                                      
Secaucus, NJ 07094                                                              

--------------------------------------------------                              
REPORTS WE PROVIDE:                                                             
--------------------------------------------------                              
o written confirmation of financial transactions;                               

o statement of your contract values at the close of each calendar quarter (four 
per year); and                                                              

o annual statement of your contract values as of the close of the contract      
year.                                                                       

--------------------------------------------------                              
TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS")                                     
AND EQACCESS SYSTEMS:                                                           
--------------------------------------------------                              
TOPS is designed to provide you with up-to-date information via touch-tone      
telephone. EQAccess is designed to provide this information through the         
Internet. You can obtain information on:                                        

o your current account value;                                                   

o your current allocation percentages;                                          

o the number of units you have in the variable investment options;              

o rates to maturity for the fixed maturity options;                             

o the daily unit values for the variable investment options; and                

o performance information regarding the variable investment options (not        
available through TOPS).                                                    

You can also:                                                                   

o change your allocation percentages and/or transfer among the investment       
options;                                                                    

o change your TOPS personal identification number (PIN); (not available through 
EQAccess); and                                                              

o change your EQAccess password (not available through TOPS).                   

TOPS and EQAccess are normally available seven days a week, 24 hours a day. You 
may use TOPS by calling toll free 1-888-909-7770. You may use EQAccess by       
visiting our Web site at http://www.equitable.com and clicking on EQAccess. Of  
course, for reasons beyond our control, these services may sometimes be         
unavailable.                                                                    

We have established procedures to reasonably confirm that the instructions      
communicated by telephone or Internet are genuine. For example, we will require 
certain personal identification information before we will act on telephone or  

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Internet instructions and we will provide written confirmation of your          
transfers. If we do not employ reasonable procedures to confirm the genuineness 
of telephone or Internet instructions, we may be liable for any losses arising  
out of any act or omission that constitutes negligence, lack of good faith, or  
willful misconduct. In light of our procedures, we will not be liable for       
following telephone or Internet instructions we reasonably believe to be        
genuine.                                                                        

We reserve the right to limit access to these services if we determine that you 
are engaged in disruptive transfer activity, such as "market timing" (see       
"Disruptive transfer activity" in "Transferring your money among investment     
options").                                                                      

--------------------------------------------------                              
CUSTOMER SERVICE REPRESENTATIVE:                                              
--------------------------------------------------                              
You may also use our toll-free number (1-800-789-7771) to speak with one of our 
customer service representatives. Our customer service representatives are      
available on any business day from 8:30 a.m. until 5:30 p.m., Eastern Time.     

WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE   
PROVIDE FOR THAT PURPOSE:                                                       

(1)  conversion of a traditional IRA to a Roth Conversion IRA or Flexible       
Premium Roth IRA contract;                                            

(2)  election of the Assured Payment Option or APO Plus;                        

(3)  election of the automatic investment program;                              

(4)  election of the rebalancing program;                                       

(5)  requests for loans under Rollover TSA contracts;                           

(6)  spousal consent for loans under Rollover TSA contracts;                    

(7)  tax withholding elections;                                                 

(8)  election of the beneficiary continuation option;                           

(9)  IRA contribution recharacterizations;                                      

(10) certain section 1035 exchanges; and                                        

(11) direct transfers.                                                          

WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES   
OF REQUESTS:                                                                    

(1) address changes;                                                            

(2) beneficiary changes;                                                        

(3) transfers between investment options;                                       

(4) contract surrender and withdrawal requests; and                             

(5) death claims.                                                               

TO CANCEL OR CHANGE ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION        
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:   

(1) automatic investment program;                                               

(2) general dollar cost averaging;                                              

(3) rebalancing;                                                                

(4) special dollar cost averaging;                                              

(5) Assured Payment Option or APO Plus;                                         

(6) substantially equal withdrawals;                                            

(7) systematic withdrawals; and                                                 

(8) the date annuity payments are to begin.                                     

You must sign and date all these requests. Any written request that is not on   
one of our forms must include your name and your contract number along with     
adequate details about the notice you wish to give or the action you wish us to 
take.                                                                           

SIGNATURES:                                                                     

The proper person to sign forms, notices and requests would normally be the     
owner. If there are joint owners, all must sign.                                

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Equitable Accumulator at a glance -- key features                               

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                                                        [Enlarge/Download Table]
                                                                                                                                    
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PROFESSIONAL INVESTMENT          Equitable Accumulator's variable investment options invest in different portfolios managed by      
MANAGEMENT                       professional investment advisers.                                                                  
----------------------------------------------------------------------------------------------------------------------------------  
FIXED MATURITY OPTIONS           o 10 fixed maturity options ("FMOs") with maturities ranging from approximately 1 to 10 years      
                                   (subject to state availability). Under the Assured Payment Option and APO Plus, there are 5      
                                   additional fixed maturity options with maturities ranging from 11 to 15 years (subject to        
                                   state availability).                                                                             
                                 -------------------------------------------------------------------------------------------------  
                                 o Each fixed maturity option offers a guarantee of principal and interest rate if you hold         
                                   it to maturity.                                                                                  
                                 -------------------------------------------------------------------------------------------------  
                                 If you make withdrawals or transfers from a fixed maturity option before maturity, there will      
                                 be a market value adjustment due to differences in interest rates. This may increase or decrease   
                                 any value that you have left in that fixed maturity option. If you surrender your contract, a      
                                 market value adjustment may also apply.                                                            
----------------------------------------------------------------------------------------------------------------------------------  
ACCOUNT FOR SPECIAL DOLLAR       Available for dollar cost averaging all or a portion of any eligible contribution to your contract.
COST AVERAGING                                                                                                                      
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TAX ADVANTAGES                   o On earnings inside the     No tax until you make withdrawals from your contract or receive       
                                   contract                   annuity payments.                                                     
                                 -------------------------------------------------------------------------------------------------  
                                 o On transfers inside the    No tax on transfers among investment options.                         
                                   contract                                                                                         
                                 -------------------------------------------------------------------------------------------------  
                                 If you are purchasing an annuity contract as an Individual Retirement Annuity (IRA) or Tax         
                                 Sheltered Annuity (TSA), or to fund an employer retirement plan (QP or Qualified Plan), you        
                                 should be aware that such annuities do not provide tax deferral benefits beyond those already      
                                 provided by the Internal Revenue Code. Before purchasing one of these annuities, you should        
                                 consider whether its features and benefits beyond tax deferral meet your needs and goals. You may  
                                 also want to consider the relative features, benefits and costs of these annuities with any other  
                                 investment that you may use in connection with your retirement plan or arrangement. (For more      
                                 information, see "Tax information", below).                                                        
----------------------------------------------------------------------------------------------------------------------------------  
BASEBUILDER(R) PROTECTION        baseBUILDER combines a guaranteed minimum income benefit with the guaranteed minimum               
                                 death benefit provided under the contract. The guaranteed minimum income benefit provides          
                                 income protection for you while the annuitant lives. The guaranteed minimum death benefit          
                                 provides a death benefit for the beneficiary should the annuitant die. For Rollover IRA,           
                                 Flexible Premium IRA and Rollover TSA Contracts, an additional guaranteed minimum death benefit is 
                                 available under baseBUILDER where the annuitant is between ages 20 and 60 at contract issue.       
----------------------------------------------------------------------------------------------------------------------------------  

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CONTRIBUTION AMOUNTS   o NQ, Rollover IRA, Roth Conversion IRA, QP, and Rollover TSA contracts                              
                         o Initial minimum:      $5,000                                                                     
                         o Additional minimum:   $1,000                                                                     
                                                 $100 monthly and $300 quarterly under our automatic                        
                                                 investment program (NQ contracts)                                          
                       -----------------------------------------------------------------------------------------------------
                       o Flexible Premium IRA and Flexible Premium Roth IRA contracts                                       
                         o Initial minimum:      $2,000                                                                     
                         o Additional minimum:   $  50                                                                      
                       o Assured Payment Option and APO Plus under Rollover IRA and Flexible Premium IRA                    
                         contracts, subject to state availability                                                           
                         o Initial minimum:      $10,000                                                                    
                         o Additional minimum:   $1,000 (applicable to APO Plus only)                                       
                       -----------------------------------------------------------------------------------------------------
                       Maximum contribution limitations may apply.                                                          
----------------------------------------------------------------------------------------------------------------------------
ACCESS TO YOUR MONEY   o Assured Payment Option, subject to state availability                                              

                       o APO Plus, subject to state availability                                                            

                       o Lump sum withdrawals                                                                               

                       o Several withdrawal options on a periodic basis                                                     

                       o Loans under Rollover TSA contracts                                                                 

                       o Contract surrender                                                                                 

                       You may incur a withdrawal charge for certain withdrawals or if you surrender                        
                       your contract. You may also incur income tax and a tax penalty.                                      
----------------------------------------------------------------------------------------------------------------------------
PAYOUT OPTIONS         o Fixed annuity payout options                                                                       

                       o Variable Immediate Annuity payout options                                                          

                       o Income Manager(R) payout options                                                                   
----------------------------------------------------------------------------------------------------------------------------
ADDITIONAL FEATURES    o Guaranteed minimum death benefit even if you do not elect baseBUILDER                              

                       o Dollar cost averaging                                                                              

                       o Automatic investment program                                                                       

                       o Account value rebalancing (quarterly, semiannually, and annually)                                  

                       o Free transfers                                                                                     

                       o Waiver of withdrawal charge for disability, terminal illness, or confinement to                    
                         a nursing home                                                                                     

                       o "Protection Plus," an optional death benefit available under certain contracts                     
                         (subject to state availability)                                                                    

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FEES AND CHARGES   o Daily charges on amounts invested in the variable investment options for mortality and expense                 
                     risks, administrative charges and distribution charges at a current annual rate of 1.55% (1.65%                
                     maximum).                                                                                                      

                   o Annual 0.30% benefit base charge for the optional baseBUILDER benefit until you exercise                       
                     your guaranteed minimum income benefit, elect another annuity payout option or the contract                    
                     date anniversary after the annuitant reaches age 85, whichever occurs first. The benefit base is               
                     described under "Your benefit base" in "Contract features and benefits." If you do not elect                   
                     baseBUILDER, you still receive a guaranteed minimum death benefit under your contract at no                    
                     additional charge.                                                                                             

                   o Annual 0.20% Protection Plus charge for this optional death benefit.                                           

                   o Under Flexible Premium IRA and Flexible Premium Roth IRA contracts, if your account value at                   
                     the end of the contract year is less than $25,000, we deduct an annual administrative charge                   
                     equal to $30 or during the first two contract years 2% of your account value, if less. If your                 
                     account value is $25,000 or more, we will not deduct the charge.                                               

                   o No sales charge deducted at the time you make contributions.                                                   

                   o During the first seven contract years following a contribution, a charge will be deducted from                 
                     amounts that you withdraw that exceed 15% of your account value. We use the account value                      
                     on the most recent contract date anniversary to calculate this 15% amount available. The                       
                     charge begins at 7% in the first contract year following a contribution. It declines by 1%                     
                     each year to 1% in the seventh contract year. There is no withdrawal charge in the eighth and later            
                     contract years following a contribution. In addition, there  is no withdrawal charge if the                    
                     annuitant is age 86 or older when the contract is issued. Certain other exemptions apply.                      
                   -----------------------------------------------------------------------------------------------------------------
                   The "contract date" is the effective date of a contract. This usually is the business day we receive the properly
                   completed and signed application, along with any other required documents, and your initial contribution. Your   
                   contract date will be shown in your contract. The 12-month period beginning on your contract date and each       
                   12-month period after that date is a "contract year." The end of each 12-month period is your "contract          
                   date anniversary."                                                                                               
                   -----------------------------------------------------------------------------------------------------------------

                   o We deduct a charge designed to approximate certain taxes that may be imposed on us, such as premium taxes in   
                     your state. This charge is generally deducted from the amount applied to an annuity payout option.             

                   o We deduct a $350 annuity administrative fee from amounts applied to the Variable Immediate Annuity payout      
                     options.                                                                                                       

                   o Annual expenses of EQ Advisors Trust portfolios are calculated as a percentage of the average                  
                     daily net assets invested in each portfolio. These expenses include management fees ranging from 0.25%         
                     to 1.15% annually, 12b-1 fees of 0.25% annually, and other expenses.                                           
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-----------------------------------------------------------------------------------------
                                                                                         
ANNUITANT ISSUE AGES   NQ: 0--90                                                         
                       Rollover IRA, Roth Conversion IRA, Flexible Premium Roth IRA, and 
                       Rollover TSA: 20--90                                              
                       Flexible Premium IRA: 20--70                                      
                       Assured Payment Option and APO Plus: 53-1/2--83                   
                       QP: 20--75                                                        
-----------------------------------------------------------------------------------------

THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE       
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY. ALSO, ALL FEATURES OF 
THE CONTRACT ARE NOT NECESSARILY AVAILABLE IN YOUR STATE OR AT CERTAIN AGES.    

For more detailed information we urge you to read the contents of this          
prospectus, as well as your contract. Please feel free to speak with your       
financial professional, or call us, if you have any questions.                  

OTHER CONTRACTS                                                                 

We offer a variety of fixed and variable annuity contracts. They may offer      
features, including investment options, fees and/or charges that are different  
from those in the contracts offered by this prospectus. Not every contract is   
offered through the same distributor. Upon request, your financial professional 
can show you information regarding other Equitable Life annuity contracts that  
he or she distributes. You can also contact us to find out more about any of    
the Equitable Life annuity contracts.                                           

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Fee table                                                                       

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The fee table below will help you understand the various charges and expenses   
that apply to your contract. The table reflects charges you will directly incur 
under the contract, as well as charges and expenses of the Portfolios that you  
will bear indirectly. Charges designed to approximate certain taxes that may be 
imposed on us, such as premium taxes in your state, may also apply. Also, an    
annuity administrative fee may apply when your annuity payments are to begin.   
Each of the charges and expenses is more fully described in "Charges and        
expenses" later in this prospectus.                                             

The fixed maturity options and the account for special dollar cost averaging    
are not covered by the fee table and examples. However, the annual              
administrative charge and the withdrawal charge do apply to the fixed maturity  
options and the account for special dollar cost averaging. A market value       
adjustment (up or down) may apply as a result of a withdrawal, transfer, or     
surrender of amounts from a fixed maturity option.                              

                                                        [Enlarge/Download Table]
                                                                                                                         
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 CHARGES WE DEDUCT FROM YOUR VARIABLE INVESTMENT OPTIONS EXPRESSED AS AN ANNUAL PERCENTAGE OF DAILY NET ASSETS           
-------------------------------------------------------------------------------------------------------------------------
Mortality and expense risks(1)                                                         1.10%                             
Administrative                                                                         0.25% current (0.35% maximum)     
Distribution                                                                           0.20%                             
                                                                                       ----                              
Total annual expenses                                                                  1.55% current (1.65% maximum)     
-------------------------------------------------------------------------------------------------------------------------
 FLEXIBLE PREMIUM IRA AND FLEXIBLE PREMIUM ROTH IRA CONTRACTS ONLY:                                                      
 CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE ON EACH CONTRACT DATE ANNIVERSARY                                             
-------------------------------------------------------------------------------------------------------------------------
Maximum annual administrative charge                                                                                     
  If your account value on a contract date anniversary is less than $25,000(2)         $30                               
  If your account value on a contract date anniversary is $25,000 or more              $0                                
-------------------------------------------------------------------------------------------------------------------------
 CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE AT THE TIME YOU REQUEST CERTAIN TRANSACTIONS                                  
-------------------------------------------------------------------------------------------------------------------------
Withdrawal charge as a percentage of contributions (deducted if you surrender your     Contract                          
contract or make certain withdrawals. The withdrawal charge percentage we use is       year                              
determined by the contract year in which you make the withdrawal or surrender your     1......................7.00%      
contract. For each contribution, we consider the contract year in which we receive     2......................6.00%      
that contribution to be "contract year 1") (3)                                         3......................5.00%      
                                                                                       4......................4.00%      
                                                                                       5......................3.00%      
                                                                                       6......................2.00%      
                                                                                       7......................1.00%      
                                                                                       8+.....................0.00%      
Charge if you elect a Variable Immediate Annuity payout option                         $350                              
-------------------------------------------------------------------------------------------------------------------------
 CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE EACH YEAR IF YOU ELECT THE OPTIONAL BENEFIT                                   
-------------------------------------------------------------------------------------------------------------------------
BASEBUILDER BENEFIT CHARGE (calculated as a percentage of the benefit base.                                              
Deducted annually on each contract date anniversary)(4)                                0.30%                             

PROTECTION PLUS BENEFIT CHARGE (calculated as a percentage of the account value.                                         
Deducted annually on each contract date anniversary)                                   0.20%                             
-------------------------------------------------------------------------------------------------------------------------

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EQ ADVISORS TRUST ANNUAL EXPENSES                                                                                      
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)                                                        

-----------------------------------------------------------------------------------------------------------------------
                                                                                                    NET TOTAL ANNUAL   
                                                                                  OTHER EXPENSES    EXPENSES (AFTER    
                                                   MANAGEMENT                     (AFTER EXPENSE        EXPENSE        
                                                    FEES(5)      12B-1 FEES(6)    LIMITATION)(7)     LIMITATION)(8)    
-----------------------------------------------------------------------------------------------------------------------
                                                                                                                       
EQ/Aggressive Stock                                  0.60%           0.25%             0.07%             0.92%         
EQ/Alliance Common Stock                             0.46%           0.25%             0.05%             0.76%         
EQ/Alliance Global                                   0.72%           0.25%             0.09%             1.06%         
EQ/Alliance Growth and Income                        0.58%           0.25%             0.05%             0.88%         
EQ/Alliance Growth Investors                         0.56%           0.25%             0.06%             0.87%         
EQ/Alliance High Yield                               0.60%           0.25%             0.07%             0.92%         
EQ/Alliance Intermediate Government Securities       0.50%           0.25%             0.08%             0.83%         
EQ/Alliance International                            0.85%           0.25%             0.29%             1.39%         
EQ/Alliance Money Market                             0.34%           0.25%             0.06%             0.65%         
EQ/Alliance Premier Growth                           0.89%           0.25%             0.01%             1.15%         
EQ/Alliance Small Cap Growth                         0.75%           0.25%             0.06%             1.06%         
EQ/Alliance Technology                               0.90%           0.25%             0.00%             1.15%         
EQ/AXP New Dimensions                                0.65%           0.25%             0.05%             0.95%         
EQ/AXP Strategy Aggressive                           0.70%           0.25%             0.05%             1.00%         
EQ/Balanced                                          0.57%           0.25%             0.08%             0.90%         
EQ/Bernstein Diversified Value                       0.65%           0.25%             0.05%             0.95%         
EQ/Capital Guardian Research                         0.65%           0.25%             0.05%             0.95%         
EQ/Capital Guardian U.S. Equity                      0.65%           0.25%             0.05%             0.95%         
EQ/Equity 500 Index                                  0.25%           0.25%             0.06%             0.56%         
EQ/Evergreen Omega                                   0.65%           0.25%             0.05%             0.95%         
EQ/FI Mid Cap                                        0.70%           0.25%             0.05%             1.00%         
EQ/FI Small/Mid Cap Value                            0.75%           0.25%             0.10%             1.10%         
EQ/International Equity Index                        0.35%           0.25%             0.50%             1.10%         
EQ/Janus Large Cap Growth                            0.90%           0.25%             0.00%             1.15%         
EQ/Mercury Basic Value Equity                        0.60%           0.25%             0.10%             0.95%         
EQ/MFS Emerging Growth Companies                     0.62%           0.25%             0.10%             0.97%         
EQ/MFS Investors Trust                               0.60%           0.25%             0.10%             0.95%         
EQ/MFS Research                                      0.65%           0.25%             0.05%             0.95%         
EQ/Morgan Stanley Emerging Markets Equity            1.15%           0.25%             0.40%             1.80%         
EQ/Putnam Growth & Income Value                      0.60%           0.25%             0.10%             0.95%         
EQ/Small Company Index                               0.25%           0.25%             0.35%             0.85%         
EQ/T. Rowe Price International Stock                 0.85%           0.25%             0.15%             1.25%         
-----------------------------------------------------------------------------------------------------------------------

Notes:                                                                          

(1) A portion of this charge is for providing the guaranteed minimum death      
benefit.                                                                

(2) During the first two contract years this charge is equal to the lesser of   
$30 or 2% of your account value if it applies. Thereafter, the charge is
$30 for each contract year.                                             

(3) Deducted upon a withdrawal of amounts in excess of the 15% free withdrawal  
amount and upon surrender of a contract.                                

(4) This charge is for providing a guaranteed minimum income benefit in         
 combination with the guaranteed minimum death benefit available under the
contract. The charge for the 5% roll up to age 70 baseBUILDER benefit is
0.15%. The benefit base is described under "Your benefit base" in       
"Contract features and benefits."                                       

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(5) The management fees shown reflect revised management fees, effective May 1, 
2000, which were approved by shareholders. The management fee for each  
portfolio cannot be increased without a vote of that portfolio's        
shareholders.                                                           

(6) Portfolio shares are all subject to fees imposed under the distribution     
  plan (the "Rule 12b-1 Plan") adopted by EQ Advisors Trust pursuant to Rule
 12b-1 under the Investment Company Act of 1940. The 12b-1 fee will not be
increased for the life of the contracts.                                

(7) The amounts shown as "Other Expenses" will fluctuate from year to year      
 depending on actual expenses. Since initial seed capital was invested for
the EQ/Alliance Technology portfolio on May 1, 2000, "Other Expenses"   
shown have been annualized. Initial seed capital was invested for the   
  EQ/Janus Large Cap Growth, EQ/FI Mid Cap, EQ/AXP New Dimensions and EQ/AXP
Strategy Aggressive Portfolios on September 31, 2000. Thus, "Other      
  Expenses" shown are estimated. See footnote (8) for any expense limitation
agreement information.                                                  

(8) Equitable Life, EQ Advisors Trust's manager, has entered into an expense    
limitation agreement with respect to certain Portfolios. Under this     
 agreement Equitable Life has agreed to waive or limit its fees and assume
other expenses of each of these Portfolios, if necessary, in an amount  
  that limits each Portfolio's Total Annual Expenses (exclusive of interest,
 taxes, brokerage commissions, capitalized expenditures, and extraordinary
expenses) to not more than the amounts specified above as "Net Total    
 Annual Expenses." The amounts shown for the EQ/International Equity Index
and EQ/Small Company Index portfolios reflect a .10% decrease in the    
portfolios' expense waiver. The amounts shown for the EQ/Morgan Stanley 
Emerging Markets Portfolio, reflect a .05% decrease in the portfolio's  
expense waiver. These decreases in the expense waivers were effective on
May 1, 2001. Each Portfolio may at a later date make a reimbursement to 
 Equitable Life for any of the management fees waived or limited and other
expenses assumed and paid by Equitable Life pursuant to the expense     
  limitation agreement provided that, among other things, such Portfolio has
reached a sufficient size to permit such reimbursement to be made and   
provided that the Portfolio's current annual operating expenses do not  
  exceed the operating expense limit determined for such portfolio. For more
 information see the prospectus for EQ Advisors Trust. The following chart
indicates other expenses before any fee waivers and/or expense          
 reimbursements that would have applied to each Portfolio. Portfolios that
are not listed below do not have an expense limitation arrangement in   
effect.                                                                 

                                                                [Download Table]

-----------------------------------------------------------
                                         OTHER EXPENSES    
                                         (BEFORE ANY FEE   
                                         WAIVERS AND/OR    
                                             EXPENSE       
PORTFOLIO NAME                           REIMBURSEMENTS)   
-----------------------------------------------------------
                                                           
      EQ/Alliance Premier Growth             0.05%         
      EQ/Alliance Technology                 0.06%         
      EQ/AXP New Dimensions                  1.23%         
      EQ/AXP Strategy Aggressive             0.57%         
      EQ/Balanced                            0.08%         
      EQ/Bernstein Diversified Value         0.15%         
      EQ/Capital Guardian Research           0.16%         
      EQ/Capital Guardian U.S. Equity        0.11%         
      EQ/Evergreen Omega                     0.83%         
      EQ/FI Mid Cap                          0.27%         
      EQ/FI Small/Mid Cap Value              0.19%         
-----------------------------------------------------------

                                                                [Download Table]

-----------------------------------------------------------
                                        OTHER EXPENSES     
                                        (BEFORE ANY FEE    
                                        WAIVERS AND/OR     
                                            EXPENSE        
PORTFOLIO NAME                          REIMBURSEMENTS)    
-----------------------------------------------------------
                                                           
      EQ/International Equity Index          0.50%         
      EQ/Janus Large Cap Growth              0.22%         
      EQ/Mercury Basic Value Equity          0.10%         
      EQ/MFS Investors Trust                 0.13%         
      EQ/MFS Research                        0.07%         
      EQ/Morgan Stanley Emerging                           
       Markets Equity                        0.52%         
      EQ/Putnam Growth & Income Value        0.12%         
      EQ/Small Company Index                 0.43%         
      EQ/T. Rowe Price International Stock   0.24%         
-----------------------------------------------------------

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EXAMPLES                                                                        

The examples below show the expenses that a hypothetical contract owner would   
pay in the situations illustrated. The first example shows the expenses if      
baseBUILDER is elected with a 5% roll up to age 80 or annual ratchet to age 80  
guaranteed minimum death benefit and the Protection Plus features are elected.  
The second example shows the expenses if APO Plus is elected. We assume that a  
$1,000 contribution is invested in one of the variable investment options       
listed and a 5% annual return is earned on the assets in that option.(1) The    
annual administrative charge is based on charges that apply to a mix of         
estimated contract sizes, resulting in an estimated administrative charge for   
the purpose of these examples of $0.006 per $1,000. Since the annual            
administrative charge, the Protection Plus feature and APO feature only apply   
under certain contracts, expenses would be lower for contracts that do not have 
such charges or features.                                                       

The examples assume the continuation of Total Annual Expenses (after expense    
limitation) shown for each Portfolio of EQ Advisors Trust in the table, above,  
for the entire one, three, five and ten year periods included in the examples.  
Other than as indicated above, the charges used in the examples are the maximum 
charges rather than the lower current charges.                                  

These examples should not be considered a representation of past or future      
expenses for each option. Actual expenses may be greater or less than those     
shown. Similarly, the annual rate of return assumed in the examples is not an   
estimate or guarantee of future investment performance.                         

                           (1) EXPENSES REFLECTING BASEBUILDER AND
             PROTECTION PLUS ELECTIONS

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------
                                                           IF YOU SURRENDER YOUR CONTRACT            
                                                              AT THE END OF EACH PERIOD              
                                                            SHOWN, THE EXPENSES WOULD BE:            
                                                  ---------------------------------------------------
                                                   1 YEAR     3 YEARS     5 YEARS     10 YEARS       
-----------------------------------------------------------------------------------------------------
                                                                                                     
EQ/Aggressive Stock                                 $ 99.09    $145.29     $194.26     $349.61       
EQ/Alliance Common Stock                            $ 97.41    $140.30     $186.04     $333.73       
EQ/Alliance Global                                  $100.56    $149.64     $201.41     $363.29       
EQ/Alliance Growth and Income                       $ 98.67    $144.04     $192.21     $345.67       
EQ/Alliance Growth Investors                        $ 98.57    $143.73     $191.70     $344.68       
EQ/Alliance High Yield                              $ 99.09    $145.29     $194.26     $349.61       
EQ/Alliance Intermediate Government Securities      $ 98.15    $142.48     $189.65     $340.71       
EQ/Alliance International                           $104.03    $159.85     $218.09     $394.76       
EQ/Alliance Money Market                            $ 96.26    $136.86     $180.35     $322.66       
EQ/Alliance Premier Growth                          $101.51    $152.43     $205.98     $371.98       
EQ/Alliance Small Cap Growth                        $100.56    $149.64     $201.41     $363.29       
EQ/Alliance Technology                              $101.51    $152.43     $205.98     $371.98       
EQ/AXP New Dimensions                               $ 99.41    $146.22     $195.80     $352.56       
EQ/AXP Strategy Aggressive                          $ 99.93    $147.78     $198.35     $357.45       
EQ/Balanced                                         $ 98.88    $144.67     $193.24     $347.64       
EQ/Bernstein Diversified Value                      $ 99.41    $146.22     $195.80     $352.56       
EQ/Capital Guardian Research                        $ 99.41    $146.22     $195.80     $352.56       
EQ/Capital Guardian U.S. Equity                     $ 99.41    $146.22     $195.80     $352.56       
EQ/Equity 500 Index                                 $ 95.31    $134.04     $175.68     $313.52       
EQ/Evergreen Omega                                  $ 99.41    $146.22     $195.80     $352.56       
EQ/FI Mid Cap                                       $ 99.93    $147.78     $198.35     $357.45       
-----------------------------------------------------------------------------------------------------


-----------------------------------------------------------------------------------------------------
                                                      IF YOU DO NOT SURRENDER YOUR CONTRACT          
                                                         AT THE END OF EACH PERIOD SHOWN,            
                                                              THE EXPENSES WOULD BE:                 
                                                 ----------------------------------------------------
                                                   1 YEAR     3 YEARS     5 YEARS    10 YEARS        
-----------------------------------------------------------------------------------------------------
                                                                                                     
EQ/Aggressive Stock                                $29.09     $ 95.29     $164.26     $349.61        
EQ/Alliance Common Stock                           $27.41     $ 90.30     $156.04     $333.73        
EQ/Alliance Global                                 $30.56     $ 99.64     $171.41     $363.29        
EQ/Alliance Growth and Income                      $28.67     $ 94.04     $162.21     $345.67        
EQ/Alliance Growth Investors                       $28.57     $ 93.73     $161.70     $344.68        
EQ/Alliance High Yield                             $29.09     $ 95.29     $164.26     $349.61        
EQ/Alliance Intermediate Government Securities     $28.15     $ 92.48     $159.65     $340.71        
EQ/Alliance International                          $34.03     $109.85     $188.09     $394.76        
EQ/Alliance Money Market                           $26.26     $ 86.86     $150.35     $322.66        
EQ/Alliance Premier Growth                         $31.51     $102.43     $175.98     $371.98        
EQ/Alliance Small Cap Growth                       $30.56     $ 99.64     $171.41     $363.29        
EQ/Alliance Technology                             $31.51     $102.43     $175.98     $371.98        
EQ/AXP New Dimensions                              $29.41     $ 96.22     $165.80     $352.56        
EQ/AXP Strategy Aggressive                         $29.93     $ 97.78     $168.35     $357.45        
EQ/Balanced                                        $28.88     $ 94.67     $163.24     $347.64        
EQ/Bernstein Diversified Value                     $29.41     $ 96.22     $165.80     $352.56        
EQ/Capital Guardian Research                       $29.41     $ 96.22     $165.80     $352.56        
EQ/Capital Guardian U.S. Equity                    $29.41     $ 96.22     $165.80     $352.56        
EQ/Equity 500 Index                                $25.31     $ 84.04     $145.68     $313.52        
EQ/Evergreen Omega                                 $29.41     $ 96.22     $165.80     $352.56        
EQ/FI Mid Cap                                      $29.93     $ 97.78     $168.35     $357.45        
-----------------------------------------------------------------------------------------------------

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-----------------------------------------------------------------------------------------------------
                                                    IF YOU SURRENDER YOUR CONTRACT                   
                                                      AT THE END OF EACH PERIOD                      
                                                    SHOWN, THE EXPENSES WOULD BE:                    
                                           --------------------------------------------------------  
                                            1 YEAR      3 YEARS     5 YEARS     10 YEARS             
-----------------------------------------------------------------------------------------------------
                                                                                                     
EQ/FI Small/Mid Cap Value                   $100.98     $150.88     $203.45     $367.16              
EQ/International Equity Index               $100.98     $150.88     $203.45     $367.16              
EQ/Janus Large Cap Growth                   $101.51     $152.43     $205.98     $371.98              
EQ/Mercury Basic Value Equity               $ 99.41     $146.22     $195.80     $352.56              
EQ/MFS Emerging Growth Companies            $ 99.62     $146.85     $196.82     $354.52              
EQ/MFS Investors Trust                      $ 99.41     $146.22     $195.80     $352.56              
EQ/MFS Research                             $ 99.41     $146.22     $195.80     $352.56              
EQ/Morgan Stanley Emerging Markets Equity   $108.33     $172.43     $238.48     $432.39              
EQ/Putnam Growth & Income Value             $ 99.41     $146.22     $195.80     $352.56              
EQ/Small Company Index                      $ 98.36     $143.11     $190.67     $342.70              
EQ/T. Rowe Price International Stock        $102.56     $155.53     $211.04     $381.54              
-----------------------------------------------------------------------------------------------------


-----------------------------------------------------------------------------------------------------
                                                  IF YOU DO NOT SURRENDER YOUR CONTRACT              
                                                     AT THE END OF EACH PERIOD SHOWN,                
                                                          THE EXPENSES WOULD BE:                     
                                             --------------------------------------------------------
                                            1 YEAR     3 YEARS     5 YEARS     10 YEARS              
-----------------------------------------------------------------------------------------------------
                                                                                                     
EQ/FI Small/Mid Cap Value                   $30.98     $100.88     $173.45     $367.16               
EQ/International Equity Index               $30.98     $100.88     $173.45     $367.16               
EQ/Janus Large Cap Growth                   $31.51     $102.43     $175.98     $371.98               
EQ/Mercury Basic Value Equity               $29.41     $ 96.22     $165.80     $352.56               
EQ/MFS Emerging Growth Companies            $29.62     $ 96.85     $166.82     $354.52               
EQ/MFS Investors Trust                      $29.41     $ 96.22     $165.80     $352.56               
EQ/MFS Research                             $29.41     $ 96.22     $165.80     $352.56               
EQ/Morgan Stanley Emerging Markets Equity   $38.33     $122.43     $208.48     $432.39               
EQ/Putnam Growth & Income Value             $29.41     $ 96.22     $165.80     $352.56               
EQ/Small Company Index                      $28.36     $ 93.11     $160.67     $342.70               
EQ/T. Rowe Price International Stock        $32.56     $105.53     $181.04     $381.54               
-----------------------------------------------------------------------------------------------------

                                     (2) EXPENSES REFLECTING APO PLUS ELECTION

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------
                               IF YOU SURRENDER YOUR CONTRACT AT THE END       IF YOU DO NOT SURRENDER YOUR CONTRACT AT THE   
                               OF EACH PERIOD SHOWN, THE EXPENSES WOULD           END OF EACH PERIOD SHOWN, THE EXPENSES      
                                                  BE:                                           WOULD BE:                     
                            --------------------------------------------------------------------------------------------------
                            1 YEAR      3 YEARS      5 YEARS     10 YEARS     1 YEAR     3 YEARS     5 YEARS      10 YEARS    
------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              
EQ/Alliance Common Stock    $97.41      $134.09      $173.36      $303.66     $27.41      $84.09     $143.36      $303.66     
EQ/Equity 500 Index         $95.31      $127.81      $162.93      $283.11     $25.31      $77.81     $132.93      $283.11     
------------------------------------------------------------------------------------------------------------------------------

(1) The amount accumulated from the $1,000 contribution could not be paid in    
the form of an annuity payout option at the end of any of the periods   
shown in the examples. This is because if the amount applied to purchase
an annuity payout option is less than $2,000, or the initial payment is 
less than $20, we may pay the amount to you in a single sum instead of  
payments under an annuity payout option. See "Accessing your money."    

IF YOU ELECT A VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION:                        

Assuming an annuity payout option could be issued (see note (1) above), and you 
elect a Variable Immediate Annuity payout option, the expenses shown in the     
example for "if you do not surrender your contract" would, in each case, be     
increased by $6.08 based on the average amount applied to annuity payout        
options in 2000. See "Annuity administrative fee" in "Charges and expenses."    

CONDENSED FINANCIAL INFORMATION                                                 

Please see Appendix I at the end of this prospectus for the unit values and the 
number of units outstanding as of the end of the periods shown for each of the  
variable investment options available as of December 31, 2000.                  

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HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT                            

You may purchase a contract by making payments to us that we call               
"contributions." We require a minimum contribution amount for each type of      
contract purchased. The following table summarizes our rules regarding          
contributions to your contract. All ages in the table refer to the age of the   
annuitant named in the contract.                                                

--------------------------------------------------------------------------------
The "annuitant" is the person who is the measuring life for determining         
contract benefits. The annuitant is not necessarily the contract owner.         
--------------------------------------------------------------------------------

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                  AVAILABLE FOR ANNUITANT                                                                 LIMITATIONS ON            
CONTRACT TYPE     ISSUE AGES                 MINIMUM CONTRIBUTIONS           SOURCE OF CONTRIBUTIONS      CONTRIBUTIONS             
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
NQ               o 0 through 90              o $5,000 (initial)              o After-tax money.          o For annuitants up to age 
                                                                                                           83 at contract issue,    
                 o 0 through 85 in New       o $1,000 (additional)           o Paid to us by check or      additional contributions 
                   York and Pennsylvania                                       transfer of contract        may be made up to        
                                                                               value in a tax-deferred     age 84.                  
                                                                               exchange under Section                               
                                                                               1035 of the Internal      o For annuitants age 84    
                                                                               Revenue Code.               and older at contract    
                                                                                                           issue, additional        
                                                                                                           contributions may be     
                                                                                                           made up to one year      
                                                                                                           beyond the annuitant's   
                                                                                                           issue age.               
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                  AVAILABLE FOR ANNUITANT                                                           LIMITATIONS ON              
CONTRACT TYPE     ISSUE AGES                 MINIMUM CONTRIBUTIONS       SOURCE OF CONTRIBUTIONS    CONTRIBUTIONS               
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                
Rollover IRA     o 20 through 90             o $5,000 (initial)          o Rollovers from a         o For annuitants up to age  
                                                                           qualified plan.            83 at contract issue,     
                 o 20 through 85 in New      o $1,000 (additional)                                    additional contributions  
                   York and Pennsylvania                                 o Rollovers from a TSA       may be made up to         
                                                                           contract or other          age 84.                   
                                                                           403(b) arrangement.                                  
                                                                                                    o For annuitants age 84     
                                                                         o Rollovers from another     and older at contract     
                                                                           traditional individual     issue, additional         
                                                                           retirement.                retirement                
                                                                                                      contributions may be      
                                                                         o Direct                     made up to one year       
                                                                           custodian-to-custodian     beyond your issue age.    
                                                                           transfers from another                               
                                                                           traditional individual   o Contributions after age   
                                                                           retirement                 70-1/2 must be net of     
                                                                           arrangement.               required minimum          
                                                                                                      distributions.            
                                                                         o Regular IRA                                          
                                                                           contributions.           o Although we accept        
                                                                                                      regular IRA               
                                                                                                      contributions (limited to 
                                                                                                      $2,000 per year) under    
                                                                                                      the Rollover IRA          
                                                                                                      contracts, we intend      
                                                                                                      that this contract be     
                                                                                                      used primarily for        
                                                                                                      rollover and direct       
                                                                                                      transfer contributions.   
                                                                                                      Please refer to           
                                                                                                      "Withdrawals, payments    
                                                                                                      and transfers of funds    
                                                                                                      out of traditional IRAs"  
                                                                                                      in "Tax information" for  
                                                                                                      a discussion of conduit   
                                                                                                      IRAs.                     
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                  AVAILABLE FOR ANNUITANT                                                           LIMITATIONS ON              
CONTRACT TYPE     ISSUE AGES                 MINIMUM CONTRIBUTIONS       SOURCE OF CONTRIBUTIONS    CONTRIBUTIONS               
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                
Roth Conversion  o 20 through 90             o $5,000 (initial)          o Rollovers from another   o For annuitants up to age  
IRA                                                                        Roth IRA.                  83 at contract issue,     
                 o 20 through 85 in New      o $1,000 (additional)                                    additional contributions  
                   York and Pennsylvania                                 o Conversion rollovers       may be made up to         
                                                                           from a traditional IRA.    age 84.                   

                                                                         o Direct transfers from    o For annuitants age 84     
                                                                           another Roth IRA.          and older at contract     
                                                                                                      issue, additional         
                                                                                                      contributions may be      
                                                                                                      made up to one year       
                                                                                                      beyond your issue age.    

                                                                                                    o Conversion rollovers      
                                                                                                      after age 70-1/2 must be  
                                                                                                      net of required           
                                                                                                      minimum distributions     
                                                                                                      for the traditional IRA   
                                                                                                      you are rolling over.     

                                                                                                    o You cannot roll over      
                                                                                                      funds from a traditional  
                                                                                                      IRA if your adjusted      
                                                                                                      gross income is           
                                                                                                      $100,000 or more.         

                                                                                                    o Regular contributions     
                                                                                                      are not permitted.        

                                                                                                    o Only rollover and direct  
                                                                                                      transfer contributions    
                                                                                                      are permitted.            
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                 AVAILABLE FOR ANNUITANT                                                            LIMITATIONS ON              
CONTRACT TYPE    ISSUE AGES                  MINIMUM CONTRIBUTIONS       SOURCE OF CONTRIBUTIONS    CONTRIBUTIONS               
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                
Rollover TSA     o 20 through 90             o $5,000 (initial)          o Rollovers from another   o For annuitants up to age  
                                                                           TSA contract or other      83 at contract issue,     
                 o 20 through 85 in New      o $1,000 (additional)         403(b) arrangement.        additional contributions  
                   York and Pennsylvania                                                              may be made up to         
                                                                         o Rollovers from a           age 84.                   
                                                                           traditional IRA which                                
                                                                           was a "conduit" for      o For annuitants age 84     
                                                                           TSA funds previously       and older at contract     
                                                                           rolled over.               issue, additional         
                                                                                                      contributions may be      
                                                                         o Direct transfers from      made up to one year       
                                                                           another TSA contract or    beyond your issue age.    
                                                                           arrangement,                                         
                                                                           complying with IRS       o Contributions after age   
                                                                           Revenue Ruling 90-24.      70-1/2 must be net of     
                                                                                                      required minimum          
                                                                                                      distributions.            

                                                                                                    o Employer-remitted         
                                                                                                      contributions are not     
                                                                                                      permitted.                
This contract may not be available in your state.                                                                               
--------------------------------------------------------------------------------------------------------------------------------
QP               20 through 75               o $5,000 (initial)          o Only transfer            o Regular ongoing payroll   
                                                                           contributions from an      contributions are not     
                                             o $1,000 (additional)         existing qualified plan    permitted.                
                                                                           trust as a change of                                 
                                                                           investment vehicle       o Only one additional       
                                                                           under the plan.            transfer contribution     
                                                                                                      may be made during a      
                                                                         o The plan must be           contract year.            
                                                                           qualified under Section                              
                                                                           401(a) of the Internal   o No additional transfer    
                                                                           Revenue Code.              contributions after       
                                                                                                      age 76.                   
                                                                         o For 401(k) plans,                                    
                                                                           transferred              o For defined benefit       
                                                                           contributions may only     plans, employee           
                                                                           include employee           contributions are not     
                                                                           pre-tax contributions.     permitted.                

                                                                                                    o Contributions after age   
                                                                                                      70-1/2 must be net of any 
                                                                                                      required minimum          
                                                                                                      distributions.            
Please refer to Appendix II for a discussion of purchase considerations of QP Contracts.                                        
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                  AVAILABLE FOR ANNUITANT                                                           LIMITATIONS ON              
CONTRACT TYPE     ISSUE AGES                 MINIMUM CONTRIBUTIONS       SOURCE OF CONTRIBUTIONS    CONTRIBUTIONS               
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                
Flexible Premium    20 through 70            o $2,000 (initial)          o "Regular" traditional    o No regular IRA            
IRA                                                                        IRA contributions.         contributions in the      
                                             o $50 (additional after                                  calendar year you turn    
                                               the first contract year)  o Rollovers from a           age 70-1/2 and thereafter.
                                                                           qualified plan.                                      
                                                                                                    o Total regular             
                                                                         o Rollovers from a TSA       contributions may not     
                                                                           contract or other          exceed $2,000 for         
                                                                           403(b) arrangement.        a year.                   

                                                                         o Rollovers from another   o No additional rollover or 
                                                                           traditional individual     direct transfer           
                                                                           retirement                 contributions after       
                                                                           arrangement.               age 71.                   

                                                                         o Direct custodian-         o Rollover and direct      
                                                                           to-custodian transfers      transfer contributions   
                                                                           from another                after age 70-1/2 must be 
                                                                           traditional individual      net of required          
                                                                           retirement                  minimum distributions.   
                                                                           arrangement.                                         
                                                                                                     o Although we accept       
                                                                                                       rollover and direct      
                                                                                                       transfer contributions   
                                                                                                       under the Flexible       
                                                                                                       Premium IRA contract,    
                                                                                                       we intend that this      
                                                                                                       contract be used for     
                                                                                                       ongoing regular          
                                                                                                       contributions. Please    
                                                                                                       refer to "Withdrawals,   
                                                                                                       payments and transfers   
                                                                                                       of funds out of          
                                                                                                       traditional IRAs" in "Tax
                                                                                                       information" for a       
                                                                                                       discussion of            
                                                                                                       conduit IRAs.            
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                  AVAILABLE FOR ANNUITANT                                                            LIMITATIONS ON             
CONTRACT TYPE     ISSUE AGES                 MINIMUM CONTRIBUTIONS       SOURCE OF CONTRIBUTIONS     CONTRIBUTIONS              
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                
Flexible Premium  o 20 through 90           $2,000 (initial)             o Regular after-tax         o For annuitants up to age 
Roth IRA                                                                   contributions.              83 at contract issue,    
                  o 20 through 85 in New    o $50 (additional after                                    additional contributions 
                    York and Pennsylvania     the first contract year)   o Rollovers from another      may be made up to        
                                                                           Roth IRA.                   age 84.                  

                                                                         o Conversion rollovers      o For annuitants age 84    
                                                                           from a traditional IRA.     and older at contract    
                                                                                                       issue, additional        
                                                                         o Direct transfers from       contributions may be     
                                                                           another Roth IRA.           made up to one year      
                                                                                                       beyond your issue age.   

                                                                                                     o Contributions are        
                                                                                                       subject to income limits 
                                                                                                       and other tax rules. See 
                                                                                                       "Contributions to Roth   
                                                                                                       IRAs" in "Tax            
                                                                                                       information."            

                                                                                                     o Although we accept       
                                                                                                       rollover and direct      
                                                                                                       transfer contributions   
                                                                                                       under the Flexible       
                                                                                                       Premium Roth IRA         
                                                                                                       contract, we intend that 
                                                                                                       this contract be used for
                                                                                                       ongoing regular          
                                                                                                       contributions.           
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                  AVAILABLE FOR ANNUITANT                                                            LIMITATIONS ON             
CONTRACT TYPE     ISSUE AGES                 MINIMUM CONTRIBUTIONS       SOURCE OF CONTRIBUTIONS     CONTRIBUTIONS              
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                
Rollover IRA or   53-1/2 through 83          o $10,000 (initial)         o Rollovers from a          o Additional rollover or   
Flexible Premium                                                           qualified plan.             direct transfer          
IRA with Assured                             o $1,000 (additional)                                     contributions may be     
Payment Option                                                           o Rollovers from a TSA        made until the earlier of
or APO Plus                                                                contract or other           age 84 or within seven   
                                                                           403(b) arrangement.         years from the end of    
                                                                                                       the fixed period.        
                                                                         o Rollovers from another                               
                                                                           traditional individual    o Contributions after age  
                                                                           retirement                  70-1/2 must be net of    
                                                                           arrangement.                required minimum         
                                                                                                       distributions.           
                                                                         o Direct                                               
                                                                           custodian-to-custodian                               
                                                                           transfers from another                               
                                                                           traditional individual                               
                                                                           retirement                                           
                                                                           arrangement.                                         
--------------------------------------------------------------------------------------------------------------------------------

See "Tax information" for a more detailed discussion of sources of              
contributions and certain contribution limitations. We may refuse to accept any 
contribution if the sum of all contributions under all Equitable Accumulator    
contracts with the same annuitant would then total more than $1,500,000. We     
reserve the right to limit aggregate contributions made after the first         
contract year to 150% of first-year contributions. We may also refuse to accept 
any contribution if the sum of all contributions under all Equitable Life       
annuity accumulation contracts that you own would then total more than          
$2,500,000.                                                                     

For information on when contributions are credited under your contract see      
"Dates and prices at which contract events occur" in "More information" later   
in this prospectus.                                                             

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OWNER AND ANNUITANT REQUIREMENTS                                                

Under NQ contracts, the annuitant can be different than the owner. A joint      
owner may also be named. Only natural persons can be joint owners. This means   
that an entity such as a corporation cannot be a joint owner.                   

Under all IRA and Rollover TSA contracts, the owner and annuitant must be the   
same person.                                                                    

Under QP contracts, the owner must be the trustee of the qualified plan and the 
annuitant must be the plan participant/employee. See Appendix II for more       
information on QP contracts.                                                    

--------------------------------------------------------------------------------
A "participant" is an individual who is currently, or was formerly,             
participating in an eligible employer's QP or TSA plan.                         
--------------------------------------------------------------------------------

HOW YOU CAN MAKE YOUR CONTRIBUTIONS                                             

Except as noted below, contributions must be by check drawn on a U.S. bank, in  
U.S. dollars, and made payable to Equitable Life. We may also apply             
contributions made pursuant to a 1035 tax-free exchange or a direct transfer.   
We do not accept third-party checks endorsed to us except for rollover          
contributions, tax-free exchanges or trustee checks that involve no refund. All 
checks are subject to our ability to collect the funds. We reserve the right to 
reject a payment if it is received in an unacceptable form.                     

Additional contributions may also be made under our automatic investment        
program. This method of payment is discussed in detail in "More information"    
later in this prospectus.                                                       

Your initial contribution must generally be accompanied by an application and   
any other form we need to process the payments. If any information is missing   
or unclear, we will try to obtain that information. If we are unable to obtain  
all of the information we require within five business days after we receive an 
incomplete application or form, we will inform the financial professional       
submitting the application on your behalf. We will then return the contribution 
to you unless you specifically direct us to keep your contribution until we     
receive the required information.                                               

--------------------------------------------------------------------------------

Our "business day" is generally any day the New York Stock Exchange is open for 
trading and generally ends at 4:00 p.m. Eastern Time. We may, however, close    
due to emergency conditions.                                                    
--------------------------------------------------------------------------------

WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?                            

Your investment options are the variable investment options, the fixed maturity 
options, and the account for special dollar cost averaging.                     

VARIABLE INVESTMENT OPTIONS                                                     

Your investment results in any one of the variable investment options will      
depend on the investment performance of the underlying portfolios. Listed below 
are the currently available portfolios, their investment objectives, and their  
advisers.                                                                       

--------------------------------------------------------------------------------
You can choose from among the variable investment options.                      
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PORTFOLIOS OF EQ ADVISORS TRUST                                                 

You should note that some EQ Advisors Trust portfolios have objectives and      
strategies that are substantially similar to those of certain retail funds; they
may even have the same manager(s) and/or a similar name. However, there are     
numerous factors that can contribute to differences in performance between two  
investments, particularly over short periods of time. Such factors include the  
timing of stock purchases and sales; differences in fund cash flows; and        
specific strategies employed by the portfolio manager.                          

                                                        [Enlarge/Download Table]

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 PORTFOLIO NAME                  OBJECTIVE                                            ADVISER                              
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
EQ/Aggressive Stock             Long-term growth of capital                          Alliance Capital Management L.P.      
                                                                                     Marsico Capital Management, LLC       
                                                                                     MFS Investment Management             
                                                                                     Provident Investment Counsel, Inc.    
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Common Stock        Long-term growth of capital and increasing           Alliance Capital Management L.P.      
                                income                                                                                     
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Global              Long-term growth of capital                          Alliance Capital Management L.P.      
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Growth and Income   High total return through investments primarily      Alliance Capital Management L.P.      
                                in dividend paying stocks of good quality,                                                 
                                although the portfolio also may invest in                                                  
                                fixed-income and convertible securities                                                    
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Growth Investors    Highest total return consistent with the adviser's   Alliance Capital Management L.P.      
                                determination of reasonable risk                                                           
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance High Yield          High total return through a combination of           Alliance Capital Management L.P.      
                                current income and capital appreciation by                                                 
                                investing generally in high yield securities                                               
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Intermediate        High current income consistent with relative         Alliance Capital Management L.P.      
 Government Securities          stability of principal                                                                     
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance International       Long-term growth of capital                          Alliance Capital Management L.P.      
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Money Market        High level of current income, preserve its assets    Alliance Capital Management L.P.      
                                and maintain liquidity                                                                     
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Premier Growth      Long-term growth of capital                          Alliance Capital Management L.P.      
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Small Cap Growth    Long-term growth of capital                          Alliance Capital Management L.P.      
---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Technology          Long-term growth of capital                          Alliance Capital Management L.P.      
---------------------------------------------------------------------------------------------------------------------------
EQ/AXP New Dimensions           Long-term growth of capital                          American Express Financial Corporation
---------------------------------------------------------------------------------------------------------------------------
EQ/AXP Strategy Aggressive      Long-term growth of capital                          American Express Financial Corporation
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PORTFOLIOS OF EQ ADVISORS TRUST (CONTINUED)                                                                                    

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 PORTFOLIO NAME                    OBJECTIVE                                          ADVISER                                  
---------------------------------------------------------------------------------------------------------------------------    
                                                                                                                               
EQ/Balanced                       High return through both appreciation of capital   Alliance Capital Management, L.P.         
                                  and current income                                 Capital Guardian Trust Company            
                                                                                     Prudential Investments Fund               
                                                                                     Management, LLC                           
                                                                                     Jennison Associates LLC                   
---------------------------------------------------------------------------------------------------------------------------    
EQ/Bernstein Diversified Value    Capital appreciation                               Alliance Capital Management, L.P., through
                                                                                     its Bernstein Investment Research and     
                                                                                     Management Unit                           
---------------------------------------------------------------------------------------------------------------------------    
EQ/Capital Guardian Research      Long-term growth of capital                        Capital Guardian Trust Company            
---------------------------------------------------------------------------------------------------------------------------    
EQ/Capital Guardian U.S. Equity   Long-term growth of capital                        Capital Guardian Trust Company            
---------------------------------------------------------------------------------------------------------------------------    
EQ/Equity 500 Index               Total return before expenses that approximates     Alliance Capital Management L.P.          
                                  the total return performance of the S&P 500                                                  
                                  Index, including reinvestment of dividends, at a                                             
                                  risk level consistent with that of the Standard &                                            
                                  Poor's 500 Stock Index                                                                       
---------------------------------------------------------------------------------------------------------------------------    
EQ/Evergreen Omega                Long-term capital growth                           Evergreen Investment Management           
                                                                                     Company, LLC                              
---------------------------------------------------------------------------------------------------------------------------    
EQ/FI Mid Cap                     Long-term growth of capital                        Fidelity Management & Research Company    
---------------------------------------------------------------------------------------------------------------------------    
EQ/FI Small/Mid Cap Value         Long-term capital appreciation                     Fidelity Management & Research Company    
---------------------------------------------------------------------------------------------------------------------------    
EQ/International Equity Index     Replicate as closely as possible (before           Deutsche Asset Management, Inc.           
                                  deduction of portfolio expenses) the total return                                            
                                  of the Morgan Stanley Capital International                                                  
                                  Europe, Australia, Far East Index                                                            
---------------------------------------------------------------------------------------------------------------------------    
EQ/Janus Large Cap Growth         Long-term growth in a manner that is consistent    Janus Capital Corporation                 
                                  with preservation of capital                                                                 
---------------------------------------------------------------------------------------------------------------------------    
EQ/Mercury Basic Value Equity     Capital appreciation and secondarily, income       Mercury Advisors                          
---------------------------------------------------------------------------------------------------------------------------    
EQ/MFS Emerging Growth            Long-term capital growth                           MFS Investment Management                 
 Companies                                                                                                                     
---------------------------------------------------------------------------------------------------------------------------    
EQ/MFS Investors Trust            Long-term growth of capital with a secondary       MFS Investment Management                 
                                  objective to seek reasonable current income                                                  
---------------------------------------------------------------------------------------------------------------------------    
EQ/MFS Research                   Long-term growth of capital and future income      MFS Investment Management                 
---------------------------------------------------------------------------------------------------------------------------    

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PORTFOLIOS OF EQ ADVISORS TRUST (CONTINUED)                                                                                

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 PORTFOLIO NAME                    OBJECTIVE                                          ADVISER                              
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
EQ/Morgan Stanley Emerging        Long-term capital appreciation                     Morgan Stanley Asset Management       
 Markets Equity                                                                                                            
---------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value   Capital growth, current income is a secondary      Putnam Investment Management, Inc.    
                                  objective                                                                                
---------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index            Replicate as closely as possible (before           Deutsche Asset Management, Inc.       
                                  deduction of portfolio expenses) the total return                                        
                                  of the Russell 2000 Index                                                                
---------------------------------------------------------------------------------------------------------------------------
EQ/T. Rowe Price International    Long-term growth of capital                        T. Rowe Price International, Inc.     
 Stock                                                                                                                     
---------------------------------------------------------------------------------------------------------------------------

Other important information about the portfolios is included in the prospectus  
for EQ Advisors Trust attached at the end of this prospectus.                   

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FIXED MATURITY OPTIONS                                                          

We offer fixed maturity options with maturity dates ranging from one to ten     
years. You can allocate your contributions to one or more of these fixed        
maturity options. Under the Assured Payment Option and APO Plus, we offer       
additional fixed maturity options with maturity dates ranging from eleven to    
fifteen years. We provide distributions during the fixed period under the       
Assured Payment Option and APO Plus by allocating your contributions to fixed   
maturity options that mature in consecutive order. These amounts become part of 
our general account assets. They will accumulate interest at the "rate to       
maturity" for each fixed maturity option. The total amount you allocate to and  
accumulate in each fixed maturity option is called the "fixed maturity amount." 

The fixed maturity options are generally not available in contracts issued in   
Maryland. In Maryland the fixed maturity options are only available under the   
Assured Payment Option and APO Plus which are issued as separate contracts      
rather than as a part of a Rollover IRA or Flexible Premium IRA contract. See   
Appendix V for more information on the Assured Payment Option and APO Plus      
contracts available in Maryland.                                                

--------------------------------------------------------------------------------

Fixed maturity options generally range from one to ten years to maturity.       
Assured Payment Option and APO Plus offer additional fixed maturity options for 
years eleven to fifteen.                                                        

--------------------------------------------------------------------------------

The rate to maturity you will receive for each fixed maturity option is the     
rate to maturity in effect for new contributions allocated to that fixed        
maturity option on the date we apply your contribution. If you make any         
withdrawals or transfers from a fixed maturity option before the maturity date, 
we will make a "market value adjustment" that may increase or decrease any      
fixed maturity amount you have left in that fixed maturity option. We discuss   
the market value adjustment below and in greater detail later in this           
prospectus in "More information."                                               

On the maturity date of a fixed maturity option your fixed maturity amount,     
assuming you have not made any withdrawals or transfers, will equal your        
contribution to that fixed maturity option plus interest, at the rate to        
maturity for that contribution, to the date of the calculation. This is the     
fixed maturity option's "maturity value." Before maturity, the current value we 
will report for your fixed maturity amounts will reflect a market value         
adjustment. Your current value will reflect the market value adjustment that we 
would make if you were to withdraw all of your fixed maturity amounts on the    
date of the report. We call this your "market adjusted amount."                 

FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity    
options ending on February 15th for each of the maturity years 2002 through     
2011. Not all of these fixed maturity options will be available for annuitant   
ages 76 and older. See "Allocating your contributions" below. As fixed maturity 
options expire, we expect to add maturity years so that generally 10 fixed      
maturity options are available at any time.                                     

Under the Assured Payment Option and APO Plus, we offer additional fixed        
maturity options ending on February 15th for each of the maturity years 2012    
through 2016.                                                                   

We will not accept allocations to a fixed maturity option if on the date the    
contribution is to be applied:                                                  

o    the fixed maturity option's maturity date is within the current calendar   
year; or                                                              

o    the rate to maturity is 3% or less.                                        

YOUR CHOICES AT THE MATURITY DATE. We will notify you on or before December     
31st of the year before each of your fixed maturity options is scheduled to     
mature. At that time, you may choose to have one of the following take place on 
the maturity date, as long as none of the conditions listed above or in         
"Allocating your contributions," below would apply:                             

(a)  transfer the maturity value into another available fixed maturity option or
into any of the variable investment options; or                       

(b)  withdraw the maturity value (there may be a withdrawal charge).            

If we do not receive your choice on or before the fixed maturity option's       
maturity date, we will automatically transfer your maturity value into the      
fixed maturity option that will mature next.                                    

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MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,      
surrender of your contract, or when we make deductions for charges) from a      
fixed maturity option before it matures we will make a market value adjustment, 
which will increase or decrease any fixed maturity amount you have in that      
fixed maturity option. The amount of the adjustment will depend on two factors: 

(a)  the difference between the rate to maturity that applies to the amount     
 being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and                   

(b)  the length of time remaining until the maturity date.                      

In general, if interest rates rise from the time that you originally allocate   
an amount to a fixed maturity option to the time that you take a withdrawal,    
the market value adjustment will be negative. Likewise, if interest rates drop  
at the end of that time, the market value adjustment will be positive. Also,    
the amount of the market value adjustment, either up or down, will be greater   
the longer the time remaining until the fixed maturity option's maturity date.  
Therefore, it is possible that the market value adjustment could greatly reduce 
your value in the fixed maturity options, particularly in the fixed maturity    
options with later maturity dates.                                              

We provide an illustration of the market adjusted amount of specified maturity  
values, an explanation of how we calculate the market value adjustment, and     
information concerning our general account and investments purchased with       
amounts allocated to the fixed maturity options, in "More information" later in 
this prospectus. Appendix III of this prospectus provides an example of how the 
market value adjustment is calculated.                                          

OFF MATURITY DATE PAYMENTS. Under Assured Payment Option and APO Plus, you may  
choose to receive payments monthly, quarterly or annually. If you choose annual 
payments, generally your payments will be made on February 15th as each fixed   
maturity option matures. You may instead choose to have your annual payments    
made in a month other than February. We refer to payments we make on an annual  
basis in any month other than February and monthly or quarterly payments, as    
payments made "off maturity dates." If you choose to have your payments made    
off maturity dates, we will be required to begin making your payments before    
the maturity date of a fixed maturity option. In planning for these payments we 
will allocate a portion of your initial contribution or account value to the    
separate account for the fixed maturity options, but not to the fixed maturity  
options contained in the separate account. We will credit these amounts with    
interest at rates that will not be less than 3%.                                

After that, as each fixed maturity option expires we will transfer your         
maturity value from the expired fixed maturity option and hold the maturity     
value in the separate account. We will credit interest to these amounts at the  
same rate as the rate to maturity that was credited in the expired fixed        
maturity option. These amounts will then be used to provide for payments off    
maturity dates during the fixed period.                                         

--------------------------------------------------------------------------------
Whether you choose monthly, quarterly, or annual payments, your payments will   
be made on the 15th day of the month.                                           
--------------------------------------------------------------------------------

We will not make a market value adjustment to the amounts held in the separate  
account to provide for payments off maturity dates.                             

ACCOUNT FOR SPECIAL DOLLAR COST AVERAGING                                       

The account for special dollar cost averaging is part of our general account.   
We pay interest at guaranteed rates in this account. We will credit interest to 
the amounts that you have in the account for special dollar cost averaging      
every day. We set the interest rates periodically, according to procedures that 
we have. We reserve the right to change these procedures.                       

We guarantee to pay our current interest rate that is in effect on the date     
that your contribution is allocated to this account. Your guaranteed interest   
rate for the time period you select will be shown in your contract for an       
initial contribution. The rate will never be less than 3%. See "Allocating your 
contributions," below for the rules and restrictions that apply to the special  
dollar cost averaging program.                                                  

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THE CONTRACT FEATURES AND BENEFITS DESCRIBED BELOW DO NOT APPLY WHEN THE        
ASSURED PAYMENT OPTION OR APO PLUS IS IN EFFECT UNDER A ROLLOVER IRA OR         
FLEXIBLE PREMIUM IRA CONTRACT. FOR INFORMATION REGARDING YOUR CONTRACT BENEFITS 
UNDER THE ASSURED PAYMENT OPTION OR APO PLUS, SEE "ACCESSING YOUR MONEY --      
ASSURED PAYMENT OPTION AND APO PLUS."                                           

ALLOCATING YOUR CONTRIBUTIONS                                                   

You may choose from among three ways to allocate your contributions under your  
contract: self-directed, principal assurance, or dollar cost averaging.         

SELF-DIRECTED ALLOCATION                                                        

You may allocate your contributions to one or more, or all, of the variable     
investment options and fixed maturity options. Allocations must be in whole     
percentages and you may change your allocations at any time. However, the total 
of your allocations must equal 100%. If the annuitant is age 76 or older, you   
may allocate contributions to fixed maturity options if their maturities are    
five years or less. Also, you may not allocate amounts to fixed maturity        
options with maturity dates that are later than the February 15th immediately   
following the date annuity payments are to begin.                               

PRINCIPAL ASSURANCE ALLOCATION                                                  

Under this allocation program you select a fixed maturity option. We specify    
the portion of your initial contribution to be allocated to that fixed maturity 
option in an amount that will cause the maturity value to equal the amount of   
your entire initial contribution on the fixed maturity option's maturity date.  
The maturity date you select generally may not be later than 10 years, or       
earlier than 7 years from your contract date. You allocate the rest of your     
contribution to the variable investment options however you choose.             

For example, if your initial contribution is $10,000, and on March 15, 2001 you 
chose the fixed maturity option with a maturity date of February 15, 2011,      
since the rate to maturity was 5.39% on March 15, 2001, we would have allocated 
$5,937.86 to that fixed maturity option and the balance to your choice of       
variable investment options. On the maturity date your value in the fixed       
maturity option would be $10,000.                                               

The principal assurance allocation is only available for annuitant ages 75 or   
younger when the contract is issued. If you are purchasing a Rollover IRA,      
Flexible Premium IRA, QP, or Rollover TSA contract, before you select a         
maturity year that would extend beyond the year in which you will reach age     
70-1/2, you should consider whether your value in the variable investment       
options, or your other traditional IRA or TSA funds are sufficient to meet your 
required minimum distributions. See "Tax information."                          

You may not elect principal assurance if the special dollar cost averaging      
program is in effect.                                                           

DOLLAR COST AVERAGING                                                           

We offer two dollar cost averaging programs. Each program allows you to         
gradually allocate amounts to the variable investment options by periodically   
transferring approximately the same dollar amount to the variable investment    
options you select. This will cause you to purchase more units if the unit      
value is low and fewer units if the unit value is high. Therefore, you may get  
a lower average cost per unit over the long term. These plans of investing,     
however, do not guarantee that you will earn a profit or be protected against   
losses.                                                                         

--------------------------------------------------------------------------------
Units measure your value in each variable investment option.                    
--------------------------------------------------------------------------------

SPECIAL DOLLAR COST AVERAGING PROGRAM. Subject to state availability, under the 
special dollar cost averaging program, you may choose to allocate all or a      
portion of any eligible contribution to the account for special dollar cost     
averaging. You may elect to participate in the special dollar cost averaging    
program at any time subject to the age limitation on contributions described in 
Section 1 of this prospectus. Contributions into the account for special dollar 
cost averaging may not be transfers from other investment options. Your initial 
allocation to any special dollar cost averaging program time period must be at  
least $2,000 and any subsequent contribution to that same time period must be   
at least $250.                                                                  

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You may only have one time period in effect at any time and once you select a   
time period, you may not change it. In Pennsylvania, we refer to this program   
as "enhanced rate dollar cost averaging."                                       

You may have your account value transferred to any of the variable investment   
options. We will transfer amounts from the account for special dollar cost      
averaging into the variable investment options over an available time period    
that you select. We offer time periods of 6, 12, or 18 months. We may also      
offer other time periods. Your financial professional can provide information   
on the time periods and interest rates currently available in your state, or    
you may contact our processing office. If the special dollar cost averaging     
program is selected at the time of application to purchase the Accumulator      
contract, a 90 day rate lock will apply from the date of application. Any       
contribution(s) received during this 90 day period will be credited with the    
interest rate offered on the date of application for the remainder of the time  
period selected at application. Any contribution(s) received after the 90 day   
rate lock period has ended will be credited with the then current interest rate 
for the remainder of the time period selected at application. Contribution(s)   
made to a special dollar cost averaging program selected after the Accumulator  
contract has been issued will be credited with the then current interest rate   
on the date the contribution is received by Equitable for the time period       
initially selected by you. Once the time period you selected has run, you may   
then select another time period for future contributions. At that time, you may 
also select a different allocation for transfers to the variable investment     
options, or, if you wish, we will continue to use the selection that you have   
previously made. Currently, your account value will be transferred from the     
account for special dollar cost averaging into the variable investment options  
on a monthly basis. We may offer this program in the future with transfers on a 
different basis.                                                                

We will transfer all amounts out of the account for special dollar cost         
averaging by the end of the chosen time period. The transfer date will be the   
same day of the month as the contract date, but not later than the 28th day of  
the month. For a special dollar cost averaging program selected after           
application, the first transfer date and each subsequent transfer date for the  
time period selected will be one month from the date the first contribution is  
made into the special dollar cost averaging program, but not later than the     
28th of the month.                                                              

If you choose to allocate only a portion of an eligible contribution to the     
account for special dollar cost averaging, the remaining balance of that        
contribution will be allocated to the variable investment options or fixed      
maturity options according to your instructions.                                

The only amounts that should be transferred from the account for special dollar 
cost averaging are your regularly scheduled transfers to the variable           
investment options. If you request to transfer or withdraw any other amounts    
from the account for special dollar cost averaging, we will transfer all of the 
value that you have remaining in the account for special dollar cost averaging  
to the investment options according to the allocation percentages we have on    
file for you. You may ask us to cancel your participation at any time.          

GENERAL DOLLAR COST AVERAGING PROGRAM. If your value in the EQ/Alliance Money   
Market option is at least $5,000, you may choose, at any time, to have a        
specified dollar amount or percentage of your value transferred from that       
option to the other variable investment options. You can select to have         
transfers made on a monthly, quarterly, or annual basis. The transfer date will 
be the same calendar day of the month as the contract date, but not later than  
the 28th day of the month. You can also specify the number of transfers or      
instruct us to continue making the transfers until all amounts in the           
EQ/Alliance Money Market option have been transferred out.                      

The minimum amount that we will transfer each time is $250. The maximum amount  
we will transfer is equal to your value in the EQ/Alliance Money Market option  
at the time the program is elected, divided by the number of transfers          
scheduled to be made.                                                           

If, on any transfer date, your value in the EQ/Alliance Money Market option is  
equal to or less than the amount you have elected to have transferred, the      
entire amount will be transferred. The general dollar cost averaging program    
will then end. You may change the transfer amount once each                     

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contract year or cancel this program at any time.                               

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You may not elect dollar cost averaging or special dollar cost averaging if you 
are participating in the rebalancing program. See "Transferring your money      
among investment options." You may not elect the special dollar cost averaging  
program if the principal assurance program is in effect.                        

YOUR BENEFIT BASE                                                               

The benefit base is used to calculate the guaranteed minimum income benefit,    
and both the 5% roll up to age 80, and the 5% roll up to age 70 guaranteed      
minimum death benefits. See "Our baseBUILDER option" and "Guaranteed minimum    
death benefit" below. The benefit base is equal to:                             

o    your initial contribution and any additional contributions to the contract;
plus                                                                  

o    daily interest; less                                                       

o    a deduction that reflects any withdrawals you make (the amount of the      
deduction is described under "How withdrawals affect your guaranteed  
    minimum income benefit and guaranteed minimum death benefit" in "Accessing
your money"); less                                                    

o    a deduction for any withdrawal charge remaining when you exercise your     
guaranteed minimum income benefit; and less                           

o    a deduction for any outstanding loan plus accrued interest on the date that
  you exercise your guaranteed minimum income benefit (applies to Rollover
TSA only).                                                            

The effective annual interest rate credited to the benefit base is:             

o    5% for the benefit base with respect to the variable investment options    
(other than the EQ/Alliance Money Market and EQ/Alliance Intermediate 
Government Securities options) and the account for special dollar cost
averaging; and                                                        

o    3% for the benefit base with respect to the EQ/Alliance Money Market and   
    EQ/Alliance Intermediate Government Securities options, the fixed maturity
options and the loan reserve account.                                 

No interest is credited after the annuitant is age 80 (age 70 if the 5% roll up 
to age 70 is elected).                                                          

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Your benefit base is not an account value or a cash value.                      
--------------------------------------------------------------------------------

ANNUITY PURCHASE FACTORS                                                        

Annuity purchase factors are the factors applied to determine your periodic     
payments under the guaranteed minimum income benefit, annuity payout options as 
well as to determine allocation of your contributions under the Assured Payment 
Option and APO Plus. The guaranteed minimum income benefit is discussed under   
"Our baseBUILDER option" and annuity payout options, Assured Payment Option and 
APO Plus are all discussed in "Accessing your money" later in this prospectus.  
The guaranteed annuity purchase factors are those factors specified in your     
contract. The current annuity purchase factors are those factors that are in    
effect at any given time. Annuity purchase factors are based on interest rates, 
mortality tables, frequency of payments, the form of annuity benefit, and the   
annuitant's (and any joint annuitant's) age and sex in certain instances.       

OUR BASEBUILDER OPTION                                                          

The baseBUILDER option offers you a guaranteed minimum income benefit combined  
with the guaranteed minimum death benefit available under the contract. For     
Rollover IRA, Flexible Premium IRA, and Rollover TSA contracts where the        
annuitant is between ages 20 and 60 at contract issue, and where you elect the  
baseBUILDER option, we offer an additional guaranteed minimum death benefit of  
a 5% rollup to age 70. The baseBUILDER benefit is available if the annuitant is 
between the ages of 20 and 75 at the time the contract is issued. There is an   
additional charge for the baseBUILDER benefit which is described under          
"baseBUILDER benefit charge" in "Charges and expenses."                         

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The guaranteed minimum income benefit component of baseBUILDER is described     
below. Whether you elect baseBUILDER or not, the guaranteed minimum death       
benefit (described under "Guaranteed minimum death benefit") is provided under  
the contract. baseBUILDER is currently not available in some states. Please ask 
your financial professional if baseBUILDER is available in your state.          

The guaranteed minimum income benefit guarantees you a minimum amount of fixed  
income under your choice of a life annuity fixed payout option or an Income     
Manager level payment life with a period certain payout option (subject to      
state availability). You choose which of these payout options you want and      
whether you want the option to be paid on a single or joint life basis at the   
time you exercise your guaranteed minimum income benefit. The maximum period    
certain available under the Income Manager payout option is 10 years. This      
period may be shorter, depending on the annuitant's age when you exercise your  
guaranteed minimum income benefit and the type of contract you own. We may also 
make other forms of payout options available. For a description of payout       
options, see "Your annuity payout options" in "Accessing your money" later in   
this prospectus.                                                                

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The guaranteed minimum income benefit, which is also known as a living benefit, 
should be regarded as a safety net only. It provides income protection if you   
elect an income payout while the annuitant is alive.                            
--------------------------------------------------------------------------------

When you exercise the guaranteed minimum income benefit, the annual lifetime    
income that you will receive under the life annuity payout option will be the   
greater of (i) your guaranteed minimum income benefit which is calculated by    
applying your benefit base at guaranteed annuity purchase factors, or (ii) the  
income provided by applying your actual account value at our then current       
annuity purchase factors.                                                       

When you elect to receive annual lifetime income, your contract will terminate  
and you will receive an annuity payout option. You will begin receiving         
payments one payment period after the annuity payout option is issued. Payments 
end with the last payment before the annuitant's (or joint annuitant's, if      
applicable) death. There is no continuation of benefits following the           
annuitant's (or joint annuitant's, if applicable) death.                        

Before you elect baseBUILDER, you should consider the fact that the guaranteed  
minimum income benefit provides a form of insurance and is based on             
conservative actuarial factors. Therefore, even if your account value is less   
than your benefit base, you may generate more income by applying your account   
value to current annuity purchase factors. We will make this comparison for you 
when the need arises.                                                           

You should also consider that the guaranteed annuity purchase factors we use to 
determine your Income Manager benefit under baseBUILDER are more conservative   
than the guaranteed annuity purchase factors we use for the Income Manager      
payout annuity option. This means that, assuming the same amount is applied to  
purchase the benefit and that we use guaranteed annuity purchase factors to     
compute the benefit, each periodic payment under the baseBUILDER Income Manager 
will be smaller than each periodic payment under the Income Manager payout      
annuity option.                                                                 

ILLUSTRATIONS OF GUARANTEED MINIMUM INCOME BENEFIT. The table below illustrates 
the guaranteed minimum income benefit amounts per $100,000 of initial           
contribution, for a male annuitant age 60 (at issue) on the contract date       
anniversaries indicated, who has elected the life annuity fixed payout option,  
using the guaranteed annuity purchase factors as of the date of this            
prospectus, assuming no additional contributions, withdrawals, or loans under   
Rollover TSA contracts, and assuming there were no allocations to the           
EQ/Alliance Money Market, EQ/Alliance Intermediate Government Securities        
options, or the fixed maturity options.                                         

                                                                [Download Table]

-------------------------------------------------------
                                GUARANTEED MINIMUM     
      CONTRACT DATE          INCOME BENEFIT -- ANNUAL  
 ANNIVERSARY AT EXERCISE     INCOME PAYABLE FOR LIFE   
-------------------------------------------------------
                                                       
            10                      $10,816            
            15                      $16,132            
-------------------------------------------------------

EXERCISE OF GUARANTEED MINIMUM INCOME BENEFIT.                                  
On each contract date anniversary that you are eligible to                      

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exercise the guaranteed minimum income benefit, we will send you an eligibility 
notice illustrating how much income could be provided as of the contract        
anniversary. You may notify us within 30 days following the contract date       
anniversary if you want to exercise the guaranteed minimum income benefit. You  
must return your contract to us in order to exercise this benefit. The amount   
of income you actually receive will be determined when we receive your request  
to exercise the benefit. You will begin receiving payments one payment period   
after the annuity payout contract is issued.                                    

You (or the successor annuitant/owner, if applicable) will be eligible to       
exercise the guaranteed minimum income benefit as follows:                      

o     If the annuitant was at least age 20 and no older than age 44 when the    
    contract was issued, you are eligible to exercise the guaranteed minimum
  income benefit within 30 days following each contract date anniversary
beginning with the 15th contract date anniversary.                  

o     If the annuitant was at least age 45 and no older than age 49 when the    
    contract was issued, you are eligible to exercise the guaranteed minimum
  income benefit within 30 days following each contract date anniversary
after the annuitant is age 60.                                      

o     If the annuitant was at least age 50 and no older than age 75 when the    
    contract was issued, you are eligible to exercise the guaranteed minimum
  income benefit within 30 days following each contract date anniversary
beginning with the 10th contract date anniversary.                  

Please note:                                                                    

(i)   the latest date you may exercise the guaranteed minimum income benefit is 
  the contract date anniversary following the annuitant's 85th birthday;

(ii)  if the annuitant was age 75 when the contract was issued, the only time   
    you may exercise the guaranteed minimum income benefit is within 30 days
    following the first contract date anniversary that it becomes available;

(iii) if the annuitant was older than age 60 at the time an IRA, QP or Rollover 
      TSA contract was issued, the baseBUILDER may not be an appropriate feature
      because the minimum distributions required by tax law generally must begin
before the guaranteed minimum income benefit can be exercised; and  

(iv)  For QP and Rollover TSA contracts, if you are eligible to exercise your   
      guaranteed minimum income benefit, we will first roll over amounts in such
      contract to a Rollover IRA contract. You will be the owner of the Rollover
IRA contract.                                                       

GUARANTEED MINIMUM DEATH BENEFIT                                                

A guaranteed minimum death benefit is provided as part of the baseBUILDER       
benefit. A guaranteed minimum death benefit is also provided under your         
contract even if you do not elect baseBUILDER. In this case, the baseBUILDER    
benefit charge does not apply.                                                  

GUARANTEED MINIMUM DEATH BENEFIT APPLICABLE FOR ANNUITANT AGES 0 THROUGH 79 AT  
ISSUE OF NQ CONTRACTS; 20 THROUGH 79 AT ISSUE OF ROLLOVER IRA, ROTH CONVERSION  
IRA, FLEXIBLE PREMIUM ROTH IRA, AND ROLLOVER TSA CONTRACTS; 20 THROUGH 70 AT    
ISSUE OF FLEXIBLE PREMIUM IRA CONTRACTS; AND 20 THROUGH 75 AT ISSUE OF QP       
CONTRACTS.                                                                      

You must elect either the "5% roll up to age 80" (or, if available, the 5% roll 
up to age 70 if you are electing the baseBUILDER) or the "annual ratchet to age 
80" guaranteed minimum death benefit when you apply for a contract. Once you    
have made your election, you may not change it.                                 

5% ROLL UP TO AGE 80. This guaranteed minimum death benefit is equal to the     
benefit base described earlier in "Your benefit base." This guaranteed minimum  
death benefit is not available in New York.                                     

Optional guaranteed minimum death benefit available for ages 20 through 60 at   
issue of Rollover IRA, Flexible Premium IRA, and TSA contracts if baseBUILDER   
is also elected.                                                                

5% ROLL UP TO AGE 70. This is an optional guaranteed minimum death benefit      
available for ages 20 through 60 at issue of Rollover IRA, Flexible Premium     
IRA, and TSA contracts if baseBUILDER is also elected. Your guaranteed minimum  
death benefit will be calculated as described above under "5% roll up           

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to age 80" except that interest will be credited only through age 70. This      
guaranteed minimum death benefit is not available in New York.                  

ANNUAL RATCHET TO AGE 80. On the contract date, your guaranteed minimum death   
benefit equals your initial contribution. Then, on each contract date           
anniversary, we will determine your guaranteed minimum death benefit by         
comparing your current guaranteed minimum death benefit to your account value   
on that contract date anniversary. If your account value is higher than your    
guaranteed minimum death benefit, we will increase your guaranteed minimum      
death benefit to equal your account value. On the other hand, if your account   
value on the contract date anniversary is less than your guaranteed minimum     
death benefit, we will not adjust your guaranteed minimum death benefit either  
up or down. If you make additional contributions, we will increase your current 
guaranteed minimum death benefit by the dollar amount of the contribution on    
the date the contribution is allocated to your investment options. If you take  
a withdrawal from your contract, we will reduce your guaranteed minimum death   
benefit on the date you take the withdrawal.                                    

GUARANTEED MINIMUM DEATH BENEFIT APPLICABLE FOR ANNUITANT AGES 80 THROUGH 90 AT 
ISSUE OF NQ, ROLLOVER IRA, ROTH CONVERSION IRA, FLEXIBLE PREMIUM ROTH IRA, AND  
ROLLOVER TSA CONTRACTS.                                                         

On the contract date, your guaranteed minimum death benefit equals your initial 
contribution. Thereafter, it will be increased by the dollar amount of any      
additional contributions. We will reduce your guaranteed minimum death benefit  
if you take any withdrawals.                                                    

 -------------------------------------

Please see "How withdrawals affect your guaranteed minimum income benefit and   
guaranteed minimum death benefit" in "Accessing your money" for information on  
how withdrawals affect your guaranteed minimum death benefit.                   

See Appendix IV for an example of how we calculate the guaranteed minimum death 
benefit.                                                                        

PROTECTION PLUS. Subject to state availability, if you are purchasing a         
contract under which the Protection Plus feature is available, you may elect    
the Protection Plus death benefit at the time you purchase your contract.       
Protection Plus provides an additional death benefit as described below.        
Although we do not offer the Protection Plus feature for any contract other     
than nonqualified as of the date of this Prospectus, we anticipate offering it  
later in 2001 for all types of IRA contracts. See the appropriate part of "Tax  
information" for the potential tax consequences of electing to purchase the     
Protection Plus feature in either an NQ or an IRA contract.                     

If the annuitant is 69 or younger when we issue your contract (or if the        
successor owner/annuitant is 69 or younger when he or she becomes the successor 
owner/annuitant, the death benefit will be:                                     

the greater of:                                                                 

o    the account value or                                                       

o    any applicable guaranteed minimum death benefit                            

Increased by:                                                                   

40% of the lesser of:                                                           

o    the total net contributions or                                             

o    the death benefit less total net contributions                             

For purposes of calculating your Protection Plus benefit, the following         
applies: (i)"Net contributions" are the total contributions made (or, if        
applicable, the total amount that would otherwise have been paid as a death     
benefit had the successor owner/annuitant election not been made plus any       
subsequent contributions) reduced on a pro rata basis to reflect withdrawals    
(including surrender charges and loans). Reduction on a pro rata basis means    
that we calculate the percentage of the current account value that is being     
withdrawn and we reduce net contributions by that percentage. For example, if   
the account value is $30,000 and you withdraw $12,000, you have withdrawn 40%   
of your account value. If contributions aggregated $40,000 before the           
withdrawal, it would be reduced by $16,000 ($40,000 x .40) and net              
contributions after the withdrawal would be $24,000 ($40,000-$16,000);          
(ii)"Death benefit" is equal to the greater                                     

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of the account value as of the date we receive satisfactory proof of death or   
any applicable guaranteed minimum death benefit as of the date of death.        

If the annuitant is between the ages of 70 and 75 when we issue your contract   
(or if the successor owner/annuitant is between the ages of 70 and 75 when he   
or she becomes the successor owner/annuitant and Protection Plus had been       
elected at issue), the death benefit will be:                                   

the greater of:                                                                 

o    the account value or                                                       

o    any applicable guaranteed minimum death benefit                            

Increased by:                                                                   

25% of the lesser of:                                                           

o    the total net contributions (as described above) or                        

o    the death benefit (as described above) less total net contributions        

Protection Plus must be elected when the contract is first issued: neither the  
owner nor the Successor/Owner Annuitant can add it subsequently.                

YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS                            

If for any reason you are not satisfied with your contract, you may return it   
to us for a refund. To exercise this cancellation right you must mail the       
contract directly to our Processing Office within 10 days after you receive it. 
If state law requires, this "free look" period may be longer.                   

Generally, your refund will equal your account value under the contract on the  
day we receive notification of your decision to cancel the contract and will    
reflect (i) any investment gain or loss in the variable investment options      
(less the daily charges we deduct), (ii) any positive or negative market value  
adjustments in the fixed maturity options, and (iii) any guaranteed interest in 
the account for special dollar cost averaging, through the date we receive your 
contract. Some states require that we refund the full amount of your            
contribution (not reflecting (i), (ii) or (iii) above). For any IRA contract    
returned to us within seven days after you receive it, we are required to       
refund the full amount of your contribution.                                    

We may require that you wait six months before you may apply for a contract     
with us again if:                                                               

o    you cancel your contract during the free look period; or                   

o    you change your mind before you receive your contract whether we have      
received your contribution or not.                                    

Please see "Tax information" for possible consequences of cancelling your       
contract.                                                                       

In addition to the cancellation right described above, if you fully convert an  
existing traditional IRA contract to a Roth Conversion IRA or Flexible Premium  
Roth IRA contract, you may cancel your Roth Conversion IRA contract and return  
to a Rollover IRA or Flexible Premium IRA contract, whichever applies. Our      
processing office, or your financial professional, can provide you with the     
cancellation instructions.                                                      

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Determining your contract's value                                               

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YOUR ACCOUNT VALUE AND CASH VALUE                                               

Your "account value" is the total of the: (i) values you have in the variable   
investment options; (ii) market adjusted amounts in the fixed maturity options; 
(iii) value in the account for special dollar cost averaging; and (iv) value    
you have in the loan reserve account (applies for Rollover TSA contracts only). 
These amounts are subject to certain fees and charges discussed under "Charges  
and expenses."                                                                  

Your contract also has a "cash value." At any time before annuity payments      
begin, your contract's cash value is equal to the account value, less: (i) the  
total amount or a pro rata portion of the annual administrative charge          
(applicable for Flexible Premium IRA and Flexible Premium Roth IRA contracts    
only); (ii) any applicable withdrawal charges; and (iii) the amount of any      
outstanding loan plus accrued interest (applicable to Rollover TSA contracts    
only). Please see "Surrendering your contract to receive its cash value" in     
"Accessing your money."                                                         

YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS                        

Each variable investment option invests in shares of a corresponding portfolio. 
Your value in each variable investment option is measured by "units." The value 
of your units will increase or decrease as though you had invested it in the    
corresponding portfolio's shares directly. Your value, however, will be reduced 
by the amount of the fees and charges that we deduct under the contract.        

The unit value for each variable investment option depends on the investment    
performance of that option, less daily charges for:                             

(i)   mortality and expense risks;                                              

(ii)  administrative expenses; and                                              

(iii) distribution charges.                                                     

On any day, your value in any variable investment option equals the number of   
units credited to that option, adjusted for any units purchased for or deducted 
from your contract under that option, multiplied by that day's value for one    
unit. The number of your contract units in any variable investment option does  
not change unless they are:                                                     

(i)   increased to reflect additional contributions;                            

(ii)  decreased to reflect a withdrawal (plus applicable withdrawal charges);   

(iii) increased to reflect a transfer into, or decreased to reflect a transfer  
out of, a variable investment option; or                            

(iv)  decreased to reflect a transfer of your loan amount to the loan reserve   
account under a Rollover TSA contract.                              

In addition, when we deduct the baseBUILDER and/or Protection Plus benefit      
charge, the number of units credited to your contract will be reduced. Your     
units are also reduced under Flexible Premium IRA and Flexible Premium Roth IRA 
contracts when we deduct the annual administrative charge. A description of how 
unit values are calculated is found in the SAI.                                 

YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS                             

Your value in each fixed maturity option at any time before the maturity date   
is the market adjusted amount in each option. This is equivalent to your fixed  
maturity amount increased or decreased by the market value adjustment. Your     
value, therefore, may be higher or lower than your contributions (less          
withdrawals) accumulated at the rate to maturity. At the maturity date, your    
value in the fixed maturity option will equal its maturity value. Your value    
will also include any amounts held in the separate account to provide for       
payments off maturity dates under the Assured Payment Option and APO Plus.      

YOUR CONTRACT'S VALUE IN THE ACCOUNT FOR SPECIAL DOLLAR COST AVERAGING          

Your value in the account for special dollar cost averaging at any time will    
equal your contribution allocated to that option, plus interest, less the sum   
of all amounts that have been transferred to the variable investment options    
you have selected.                                                              

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TRANSFERRING YOUR ACCOUNT VALUE                                                 

At any time before the date annuity payments are to begin, you can transfer     
some or all of your account value among the investment options, subject to the  
following:                                                                      

o    You may not transfer any amount to the account for special dollar cost     
averaging.                                                            

o    You may not transfer to a fixed maturity option that matures in the current
calendar year, or that has a rate to maturity of 3% or less.          

o    If the annuitant is 76 or older, you must limit your transfers to fixed    
    maturity options to those with maturities of five years or less. Also, the
     maturity dates may be no later than the February 15th immediately following
the date annuity payments are to begin.                               

o    If you make transfers out of a fixed maturity option other than at its     
maturity date the transfer may cause a market value adjustment.       

o    A transfer request while the Assured Payment Option or APO Plus is in      
effect will terminate the option.                                     

You may request a transfer in writing, or by telephone using TOPS. You must     
send in all written transfer requests directly to our processing office.        
Transfer requests should specify:                                               

(1)  the contract number;                                                       

(2)  the dollar amounts or percentages of your current account value to be      
transferred; and                                                      

(3)  the investment options to and from which you are transferring.             

We will confirm all transfers in writing.                                       

DISRUPTIVE TRANSFER ACTIVITY                                                    

You should note that the Accumulator contract is not designed for professional  
"market timing" organizations, or other organizations or individuals engaging   
in a market timing strategy, making programmed transfers, frequent transfers or 
transfers that are large in relation to the total assets of the underlying      
portfolio. These kinds of strategies and transfer activities are disruptive to  
the underlying portfolios in which the variable investment options invest. If   
we determine that your transfer patterns among the variable investment options  
are disruptive to the underlying portfolios, we restrict the availability of    
personal telephone requests, facsimile transmissions, automated telephone       
services, Internet services or any electronic transfer services. We may also    
refuse to act on transfer instructions of an agent acting under a power of      
attorney who is acting on behalf of one or more owners.                         

We currently consider transfers into and out of (or vice versa) the same        
variable investment option within a five business day period as potentially     
disruptive transfer activity. In order to prevent disruptive activity, we       
monitor the frequency of transfers, including the size of transfers in relation 
to portfolio assets, in each underlying portfolio, and we take appropriate      
action, which may include the actions described above to restrict availability  
of voice, fax and automated transaction services, when we consider the activity 
of owners to be disruptive. We currently provide a letter to owners who have    
engaged in such activity of our intention to restrict such services. However,   
we may not continue to provide such letters. We may also, in our sole           
discretion and without further notice, change what we consider disruptive       
transfer activity, as well as change our procedures to restrict this activity.  

REBALANCING YOUR ACCOUNT VALUE                                                  

We currently offer a rebalancing program that you can use to automatically      
reallocate your account value among the variable investment options. You must   
tell us:                                                                        

(a)  the percentage you want invested in each variable investment option (whole 
percentages only), and                                                

(b)  how often you want the rebalancing to occur (quarterly, semiannually, or   
annually on a contract year basis).                                   

Rebalancing will occur on the same day of the month as the contract date. If a  
contract is established after the 28th, rebalancing will occur on the first     
business day of the month following the contract issue date.                    

While your rebalancing program is in effect, we will transfer amounts among     
each variable investment option so that the percentage of your account value    
that you specify is invested in                                                 

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each option at the end of each rebalancing date. Your entire account value in   
the variable investment options must be included in the rebalancing program.    

--------------------------------------------------------------------------------
Rebalancing does not assure a profit or protect against loss. You should        
periodically review your allocation percentages as your needs change. You may   
want to discuss the rebalancing program with your financial professional or     
other financial adviser before electing the program.                            
--------------------------------------------------------------------------------

You may elect the rebalancing program at any time. You may also change your     
allocation instructions or cancel the program at any time. If you request a     
transfer while the rebalancing program is in effect, we will process the        
transfer as requested; the rebalancing program will remain in effect unless you 
request that it be canceled in writing.                                         

You may not elect the rebalancing program if you are participating in the       
dollar cost averaging program or special dollar cost averaging program or if    
the Assured Payment Option or APO Plus are in effect. Rebalancing is not        
available for amounts you have allocated in the fixed maturity options.         

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Accessing your money                                                            

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ASSURED PAYMENT OPTION AND APO PLUS                                             

(Rollover IRA and Flexible Premium IRA contracts only)                          

We offer two options, the Assured Payment Option and APO Plus, under which you  
may receive distributions from your Rollover IRA or Flexible Premium IRA        
contract. If you choose one of these two distribution options you will receive  
guaranteed payments for a specified period of time we call the "fixed period."  
When the fixed period ends you will continue to receive payments for as long as 
you are living.                                                                 

You can elect the Assured Payment Option or APO Plus in the application or at a 
later date, provided that your account value is at least $10,000 at the time of 
election.                                                                       

Assured Payment Option and APO Plus benefits will differ for contracts issued   
in Maryland. See Appendix VI at the end of this prospectus for more             
information.                                                                    

ASSURED PAYMENT OPTION                                                          

HOW WE ALLOCATE YOUR CONTRIBUTIONS. In order to provide for the payments you    
receive during the fixed period, we allocate a portion of your initial          
contribution or account value to fixed maturity options that mature in          
consecutive date order. The remaining portion is allocated to your choice of a  
single life or joint and survivor life contingent annuity to provide for the    
payments you will receive after the fixed period. The payments are intended to  
pay out your entire account value by the end of the fixed period.               

--------------------------------------------------------------------------------
The life contingent annuity provides for the payments after the fixed period    
ends.                                                                           
--------------------------------------------------------------------------------

We determine the allocation of your contributions based on a number of factors. 
They are:                                                                       

o    the amount of your contribution;                                           

o    annuity purchase factors; and                                              

o    the fixed period.                                                          

We then allocate your initial contribution among:                               

(1)  The separate account containing:                                           

(i)  the fixed maturity options; and                                            

(ii) amounts held to provide payments to you off maturity dates; and            

(2)  the life contingent annuity.                                               

We will allocate your additional contributions in the same manner. Additional   
contributions will increase the level of your future payments. You may not      
change this allocation.                                                         

While the Assured Payment Option is in effect, no amounts may be allocated to   
the variable investment options and the account for special dollar cost         
averaging.                                                                      

If you are using funds from multiple sources to purchase the Rollover IRA or    
Flexible Premium IRA contract with the Assured Payment Option in effect, we     
will allocate your contributions to the Alliance Money Market option until we   
receive all amounts under the contract. Once all amounts are received we will   
then apply them under the Assured Payment Option.                               

PAYMENTS. The payments you receive will increase by 10% every three years       
during the fixed period on each third anniversary of the payment start date.    
After the end of the fixed period, your first payment under the life contingent 
annuity will be 10% greater than the final payment made under the fixed period. 

Whether you choose monthly, quarterly or annual payments, you will usually      
begin receiving payments one payment period after the contract date anniversary 
on which you elected to begin payments under your option, unless you elect      
otherwise, as described under "Off maturity date payments" earlier in this      
prospectus. Your payments will always be made on the 15th day of the month.     
However, if you are age 53-1/2 or older, you must defer the date your payments  
will start until you are age 59-1/2. If you are at least age 59-1/2 at the      
time the Assured Payment Option is elected you may choose to defer the date     
your payments will start. Generally, you may defer payments for a period of up  
to 72 months after you make your election. This is called the deferral period.  
Deferral of the payment start date permits you to lock in rates at a time when  
you may consider current rates to be high, while permitting you to delay        
receiving payments if you have no immediate need to receive income under your   
contract.                                                                       

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The deferral period together with the fixed period may be referred to as a      
"liquidity period." You will be able to make withdrawals before the end of the  
fixed period. You may also choose to surrender your contract for its cash value 
while keeping the life contingent annuity in effect.                            
--------------------------------------------------------------------------------

Before you decide to defer payments, you should consider the fact that the      
amount of income you purchase is based on the rates to maturity in effect on    
the date we allocate your contribution. Therefore, if rates rise during the     
deferral period, your payments may be less than they would have been if you had 
elected the Assured Payment Option at a later date. Deferral of the payment     
start date is not available if you are older than age 80. If your deferred      
payment start date is after you reach age 70-1/2, you should consider the       
effect that deferral may have on your required minimum distributions.           

See Appendix VI for an example of how payments are made under the Assured       
Payment Option.                                                                 

If you are age 70-1/2 or older, your payments during the fixed period are       
designed to meet or exceed required minimum distributions under your contract.  
We determine the amount of the payments based on the value in each fixed        
maturity option and the assigned value of the life contingent annuity for tax   
purposes. If at any time your payment under the Assured Payment Option would be 
less than the minimum amount required to be distributed under minimum           
distribution rules, we will notify you of the difference. You may then choose   
to have an additional amount withdrawn under your contract. We will treat such  
withdrawal as a lump sum withdrawal. However, no withdrawal charge will apply.  
We will then adjust your future scheduled payments so that the minimum          
distribution rules are met. You also have the option to take the amount from    
other traditional IRA funds you may have.                                       

FIXED PERIOD. The fixed period based on your age at the time the contract is    
issued (or your age at the time the Assured Payment Option is elected) will be  
as follows:                                                                     

                                                                [Download Table]

----------------------------------------------------
            AGE*                  FIXED PERIOD      
----------------------------------------------------
                                                    
     59-1/2 through 70             15 years         
       71 through 75               12 years         
       76 through 80                9 years         
       81 through 83                6 years         
----------------------------------------------------

If you defer the date payments will start, your fixed period will be as         
follows:                                                                        

                                                                [Download Table]

----------------------------------------------------------------
                                       FIXED PERIOD             
                                 BASED ON DEFERRAL PERIOD       
                               1-36        37-60        61-72   
           AGE*               MONTHS       MONTHS       MONTHS  
----------------------------------------------------------------
                                                                
     53-1/2 through 70      12 years      9 years      9 years  
      71 through 75          9 years      9 years        N/A    
      76 through 80          6 years      6 years        N/A    
      81 through 83            N/A          N/A          N/A    
----------------------------------------------------------------

*    For joint and survivor payments, the fixed period is based on the age of   
the younger annuitant.                                                

PURCHASE RESTRICTIONS FOR JOINT AND SURVIVOR PAYMENTS. If you elect payments on 
a joint and survivor basis:                                                     

o    the joint annuitant must be your spouse; and                               

o    neither you nor the joint annuitant can be over age 83.                    

PAYMENTS AFTER THE FIXED PERIOD. After the end of the fixed period, we will     
continue your payments under the life contingent annuity if either you or the   
joint annuitant is living. Payments continue throughout your lifetime (or the   
lifetime of the joint annuitant, if joint and survivor payments are elected) on 
the same payment schedule (either monthly, quarterly or annually) as the        
payments you received during the fixed period.                                  

--------------------------------------------------------------------------------
The portion of your contribution allocated to the life contingent annuity does  
not have a cash value or an account value and, therefore, does not provide for  
withdrawals.                                                                    
--------------------------------------------------------------------------------

THERE IS NO DEATH BENEFIT PROVIDED UNDER THE LIFE CONTINGENT ANNUITY AND        
PAYMENTS ARE MADE TO YOU ONLY IF YOU (OR THE JOINT ANNUITANT) ARE LIVING WHEN   
THE PAYMENTS ARE SCHEDULED                                                      

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TO BEGIN. THESE PAYMENTS ARE ONLY MADE DURING YOUR LIFETIME AND, IF APPLICABLE, 
THE LIFETIME OF THE JOINT ANNUITANT. THEREFORE, YOU SHOULD CONSIDER THE         
POSSIBILITY THAT NO PAYMENTS WILL BE MADE UNDER THE LIFE CONTINGENT ANNUITY IF  
YOU (OR THE JOINT ANNUITANT) DO NOT SURVIVE TO THE DATE PAYMENTS ARE TO BEGIN.  

Under the life contingent annuity you may elect single life or joint and        
survivor payments. Joint and survivor payments are available on a 100%,         
one-half or two-thirds to survivor basis. Your first payment under the life     
contingent annuity will be 10% greater than the final payment under the fixed   
period. After the fixed period we will increase your payments annually on each  
anniversary of the payment start date under the life contingent annuity. We     
will base this increase on the annual increase in the Consumer Price Index, but 
it will never be greater than 3% per year.                                      

ALLOCATION OF WITHDRAWALS. Only lump sum withdrawals are permitted under the    
Assured Payment Option. We will subtract your withdrawal from all remaining     
fixed maturity options to which your account value is allocated as well as from 
amounts held in the separate account to provide for payments off maturity       
dates. As a result we will reduce the amount of your payments and the length of 
your fixed period. We will also begin making payments to you under the life     
contingent annuity at an earlier date. In order to achieve this result we will  
withdraw additional amounts over the amount of the withdrawal you requested.    
These amounts will be taken from the separate account which contains the fixed  
maturity options and from amounts held to provide for payments off maturity     
dates. The amounts are then allocated to the life contingent annuity. The exact 
additional amount we withdraw will depend on how much is necessary to assure    
that the same pattern of payments will continue in reduced amounts for your     
life and the life of the joint annuitant. The first increase in your payments   
will take place no later than the date of the next planned increase.            

Withdrawals are subject to a withdrawal charge and will have a 10% free         
withdrawal amount available. No withdrawal charges will apply to the payments   
made during the fixed period or a withdrawal made to meet the minimum           
distribution requirement under the contract.                                    

DEATH BENEFIT. If a death benefit becomes payable during the fixed period we    
will pay the death benefit amount to the designated beneficiary. The death      
benefit amount is the greater of:                                               

(1)  your account value; and                                                    

(2)  the sum of the fixed maturity amounts in each fixed maturity option plus   
any amounts to provide for payments off maturity dates.               

We will not make any payments under the life contingent annuity after your      
death unless you have elected payments on a joint and survivor basis. If you    
elect joint and one-half or joint and two-thirds to survivor payments, at your  
death or the joint annuitant's death, we will reduce the payments by one-half   
or one-third, whichever applies.                                                

--------------------------------------------------------------------------------
A death benefit is never payable under the life contingent annuity. The death   
benefit applies only during the fixed period.                                   
--------------------------------------------------------------------------------

TERMINATION. The Assured Payment Option will be terminated if you:              

(1)  cancel the option at any time by sending a written request satisfactory to 
us; or                                                                

(2)  submit an additional contribution and you do not want it allocated under   
the Assured Payment Option; or                                        

(3)  request a transfer of your account value; or                               

(4)  request a change in the date the payments are to start under the life      
contingent annuity.                                                   

Once the Assured Payment Option has ended, the life contingent annuity will     
remain in effect and payments will be made if you or the joint annuitant, are   
living on the date payments are to start. No additional amounts will be         
allocated under the life contingent annuity. You may elect to restart the       
Assured Payment Option by submitting a written request satisfactory to us, but  
no sooner than three years after the option was terminated. If you own an       
Equitable Accumulator Rollover IRA or Flexible Premium IRA contract and you     
elected                                                                         

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the Assured Payment Option at age 70-1/2 or older and subsequently terminate    
this option, required minimum distributions must continue to be made for your   
contract. Before terminating the Assured Payment Option, you should consider    
the implications this may have under the minimum distribution requirements. See 
"Tax Information."                                                              

ANNUITY PAYOUT OPTIONS AND SURRENDERING THE CONTRACT. Once your contract is     
surrendered or an annuity payout option is chosen, we will return the contract  
to you with a notation that the life contingent annuity is still in effect. You 
may not surrender the life contingent annuity.                                  

APO PLUS                                                                        

APO Plus is a variation of the Assured Payment Option. Except as indicated      
below, APO Plus operates under the same guidelines as the Assured Payment       
Option. Under APO Plus you will be able to keep a portion of your value in the  
EQ/Alliance Common Stock option or the EQ/Alliance Equity Index option,         
whichever one you choose. Once you have selected a variable investment option   
it may not be changed.                                                          

You may not elect APO Plus if the Assured Payment Option is already in effect.  

APO Plus allows you to remain invested in the variable investment option for    
longer than would be possible if you had applied your entire account value all  
at once to the Assured Payment Option or to an annuity payout option.           

HOW WE ALLOCATE YOUR CONTRIBUTIONS. We allocate a portion of your initial       
contribution or account value to the Assured Payment Option. Under the Assured  
Payment Option amounts are allocated in the same manner as described above.     
Your remaining account value is allocated to the variable investment option you 
select. Periodically during the fixed period we transfer a portion of your      
value in the variable investment option to the fixed maturity options to        
increase your guaranteed level payments under the Assured Payment Option.       

The amount allocated under the Assured Payment Option will provide for level    
payments. The amount of the level payments are equal to the amount of the       
initial payment that would have been provided if you had allocated your entire  
initial contribution or account value under the Assured Payment Option. The     
difference between the amount required for level payments and the amount        
required for increasing payments provided under the Assured Payment Option, is  
allocated to the variable investment option you selected. If you have any value 
in the fixed maturity options at the time this option is elected, a market      
value adjustment may apply as a result of such amounts being transferred to     
activate the Assured Payment Option.                                            

FIXED PERIOD. The fixed period and deferral period schedule shown for the       
Assured Payment Option will also apply under APO Plus.                          

On the third February 15th following the date your first payment is made during 
the fixed period, a portion of your value in the variable investment option may 
be transferred to the Assured Payment Option in order to increase your level    
payments. If you elect a deferral period of three years or more, a portion of   
your value in the variable investment option will be allocated to the Assured   
Payment Option on the February 15th before the date your first payment is made. 
If your payments are to be made on February 15th, the date of the first payment 
will be counted as the first February 15th for the purpose of this transfer to  
the Assured Payment Option.                                                     

The transfer of amounts to the Assured Payment Option is repeated each third    
year during the fixed period. The first increase in payments will be reflected  
in the payment made to you after three full years of payments and then every    
three years after that. Immediately following your last payment during the      
fixed period, your remaining value in the variable investment option is first   
allocated to the life contingent annuity to change the level payments           
previously purchased to increasing payments. These increasing payments will     
increase each year based on the annual increase in the Consumer Price Index,    
but never greater than 3%. If you have any value remaining after the increasing 
payments are purchased, this amount is allocated to the life contingent annuity 
to further increase your lifetime payments. If your value in the variable       
investment option is insufficient to purchase the increasing payments, then the 
level payments previously purchased will be raised as much as possible.         

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While APO Plus provides you with a minimum amount of level guaranteed lifetime  
payments under the Assured Payment Option, the total amount of income that you  
will receive over time will depend on the investment performance of the         
variable investment option which you selected. It will also depend on the       
current rates to maturity and the cost of the life contingent annuity, which    
also varies. As a result, the combined amount of guaranteed lifetime income you 
receive under APO Plus may be more or less than the amount that could have been 
purchased if your entire initial contribution or account value had been         
allocated to the Assured Payment Option.                                        

See Appendix VI for an example of the payments purchased under APO Plus.        

ALLOCATION OF ADDITIONAL CONTRIBUTIONS. Any additional contributions you make   
may only be allocated to the variable investment option. We do not permit       
additional contributions after the end of the fixed period.                     

WITHDRAWALS. If you take a lump sum withdrawal or if a lump sum withdrawal is   
made to satisfy minimum distribution requirements such withdrawal will be taken 
from your value in the variable investment option unless you specify otherwise. 
If there is insufficient value in the variable investment option any additional 
amount will be taken from the separate account containing the fixed maturity    
options and from amounts held to provide for payments off maturity dates, in    
the same manner as described above for the Assured Payment Option.              

DEATH BENEFIT. If a death benefit becomes payable during the fixed period we    
will pay the death benefit amount to the designated beneficiary. The death      
benefit amount is equal to the greater of your value in the:                    

(1)  fixed maturity options; and                                                

(2)  the separate account containing the fixed maturity amounts and any amounts 
held to provide for payments off maturity dates.                      

When the greater of (1) and (2) above is determined, the value in the variable  
investment option is added. A death benefit is never payable under the life     
contingent annuity.                                                             

TERMINATION OF APO PLUS. You may terminate APO Plus at any time by submitting a 
written request satisfactory to us. You may choose one of the following two     
options if you terminate APO Plus:                                              

(1)  your contract will operate under the Equitable Accumulator Rollover IRA or 
Flexible Premium IRA rules; or                                        

(2)  you may elect the Assured Payment Option.                                  

If you elect the Assured Payment Option, your remaining value in the variable   
investment option will be allocated to the fixed maturity options, the separate 
account to provide for payments off maturity dates, and the life contingent     
annuity. A market value adjustment may apply for any amounts allocated from a   
fixed maturity option. At least 45 days prior to the end of each three-year     
period, we will send you a quote indicating how much future income could be     
provided under the Assured Payment Option. The quote would be based on your     
current account value, current rates to maturity for the fixed maturity         
options, and current purchase rates under the life contingent annuity as of the 
date of the quote. The actual amount of future income you would receive depends 
on the rates in effect on the day you switch to the Assured Payment Option.     

WITHDRAWING YOUR ACCOUNT VALUE                                                  

You have several ways to withdraw your account value before annuity payments    
begin. The table below shows the methods available under each type of contract. 
More information follows the table. For the tax consequences of withdrawals,    
see "Tax information."                                                          

                                                                [Download Table]

--------------------------------------------------------------------------------
                                      METHOD OF WITHDRAWAL                      
--------------------------------------------------------------------------------
                                                                      LIFETIME  
                                                                      REQUIRED  
                                                  SUBSTANTIALLY       MINIMUM   
     CONTRACT       LUMP SUM      SYSTEMATIC          EQUAL         DISTRIBUTION
--------------------------------------------------------------------------------
                                                                                
NQ                    Yes            Yes                No              No      
--------------------------------------------------------------------------------
Rollover IRA*         Yes            Yes                Yes             Yes     
--------------------------------------------------------------------------------
Flexible Premium                                                                
   IRA*               Yes            Yes                Yes             Yes     
--------------------------------------------------------------------------------
Roth Conversion                                                                 
   IRA                Yes            Yes                Yes             No      
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                                                                [Download Table]

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                                      METHOD OF WITHDRAWAL                      
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                                                                      LIFETIME  
                                                                      REQUIRED  
                                                  SUBSTANTIALLY       MINIMUM   
     CONTRACT       LUMP SUM      SYSTEMATIC          EQUAL         DISTRIBUTION
--------------------------------------------------------------------------------
                                                                                
Flexible Premium                                                                
   Roth IRA           Yes            Yes               Yes              No      
--------------------------------------------------------------------------------
QP                    Yes            No                No               Yes     
--------------------------------------------------------------------------------
Rollover TSA**        Yes            Yes               No               Yes     
--------------------------------------------------------------------------------

*    If Assured Payment Option or APO Plus is elected, only lump sum withdrawals
are available.                                                        

**   For some Rollover TSA contracts, your ability to take withdrawals, loans or
surrender your contract may be limited. You must provide withdrawal   
   restriction information when you apply for a contract. See "Tax Sheltered
Annuity contracts (TSAs)" in "Tax information."                       

LUMP SUM WITHDRAWALS                                                            
(All contracts)                                                                 

You may take lump sum withdrawals from your account value at any time.          
(Rollover TSA contracts may have restrictions.) The minimum amount you may      
withdraw is $300. If you request to withdraw more than 90% of a contract's      
current cash value we will treat it as a request to surrender the contract for  
its cash value. See "Surrendering your contract to receive its cash value"      
below.                                                                          

Lump sum withdrawals in excess of the 15% (10% under Assured Payment Option or  
APO Plus) free withdrawal amount (see "15% free withdrawal amount" in "Charges  
and expenses") may be subject to a withdrawal charge. Under Rollover TSA        
contracts, if a loan is outstanding, you may only take lump sum withdrawals as  
long as the cash value remaining after any withdrawal equals at least 10% of    
the outstanding loan plus accrued interest.                                     

SYSTEMATIC WITHDRAWALS                                                          

(NQ, Rollover TSA and all IRA contracts)                                        

You may take systematic withdrawals of a particular dollar amount or a          
particular percentage of your account value. (Rollover TSA contracts may have   
restrictions).                                                                  

You may take systematic withdrawals on a monthly, quarterly, or annual basis as 
long as the withdrawals do not exceed the following percentages of your account 
value: 1.2% monthly, 3.6% quarterly, and 15.0% annually. The minimum amount you 
may take in each systematic withdrawal is $250. If the amount withdrawn would   
be less than $250 on the date a withdrawal is to be taken, we will not make a   
payment and we will terminate your systematic withdrawal election.              

We will make the withdrawals on any day of the month that you select as long as 
it is not later than the 28th day of the month. If you do not select a date, we 
will make the withdrawals on the same calendar day of the month as the contract 
date. You must wait at least 28 days after your contract is issued before your  
systematic withdrawals can begin.                                               

You may elect to take systematic withdrawals at any time. If you own an IRA     
contract, you may elect this withdrawal method only if you are between ages     
59-1/2 and 70-1/2.                                                              

You may change the payment frequency, or the amount or percentage of your       
systematic withdrawals, once each contract year. However, you may not change    
the amount or percentage in any contract year in which you have already taken a 
lump sum withdrawal. You can cancel the systematic withdrawal option at any     
time.                                                                           

Systematic withdrawals are not subject to a withdrawal charge, except to the    
extent that, when added to a lump sum withdrawal previously taken in the same   
contract year, the systematic withdrawal exceeds the 15% free withdrawal        
amount.                                                                         

SUBSTANTIALLY EQUAL WITHDRAWALS                                                 
(All IRA contracts)                                                             

The substantially equal withdrawals option allows you to receive distributions  
from your account value without triggering the 10% additional federal tax       
penalty, which normally applies to distributions made before age 59-1/2. See    
"Tax information." Once you begin to take substantially equal withdrawals, you  
should not stop them or change the pattern of your withdrawals until after the  
later of age 59-1/2 or five full                                                

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years after the first withdrawal. If you stop or change the withdrawals or take 
a lump sum withdrawal, you may be liable for the 10% federal tax penalty that   
would have otherwise been due on prior withdrawals made under this option and   
for any interest on those withdrawals.                                          

You may elect to take substantially equal withdrawals at any time before age    
59-1/2. We will make the withdrawal on any day of the month that you select as  
long as it is not later than the 28th day of the month. You may not elect to    
receive the first payment in the same contract year in which you took a lump    
sum withdrawal. We will calculate the amount of your substantially equal        
withdrawals. The payments will be made monthly, quarterly, or annually as you   
select. These payments will continue until we receive written notice from you   
to cancel this option or you take a lump sum withdrawal. You may elect to start 
receiving substantially equal withdrawals again, but the payments may not       
restart in the same contract year in which you took a lump sum withdrawal. We   
will calculate the new withdrawal amount.                                       

Substantially equal withdrawals are not subject to a withdrawal charge.         

LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS                              

(Rollover IRA, Flexible Premium IRA, QP, and Rollover TSA contracts only -- See 
"Tax information")                                                              

We offer the minimum distribution withdrawal option to help you meet lifetime   
required minimum distributions under federal income tax rules. You may elect    
this option in the year in which you reach age 70-1/2. The minimum amount we    
will pay out is $250. You may elect the method you want us to use to calculate  
your minimum distribution withdrawals from the choices we offer. Currently,     
minimum distribution withdrawal payments will be made annually. See the         
"Required minimum distributions" section in "Tax information" for your specific 
type of retirement arrangement.                                                 

We do not impose a withdrawal charge on minimum distribution withdrawals except 
if when added to a lump sum withdrawal previously taken in the same contract    
year, the minimum distribution withdrawal exceeds the 15% free withdrawal       
amount.                                                                         

We will calculate your annual payment based on your account value at the end of 
the prior calendar year based on the method you choose.                         

Under Rollover TSA contracts, you may not elect minimum distribution            
withdrawals if a loan is outstanding.                                           

--------------------------------------------------------------------------------

For Rollover IRA, Flexible Premium IRA, QP, and Rollover TSA contracts, we will 
send a form outlining the distribution options available in the year you reach  
age 701/2 (if you have not begun your annuity payments before that time).       
--------------------------------------------------------------------------------

HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE                               

Unless you specify otherwise, we will subtract your withdrawals on a pro rata   
basis from your value in the variable investment options. If there is           
insufficient value or no value in the variable investment options, any          
additional amount of the withdrawal required or the total amount of the         
withdrawal will be withdrawn from the fixed maturity options in order of the    
earliest maturity date(s) first and then from the account for special dollar    
cost averaging. A market value adjustment may apply to withdrawals from the     
fixed maturity options.                                                         

HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED    
MINIMUM DEATH BENEFIT                                                           

Withdrawals will reduce your guaranteed benefits on either a dollar-for-dollar  
basis or on a pro rata basis as explained below:                                

INCOME BENEFIT AND DEATH BENEFIT                                                

5% roll up to age 80 or age 70 -- If you elect the 5% roll up to age 80 or 5%   
roll up to age 70 guaranteed minimum death benefit, your benefit base will be   
reduced on a dollar-for-dollar basis as long as the sum of your withdrawals in  
a contract year is 5% or less of the guaranteed minimum death benefit on the    
most recent contract date anniversary. Once you take a withdrawal that causes   
the sum of your withdrawals in a contract year to exceed 5% of the guaranteed   
minimum death benefit on the most recent contract date anniversary, that        

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withdrawal and any subsequent withdrawals in that same contract year will       
reduce your benefit base on a pro rata basis.                                   

The timing of your withdrawals and whether they exceed the 5% threshold         
described above can have a significant impact on your guaranteed minimum income 
benefit or guaranteed minimum death benefit.                                    

Annual ratchet to age 80 -- If you elect the annual ratchet to age 80           
guaranteed minimum death benefit, each withdrawal will always reduce your       
benefit base and current guaranteed minimum death benefit on a pro rata basis.  

Annuitant issue ages 80 through 90 -- If your contract was issued when the      
annuitant was between ages 80 and 90, each withdrawal will always reduce your   
current guaranteed minimum death benefit on a pro rata basis.                   

 -------------------------------------

Reduction on a dollar-for-dollar basis means that your current benefit will be  
reduced by the dollar amount of the withdrawal. Reduction on a pro rata basis   
means that we calculate the percentage of your current account value that is    
being withdrawn and we reduce your current benefit by that same percentage. For 
example, if your account value is $30,000 and you withdraw $12,000, you have    
withdrawn 40% of your account value. If your guaranteed minimum death benefit   
was $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000      
x.40) and your new guaranteed minimum death benefit after the withdrawal would  
be $24,000 ($40,000 - $16,000).                                                 

LOANS UNDER ROLLOVER TSA CONTRACTS                                              

You may take loans from a Rollover TSA unless restricted by the employer who    
provided the Rollover TSA funds. If you cannot take a loan, or cannot take a    
loan without approval from the employer who provided the funds, we will have    
this information in our records based on what you and the employer who provided 
the funds told us when you purchased your contract. The employer must also tell 
us whether special employer plan rules of the Employee Retirement Income        
Security Act of 1974 ("ERISA") apply. We will not permit you to take a loan     
while you are taking minimum distribution withdrawals.                          

You should read the terms and conditions on our loan request form carefully     
before taking out a loan. Under Rollover TSA contracts subject to ERISA, you    
may only take a loan with the written consent of your spouse. Your contract     
contains further details of the loan provision. Also, see "Tax information" for 
general rules applicable to loans.                                              

We will permit you to have only one loan outstanding at a time. The minimum     
loan amount is $1,000. The maximum amount is $50,000 or, if less, 50% of your   
account value, subject to any limits under the federal income tax rules. The    
term of a loan is five years. However, if you use the loan to acquire your      
primary residence, the term is 10 years. The term may not extend beyond the     
earliest of:                                                                    

(1)  the date annuity payments begin;                                           

(2)  the date the contract terminates; and                                      

(3)  the date a death benefit is paid (the outstanding loan will be deducted    
from the death benefit amount).                                       

Interest will accrue daily on your outstanding loan at a rate we set. The loan  
interest rate will be equal to the Moody's Corporate Bond Yield Averages for    
Baa bonds for the calendar month ending two months before the first day of the  
calendar quarter in which the rate is determined.                               

LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer the  
amount of your loan to the loan reserve account. Unless you specify otherwise,  
we will subtract your loan on a pro rata basis from your value in the variable  
investment options. If there is insufficient value or no value in the variable  
investment options, any additional amount of the loan will be subtracted from   
the fixed maturity options in order of the earliest maturity date(s) first. A   
market value adjustment may apply.                                              

We will credit interest to the amount in the loan reserve account at a rate of  
2% lower than the loan interest rate that applies for the time your loan is     
outstanding. On each contract date anniversary after the date the loan is       
processed, we will                                                              

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transfer the amount of interest earned in the loan reserve account to the       
variable investment options on a pro rata basis. When you make a loan           
repayment, unless you specify otherwise, we will transfer the dollar amount of  
the loan repaid from the loan reserve account to the investment options         
according to the allocation percentages we have on our records.                 

SURRENDERING YOUR CONTRACT TO RECEIVE ITS CASH VALUE                            

You may surrender your contract to receive its cash value at any time while the 
annuitant is living and before you begin to receive annuity payments. (Rollover 
TSA contracts may have restrictions.) For a surrender to be effective, we must  
receive your written request and your contract at our processing office. We     
will determine your cash value on the date we receive the required information. 
All benefits under the contract will terminate as of that date.                 

You may receive your cash value in a single sum payment or apply it to one or   
more of the annuity payout options. See "Your annuity payout options" below.    
For the tax consequences of surrenders, see "Tax information."                  

WHEN TO EXPECT PAYMENTS                                                         

Generally, we will fulfill requests for payments out of the variable investment 
options within seven calendar days after the date of the transaction to which   
the request relates. These transactions may include applying proceeds to a      
variable annuity, payment of a death benefit, payment of any amount you         
withdraw (less any withdrawal charge) and, upon surrender, payment of the cash  
value. We may postpone such payments or applying proceeds for any period during 
which:                                                                          

(1)  the New York Stock Exchange is closed or restricts trading,                

(2)  sales of securities or determination of the fair value of a variable       
investment option's assets is not reasonably practicable because of an
emergency, or                                                         

(3)  the SEC, by order, permits us to defer payment to protect people remaining 
in the variable investment options.                                   

We can defer payment of any portion of your value in the fixed maturity options 
and the account for special dollar cost averaging (other than for death         
benefits) for up to six months while you are living. We also may defer payments 
for a reasonable amount of time (not to exceed 10 days) while we are waiting    
for a contribution check to clear.                                              

All payments are made by check and are mailed to you (or the payee named in a   
tax-free exchange) by U.S. mail, unless you request that we use an express      
delivery service at your expense.                                               

YOUR ANNUITY PAYOUT OPTIONS                                                     

Equitable Accumulator offers you several choices of annuity payout options.     
Some enable you to receive fixed annuity payments, which can be either level or 
increasing, and others enable you to receive variable annuity payments.         

You can choose from among the annuity payout options listed below. Restrictions 
may apply, depending on the type of contract you own or the annuitant's age at  
contract issue. In addition, if you are exercising your guaranteed minimum      
income benefit under baseBUILDER, your choice of payout options are those that  
are available under the baseBUILDER (see "Our baseBUILDER option").             

                                                                [Download Table]
                                                                    
--------------------------------------------------------------------
Fixed annuity payout options            Life annuity                
                                        Life annuity with period    
                                          certain                   
                                        Life annuity with refund    
                                          certain                   
                                        Period certain annuity      
--------------------------------------------------------------------
Variable Immediate Annuity              Life annuity (not available 
   payout options                         in New York)              
                                        Life annuity with period    
                                          certain                   
--------------------------------------------------------------------
Income Manager payout options           Life annuity with period    
   (available for annuitants age 83       certain                   
   or less at contract issue)           Period certain annuity      
--------------------------------------------------------------------

o    Life annuity: An annuity that guarantees payments for the rest of the      
annuitant's life. Payments end with the last                          

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monthly payment before the annuitant's death. Because there is no     
   continuation of benefits following the annuitant's death with this payout
    option, it provides the highest monthly payment of any of the life annuity
options, so long as the annuitant is living.                          

o    Life annuity with period certain: An annuity that guarantees payments for  
     the rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments continue to the  
beneficiary for the balance of the period certain. The period certain 
     cannot extend beyond the annuitant's life expectancy. A life annuity with a
 period certain is the form of annuity under the contracts that you will
  receive if you do not elect a different payout option. In this case, the
    period certain will be based on the annuitant's age and will not exceed 10
years.                                                                

o    Life annuity with refund certain: An annuity that guarantees payments for  
   the rest of the annuitant's life. If the annuitant dies before the amount
    applied to purchase the annuity option has been recovered, payments to the
     beneficiary will continue until that amount has been recovered. This payout
option is available only as a fixed annuity.                          

o    Period certain annuity: An annuity that guarantees payments for a specific 
    period of time, usually 5, 10, 15, or 20 years. This guaranteed period may
    not exceed the annuitant's life expectancy. This option does not guarantee
payments for the rest of the annuitant's life. It does not permit any 
   repayment of the unpaid principal, so you cannot elect to receive part of
    the payments as a single sum payment with the rest paid in monthly annuity
payments. This payout option is available only as a fixed annuity.    

The life annuity, life annuity with period certain, and life annuity with       
refund certain payout options are available on a single life or joint and       
survivor life basis. The joint and survivor life annuity guarantees payments    
for the rest of the annuitant's life and, after the annuitant's death, payments 
continue to the survivor. We may offer other payout options not outlined here.  
Your financial professional can provide details.                                

FIXED ANNUITY PAYOUT OPTION                                                     

With fixed annuities, we guarantee fixed annuity payments will be based either  
on the tables of guaranteed annuity purchase factors in your contract or on our 
then current annuity purchase factors, whichever is more favorable for you.     

VARIABLE IMMEDIATE ANNUITY PAYOUT OPTIONS                                       

Variable Immediate Annuities are described in a separate prospectus that is     
available from your financial professional. Before you select a Variable        
Immediate Annuity payout option, you should read the prospectus which contains  
important information that you should know.                                     

Variable annuities may be funded through your choice of variable investment     
options investing in portfolios of EQ Advisors Trust. The contract also offers  
a fixed annuity option that can be elected in combination with the variable     
annuity payout options. The amount of each variable annuity payment will        
fluctuate, depending upon the performance of the variable investment options,   
and whether the actual rate of investment return is higher or lower than an     
assumed base rate.                                                              

INCOME MANAGER PAYOUT OPTIONS                                                   

The Income Manager payout annuity contracts differ from the other payout        
annuity contracts. The other payout annuity contracts may provide higher or     
lower income levels, but do not have all the features of the Income Manager     
payout annuity contract. You may request an illustration of the Income Manager  
payout annuity contract from your financial professional. Income Manager payout 
options are described in a separate prospectus that is available from your      
financial professional. Before you select an Income Manager payout option, you  
should read the prospectus which contains important information that you should 
know.                                                                           

Both Income Manager payout options provide guaranteed level payments (NQ and    
IRA contracts). The Income Manager (life annuity with period certain) also      
provides guaranteed increasing payments (NQ contracts only). You may not elect  
a                                                                               

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period certain Income Manager payout option unless withdrawal charges are no    
longer in effect under your Equitable Accumulator.                              

For QP and Rollover TSA contracts, if you want to elect an Income Manager       
payout option, we will first roll over amounts in such contract to a Rollover   
IRA contract. You will be the owner of the Rollover IRA contract.               

You may choose to apply only part of the account value of your Equitable        
Accumulator contract to an Income Manager payout annuity. In this case, we will 
consider any amounts applied as a withdrawal from your Equitable Accumulator    
and we will deduct any applicable withdrawal charge. For the tax consequences   
of withdrawals, see "Tax information."                                          

Depending upon your circumstances, the purchase of an Income Manager contract   
may be done on a tax-free basis. Please consult your tax adviser.               

THE AMOUNT APPLIED TO PURCHASE AN ANNUITY PAYOUT OPTION                         

The amount applied to purchase an annuity payout option varies, depending on    
the payout option that you choose, and the timing of your purchase as it        
relates to any withdrawal charges or market value adjustments.                  

If amounts in a fixed maturity option are used to purchase any annuity payout   
option, prior to the maturity date, a market value adjustment will apply.       

For the fixed annuity payout options and Variable Immediate Annuity payout      
options, no withdrawal charge is imposed if you select a life annuity, life     
annuity with period certain or life annuity with refund certain.                

For the fixed annuity payout option, the withdrawal charge applicable under     
your Equitable Accumulator is imposed if you select a period certain. If the    
period certain is more than 5 years, then the withdrawal charge deducted will   
not exceed 5% of the account value.                                             

For the Income Manager payout options no withdrawal charge is imposed under the 
Equitable Accumulator. If the withdrawal charge that otherwise would have been  
applied to your account value under your Equitable Accumulator is greater than  
2% of the contributions that remain in your contract at the time you purchase   
your payout option, the withdrawal charges under the Income Manager will apply. 
For this purpose, the year in which your account value is applied to the payout 
option will be "contract year 1."                                               

For contracts issued in New York where the annuitant was age 84 or 85 at        
contract issue, any applicable withdrawal charge will be imposed on payments if 
you select a period certain annuity.                                            

SELECTING AN ANNUITY PAYOUT OPTION                                              

When you select a payout option, we will issue you a separate written agreement 
confirming your right to receive annuity payments. We require you to return     
your contract before annuity payments begin unless you are applying only some   
of your account value to an Income Manager contract. The contract owner and     
annuitant must meet the issue age and payment requirements.                     

You can choose the date annuity payments begin but it may not be earlier than   
thirteen months from the Equitable Accumulator contract date. Except with       
respect to the Income Manager annuity payout options, where payments are made   
on the 15th day of each month, you can change the date your annuity payments    
are to begin anytime before that date as long as you do not choose a date later 
than the 28th day of any month. Also, that date may not be later than:          

(i)   if the annuitant was not older than age 83 when the contract was issued,  
     the contract date anniversary that follows the annuitant's 90th birthday;

(ii)  if the annuitant was age 84 but not older than age 88 when the contract   
was issued the annuitant's age at issue plus seven years;           

(iii) if the annuitant was age 89 or 90 when the contract was issued, age 95;   
and                                                                 

(iv)  for contracts issued in New York, by the annuitant's 90th birthday.       

The above may be different in some states.                                      

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Before the last date by which your annuity payments must begin, we will notify  
you by letter. Once you have selected an annuity payout option and payments     
have begun, no change can be made other than: (i) transfers (if permitted in    
the future) among the variable investment options if a Variable Immediate       
Annuity payout option is selected; and (ii) withdrawals or contract surrender   
(subject to a market value adjustment) if an Income Manager annuity payout      
option is chosen.                                                               

The amount of the annuity payments will depend on the amount applied to         
purchase the annuity and the applicable annuity purchase factors, discussed     
earlier.                                                                        

In no event will you ever receive payments under a fixed option or an initial   
payment under a variable option of less than the minimum amounts guaranteed by  
the contract.                                                                   

If, at the time you elect a payout option, the amount to be applied is less     
than $2,000 or the initial payment under the form elected is less than $20      
monthly, we reserve the right to pay the account value in a single sum rather   
than as payments under the payout option chosen.                                

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Charges and expenses                                                            

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CHARGES THAT EQUITABLE LIFE DEDUCTS                                             

We deduct the following charges each day from the net assets of each variable   
investment option. These charges are reflected in the unit values of each       
variable investment option:                                                     

o    A mortality and expense risks charge                                       

o    An administrative charge                                                   

o    A distribution charge                                                      

We deduct the following charges from your account value. When we deduct these   
charges from your variable investment options, we reduce the number of units    
credited to your contract:                                                      

o    On each contract date anniversary -- an annual administrative charge if    
  applicable (Flexible Premium IRA and Flexible Premium Roth IRA contracts
only).                                                                

o    At the time you make certain withdrawals or surrender your contract -- a   
withdrawal charge.                                                    

o    If you elect the optional benefit -- a charge for the optional baseBUILDER 
benefit.                                                              

o    At the time annuity payments are to begin -- charges designed to           
    approximate certain taxes that may be imposed on us, such as premium taxes
in your state. An annuity administrative fee may also apply.          

o    A charge for Protection Plus, if you elect this optional benefit.          

More information about these charges appears below. We will not increase these  
charges for the life of your contract, except as noted. We may reduce certain   
charges under group or sponsored arrangements. See "Group or sponsored          
arrangements" below.                                                            

To help with your retirement planning, we may offer other annuities with        
different charges, benefits, and features. Please contact your financial        
professional for more information.                                              

MORTALITY AND EXPENSE RISKS CHARGE                                              

We deduct a daily charge from the net assets in each variable investment option 
to compensate us for mortality and expense risks, including the guaranteed      
minimum death benefit. The daily charge is equivalent to an annual rate of      
1.10% of the net assets in each variable investment option.                     

The mortality risk we assume is the risk that annuitants as a group will live   
for a longer time than our actuarial tables predict. If that happens, we would  
be paying more in annuity income than we planned. We also assume a risk that    
the mortality assumptions reflected in our guaranteed annuity payment tables,   
shown in each contract, will differ from actual mortality experience. Lastly,   
we assume a mortality risk to the extent that at the time of death, the         
guaranteed minimum death benefit exceeds the cash value of the contract. The    
expense risk we assume is the risk that it will cost us more to issue and       
administer the contracts than we expect.                                        

ADMINISTRATIVE CHARGE                                                           

We deduct a daily charge from the net assets in each variable investment        
option. The charge, together with the annual administrative charge described    
below, is to compensate us for administrative expenses under the contracts. The 
daily charge is equivalent to an annual rate of 0.25% of the net assets in each 
variable investment option. We reserve the right under the contracts to         
increase this charge to an annual rate of 0.35%.                                

DISTRIBUTION CHARGE                                                             

We deduct a daily charge from the net assets in each variable investment option 
to compensate us for a portion of our sales expenses under the contracts. The   
daily charge is equivalent to an annual rate of 0.20% of the net assets in each 
variable investment option.                                                     

ANNUAL ADMINISTRATIVE CHARGE (FLEXIBLE PREMIUM IRA AND FLEXIBLE PREMIUM ROTH    
IRA CONTRACTS ONLY)                                                             

Under Flexible Premium IRA and Flexible Premium Roth IRA contracts, we deduct   
an administrative charge from your account value on each contract date          
anniversary. We deduct the charge if your account value on the last business    
day of the contract year is less than $25,000. If your account value on such    
date is $25,000 or more, we do not deduct the charge.                           

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During the first two contract years, the charge is equal to $30 or, if less, 2% 
of your account value. The charge is $30 for contract years three and later.    

We will deduct this charge from your value in the variable investment options   
on a pro rata basis. If there is not enough value in the variable investment    
options, we will deduct all or a portion of the charge from the fixed maturity  
options in order of the earliest maturity date(s) first. If you surrender your  
contract during the contract year we will deduct a pro rata portion of the      
charge.                                                                         

WITHDRAWAL CHARGE                                                               

A withdrawal charge applies in two circumstances: (1) if you make one or more   
withdrawals during a contract year that, in total, exceed the 15% free          
withdrawal amount, described below, or (2) if you surrender your contract to    
receive its cash value.                                                         

The withdrawal charge equals a percentage of the contributions withdrawn. The   
percentage that applies depends on how long each contribution has been invested 
in the contract. We determine the withdrawal charge separately for each         
contribution according to the following table:                                  

                                                                [Download Table]

--------------------------------------------------------------------------------
                                       CONTRACT YEAR                            
--------------------------------------------------------------------------------
                    1       2       3       4       5       6       7       8+  
--------------------------------------------------------------------------------
                                                                                
  Percentage of                                                                 
   contribution     7%      6%      5%      4%      3%      2%      1%      0%  
--------------------------------------------------------------------------------

If the Assured Payment Option or APO Plus is in effect, the withdrawal charge   
is equal to a percentage of the contributions withdrawn minus any amounts       
allocated to the life contingent annuity.                                       

For purposes of calculating the withdrawal charge, we treat the contract year   
in which we receive a contribution as "contract year 1." Amounts withdrawn up   
to the free withdrawal amount are not considered withdrawal of any              
contribution. We also treat contributions that have been invested the longest   
as being withdrawn first. We treat contributions as withdrawn before earnings   
for purposes of calculating the withdrawal charge. However, federal income tax  
rules treat earnings under your contract as withdrawn first. See "Tax           
information." Please note that you may incur a withdrawal charge if your        
contract was issued in New York and your annuitant was age 84 or 85 at issue    
because you must accept distribution of your cash value beginning with the      
contract anniversary following the annuitant's 90th birthday.                   

In order to give you the exact dollar amount of the withdrawal you request, we  
deduct the amount of the withdrawal and the withdrawal charge from your account 
value. Any amount deducted to pay withdrawal charges is also subject to that    
same withdrawal charge percentage. We deduct the charge in proportion to the    
amount of the withdrawal subtracted from each investment option. The withdrawal 
charge helps cover our sales expenses.                                          

For annuitants that are ages 84 and 85 when the contract is issued in           
Pennsylvania, the withdrawal charge will be computed in the same manner as for  
other contracts, except that the withdrawal charge schedule will be different.  
For these contracts, the withdrawal charge schedule will be 5% of each          
contribution made in the first contract year, decreasing by 1% each subsequent  
contract year to 0% in the sixth and later contract years.                      

The withdrawal charge does not apply in the circumstances described below.      

ANNUITANT AGES 86 THROUGH 90 WHEN THE CONTRACT IS ISSUED.                       
The withdrawal charge does not apply under the contract if the annuitant is age 
86 or older when the contract is issued.                                        

15% FREE WITHDRAWAL AMOUNT. Each contract year you can withdraw up to 15% of    
your account value without paying a withdrawal charge. The 15% free withdrawal  
amount is determined using your account value on the most recent contract date  
anniversary, minus any other withdrawals made during the contract year. The 15% 
free withdrawal amount does not apply if you surrender your contract.           

The free withdrawal amount is 10% of your account value under the Assured       
Payment Option and APO Plus.                                                    

Note the following special rule for NQ contracts issued to a charitable         
remainder trust, the free withdrawal amount will equal the greater of: (1) the  
current account value, less                                                     

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contributions that have not been withdrawn (earnings in the contract), and (2)  
the 15% free withdrawal amount defined above.                                   

DISABILITY, TERMINAL ILLNESS OR CONFINEMENT TO NURSING HOME.                    

The withdrawal charge does not apply if:                                        

(i)   The annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or              

(ii)  We receive proof satisfactory to us (including certification by a licensed
     physician) that the annuitant's life expectancy is six months or less; or

(iii) The annuitant has been confined to a nursing home for more than 90 days   
(or such other period, as required in your state) as verified by a  
 licensed physician. A nursing home for this purpose means one that is
      (a) approved by Medicare as a provider of skilled nursing care service, or
     (b) licensed as a skilled nursing home by the state or territory in which
    it is located (it must be within the United States, Puerto Rico, or U.S.
Virgin Islands) and meets all of the following:                     

  --   its main function is to provide skilled, intermediate, or custodial
nursing care;                                               

--   it provides continuous room and board to three or more persons;  

  --   it is supervised by a registered nurse or licensed practical nurse;

--   it keeps daily medical records of each patient;                  

--   it controls and records all medications dispensed; and           

  --   its primary service is other than to provide housing for residents.

We reserve the right to impose a withdrawal charge, in accordance with your     
contract and applicable state law, if the conditions described in (i), (ii) and 
(iii) above existed at the time a contribution was remitted or if the condition 
began within 12 months of the period following remittance. Some states may not  
permit us to waive the withdrawal charge in the above circumstances, or may     
limit the circumstances for which the withdrawal charge may be waived. Your     
financial professional can provide more information or you may contact our      
Processing Office.                                                              

BASEBUILDER BENEFIT CHARGE                                                      

If you elect the baseBUILDER, we deduct a charge annually from your account     
value on each contract date anniversary until such time as you exercise the     
guaranteed minimum income benefit, elect another annuity payout option, or the  
contract date anniversary after the annuitant reaches age 85, whichever occurs  
first. The charge is equal to 0.30% (0.15% if the 5% roll up to age 70          
baseBUILDER benefit is elected) of the benefit base in effect on the contract   
date anniversary.                                                               

We will deduct this charge from your value in the variable investment options   
on a pro rata basis. If there is not enough value in the variable investment    
options, we will deduct all or a portion of the charge from the fixed maturity  
options in order of the earliest maturity date(s) first. A market value         
adjustment may apply.                                                           

PROTECTION PLUS                                                                 

If you elect Protection Plus, we deduct a charge annually from your account     
value on each contract date anniversary for which it is in effect. The charge   
is equal to 0.20% of the account value on each contract date anniversary. We    
will deduct this charge from your value in the variable investment options on a 
pro rata basis. If there is not enough value in the variable investment         
options, we will deduct all or a portion of the charge from the fixed maturity  
options in the order of the earliest maturity dates first. A market value       
adjustment may apply.                                                           

CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES                            

We deduct a charge designed to approximate certain taxes that may be imposed on 
us, such as premium taxes in your state. Generally, we deduct the charge from   
the amount applied to provide an annuity payout option. The current tax charge  
that might be imposed by us varies by state and ranges from 0% to 3.5% (1% in   
Puerto Rico and 5% in the U.S. Virgin Islands).                                 

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VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION ADMINISTRATIVE FEE                     

We deduct a fee of $350 from the amount to be applied to the Variable Immediate 
Annuity payout option.                                                          

CHARGES THAT EQ ADVISORS TRUST DEDUCTS                                          

EQ Advisors Trust deducts charges for the following types of fees and expenses: 

o    Management fees ranging from 0.25% to 1.15%.                               

o    12b-1 fees of 0.25%.                                                       

o    Operating expenses, such as trustees' fees, independent auditors' fees,    
legal counsel fees, administrative service fees, custodian fees, and  
liability insurance.                                                  

o    Investment-related expenses, such as brokerage commissions.                

These charges are reflected in the daily share price of each portfolio. Since   
shares of EQ Advisors Trust are purchased at their net asset value, these fees  
and expenses are, in effect, passed on to the variable investment options and   
are reflected in their unit values. For more information about these charges,   
please refer to the prospectus for EQ Advisors Trust following this prospectus. 

GROUP OR SPONSORED ARRANGEMENTS                                                 

For certain group or sponsored arrangements, we may reduce the withdrawal       
charge or the mortality and expense risks charge, or change the minimum initial 
contribution requirements. We also may change the guaranteed minimum income     
benefit and the guaranteed minimum death benefit, or offer variable investment  
options that invest in shares of EQ Advisors Trust that are not subject to the  
12b-1 fee. Group arrangements include those in which a trustee or an employer,  
for example, purchases contracts covering a group of individuals on a group     
basis. Group arrangements are not available for IRA contracts. Sponsored        
arrangements include those in which an employer allows us to sell contracts to  
its employees or retirees on an individual basis.                               

Our costs for sales, administration, and mortality generally vary with the size 
and stability of the group or sponsoring organization, among other factors. We  
take all these factors into account when reducing charges. To qualify for       
reduced charges, a group or sponsored arrangement must meet certain             
requirements, such as requirements for size and number of years in existence.   
Group or sponsored arrangements that have been set up solely to buy contracts   
or that have been in existence less than six months will not qualify for        
reduced charges.                                                                

We also may establish different rates to maturity for the fixed maturity        
options under different classes of contracts for group or sponsored             
arrangements.                                                                   

We will make these and any similar reductions according to our rules in effect  
when we approve a contract for issue. We may change these rules from time to    
time. Any variation will reflect differences in costs or services and will not  
be unfairly discriminatory.                                                     

Group or sponsored arrangements may be governed by federal income tax rules,    
ERISA, or both. We make no representations with regard to the impact of these   
and other applicable laws on such programs. We recommend that employers,        
trustees, and others purchasing or making contracts available for purchase      
under such programs seek the advice of their own legal and benefits advisers.   

OTHER DISTRIBUTION ARRANGEMENTS                                                 

We may reduce or eliminate charges when sales are made in a manner that result  
in savings of sales and administrative expenses, such as sales through persons  
who are compensated by clients for recommending investments and who receive no  
commission or reduced commissions in connection with the sale of the contracts. 
We will not permit a reduction or elimination of charges where it would be      
unfairly discriminatory.                                                        

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YOUR BENEFICIARY AND PAYMENT OF BENEFIT                                         

You designate your beneficiary when you apply for your contract. You may change 
your beneficiary at any time. The change will be effective on the date the      
written request for the change is received in our processing office. We are not 
responsible for any beneficiary change request that we do not receive. We will  
send you a written confirmation when we receive your request. Under jointly     
owned contracts, the surviving owner is considered the beneficiary, and will    
take the place of any other beneficiary. You may be limited as to the           
beneficiary you can designate in a Rollover TSA contract. In a QP contract, the 
beneficiary must be the trustee.                                                

The death benefit is equal to your account value, or, if greater, the           
guaranteed minimum death benefit. The guaranteed minimum death benefit is part  
of your contract, whether you select the baseBUILDER benefit or not. We         
determine the amount of the death benefit (other than the guaranteed minimum    
death benefit) and any amount applicable under the Protection Plus feature, as  
of the date we receive satisfactory proof of the annuitant's death, any         
required instructions for the method of payment, information and forms          
necessary to effect payment. The amount of the guaranteed minimum death benefit 
will be the guaranteed minimum death benefit as of the date of the annuitant's  
death, adjusted for any subsequent withdrawals. Under Rollover TSA contracts we 
will deduct the amount of any outstanding loan plus accrued interest from the   
amount of the death benefit.                                                    

The death benefit payable under the Assured Payment Option or APO Plus is       
described earlier in this prospectus. See "Assured Payment Option and APO       
Plus."                                                                          

EFFECT OF THE ANNUITANT'S DEATH                                                 

If the annuitant dies before the annuity payments begin, we will pay the death  
benefit to your beneficiary.                                                    

Generally, the death of the annuitant terminates the contract. However, a       
beneficiary spouse of the owner/annuitant can choose to be treated as the       
successor owner/annuitant and continue the contract. Only a spouse can be a     
successor owner/annuitant. A successor owner/annuitant can only be named under  
NQ and IRA contracts.                                                           

For IRA contracts, a beneficiary may be able to have limited ownership as       
discussed under "Beneficiary continuation option" below.                        

WHEN AN NQ CONTRACT OWNER DIES BEFORE THE ANNUITANT                             

Under certain conditions the owner changes after the original owner's death.    
When you are not the annuitant under an NQ contract and you die before annuity  
payments begin, the beneficiary named to receive the death benefit upon the     
annuitant's death will automatically become the successor owner. If you do not  
want this beneficiary to be the successor owner, you should name a specific     
successor owner. You may name a successor owner at any time by sending          
satisfactory notice to our processing office. If the contract is jointly owned  
and the first owner to die is not the annuitant, the surviving owner becomes    
the sole contract owner. This person will be considered the successor owner for 
purposes of the distribution rules described in this section. The surviving     
owner automatically takes the place of any other beneficiary designation.       

Unless the surviving spouse of the owner who has died (or in the case of a      
joint ownership situation, the surviving spouse of the first owner to die) is   
the successor owner for this purpose, the entire interest in the contract must  
be distributed under the following rules:                                       

o    The cash value of the contract must be fully paid to the successor owner   
 (new owner) within five years after your death (or in a joint ownership
situation, the death of the first owner to die).                      

o    The successor owner may instead elect to receive the cash value as a life  
annuity (or payments for a period certain of not longer than the new  
 owner's life expectancy). Payments must begin within one year after the
  non-annuitant owner's death. Unless this alternative is elected, we will
   pay any cash value five years after your death (or the death of the first
owner to die).                                                        

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o    If the surviving spouse is the successor owner or joint owner, the spouse  
   may elect to continue the contract. No distributions are required as long
as the surviving spouse and annuitant are living.                     

HOW DEATH BENEFIT PAYMENT IS MADE                                               

We will pay the death benefit to the beneficiary in the form of the annuity     
payout option you have chosen. If you have not chosen an annuity payout option  
as of the time of the annuitant's death, the beneficiary will receive the death 
benefit in a single sum. However, subject to any exceptions in the contract,    
our rules and any applicable requirements under federal income tax rules, the   
beneficiary may elect to apply the death benefit to one or more annuity payout  
options we offer at the time. See "Your annuity payout options" in "Accessing   
your money" earlier in this prospectus. Please note that any annuity payout     
option chosen may not extend beyond the life expectancy of the beneficiary.     

SUCCESSOR OWNER AND ANNUITANT                                                   

If you are both the contract owner and the annuitant, and your spouse is the    
sole beneficiary or the joint owner, then your spouse may elect to receive the  
death benefit or continue the contract as successor owner/annuitant.            

If your surviving spouse decides to continue the contract, then as of the date  
we receive satisfactory proof of the annuitant's death, any required            
instructions, information and forms necessary to effect the successor           
owner/annuitant feature, we will increase the account value to equal your       
guaranteed minimum death benefit as of the date of your death if such death     
benefit is greater than such account value, plus any amount applicable under    
the Protection Plus feature, and adjusted for any subsequent withdrawals. The   
increase in the account value will be allocated to the investment options       
according to the allocation percentages we have on file for your contract.      
Thereafter, withdrawal charges will no longer apply to contributions made       
before your death. Withdrawal charges will apply if additional contributions    
are made. These additional contributions will be withdrawn only after all other 
amounts have been withdrawn. In determining whether the guaranteed minimum      
death benefit will continue to grow, we will use your surviving spouse's age    
(as of the contract date anniversary).                                          

BENEFICIARY CONTINUATION OPTION                                                 

Upon your death under an IRA contract, a beneficiary may generally elect to     
keep the contract in your name and receive distributions under the contract     
instead of receiving the death benefit in a single sum. In order to elect this  
option, the beneficiary must be an individual. Certain trusts with only         
individual beneficiaries will be treated as individuals. We require this        
election to be made within 60 days following the date we receive proof of your  
death and before any other inconsistent election is made. We will increase the  
account value as of the date we receive satisfactory proof of death, any        
required instructions, information and forms necessary to effect the            
beneficiary continuation option feature to equal the guaranteed minimum death   
benefit as of the date of your death if such death benefit is greater than such 
account value, plus any amount applicable under the Protection Plus feature,    
and adjusted for any subsequent withdrawals. Except as noted in the next        
sentence, the beneficiary continuation option is available if we have received  
regulatory clearance in your state. For Rollover IRA and Flexible Premium IRA   
contracts, a similar beneficiary continuation option will be available until    
the beneficiary continuation option described in this prospectus is available.  
Please contact our processing office for further information. In addition, the  
beneficiary continuation option is not available if APO or APO Plus is in       
effect at your death.                                                           

Under the beneficiary continuation option:                                      

o    The contract continues in your name for the benefit of your beneficiary.   

o    The beneficiary may make transfers among the investment options but no     
additional contributions will be permitted.                           

o    The guaranteed minimum income benefit and the death benefit (including the 
   guaranteed minimum death benefit) provisions will no longer be in effect.

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o    The beneficiary may choose at any time to withdraw all or a portion of the 
    account value and no withdrawal charges will apply. Any partial withdrawal
must be at least $300.                                                

o    Upon the death of the beneficiary, any remaining death benefit will be paid
in a lump sum to the person named by the beneficiary, when we receive 
  satisfactory proof of death, any required instructions for the method of
payment, information and forms necessary to effect payment.           

For Traditional IRA contracts only, if you die AFTER the "Required Beginning    
Date" for lifetime required minimum distributions (see "Tax information"), the  
contract will continue if:                                                      

(a)  You were receiving minimum distribution withdrawals from this contract; and

(b)  The pattern of minimum distribution withdrawals you chose was based in part
on the life of the designated beneficiary.                            

The withdrawals will then continue to be paid to the beneficiary on the same    
basis as you chose before your death. We will be able to tell your beneficiary  
whether this option is available. You should contact our processing office for  
further information. See the "Required minimum distributions" discussion under  
"IRAs" in "Tax information" below.                                              

For all Roth IRAs and for traditional IRAs where you die before the Required    
Beginning Date, the beneficiary may choose one of the following two beneficiary 
continuation options:                                                           

1.   Payments over life expectancy period. The beneficiary can receive annual   
    minimum distributions based on the beneficiary's life expectancy. If there
   is more than one beneficiary, the shortest life expectancy is used. These
minimum distributions must begin by December 31st of the calendar year
    following the year of your death. In some situations, a spouse beneficiary
who elects to continue the contract in your name under the beneficiary
   continuation option instead of electing successor owner/ annuitant status
  may also choose to delay beginning these minimum distributions until the
December 31st of the calendar year in which you would have turned age 
70-1/2.                                                               

2.   Five Year Rule. The beneficiary can take withdrawals as desired. If the    
     beneficiary does not withdraw the entire account value by the December 31st
  of the fifth calendar year following your death, we will pay any amounts
   remaining under the contract to the beneficiary by that date. If you have
    more than one beneficiary, and one of them elects this option, then all of
your beneficiaries will receive this option.                          

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Tax information                                                                 

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OVERVIEW                                                                        

In this part of the prospectus, we discuss the current federal income tax rules 
that generally apply to Equitable Accumulator contracts owned by United States  
taxpayers. The tax rules can differ, depending on the type of contract, whether 
NQ, Rollover IRA, Flexible Premium IRA, Roth Conversion IRA, Flexible Premium   
Roth IRA, QP, or Rollover TSA. Therefore, we discuss the tax aspects of each    
type of contract separately.                                                    

Federal income tax rules include the United States laws in the Internal Revenue 
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")  
interpretations of the Internal Revenue Code. These tax rules may change. We    
cannot predict whether, when, or how these rules could change. Any change could 
affect contracts purchased before the change.                                   

We cannot provide detailed information on all tax aspects of the contracts.     
Moreover, the tax aspects that apply to a particular person's contract may vary 
depending on the facts applicable to that person. We do not discuss state       
income and other state taxes, federal income tax, and withholding rules for     
non-U.S. taxpayers, or federal gift and estate taxes. Transfers of the          
contract, rights under the contract, or payments under the contract may be      
subject to gift or estate taxes. You should not rely only on this document, but 
should consult your tax adviser before your purchase.                           

BUYING A CONTRACT TO FUND A RETIREMENT ARRANGEMENT                              

Generally, there are two types of funding vehicles that are available for       
Individual Retirement Arrangements ("IRAs") and Code Section 403(b)             
Arrangements ("TSAs"), respectively: an IRA or 403(b) annuity contract such as  
this one, or an IRA or 403(b)(7) custodial or other qualified account. Annuity  
contracts can also be purchased in connection with retirement plans qualified   
under Code section 401 ("QP contracts"). How these arrangements work, including 
special rules applicable to each, are described in the specific sections for    
each type of arrangement, below. You should be aware that the funding vehicle   
for a qualified arrangement does not provide any tax deferral benefit beyond    
that already provided by the Code for all permissible funding vehicles. Before  
choosing an annuity contract, therefore, you should consider the annuity's      
features and benefits, such as Accumulator's choice of death benefits and       
baseBUILDER guaranteed minimum income benefit, Special Dollar Cost Averaging,   
selection of investment funds and fixed maturity options and choices of pay-out 
options, as well as the features and benefits of other permissible funding      
vehicles and the relative costs of annuities and other arrangements. You should 
be aware that cost may vary depending on the features and benefits made         
available and the charges and expenses of the investment options or funds that  
you elect. See also Appendix II for a discussion of QP contracts.               

TRANSFERS AMONG INVESTMENT OPTIONS                                              

You can make transfers among investment options inside the contract without     
triggering taxable income.                                                      

TAXATION OF NONQUALIFIED ANNUITIES                                              

CONTRIBUTIONS                                                                   

You may not deduct the amount of your contributions to a nonqualified annuity   
contract.                                                                       

CONTRACT EARNINGS                                                               

Generally, you are not taxed on contract earnings until you receive a           
distribution from your contract, whether as a withdrawal or as an annuity       
payment. However, earnings are taxable, even without a distribution:            

o    if a contract fails investment diversification requirements as specified in
    federal income tax rules (these rules are based on or are similar to those
specified for mutual funds under the securities laws);                

o    if you transfer a contract, for example, as a gift to someone other than   
your spouse (or former spouse);                                       

o    if you use a contract as security for a loan (in this case, the amount     
pledged will be treated as a distribution); and                       

o    if the owner is other than an individual (such as a corporation,           
partnership, trust, or other non-natural person).                     

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All nonqualified deferred annuity contracts that Equitable Life and its         
affiliates issue to you during the same calendar year are linked together and   
treated as one contract for calculating the taxable amount of any distribution  
from any of those contracts.                                                    

ANNUITY PAYMENTS                                                                

Once annuity payments begin, a portion of each payment is taxable as ordinary   
income. You get back the remaining portion without paying taxes on it. This is  
your "investment in the contract." Generally, your investment in the contract   
equals the contributions you made, less any amounts you previously withdrew     
that were not taxable.                                                          

For fixed annuity payments, the tax-free portion of each payment is determined  
by (1) dividing your investment in the contract by the total amount you are     
expected to receive out of the contract, and (2) multiplying the result by the  
amount of the payment. For variable annuity payments, your tax-free portion of  
each payment is your investment in the contract divided by the number of        
expected payments.                                                              

Once you have received the amount of your investment in the contract, all       
payments after that are fully taxable. If payments under a life annuity stop    
because the annuitant dies, there is an income tax deduction for any            
unrecovered investment in the contract.                                         

PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN                                     

If you make withdrawals before annuity payments begin under your contract, they 
are taxable to you as ordinary income if there are earnings in the contract.    
Generally, earnings are your account value less your investment in the          
contract. If you withdraw an amount which is more than the earnings in the      
contract as of the date of the withdrawal, the balance of the distribution is   
treated as a return of your investment in the contract and is not taxable.      

PROTECTION PLUS FEATURE                                                         

In order to enhance the amount of the death benefit to be paid at the           
annuitant's death, you may purchase a Protection Plus rider for your NQ         
contract. Although we regard this benefit as an investment protection feature   
which is part of the contract and which should have no adverse tax effect, it   
is possible that the IRS could take a contrary position or assert that the      
Protection Plus rider is not part of the contract. IN SUCH A CASE, THE CHARGES  
FOR THE PROTECTION PLUS RIDER COULD BE TREATED FOR FEDERAL INCOME TAX PURPOSES  
AS A PARTIAL WITHDRAWAL FROM THE CONTRACT. If this were so, such a deemed       
withdrawal could be taxable, and for contract owners under age 59-1/2, also     
subject to a tax penalty. Were the IRS to take this position, Equitable would   
take all reasonable steps to attempt to avoid this result, which would include  
amending the contract (with appropriate notice to you).                         

CONTRACTS PURCHASED THROUGH EXCHANGES                                           

You may purchase your NQ contract through an exchange of another contract.      
Normally, exchanges of contracts are taxable events. The exchange will not be   
taxable under Section 1035 of the Internal Revenue Code if:                     

o    the contract that is the source of the funds you are using to purchase the 
NQ contract is another nonqualified deferred annuity contract or life 
insurance or endowment contract.                                      

o    the owner and the annuitant are the same under the source contract and the 
 Equitable Accumulator NQ contract. If you are using a life insurance or
     endowment contract the owner and the insured must be the same on both sides
of the exchange transaction.                                          

The tax basis, also referred to as your investment in the contract, of the      
source contract carries over to the Equitable Accumulator NQ contract.          

A recent case permitted an owner to direct the proceeds of a partial withdrawal 
from one nonqualified deferred annuity contract to a different insurer to       
purchase a new nonqualified deferred annuity contract on a tax-deferred basis.  
Special forms, agreement between the carriers, and provision of cost basis      
information may be required to process this type of an exchange.                

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SURRENDERS                                                                      

If you surrender or cancel the contract, the distribution is taxable as         
ordinary income (not capital gain) to the extent it exceeds your investment in  
the contract.                                                                   

DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER YOUR DEATH                   

For the rules applicable to death benefits, see "Payment of death benefit"      
earlier in this prospectus. The tax treatment of a death benefit taken as a     
single sum is generally the same as the tax treatment of a withdrawal from or   
surrender of your contract. The tax treatment of a death benefit taken as       
annuity payments is generally the same as the tax treatment of annuity payments 
under your contract.                                                            

EARLY DISTRIBUTION PENALTY TAX                                                  

If you take distributions before you are age 59-1/2 a penalty tax of 10% of     
the taxable portion of your distribution applies in addition to the income tax. 
Some of the available exceptions to the pre-age 59-1/2 penalty tax include      
distributions made:                                                             

o    on or after your death; or                                                 

o    because you are disabled (special federal income tax definition); or       

o    in the form of substantially equal periodic annuity payments for your life 
   (or life expectancy) or the joint lives (or joint life expectancy) of you
and a beneficiary.                                                    

OTHER INFORMATION                                                               

The IRS has stated that you will be considered the owner of the assets in the   
separate account if you possess incidents of ownership in those assets, such as 
the ability to exercise investment control over the assets. The Treasury        
Department has the authority to issue guidelines prescribing the circumstances  
in which your ability to direct your investment to particular portfolios within 
a separate account may cause you, rather than the insurance company, to be      
treated as the owner of the portfolio shares attributable to your nonqualified  
annuity contract. If you were to be considered the owner of the underlying      
shares, income and gains attributable to such portfolio shares would be         
currently included in your gross income for federal income tax purposes.        
Incidents of investment control could include among other items, the number of  
investment options available under a contract and/or the frequency of transfers 
available under the contract. In connection with the issuance of regulations    
concerning investment diversification in 1986, the Treasury Department          
announced that the diversification regulations did not provide guidance on      
investor control but that guidance would be issued in the form of regulations   
or rulings. As of the date of this prospectus, no such guidance has been        
issued. It is not known, whether such guidelines, if in fact issued, would have 
retroactive adverse effect on existing contracts. We can not provide assurance  
as to the terms or scope of any future guidance nor any assurance that such     
guidance would not be imposed on a retroactive basis to contracts issued under  
this prospectus. We reserve the right to modify the contract as necessary to    
attempt to prevent you from being considered the owner of the assets of the     
separate account for tax purposes.                                              

SPECIAL RULES FOR NQ CONTRACTS ISSUED IN PUERTO RICO                            

Under current law we treat income from NQ contracts as U.S. source. A Puerto    
Rico resident is subject to U.S. taxation on such U.S. source income. Only      
Puerto Rico source income of Puerto Rico residents is excludable from U.S.      
taxation. Income from NQ contracts is also subject to Puerto Rico tax. The      
calculation of the taxable portion of amounts distributed from a contract may   
differ in the two jurisdictions. Therefore, you might have to file both U.S.    
and Puerto Rico tax returns, showing different amounts of income from the       
contract for each tax return. Puerto Rico generally provides a credit against   
Puerto Rico tax for U.S. tax paid. Depending on your personal situation and the 
timing of the different tax liabilities, you may not be able to take full       
advantage of this credit.                                                       

INDIVIDUAL RETIREMENT ARRANGEMENTS (IRAS)                                       

GENERAL                                                                         

"IRA" stands for individual retirement arrangement. There are two basic types   
of such arrangements, individual retirement accounts and individual retirement  
annuities. In an individual                                                     

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retirement account, a trustee or custodian holds the assets funding the account 
for the benefit of the IRA owner. The assets typically include mutual funds     
and/or individual stocks and/or securities in a custodial account, and bank     
certificates of deposit in a trusteed account. In an individual retirement      
annuity, an insurance company issues an annuity contract that serves as the     
IRA.                                                                            

There are two basic types of IRAs, as follows:                                  

o    Traditional IRAs, typically funded on a pre-tax basis including SEP-IRAs   
  and SIMPLE-IRAs, issued and funded in connection with employer-sponsored
retirement plans; and                                                 

o    Roth IRAs, first available in 1998, funded on an after-tax basis.          

Regardless of the type of IRA, your ownership interest in the IRA cannot be     
forfeited. You or your beneficiaries who survive you are the only ones who can  
receive the IRA's benefits or payments. All types of IRAs qualify for tax       
deferral, regardless of the funding vehicle selected.                           

You can hold your IRA assets in as many different accounts and annuities as you 
would like, as long as you meet the rules for setting up and making             
contributions to IRAs. However, if you own multiple IRAs, you may be required   
to combine IRA values or contributions for tax purposes. For further            
information about individual retirement arrangements, you can read Internal     
Revenue Service Publication 590 ("Individual Retirement Arrangements (IRAs)").  
This publication is usually updated annually, and can be obtained from any IRS  
district office or the IRS website (http://www.irs.gov).                        

Equitable Life designs its traditional IRA contracts to qualify as "individual  
retirement annuities" under Section 408(b) of the Internal Revenue Code. You    
may purchase the contract as a traditional IRA or Roth IRA. The traditional     
IRAs we offer are the Rollover IRA and Flexible Premium IRA. The versions of    
the Roth IRA available are the Roth Conversion IRA and Flexible Premium Roth    
IRA. This prospectus contains the information that the IRS requires you to have 
before you purchase an IRA. This section of the prospectus covers some of the   
special tax rules that apply to IRAs. The next section covers Roth IRAs.        
Education IRAs are not discussed in this prospectus because they are not        
available in individual retirement annuity form.                                

The Equitable Accumulator traditional and Roth IRA contracts have been approved 
by the IRS as to form for use as a traditional IRA and Roth IRA, respectively.  
This IRS approval is a determination only as to the form of the annuity. It     
does not represent a determination of the merits of the annuity as an           
investment. The IRS approval does not address every feature possibly available  
under the Equitable Accumulator traditional and Roth IRA contracts.             

PROTECTION PLUS FEATURE                                                         

Although we do not offer the Protection Plus feature for any contract other     
than NQ as of the date of this Prospectus, we anticipate offering it later in   
2001 for all types of IRA contracts, subject to state availability. THE IRS     
APPROVAL OF THE ACCUMULATOR CONTRACT AS A TRADITIONAL IRA AND ROTH IRA,         
RESPECTIVELY, NOTED IN THE PARAGRAPH ABOVE DOES NOT INCLUDE THIS OPTIONAL       
PROTECTION PLUS FEATURE. We are filing a request with the IRS that the contract 
with the Protection Plus feature qualifies as to form for use as a traditional  
IRA and Roth IRA, respectively. THERE IS NO ASSURANCE THAT THE CONTRACT WITH    
THE PROTECTION PLUS FEATURE MEETS THE IRS QUALIFICATION REQUIREMENTS FOR IRAS.  
IRAs generally may not invest in life insurance contracts. Although we view the 
optional Protection Plus benefit as an investment protection feature which      
should have no adverse tax effect and not as life insurance, it is possible     
that the IRS could take a contrary position regarding tax qualification or      
assert that the Protection Plus rider is not a permissible part of an           
individual retirement annuity contract. We further view the optional Protection 
Plus benefit as part of the contract. There is also a risk that the IRS may     
take the position that the optional Protection Plus benefit is not part of the  
annuity contract. In such a case, the charges for the Protection Plus rider     
could be treated for federal income tax purposes as a partial withdrawal from   
the contract. If this were so, such a deemed withdrawal could be taxable, and   
for contract owners under age 59-1/2, also subject to a tax penalty. Were the   
IRS to take any adverse position, Equitable would take all reasonable steps to  
attempt to avoid any adverse result, which would include amending the           

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contract (with appropriate notice to you). YOU SHOULD DISCUSS WITH YOUR TAX     
ADVISER WHETHER YOU SHOULD CONSIDER PURCHASING AN ACCUMULATOR IRA OR            
ACCUMULATOR ROTH IRA WITH THE OPTIONAL PROTECTION PLUS FEATURE.                 

CANCELLATION                                                                    

You can cancel an Equitable Accumulator IRA contract by following the           
directions under "Your right to cancel within a certain number of days" in      
"Contract features and benefits" earlier in the prospectus. You can cancel an   
Equitable Accumulator Roth Conversion IRA contract issued as a result of a full 
conversion of an Equitable Accumulator Rollover IRA or Flexible Premium IRA     
contract by following the instructions in the request for full conversion form. 
The form is available from our processing office or your financial              
professional. If you cancel an IRA contract, we may have to withhold tax, and   
we must report the transaction to the IRS. A contract cancellation could have   
an unfavorable tax impact.                                                      

TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)                  

CONTRIBUTIONS TO TRADITIONAL IRAS. Individuals may make three different types   
of contributions to a traditional IRA:                                          

o    regular contributions out of earned income or compensation; or             

o    tax-free "rollover" contributions; or                                      

o    direct custodian-to-custodian transfers from other traditional IRAs        
("direct transfers").                                                 

REGULAR CONTRIBUTIONS TO TRADITIONAL IRAS                                       

LIMITS ON CONTRIBUTIONS. Generally, $2,000 is the maximum amount that you may   
contribute to all IRAs (including Roth IRAs) in any taxable year. When your     
earnings are below $2,000, your earned income or compensation for the year is   
the most you can contribute. This $2,000 limit does not apply to rollover       
contributions or direct custodian-to-custodian transfers into a traditional     
IRA. You cannot make regular traditional IRA contributions for the tax year in  
which you reach age 70-1/2 or any tax year after that.                          

SPECIAL RULES FOR SPOUSES. If you are married and file a joint income tax       
return, you and your spouse may combine your compensation to determine the      
amount of regular contributions you are permitted to make to traditional IRAs   
(and Roth IRAs discussed below). Even if one spouse has no compensation or      
compensation under $2,000, married individuals filing jointly can contribute up 
to $4,000 for any taxable year to any combination of traditional IRAs and Roth  
IRAs. (Any contributions to Roth IRAs reduce the ability to contribute to       
traditional IRAs and vice versa.) The maximum amount may be less if earned      
income is less and the other spouse has made IRA contributions. No more than a  
combined total of $2,000 can be contributed annually to either spouse's         
traditional and Roth IRAs. Each spouse owns his or her traditional IRAs and     
Roth IRAs even if the other spouse funded the contributions. A working spouse   
age 70-1/2 or over can contribute up to the lesser of $2,000 or 100% of         
"earned income" to a traditional IRA for a nonworking spouse until the year in  
which the nonworking spouse reaches age 70-1/2.                                 

DEDUCTIBILITY OF CONTRIBUTIONS. The amount of traditional IRA contributions     
that you can deduct for a tax year depends on whether you are covered by an     
employer-sponsored tax-favored retirement plan, as defined under special        
federal income tax rules. Your Form W-2 will indicate whether or not you are    
covered by such a retirement plan.                                              

IF YOU ARE NOT COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, you    
can make fully deductible contributions to your traditional IRAs for each tax   
year up to $2,000 or, if less, your earned income.                              

IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your   
adjusted gross income (AGI) is BELOW THE LOWER DOLLAR FIGURE IN A PHASE-OUT     
RANGE, you can make fully deductible contributions to your traditional IRAs.    
For each tax year, your fully deductible contribution can be up to $2,000 or,   
if less, your earned income.                                                    

IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your   
AGI falls within a PHASE-OUT RANGE, you can make PARTIALLY DEDUCTIBLE           
CONTRIBUTIONS to your traditional IRAs.                                         

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IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your   
AGI falls ABOVE THE HIGHER FIGURE IN THE PHASE-OUT RANGE, you may not deduct    
any of your regular contributions to your traditional IRAs.                     

If you are single and covered by a retirement plan during any part of the       
taxable year, the deduction for traditional IRA contributions phases out with   
AGI between $33,000 and $43,000 in 2001. This range will increase every year    
until 2005 when the range is $50,000-$60,000.                                   

If you are married and file a joint return, and you are covered by a retirement 
plan during any part of the taxable year, the deduction for traditional IRA     
contributions phases out with AGI between $53,000 and $63,000 in 2001. This     
range will increase every year until 2007 when the range is $80,000-$100,000.   

Married individuals filing separately and living apart at all times are not     
considered married for purposes of this deductible contribution calculation.    
Generally, the active participation in an employer-sponsored retirement plan of 
an individual is determined independently for each spouse. Where spouses have   
"married filing jointly" status, however, the maximum deductible traditional    
IRA contribution for an individual who is not an active participant (but whose  
spouse is an active participant) is phased out for taxpayers with AGI of        
between $150,000 and $160,000.                                                  

To determine the deductible amount of the contribution in 2001, you determine   
AGI and subtract $33,000 if you are single, or $53,000 if you are married and   
file a joint return with your spouse. The resulting amount is your excess AGI.  
You then determine the limit on the deduction for traditional IRA contributions 
using the following formula:                                                    

($10,000-excess AGI)     times    $2,000 (or earned    Equals   the adjusted  
----------------------      x       income, if less)       =     deductible     
divided by $10,000                                             contribution 
                                                       limit

NONDEDUCTIBLE REGULAR CONTRIBUTIONS.  If you are not eligible to deduct part or 
all of the traditional IRA contribution, you may still make nondeductible       
contributions on which earnings will accumulate on a tax-deferred basis. The    
combined deductible and nondeductible contributions to your traditional IRA (or 
the nonworking spouse's traditional IRA) may not, however, exceed the maximum   
$2,000 per person limit. See "Excess contributions" below. You must keep your   
own records of deductible and nondeductible contributions in order to prevent   
double taxation on the distribution of previously taxed amounts. See            
"Withdrawals, payments and transfers of funds out of traditional IRAs" below.   

If you are making nondeductible contributions in any taxable year, or you have  
made nondeductible contributions to a traditional IRA in prior years and are    
receiving distributions from any traditional IRA, you must file the required    
information with the IRS. Moreover, if you are making nondeductible traditional 
IRA contributions, you must retain all income tax returns and records           
pertaining to such contributions until interests in all traditional IRAs are    
fully distributed.                                                              

WHEN YOU CAN MAKE REGULAR CONTRIBUTIONS.  If you file your tax returns on a     
calendar year basis like most taxpayers, you have until the April 15 return     
filing deadline (without extensions) of the following calendar year to make     
your regular traditional IRA contributions for a tax year.                      

ROLLOVERS AND TRANSFERS                                                         

Rollover contributions may be made to a traditional IRA from these sources:     

o    qualified plans;                                                           

o    TSAs (including Internal Revenue Code Section 403(b)(7) custodial          
accounts); and                                                        

o    other traditional IRAs.                                                    

Any amount contributed to a traditional IRA after you reach age 70-1/2 must be  
net of your required minimum distribution for the year in which the rollover or 
direct transfer contribution is made.                                           

ROLLOVERS FROM QUALIFIED PLANS OR TSAS                                          

There are two ways to do rollovers:                                             

o    Do it yourself                                                             
     You actually receive a distribution that can be rolled over and you roll it
over to a traditional IRA within 60 days after                        

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   the date you receive the funds. The distribution from your qualified plan
    or TSA will be net of 20% mandatory federal income tax withholding. If you
  want, you can replace the withheld funds yourself and roll over the full
amount.                                                               

o    Direct rollover                                                            
   You tell your qualified plan trustee or TSA issuer/custodian/fiduciary to
send the distribution directly to your traditional IRA issuer. Direct 
rollovers are not subject to mandatory federal income tax withholding.

All distributions from a TSA or qualified plan are eligible rollover            
distributions, unless the distribution is:                                      

o    only after-tax contributions you made to the plan; or                      

o    "required minimum distributions" after age 70-1/2 or separation from       
service; or                                                           

o    substantially equal periodic payments made at least annually for your life 
     (or life expectancy) or the joint lives (or joint life expectancies) of you
and your designated beneficiary; or                                   

o    a hardship withdrawal; or                                                  

o    substantially equal periodic payments made for a specified period of 10    
years or more; or                                                     

o    corrective distributions that fit specified technical tax rules; or        

o    loans that are treated as distributions; or                                

o    a death benefit payment to a beneficiary who is not your surviving spouse; 
or                                                                    

o    a qualified domestic relations order distribution to a beneficiary who is  
not your current spouse or former spouse.                             

ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS                             

You may roll over amounts from one traditional IRA to one or more of your other 
traditional IRAs if you complete the transaction within 60 days after you       
receive the funds. You may make such a rollover only once in every 12-month     
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct  
transfers are not rollover transactions. You can make these more frequently     
than once in every 12-month period.                                             

The surviving spouse beneficiary of a deceased individual can roll over or      
directly transfer an inherited traditional IRA to one or more other traditional 
IRAs. Also, in some cases, traditional IRAs can be transferred on a tax-free    
basis between spouses or former spouses as a result of a court-ordered divorce  
or separation decree.                                                           

EXCESS CONTRIBUTIONS                                                            

Excess contributions to IRAs are subject to a 6% excise tax for the year in     
which made and for each year after until withdrawn. The following are excess    
contributions to IRAs:                                                          

o    regular contributions of more than $2,000; or                              

o    regular contributions of more than earned income for the year, if that     
amount is under $2,000; or                                            

o    regular contributions to a traditional IRA made after you reach age 70-1/2;
or                                                                    

o    rollover contributions of amounts which are not eligible to be rolled over.
For example, after-tax contributions to a qualified plan or minimum   
distributions required to be made after age 70-1/2.                   

You can avoid the excise tax by withdrawing an excess contribution (rollover or 
regular) before the due date (including extensions) for filing your federal     
income tax return for the year. If it is an excess regular traditional IRA      
contribution, you cannot take a tax deduction for the amount withdrawn. You do  
not have to include the excess contribution withdrawn as part of your income.   
It is also not subject to the 10% additional penalty tax on early               
distributions, discussed below under "Early distribution penalty tax." You do   
have to withdraw any earnings that are attributed to the excess contribution.   
The withdrawn earnings would be included in your gross income and could be      
subject to the 10% penalty tax.                                                 

Even after the due date for filing your return, you may withdraw an excess      
rollover contribution, without income inclusion or 10% penalty, if:             

(1)  the rollover was from a qualified retirement plan to a traditional IRA;    

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(2)  the excess contribution was due to incorrect information that the plan     
provided; and                                                         

(3)  you took no tax deduction for the excess contribution.                     

RECHARACTERIZATIONS                                                             

Amounts that have been contributed as traditional IRA funds may subsequently be 
treated as Roth IRA funds. Special federal income tax rules allow you to change 
your mind again and have amounts that are subsequently treated as Roth IRA      
funds, once again treated as traditional IRA funds. You do this by using the    
forms we prescribe. This is referred to as having "recharacterized" your        
contribution.                                                                   

WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS.           

NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS.  You can withdraw any or 
all of your funds from a traditional IRA at any time. You do not need to wait   
for a special event like retirement.                                            

TAXATION OF PAYMENTS.  Earnings in traditional IRAs are not subject to federal  
income tax until you or your beneficiary receive them. Taxable payments or      
distributions include withdrawals from your contract, surrender of your         
contract, and annuity payments from your contract. Death benefits are also      
taxable. Except as discussed below, the total amount of any distribution from a 
traditional IRA must be included in your gross income as ordinary income.       

If you have ever made nondeductible IRA contributions to any traditional IRA    
(it does not have to be to this particular traditional IRA contract), those     
contributions are recovered tax free when you get distributions from any        
traditional IRA. You must keep permanent tax records of all of your             
nondeductible contributions to traditional IRAs. At the end of any year in      
which you have received a distribution from any traditional IRA, you calculate  
the ratio of your total nondeductible traditional IRA contributions (less any   
amounts previously withdrawn tax free) to the total account balances of all     
traditional IRAs you own at the end of the year plus all traditional IRA        
distributions made during the year. Multiply this by all distributions from the 
traditional IRA during the year to determine the nontaxable portion of each     
distribution.                                                                   

In addition, a distribution is not taxable if:                                  

o    the amount received is a withdrawal of excess contributions, as described  
under "Excess contributions" above; or                                

o    the entire amount received is rolled over to another traditional IRA (see  
"Rollovers and transfers" above); or                                  

o    in certain limited circumstances, where the traditional IRA acts as a      
 "conduit," you roll over the entire amount into a qualified plan or TSA
  that accepts rollover contributions. To get this conduit traditional IRA
treatment:                                                            

 o    the source of funds you used to establish the traditional IRA must
have been a rollover contribution from a qualified plan; and

 o    the entire amount received from the traditional IRA (including any
   earnings on the rollover contribution) must be rolled over into
another qualified plan within 60 days of the date received. 

Similar rules apply in the case of a TSA.                                       

However, you may lose conduit treatment if you make an eligible rollover        
distribution contribution to a traditional IRA and you commingle this           
contribution with other contributions. In that case, you may not be able to     
roll over these eligible rollover distribution contributions and earnings to    
another qualified plan or TSA at a future date. The Rollover IRA contract can   
be used as a conduit IRA if amounts are not commingled.                         

Distributions from a traditional IRA are not eligible for favorable ten-year    
averaging and long-term capital gain treatment available to certain             
distributions from qualified plans.                                             

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REQUIRED MINIMUM DISTRIBUTIONS                                                  

--------------------------------------------------------------------------------
The IRS and Treasury have recently proposed revisions to the minimum            
distribution rules. We expect these rules to be finalized no earlier than       
January 1, 2002. The proposed revisions permit IRA owners and beneficiaries to  
apply the proposed revisions to distributions for calendar year 2001. The       
discussion below generally does not reflect the proposed revisions. See the     
Statement of Additional Information for a brief description of the proposed     
revisions.                                                                      
--------------------------------------------------------------------------------

LIFETIME REQUIRED MINIMUM DISTRIBUTIONS.  You must start taking annual          
distributions from your traditional IRAs for the year in which you turn age     
70-1/2.                                                                         

WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION.  The first       
required minimum distribution is for the calendar year in which you turn age    
70-1/2. You have the choice to take this first required minimum distribution    
during the calendar year you actually reach age 70-1/2, or to delay taking it   
until the first three-month period in the next calendar year (January 1 - April 
1). Distributions must start no later than your Required Beginning Date, which  
is April 1st of the calendar year after the calendar year in which you turn age 
70-1/2. If you choose to delay taking the first annual minimum distribution,    
then you will have to take two minimum distributions in that year -- the        
delayed one for the first year and the one actually for that year. Once minimum 
distributions begin, they must be made at some time each year.                  

HOW YOU CAN CALCULATE REQUIRED MINIMUM DISTRIBUTIONS.                           
There are two approaches to taking required minimum distributions --            
"account-based" or "annuity-based."                                             

Account-based method. If you choose an account-based method, you divide the     
value of your traditional IRA as of December 31st of the past calendar year by  
a life expectancy factor from IRS tables. This gives you the required minimum   
distribution amount for that particular IRA for that year. The required minimum 
distribution amount will vary each year as the account value and your life      
expectancy factors change.                                                      

You have a choice of life expectancy factors, depending on whether you choose a 
method based only on your life expectancy, or the joint life expectancies of    
you and another individual. You can decide to "recalculate" your life           
expectancy every year by using your current life expectancy factor. You can     
decide instead to use the "term certain" method, where you reduce your life     
expectancy by one every year after the initial year. If your spouse is your     
designated beneficiary for the purpose of calculating annual account-based      
required minimum distributions, you can also annually recalculate your spouse's 
life expectancy if you want. If you choose someone who is not your spouse as    
your designated beneficiary for the purpose of calculating annual account-based 
required minimum distributions, you have to use the term certain method of      
calculating that person's life expectancy. If you pick a nonspouse designated   
beneficiary, you may also have to do another special calculation.               

You can later apply your traditional IRA funds to a life annuity-based payout.  
You can only do this if you already chose to recalculate your life expectancy   
annually (and your spouse's life expectancy if you select a spousal joint       
annuity). For example, if you anticipate exercising your guaranteed minimum     
income benefit or selecting any other form of life annuity payout after you are 
age 70-1/2, you must have elected to recalculate life expectancies.             

Annuity-based method. If you choose an annuity-based method, you do not have to 
do annual calculations. You apply the account value to an annuity payout for    
your life or the joint lives of you and a designated beneficiary, or for a      
period certain not extending beyond applicable life expectancies.               

DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM          
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS?  No. 
If you want, you can choose a different method and a different beneficiary for  
each of your traditional IRAs and other retirement plans. For example, you can  
choose an annuity payout from one IRA, a different annuity payout from a        
qualified plan, and an account-based annual withdrawal from another IRA.        

WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON 
THE METHOD YOU CHOOSE?  No, unless you affirmatively select an annuity payout   
option or an account-based withdrawal option such as our minimum                

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distribution withdrawal option. Because the options we offer do not cover every 
option permitted under federal income tax rules, you may prefer to do your own  
required minimum distribution calculations for one or more of your traditional  
IRAs.                                                                           

WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR?  The required minimum      
distribution amount for your traditional IRAs is calculated on a year-by-year   
basis. There are no carry-back or carry-forward provisions. Also, you cannot    
apply required minimum distribution amounts you take from your qualified plans  
to the amounts you have to take from your traditional IRAs and vice versa.      
However, the IRS will let you calculate the required minimum distribution for   
each traditional IRA that you maintain, using the method that you picked for    
that particular IRA. You can add these required minimum distribution amount     
calculations together. As long as the total amount you take out every year      
satisfies your overall traditional IRA required minimum distribution amount,    
you may choose to take your annual required minimum distribution from any one   
or more traditional IRAs that you own.                                          

WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR?  Your IRA could be         
disqualified, and you could have to pay tax on the entire value. Even if your   
IRA is not disqualified, you could have to pay a 50% penalty tax on the         
shortfall (required amount for traditional IRAs less amount actually taken). It 
is your responsibility to meet the required minimum distribution rules. We will 
remind you when our records show that your age 70-1/2 is approaching. If you    
do not select a method with us, we will assume you are taking your required     
minimum distribution from another traditional IRA that you own.                 

WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE?  If you die  
after either (a) the start of annuity payments, or (b) your Required Beginning  
Date, your beneficiary must receive payment of the remaining values in the      
contract at least as rapidly as under the distribution method before your       
death. In some circumstances, your surviving spouse may elect to become the     
owner of the traditional IRA and halt distributions until he or she reaches age 
70-1/2.                                                                         

If you die before your Required Beginning Date and before annuity payments      
begin, federal income tax rules require complete distribution of your entire    
value in the contract within five years after your death. Payments to a         
designated beneficiary over the beneficiary's life or over a period certain     
that does not extend beyond the beneficiary's life expectancy are also          
permitted, if these payments start within one year of your death. A surviving   
spouse beneficiary can also (a) delay starting any payments until you would     
have reached age 70-1/2 or (b) roll over your traditional IRA into his or her   
own traditional IRA.                                                            

SUCCESSOR ANNUITANT AND OWNER                                                   

If your spouse is the sole primary beneficiary and elects to become the         
successor annuitant and owner, no death benefit is payable until your surviving 
spouse's death.                                                                 

PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH                                      

IRA death benefits are taxed the same as IRA distributions.                     

REQUIRED MINIMUM DISTRIBUTIONS UNDER THE ASSURED PAYMENT OPTION AND APO PLUS    

Although the life contingent annuity portion of the Assured Payment Option and  
APO Plus does not have a cash value, it will be assigned a value for tax        
purposes. This value will generally be changed each year. When you determine    
the amount of account-based required minimum distributions from your            
traditional IRA this value must be included. This must be done even though the  
life contingent annuity may not be providing a source of funds to satisfy the   
required minimum distribution.                                                  

You will generally be required to determine your required minimum distribution  
by annually recalculating your life expectancy. The Assured Payment Option and  
APO Plus will not be available if you have previously made a different          
election. Recalculation is no longer required once the only payments you or     
your spouse receive are under the life contingent annuity.                      

If you surrender your contract, or withdraw any remaining account value before  
your payments under the life contingent                                         

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annuity begin, it may be necessary for you to satisfy your required minimum     
distribution by moving forward the start date of payments under your life       
contingent annuity. Or to the extent available, you have to take distributions  
from other traditional IRA funds you may have. Or, you may convert your         
traditional IRA life contingent annuity under the contract to a nonqualified    
life contingent annuity. This would be viewed as a distribution of the value of 
the life contingent annuity from your traditional IRA, and therefore, would be  
a taxable event. However, since the life contingent annuity would no longer be  
part of the traditional IRA, you would not have to include its value when       
determining future required minimum distributions.                              

If you have elected a joint and survivor form of the life contingent annuity,   
the joint annuitant must be your spouse. You must determine your required       
minimum distribution by annually recalculating both your life expectancy and    
your spouse's life expectancy. The Assured Payment Option and APO Plus will not 
be available if you have previously made a different election. Once the only    
payments you or your spouse are receiving are under the life contingent annuity 
recalculation is no longer required. In the event of your death or the death of 
your spouse the value of such annuity will change. For this reason, it is       
important that someone tell us if you or your spouse dies before the life       
contingent annuity has started payments so that a lower valuation can be made.  
Otherwise, a higher tax value may result in an overstatement of the amount that 
would be necessary to satisfy your required minimum distribution amount.        

Allocation of funds to the life contingent annuity may prevent the contract     
from later receiving conduit IRA treatment.                                     

BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS                                 

You cannot get loans from a traditional IRA. You cannot use a traditional IRA   
as collateral for a loan or other obligation. If you borrow against your IRA or 
use it as collateral, its tax-favored status will be lost as of the first day   
of the tax year in which this prohibited event occurs. If this happens, you     
must include the value of the traditional IRA in your federal gross income.     
Also, the early distribution penalty tax of 10% may apply if you have not       
reached age 59-1/2 before the first day of that tax year.                       

EARLY DISTRIBUTION PENALTY TAX                                                  

A penalty tax of 10% of the taxable portion of a distribution applies to        
distributions from a traditional IRA made before you reach age 59-1/2. Some of  
the available exceptions to the pre-age 59-1/2 penalty tax include              
distributions made:                                                             

o    on or after your death; or                                                 

o    because you are disabled (special federal income tax definition); or       

o    used to pay certain extraordinary medical expenses (special federal income 
tax definition); or                                                   

o    used to pay medical insurance premiums for unemployed individuals (special 
federal income tax definition); or                                    

o    used to pay certain first-time home buyer expenses (special federal income 
   tax definition; $10,000 lifetime total limit for these distributions from
all your traditional and Roth IRAs); or                               

o    used to pay certain higher education expenses (special federal income tax  
definition); or                                                       

o    in the form of substantially equal periodic payments made at least annually
  over your life (or your life expectancy), or over the joint lives of you
    and your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.                                                  

To meet this last exception, you could elect to apply your contract value to an 
Income Manager (life annuity with a period certain) payout annuity contract     
(level payments version). You could also elect the substantially equal          
withdrawals option. We will calculate the substantially equal annual payments   
under a method we select based on guidelines issued by the IRS (currently       
contained in IRS Notice 89-25, Question and Answer 12). Although substantially  
equal withdrawals and Income Manager payments are not subject to the 10%        
penalty tax, they are taxable as discussed in "Withdrawals, payments and        
transfers of funds out of traditional IRAs" above. Once substantially equal     
withdrawals or Income Manager annuity payments begin, the distributions should  
not be stopped or changed until after the later of your reaching age 59-1/2 or  
five years after the date of the first distribution, or the penalty tax,        
including an interest charge for                                                

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the prior penalty avoidance, may apply to all prior distributions under either  
option. Also, it is possible that the IRS could view any additional withdrawal  
or payment you take from your contract as changing your pattern of              
substantially equal withdrawals or Income Manager payments for purposes of      
determining whether the penalty applies.                                        

ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)                                

This section of the prospectus covers some of the special tax rules that apply  
to Roth IRAs. If the rules are the same as those that apply to the traditional  
IRA, we will refer you to the same topic under "traditional IRAs."              

The Equitable Accumulator Roth IRA contract is designed to qualify as a Roth    
individual retirement annuity under Sections 408A and 408(b) of the Internal    
Revenue Code.                                                                   

CONTRIBUTIONS TO ROTH IRAS                                                      

Individuals may make four different types of contributions to a Roth IRA:       

o    regular after-tax contributions out of earnings; or                        

o    taxable rollover contributions from traditional IRAs ("conversion"         
contributions); or                                                    

o    tax-free rollover contributions from other Roth IRAs; or                   

o    tax-free direct custodian-to-custodian transfers from other Roth IRAs      
("direct transfers").                                                 

Regular after-tax, direct transfer, and rollover contributions may be made to a 
Flexible Premium Roth IRA contract. We only permit direct transfer and rollover 
contributions under the Roth Conversion IRA contract. See "Rollovers and direct 
transfers" below. If you use the forms we require, we will also accept          
traditional IRA funds which are subsequently recharacterized as Roth IRA funds  
following special federal income tax rules.                                     

REGULAR CONTRIBUTIONS TO ROTH IRAS                                              

LIMITS ON REGULAR CONTRIBUTIONS.  Generally, $2,000 is the maximum amount that  
you may contribute to all IRAs (including Roth IRAs) in any taxable year. This  
$2,000 limit does not apply to rollover contributions or direct                 
custodian-to-custodian transfers into a Roth IRA. Any contributions to Roth     
IRAs reduce your ability to contribute to traditional IRAs and vice versa. When 
your earnings are below $2,000, your earned income or compensation for the year 
is the most you can contribute. If you are married and file a joint income tax  
return, you and your spouse may combine your compensation to determine the      
amount of regular contributions you are permitted to make to Roth IRAs and      
traditional IRAs. See the discussion above under traditional IRAs.              

With a Roth IRA, you can make regular contributions when you reach 70-1/2, as   
long as you have sufficient earnings. But, you cannot make contributions for    
any year that:                                                                  

o    your federal income tax filing status is "married filing jointly" and your 
modified adjusted gross income is over $160,000; or                   

o    your federal income tax filing status is "single" and your modified        
adjusted gross income is over $110,000.                               

However, you can make regular Roth IRA contributions in reduced amounts when:   

o    your federal income tax filing status is "married filing jointly" and your 
modified adjusted gross income is between $150,000 and $160,000; or   

o    your federal income tax filing status is "single" and your modified        
adjusted gross income is between $95,000 and $110,000.                

If you are married and filing separately and your modified adjusted gross       
income is between $0 and $10,000 the amount of regular contributions you are    
permitted to make is phased out. If your modified adjusted gross income is more 
than $10,000 you cannot make regular Roth IRA contributions.                    

WHEN YOU CAN MAKE CONTRIBUTIONS.  Same as traditional IRAs.                     

DEDUCTIBILITY OF CONTRIBUTIONS.  Roth IRA contributions are not tax deductible. 

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ROLLOVERS AND DIRECT TRANSFERS                                                  

WHAT IS THE DIFFERENCE BETWEEN ROLLOVER AND DIRECT TRANSFER TRANSACTIONS?  You  
may make rollover contributions to a Roth IRA from only two sources:            

o    another Roth IRA ("tax-free rollover contribution"); or                    

o    another traditional IRA, including a SEP-IRA or SIMPLE-IRA (after a        
 two-year rollover limitation period for simple IRA funds), in a taxable
conversion rollover ("conversion contribution").                      

You may not make contributions to a Roth IRA from a qualified plan under        
Section 401(a) of the Internal Revenue Code, or a TSA under Section 403(b) of   
the Internal Revenue Code. You may make direct transfer contributions to a Roth 
IRA only from another Roth IRA.                                                 

The difference between a rollover transaction and a direct transfer transaction 
is the following: in a rollover transaction you actually take possession of the 
funds rolled over, or are considered to have received them under tax law in the 
case of a change from one type of plan to another. In a direct transfer         
transaction, you never take possession of the funds, but direct the first Roth  
IRA custodian, trustee, or issuer to transfer the first Roth IRA funds directly 
to Equitable Life, as the Roth IRA issuer. You can make direct transfer         
transactions only between identical plan types (for example, Roth IRA to Roth   
IRA). You can also make rollover transactions between identical plan types.     
However, you can only use rollover transactions between different plan types    
(for example, traditional IRA to Roth IRA).                                     

You may make both Roth IRA to Roth IRA rollover transactions and Roth IRA to    
Roth IRA direct transfer transactions. This can be accomplished on a completely 
tax-free basis. However, you may make Roth IRA to Roth IRA rollover             
transactions only once in any 12-month period for the same funds.               
Trustee-to-trustee or custodian-to-custodian direct transfers can be made more  
frequently than once a year. Also, if you send us the rollover contribution to  
apply it to a Roth IRA, you must do so within 60 days after you receive the     
proceeds from the original IRA to get rollover treatment.                       

The surviving spouse beneficiary of a deceased individual can roll over or      
directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some 
cases, Roth IRAs can be transferred on a tax-free basis between spouses or      
former spouses as a result of a court-ordered divorce or separation decree.     

CONVERSION CONTRIBUTIONS TO ROTH IRAS.                                          

In a conversion rollover transaction, you withdraw (or are considered to have   
withdrawn) all or a portion of funds from a traditional IRA you maintain and    
convert it to a Roth IRA within 60 days after you receive (or are considered to 
have received) the traditional IRA proceeds. Unlike a rollover from a           
traditional IRA to another traditional IRA, the conversion rollover transaction 
is not tax-free. Instead, the distribution from the traditional IRA is          
generally fully taxable. For this reason, we are required to withhold 10%       
federal income tax from the amount converted unless you elect out of such       
withholding. If you have ever made nondeductible regular contributions to any   
traditional IRA -- whether or not it is the traditional IRA you are converting  
-- a pro rata portion of the distribution is tax free.                          

There is, however, no early distribution penalty tax on the traditional IRA     
withdrawal that you are converting to a Roth IRA, even if you are under age     
59-1/2.                                                                         

You cannot make conversion contributions to a Roth IRA for any taxable year in  
which your modified adjusted gross income exceeds $100,000. For this purpose,   
your modified adjusted gross income is computed without the gross income        
stemming from the traditional IRA conversion. You also cannot make conversion   
contributions to a Roth IRA for any taxable year in which your federal income   
tax filing status is "married filing separately."                               

You cannot make conversion contributions to a Roth IRA to the extent that the   
funds in your traditional IRA are subject to the annual required minimum        
distribution rule applicable to traditional IRAs beginning at age 70-1/2.       

You cannot convert and reconvert an amount during the same taxable year, or if  
later, during the 30-day period following a recharacterization. If you          
reconvert during either of these periods, it will be a failed Roth IRA          
conversion.                                                                     

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RECHARACTERIZATIONS                                                             

You may be able to treat a contribution made to one type of IRA as having been  
made to a different type of IRA. This is called recharacterizing the            
contribution.                                                                   

HOW TO RECHARACTERIZE.  To recharacterize a contribution, you generally must    
have the contribution transferred from the first IRA (the one to which it was   
made) to the second IRA in a deemed trustee-to-trustee transfer. If the         
transfer is made by the due date (including extensions) for your tax return for 
the year during which the contribution was made, you can elect to treat the     
contribution as having been originally made to the second IRA instead of to the 
first IRA. It will be treated as having been made to the second IRA on the same 
date that it was actually made to the first IRA. You must report the            
recharacterization, and must treat the contribution as having been made to the  
second IRA, instead of the first IRA, on your tax return for the year during    
which the contribution was made.                                                

The contribution will not be treated as having been made to the second IRA      
unless the transfer includes any net income allocable to the contribution. You  
can take into account any loss on the contribution while it was in the IRA when 
calculating the amount that must be transferred, If there was a loss, the net   
income you must transfer may be a negative amount.                              

No deduction is allowed for the contribution to the first IRA and any net       
income transferred with the recharacterized contribution is treated as earned   
in the second IRA. The contribution will not be treated as having been made to  
the second IRA to the extent any deduction was allowed with respect to the      
contribution to the first IRA.                                                  

For recharacterization purposes, a distribution from a traditional IRA that is  
received in one tax year and rolled over into a Roth IRA in the next year, but  
still within 60 days of the distribution from the traditional IRA, is treated   
as a contribution to the Roth IRA in the year of the distribution from the      
traditional IRA.                                                                

Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can be           
recharacterized to a SEP-IRA or SIMPLE IRA (including the original SEP-IRA or   
SIMPLE IRA).                                                                    

To recharacterize a contribution, you must use our forms.                       

The recharacterization of a contribution is not treated as a rollover for       
purposes of the 12 month limitation period described above. This rule applies   
even if the contribution would have been treated as a rollover contribution by  
the second IRA if it had been made directly to the second IRA rather than as a  
result of a recharacterization of a contribution to the first IRA.              

WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS                   

NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS.  You can withdraw any or 
all of your funds from a Roth IRA at any time; you do not need to wait for a    
special event like retirement.                                                  

DISTRIBUTIONS FROM ROTH IRAS                                                    

Distributions include withdrawals from your contract, surrender of your         
contract, and annuity payments from your contract. Death benefits are also      
distributions.                                                                  

The following distributions from Roth IRAs are free of income tax:              

o    Rollovers from a Roth IRA to another Roth IRA;                             

o    Direct transfers from a Roth IRA to another Roth IRA;                      

o    Qualified distributions from a Roth IRA; and                               

o    Return of excess contributions or amounts recharacterized to a traditional 
IRA.                                                                  

QUALIFIED DISTRIBUTIONS FROM ROTH IRAS.  Qualified distributions from Roth IRAs 
made because of one of the following four qualifying events or reasons are not  
includable in income:                                                           

o    you reach age 59-1/2; or                                                   

o    you die; or                                                                

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o    you become disabled (special federal income tax definition); or            

o    your distribution is a "qualified first-time homebuyer distribution"       
  (special federal income tax definition; $10,000 lifetime total limit for
these distributions from all of your traditional and Roth IRAs).      

You also have to meet a five-year aging period. A qualified distribution is any 
distribution made after the five-taxable-year period beginning with the first   
taxable year for which you made any contribution to any Roth IRA (whether or    
not the one from which the distribution is being made). It is not possible to   
have a tax-free qualified distribution before the year 2003 because of the      
five-year aging requirement.                                                    

NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS.                                      

Nonqualified distributions from Roth IRAs are distributions that do not meet    
both the qualifying event and five-year aging period tests described above. If  
you receive such a distribution, part of it may be taxable. For purposes of     
determining the correct tax treatment of distributions (other than the          
withdrawal of excess contributions and the earnings on them) there is a set     
order in which contributions (including conversion contributions) and earnings  
are considered to be distributed from your Roth IRA. The order of distributions 
is as follows:                                                                  

(1)  Regular contributions.                                                     

(2)  Conversion contributions, on a first-in-first-out basis (generally, total  
   conversions from the earliest year first). These conversion contributions
are taken into account as follows:                                    

  (a)  Taxable portion (the amount required to be included in gross income
because of conversion) first, and then the                  

(b)  Nontaxable portion.                                              

(3)  Earnings on contributions.                                                 

Rollover contributions from other Roth IRAs are disregarded for this purpose.   

To determine the taxable amount distributed, distributions and contributions    
are aggregated or grouped together as follows:                                  

(1)  All distributions made during the year from all Roth IRAs you maintain --  
with any custodian or issuer -- are added together.                   

(2)  All regular contributions made during and for the year (contributions made 
  after the close of the year, but before the due date of your return) are
added together. This total is added to the total undistributed regular
contributions made in prior years.                                    

(3)  All conversion contributions made during the year are added together. For  
    purposes of the ordering rules, in the case of any conversion in which the
    conversion distribution is made in 2001 and the conversion contribution is
   made in 2002, the conversion contribution is treated as contributed prior
to other conversion contributions made in 2002.                       

Any recharacterized contributions that end up in a Roth IRA are added to the    
appropriate contribution group for the year that the original contribution      
would have been taken into account if it had been made directly to the Roth     
IRA.                                                                            

Any recharacterized contribution that ends up in an IRA other than a Roth IRA   
is disregarded for the purpose of grouping both contributions and               
distributions. Any amount withdrawn to correct an excess contribution           
(including the earnings withdrawn) is also disregarded for this purpose.        

You must keep your own records of regular and conversion contributions to all   
Roth IRAs to assure appropriate taxation. You may have to file information on   
your contributions to and distributions from any Roth IRA on your tax return.   
You may have to retain all income tax returns and records pertaining to such    
contributions and distributions until your interests in all Roth IRAs are       
distributed.                                                                    

Like traditional IRAs, taxable distributions from a Roth IRA are not entitled   
to the special favorable five-year averaging method (or, in certain cases,      
favorable ten-year averaging and long-term capital gain treatment) available in 
certain cases to distributions from qualified plans.                            

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REQUIRED MINIMUM DISTRIBUTIONS AT DEATH                                         

Same as traditional IRA under "What are the required minimum distribution       
payments after you die?" Lifetime required minimum distributions do not apply.  

PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH                                      

Distributions to a beneficiary generally receive the same tax treatment as if   
the distribution had been made to you.                                          

BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS                                 

Same as traditional IRA.                                                        

EXCESS CONTRIBUTIONS                                                            

Generally the same as traditional IRA.                                          

Excess rollover contributions to Roth IRAs are contributions not eligible to be 
rolled over (for example, conversion contributions from a traditional IRA if    
your modified adjusted gross income is in excess of $100,000 in the conversion  
year).                                                                          

You can withdraw or recharacterize any contribution to a Roth IRA before the    
due date (including extensions) for filing your federal income tax return for   
the tax year. If you do this, you must also withdraw or recharacterize any      
earnings attributable to the contribution.                                      

EARLY DISTRIBUTION PENALTY TAX                                                  

Same as traditional IRA.                                                        

For Roth IRAs, special penalty rules may apply to amounts withdrawn             
attributable to 1998 conversion rollovers.                                      

SPECIAL RULES FOR CONTRACTS FUNDING QUALIFIED PLANS                             

For QP contracts, your plan administrator or trustee notifies you as to tax     
consequences. See Appendix II.                                                  

TAX-SHELTERED ANNUITY CONTRACTS (TSAS)                                          

GENERAL                                                                         

This section of the prospectus covers some of the special tax rules that apply  
to TSA contracts under Section 403(b) of the Internal Revenue Code (TSAs). If   
the rules are the same as those that apply to another kind of contract, for     
example, traditional IRAs, we will refer you to the same topic under            
"Traditional IRAs."                                                             

Generally, there are two types of funding vehicles available for 403(b)         
arrangements -- an annuity contract under Section 403(b) (1) of the Internal    
Revenue Code or a custodial account which invests only in mutual funds and      
which is treated as an annuity contract under Section 403(b)(7) of the Code.    
Both types of 403(b) arrangements qualify for tax deferral.                     

CONTRIBUTIONS TO TSAS                                                           

There are two ways you can make contributions to this Equitable Accumulator     
Rollover TSA contract:                                                          

o    a rollover from another TSA contract or arrangement that meets the         
requirements of Section 403(b) of the Internal Revenue Code, or       

o    a full or partial direct transfer of assets ("direct transfer") from       
another contract or arrangement that meets the requirements of Section
   403(b) of the Internal Revenue Code by means of IRS Revenue Ruling 90-24.

With appropriate written documentation satisfactory to us, we will accept       
rollover contributions from "conduit IRAs" for TSA funds.                       

If you make a direct transfer, you must fill out our transfer form.             

EMPLOYER-REMITTED CONTRIBUTIONS.  The Equitable Accumulator Rollover TSA        
contract does not accept employer-remitted contributions. However, we provide   
the following discussion as part of our description of restrictions on the      
distribution of funds directly transferred, which include employer-remitted     
contributions to other TSAs.                                                    

Employer-remitted contributions to TSAs made through the employer's payroll are 
subject to annual limits. (Tax-free                                             

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transfer or tax-deferred rollover contributions from another 403(b) arrangement 
are not subject to these annual contribution limits.) Commonly, some or all of  
the contributions made to a TSA are made under a salary reduction agreement     
between the employee and the employer. These contributions are called "salary   
reduction" or "elective deferral" contributions. However, a TSA can also be     
wholly or partially funded through nonelective employer contributions or        
after-tax employee contributions. Amounts attributable to salary reduction      
contributions to TSAs are generally subject to withdrawal restrictions. Also,   
all amounts attributable to investments in a 403(b)(7) custodial account are    
subject to withdrawal restrictions discussed below.                             

ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS.  You may make rollover contributions 
to your Equitable Accumulator Rollover TSA contract from TSAs under Section     
403(b) of the Internal Revenue Code. Generally, you may make a rollover         
contribution to a TSA when you have a distributable event from an existing TSA  
as a result of your:                                                            

o    termination of employment with the employer who provided the TSA funds; or 

o    reaching age 59-1/2 even if you are still employed; or                     

o    disability (special federal income tax definition).                        

A transfer occurs when changing the funding vehicle, even if there is no        
distributable event. Under a direct transfer, you do not receive a              
distribution. We accept direct transfers of TSA funds under Revenue Ruling      
90-24 only if:                                                                  

o    you give us acceptable written documentation as to the source of the funds,
and                                                                   

o    the Equitable Accumulator contract receiving the funds has provisions at   
least as restrictive as the source contract.                          

Before you transfer funds to an Equitable Accumulator Rollover TSA contract,    
you may have to obtain your employer's authorization or demonstrate that you do 
not need employer authorization. For example, the transferring TSA may be       
subject to Title I of ERISA, if the employer makes matching contributions to    
salary reduction contributions made by employees. In that case, the employer    
must continue to approve distributions from the plan or contract.               

Your contribution to the Equitable Accumulator Rollover TSA must be net of the  
required minimum distribution for the tax year in which we issue the contract   
if:                                                                             

o    you are or will be at least age 70-1/2 in the current calendar year, and   

o    you have separated from service with the employer who provided the funds to
purchase the TSA you are transferring or rolling over to the Equitable
Accumulator Rollover TSA.                                             

This rule applies regardless of whether the source of funds is a:               

o    rollover by check of the proceeds from another TSA; or                     

o    direct rollover from another TSA; or                                       

o    direct transfer under Revenue Ruling 90-24 from another TSA.               

Further, under the minimum distribution rules we apply, you must use the same   
elections regarding recalculation of your life expectancy (and if applicable,   
your spouse's life expectancy) if you have already begun to receive required    
minimum distributions from or with respect to the TSA from which you are making 
your contribution to the Equitable Accumulator Rollover TSA. You must also      
elect or have elected a minimum distribution calculation method requiring       
recalculation of your life expectancy (and if applicable, your spouse's life    
expectancy) if you elect an annuity payout for the funds in this contract       
subsequent to this year.                                                        

DISTRIBUTIONS FROM TSAS                                                         

GENERAL.  Depending on the terms of the employer plan and your employment       
status, you may have to get your employer's consent to take a loan or           
withdrawal. Your employer will tell us this when you establish the TSA through  
a direct transfer.                                                              

WITHDRAWAL RESTRICTIONS.  If this is a Revenue Ruling 90-24 direct transfer, we 
will treat all amounts transferred to this contract and any future earnings on  
the amount transferred as not eligible for withdrawal until one of the          
following events happens:                                                       

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o    you are separated from service with the employer who provided the funds to 
     purchase the TSA you are transferring to the Equitable Accumulator Rollover
TSA; or                                                               

o    you reach age 59-1/2; or                                                   

o    you die; or                                                                

o    you become disabled (special federal income tax definition); or            

o    you take a hardship withdrawal (special federal income tax definition).    

If any portion of the funds directly transferred to your TSA contract is        
attributable to amounts that you invested in a 403(b)(7) custodial account,     
such amounts, including earnings, are subject to withdrawal restrictions. With  
respect to the portion of the funds that were never invested in a 403(b)(7)     
custodial account, these restrictions apply to the salary reduction (elective   
deferral) contributions to a TSA annuity contract you made and any earnings on  
them. These restrictions do not apply to the amount directly transferred to     
your TSA contract that represents your December 31, 1988 account balance        
attributable to salary reduction contributions to a TSA annuity contract and    
earnings. To take advantage of this grandfathering you must properly notify us  
in writing at our Processing Office of your December 31, 1988 account balance   
if you have qualifying amounts transferred to your TSA contract.                

THIS PARAGRAPH APPLIES ONLY TO PARTICIPANTS IN A TEXAS OPTIONAL RETIREMENT      
PROGRAM.  Texas Law permits withdrawals only after one of the following         
distributable events occur:                                                     

(1)  the requirements for minimum distribution (discussed under "Required       
minimum distributions" below) are met; or                             

(2)  death; or                                                                  

(3)  retirement; or                                                             

(4)  termination of employment in all Texas public institutions of higher       
education.                                                            

For you to make a withdrawal, we must receive a properly completed written      
acknowledgement from the employer. If a distributable event occurs before you   
are vested, we will refund to the employer any amounts provided by an           
employer's first-year matching contribution. We reserve the right to change     
these provisions without your consent, but only to the extent necessary to      
maintain compliance with applicable law. Loans are not permitted under Texas    
Optional Retirement Programs.                                                   

TAX TREATMENT OF DISTRIBUTIONS.  Amounts held under TSAs are generally not      
subject to federal income tax until benefits are distributed. Distributions     
include withdrawals from your TSA contract and annuity payments from your TSA   
contract. Death benefits paid to a beneficiary are also taxable distributions.  
Unless an exception applies, amounts distributed from TSAs are includable in    
gross income as ordinary income. Distributions from TSAs may be subject to 20%  
federal income tax withholding. See "Federal and state income tax withholding   
and information reporting" below. In addition, TSA distributions may be subject 
to additional tax penalties.                                                    

If you have made after-tax contributions, you will have a tax basis in your TSA 
contract, which will be recovered tax-free. Since we do not track your          
investment in the contract, if any, it is your responsibility to determine how  
much of the distribution is taxable.                                            

DISTRIBUTIONS BEFORE ANNUITY PAYMENTS BEGIN. On a total surrender, the amount   
received in excess of the investment in the contract is taxable. We will report 
the total amount of the distribution. The amount of any partial distribution    
from a TSA prior to the annuity starting date is generally taxable, except to   
the extent that the distribution is treated as a withdrawal of after-tax        
contributions. Distributions are normally treated as pro rata withdrawals of    
after-tax contributions and earnings on those contributions.                    

ANNUITY PAYMENTS.  If you elect an annuity payout option, you will recover any  
investment in the contract as each payment is received by dividing the          
investment in the contract by an expected return determined under an IRS table  
prescribed for qualified annuities. The amount of each payment not excluded     
from income under this exclusion ratio is fully taxable. The full               

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amount of the payments received after your investment in the contract is        
recovered is fully taxable. If you (and your beneficiary under a joint and      
survivor annuity) die before recovering the full investment in the contract, a  
deduction is allowed on your (or your beneficiary's) final tax return.          

PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH                                      

Death benefit distributions from a TSA generally receive the same tax treatment 
as distributions during your lifetime. In some instances, distributions from a  
TSA made to your surviving spouse may be rolled over to a traditional IRA.      

LOANS FROM TSAS                                                                 

You may take loans from a TSA unless restricted by the employer (for example,   
under an employer plan subject to ERISA). If you cannot take a loan, or cannot  
take a loan without approval from the employer who provided the funds, we will  
have this information in our records based on what you and the employer who     
provided the TSA funds told us when you purchased your contract.                

Loans are generally not treated as a taxable distribution. If the amount of the 
loan exceeds permissible limits under federal income tax rules when made, the   
amount of the excess is treated (solely for tax purposes) as a taxable          
distribution. Additionally, if the loan is not repaid at least quarterly,       
amortizing (paying down) interest and principal, the amount not repaid when due 
will be treated as a taxable distribution. The entire unpaid balance of the     
loan is includable in income in the year of the default.                        

TSA loans are subject to federal income tax limits and may also be subject to   
the limits of the plan from which the funds came. Federal income tax rule       
requirements apply even if the plan is not subject to ERISA. For example, loans 
offered by TSAs are subject to the following conditions:                        

o    The amount of a loan to a participant, when combined with all other loans  
    to the participant from all qualified plans of the employer, cannot exceed
the lesser of:                                                        

(1)  the greater of $10,000 or 50% of the participant's nonforfeitable
accrued benefits; and                                       

     (2)  $50,000 reduced by the excess (if any) of the highest outstanding loan
     balance over the previous twelve months over the outstanding loan
balance of plan loans on the date the loan was made.        

o    In general, the term of the loan cannot exceed five years unless the loan  
is used to acquire the participant's primary residence. Equitable     
    Accumulator Rollover TSA contracts have a term limit of 10 years for loans
used to acquire the participant's primary residence.                  

o    All principal and interest must be amortized in substantially level        
payments over the term of the loan, with payments being made at least 
quarterly.                                                            

The amount borrowed and not repaid may be treated as a distribution if:         

o    the loan does not qualify under the conditions above;                      

o    the participant fails to repay the interest or principal when due; or      

o    in some instances, the participant separates from service with the employer
who provided the funds or the plan is terminated.                     

In this case, the participant may have to include the unpaid amount due as      
ordinary income. In addition, the 10% early distribution penalty tax may apply. 
The amount of the unpaid loan balance is reported to the IRS on Form 1099-R as  
a distribution.                                                                 

TAX-DEFERRED ROLLOVERS AND DIRECT TRANSFERS                                     

You may roll over any "eligible rollover distribution" from a TSA into another  
eligible retirement plan, either directly or within 60 days of your receiving   
the distribution. To the extent rolled over, a distribution remains             
tax-deferred.                                                                   

You may roll over a distribution from a TSA to another TSA or to a traditional  
IRA. A spousal beneficiary may roll over death benefits only to a traditional   
IRA.                                                                            

The taxable portion of most distributions will be eligible for rollover, except 
as specifically excluded under federal income tax rules. Distributions that you 
cannot roll over generally                                                      

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include periodic payments for life or for a period of 10 years or more,         
hardship withdrawals, and required minimum distributions under federal income   
tax rules.                                                                      

Direct transfers of TSA funds from one TSA to another under Revenue Ruling      
90-24 are not distributions.                                                    

REQUIRED MINIMUM DISTRIBUTIONS                                                  

--------------------------------------------------------------------------------
The IRS and Treasury recently proposed revisions to the minimum distribution    
rules. We expect these rules to be finalized no earlier than January 1, 2002.   
The proposed revisions permit TSA owners and beneficiaries to apply the         
proposed revisions to distributions for calendar year 2001. The discussion      
below generally does not reflect the proposed revisions. See the Statement of   
Additional Information for a brief description of the proposed revisions.       
--------------------------------------------------------------------------------

Generally the same as traditional IRA with these differences:                   

WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The minimum      
distribution rules force TSA participants to start calculating and taking       
annual distributions from their TSAs by a required date. Generally, you must    
take the first required minimum distribution for the calendar year in which you 
turn age 70-1/2. You may be able to delay the start of required minimum         
distributions for all or part of your account balance until after age 70-1/2,   
as follows:                                                                     

o    For TSA participants who have not retired from service with the employer   
 who provided the funds for the TSA by the calendar year the participant
    turns age 70-1/2, the required beginning date for minimum distributions is
extended to April 1 following the calendar year of retirement.        

o    TSA plan participants may also delay the start of required minimum         
    distributions to age 75 of the portion of their account value attributable
to their December 31, 1986 TSA account balance, even if retired at age
    70-1/2. We will know whether or not you qualify for this exception because
it will only apply to people who establish their Equitable Accumulator
   Rollover TSA by direct Revenue Ruling 90-24 transfers. If you do not give
us the amount of your December 31, 1986 account balance that is being 
   transferred to the Equitable Accumulator Rollover TSA on the form used to
establish the TSA, you do not qualify.                                

SPOUSAL CONSENT RULES                                                           

This will only apply to you if you establish your Equitable Accumulator         
Rollover TSA by direct Revenue Ruling 90-24 transfer. Your employer will tell   
us on the form used to establish the TSA whether or not you need to get spousal 
consent for loans, withdrawals, or other distributions. If you do, you will     
need such consent if you are married when you request a withdrawal under the    
TSA contract. In addition, unless you elect otherwise with the written consent  
of your spouse, the retirement benefits payable under the plan must be paid in  
the form of a qualified joint and survivor annuity. A qualified joint and       
survivor annuity is payable for the life of the annuitant with a survivor       
annuity for the life of the spouse in an amount not less than one-half of the   
amount payable to the annuitant during his or her lifetime. In addition, if you 
are married, the beneficiary must be your spouse, unless your spouse consents   
in writing to the designation of another beneficiary.                           

If you are married and you die before annuity payments have begun, payments     
will be made to your surviving spouse in the form of a life annuity unless at   
the time of your death a contrary election was in effect. However, your         
surviving spouse may elect, before payments begin, to receive payments in any   
form permitted under the terms of the TSA contract and the plan of the employer 
who provided the funds for the TSA.                                             

EARLY DISTRIBUTION PENALTY TAX                                                  

A penalty tax of 10% of the taxable portion of a distribution applies to        
distributions from a TSA before you reach age 59-1/2. This is in addition to    
any income tax. There are exceptions to the extra penalty tax. Some of the      
available exceptions to the pre-age 59-1/2 penalty tax include distributions    
made:                                                                           

o    on or after your death; or                                                 

o    because you are disabled (special federal income tax definition); or       

o    to pay for certain extraordinary medical expenses (special federal income  
tax definition); or                                                   

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o    if you are separated from service, any form of payout after you are age 55;
or                                                                    

o    only if you are separated from service, a payout in the form of            
     substantially equal periodic payments made at least annually over your life
(or your life expectancy), or over the joint lives of you and your    
beneficiary (or your joint life expectancy) using an IRS-approved     
distribution method.                                                  

FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING              

We must withhold federal income tax from distributions from annuity contracts.  
You may be able to elect out of this income tax withholding in some cases.      
Generally, we do not have to withhold if your distributions are not taxable.    
The rate of withholding will depend on the type of distribution and, in certain 
cases, the amount of your distribution. Any income tax withheld is a credit     
against your income tax liability. If you do not have sufficient income tax     
withheld or do not make sufficient estimated income tax payments, you may incur 
penalties under the estimated income tax rules.                                 

You must file your request not to withhold in writing before the payment or     
distribution is made. Our Processing Office will provide forms for this         
purpose. You cannot elect out of withholding unless you provide us with your    
correct Taxpayer Identification Number and a United States residence address.   
You cannot elect out of withholding if we are sending the payment out of the    
United States.                                                                  

You should note the following special situations:                               

o    We might have to withhold and/or report on amounts we pay under a free look
or cancellation.                                                      

o    We are generally required to withhold on conversion rollovers of           
  traditional IRAs to Roth IRAs, as it is considered a withdrawal from the
traditional IRA and is taxable.                                       

o    We are required to withhold on the gross amount of a distribution from a   
Roth IRA to the extent it is reasonable for us to believe that a      
 distribution is includable in your gross income. This may result in tax
being withheld even though the Roth IRA distribution is ultimately not
taxable. You can elect out of withholding as described below.         

Special withholding rules apply to foreign recipients and United States         
citizens residing outside the United States. We do not discuss these rules here 
in detail. However, we may require additional documentation in the case of      
payments made to non United States persons and United States persons living     
abroad prior to processing any requested transaction.                           

Certain states have indicated that state income tax withholding will also apply 
to payments from the contracts made to residents. In some states, you may elect 
out of state withholding, even if federal withholding applies. Generally, an    
election out of federal withholding will also be considered an election out of  
state withholding. If you need more information concerning a particular state   
or any required forms, call our Processing Office at the toll-free number.      

FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS                     

We withhold differently on "periodic" and "non-periodic" payments. For a        
periodic annuity payment, for example, unless you specify a different number of 
withholding exemptions, we withhold assuming that you are married and claiming  
three withholding exemptions. If you do not give us your correct Taxpayer       
Identification Number, we withhold as if you are single with no exemptions.     

Based on the assumption that you are married and claiming three withholding     
exemptions, if you receive less than $15,360 in periodic annuity payments in    
2001, your payments will generally be exempt from federal income tax            
withholding. You could specify a different choice of withholding exemption or   
request that tax be withheld. Your withholding election remains effective       
unless and until you revoke it. You may revoke or change your withholding       
election at any time.                                                           

FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)   

For a non-periodic distribution (total surrender or partial withdrawal), we     
generally withhold at a flat 10% rate. We apply that rate to the taxable amount 
in the case of nonqualified contracts, and to the payment amount in the case    

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of traditional IRAs and Roth IRAs, where it is reasonable to assume an amount   
is includable in gross income.                                                  

You cannot elect out of withholding if the payment is an eligible rollover      
distribution from a qualified plan or TSA. If a non-periodic distribution from  
a qualified plan or TSA is not an eligible rollover distribution then the 10%   
withholding rate applies.                                                       

MANDATORY WITHHOLDING FROM TSA AND QUALIFIED PLAN DISTRIBUTIONS                 

Unless you have the distribution go directly to the new plan, eligible rollover 
distributions from qualified plans and TSAs are subject to mandatory 20%        
withholding. The plan administrator is responsible for withholding from         
qualified plan distributions. An eligible rollover distribution from a TSA can  
be rolled over to another TSA or a traditional IRA. An eligible rollover        
distribution from a qualified plan can be rolled over to another qualified plan 
or traditional IRA. All distributions from a TSA or qualified plan are eligible 
rollover distributions unless they are on the following list of exceptions:     

o    any after-tax contributions you made to the plan; or                       

o    any distributions which are required minimum distributions after age 70-1/2
or separation from service; or                                        

o    hardship withdrawals; or                                                   

o    substantially equal periodic payments made at least annually for your life 
   (or life expectancy) or the joint lives (or joint life expectancy) of you
and your designated beneficiary; or                                   

o    substantially equal periodic payments made for a specified period of 10    
years or more; or                                                     

o    corrective distributions that fit specified technical tax rules; or        

o    loans that are treated as distributions; or                                

o    a death benefit payment to a beneficiary who is not your surviving spouse; 
or                                                                    

o    a qualified domestic relations order distribution to a beneficiary who is  
not your current spouse or former spouse.                             

A death benefit payment to your surviving spouse, or a qualified domestic       
relations order distribution to your current or former spouse, may be a         
distribution subject to mandatory 20% withholding.                              

IMPACT OF TAXES TO EQUITABLE LIFE                                               

The contracts provide that we may charge Separate Account No. 45 for taxes. We  
do not now, but may in the future set up reserves for such taxes.               

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ABOUT OUR SEPARATE ACCOUNT NO. 45                                               

Each variable investment option is a subaccount of our Separate Account No. 45. 
We established Separate Account No. 45 in 1994 under special provisions of the  
New York Insurance Law. These provisions prevent creditors from any other       
business we conduct from reaching the assets we hold in our variable investment 
options for owners of our variable annuity contracts. We are the legal owner of 
all of the assets in Separate Account No. 45 and may withdraw any amounts that  
exceed our reserves and other liabilities with respect to variable investment   
options under our contracts. The results of Separate Account No. 45's           
operations are accounted for without regard to Equitable Life's other           
operations.                                                                     

Separate Account No. 45 is registered under the Investment Company Act of 1940  
and is classified by that act as a "unit investment trust." The SEC, however,   
does not manage or supervise Equitable Life or Separate Account No. 45.         

Each subaccount (variable investment option) within Separate Account No. 45     
invests solely in class IB shares issued by the corresponding portfolio of EQ   
Advisors Trust.                                                                 

We reserve the right subject to compliance with laws that apply:                

(1)  to add variable investment options to, or to remove variable investment    
   options from, Separate Account No. 45, or to add other separate accounts;

(2)  to combine any two or more variable investment options;                    

(3)  to transfer the assets we determine to be the shares of the class of       
     contracts to which the contracts belong from any variable investment option
to another variable investment option;                                

(4)  to operate Separate Account No. 45 or any variable investment option as a  
    management investment company under the Investment Company Act of 1940 (in
   which case, charges and expenses that otherwise would be assessed against
     an underlying mutual fund would be assessed against Separate Account No. 45
or a variable investment option directly);                            

(5)  to deregister Separate Account No. 45 under the Investment Company Act of  
1940;                                                                 

(6)  to restrict or eliminate any voting rights as to Separate Account No. 45;  
and                                                                   

(7)  to cause one or more variable investment options to invest some or all of  
their assets in one or more other trusts or investment companies.     

ABOUT EQ ADVISORS TRUST                                                         

EQ Advisors Trust is registered under the Investment Company Act of 1940. It is 
classified as an "open-end management investment company," more commonly called 
a mutual fund. EQ Advisors Trust issues different shares relating to each       
portfolio.                                                                      

Equitable Life serves as the investment manager of EQ Advisors Trust. As such,  
Equitable Life oversees the activities of the investment advisers with respect  
to EQ Advisors Trust and is responsible for retaining or discontinuing the      
services of those advisers. (Prior to September 1999 EQ Financial Consultants,  
Inc., the predecessor to AXA Advisors, LLC and an affiliate of Equitable Life,  
served as investment manager to EQ Advisors Trust.)                             

EQ Advisors Trust commenced operations on May 1, 1997. For periods prior to     
October 18, 1999 the EQ/Alliance portfolios (other than EQ/Alliance Premier     
Growth and EQ/Alliance Technology) were part of The Hudson River Trust.         
On October 18, 1999, these portfolios became corresponding portfolios of        
EQ Advisors Trust.                                                              

EQ Advisors Trust does not impose sales charges or "loads" for buying and       
selling its shares. All dividends and other distributions on Trust shares are   
reinvested in full. The Board of Trustees of EQ Advisors Trust may establish    
additional portfolios or eliminate existing portfolios at any time. More        
detailed information about EQ Advisors Trust, the portfolio investment          
objectives, policies, restrictions, risks, expenses, their Rule 12b-1 Plan      
relating to its Class IB shares, and other aspects of its operations, appears   
in the prospectus for EQ Advisors Trust attached at the end of this prospectus, 
or in its SAI which is available upon request.                                  

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ABOUT OUR FIXED MATURITY OPTIONS                                                

RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE                          

We can determine the amount required to be allocated to one or more fixed       
maturity options in order to produce specified maturity values. For example, we 
can tell you how much you need to allocate per $100 of maturity value.          

FMO rates are determined daily. The rates in the table are illustrative only    
and will most likely differ from the rates applicable at time of purchase.      
Current FMO rates can be obtained from their financial professional.            

The rates to maturity for new allocations as of March 15, 2001 and the related  
price per $100 of maturity value were as shown below.                           

                                                                [Download Table]

---------------------------------------------------------------------
   FIXED MATURITY                                                    
    OPTIONS WITH                                                     
   FEBRUARY 15TH                                                     
  MATURITY DATE OF       RATE TO MATURITY AS       PRICE PER $100 OF 
   MATURITY YEAR          OF MARCH 15, 2001         MATURITY VALUE   
---------------------------------------------------------------------
                                                                     
        2002                    3.00%                     $97.31     
        2003                    4.26%                     $92.29     
        2004                    4.43%                     $88.10     
        2005                    4.62%                     $83.75     
        2006                    4.73%                     $79.64     
        2007                    4.90%                     $75.32     
        2008                    5.04%                     $71.14     
        2009                    5.19%                     $66.95     
        2010                    5.30%                     $63.06     
        2011                    5.39%                     $59.38     
---------------------------------------------------------------------

Available under the Assured Payment Option and APO Plus                         

                                                                [Download Table]

---------------------------------------------------------------------
   FIXED MATURITY                                                    
    OPTIONS WITH                                                     
   FEBRUARY 15TH                                                     
  MATURITY DATE OF       RATE TO MATURITY AS       PRICE PER $100 OF 
   MATURITY YEAR          OF MARCH 15, 2001         MATURITY VALUE   
---------------------------------------------------------------------
                                                                     
        2012                    4.85%                     $59.60     
        2013                    4.85%                     $56.83     
        2014                    4.85%                     $54.20     
        2015                    4.85%                     $51.70     
        2016                    4.85%                     $49.30     
---------------------------------------------------------------------

HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT                                    

We use the following procedure to calculate the market value adjustment (up or  
down) we make if you withdraw all of your value from a fixed maturity option    
before its maturity date.                                                       

(1)  We determine the market adjusted amount on the date of the withdrawal as   
follows:                                                              

  (a)  We determine the fixed maturity amount that would be payable on the
    maturity date, using the rate to maturity for the fixed maturity
option.                                                     

     (b)  We determine the period remaining in your fixed maturity option (based
         on the withdrawal date) and convert it to fractional years based on a
      365-day year. For example, three years and 12 days becomes 3.0329.

(c)  We determine the current rate to maturity that applies on the    
         withdrawal date to new allocations to the same fixed maturity option.

     (d)  We determine the present value of the fixed maturity amount payable at
      the maturity date, using the period determined in (b) and the rate
determined in (c).                                          

(2)  We determine the fixed maturity amount as of the current date.             

(3)  We subtract (2) from the result in (1)(d). The result is the market value  
    adjustment applicable to such fixed maturity option, which may be positive
or negative.                                                          

--------------------------------------------------------------------------------
Your market adjusted amount is the present value of the maturity value          
discounted at the rate to maturity in effect for new contributions to that same 
fixed maturity option on the date of the calculation.                           
--------------------------------------------------------------------------------

If you withdraw only a portion of the amount in a fixed maturity option, the    
market value adjustment will be a percentage of the market value adjustment     
that would have applied if you had withdrawn the entire value in that fixed     
maturity option. This percentage is equal to the percentage of the value in the 
fixed maturity option that you are withdrawing. Any withdrawal charges that are 
deducted from a fixed maturity option will result in a market value adjustment  
calculated in the same way. See Appendix III for an example.                    

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For purposes of calculating the rate to maturity for new allocations to a fixed 
maturity option (see (1)(c) above), we use the rate we have in effect for new   
allocations to that fixed maturity option. We use this rate even if new         
allocations to that option would not be accepted at that time. This rate will   
not be less than 3%. If we do not have a rate to maturity in effect for a fixed 
maturity option to which the "current rate to maturity" in (1)(c) would apply,  
we will use the rate at the next closest maturity date. If we are no longer     
offering new fixed maturity options, the "current rate to maturity" will be     
determined in accordance with our procedures then in effect. We reserve the     
right to add up to 0.25% to the current rate in (1)(c) above for purposes of    
calculating the market value adjustment only.                                   

INVESTMENTS UNDER THE FIXED MATURITY OPTIONS                                    

Amounts allocated to the fixed maturity options are held in a "nonunitized"     
separate account we have established under the New York Insurance Law. This     
separate account provides an additional measure of assurance that we will make  
full payment of amounts due under the fixed maturity options. Under New York    
Insurance Law, the portion of the separate account's assets equal to the        
reserves and other contract liabilities relating to the contracts are not       
chargeable with liabilities from any other business we may conduct. We own the  
assets of the separate account, as well as any favorable investment performance 
on those assets. You do not participate in the performance of the assets held   
in this separate account. We may, subject to state law that applies, transfer   
all assets allocated to the separate account to our general account. We         
guarantee all benefits relating to your value in the fixed maturity options,    
regardless of whether assets supporting fixed maturity options are held in a    
separate account or our general account.                                        

We have no specific formula for establishing the rates to maturity for the      
fixed maturity options. We expect the rates to be influenced by, but not        
necessarily correspond to, among other things, the yields that we can expect to 
realize on the separate account's investments from time to time. Our current    
plans are to invest in fixed-income obligations, including corporate bonds,     
mortgage-backed and asset-backed securities, and government and agency issues   
having durations in the aggregate consistent with those of the fixed maturity   
options.                                                                        

Although the above generally describes our plans for investing the assets       
supporting our obligations under the fixed maturity options under the           
contracts, we are not obligated to invest those assets according to any         
particular plan except as we may be required to by state insurance laws. We     
will not determine the rates to maturity we establish by the performance of the 
nonunitized separate account.                                                   

ABOUT THE GENERAL ACCOUNT                                                       

Our general account supports all of our policy and contract guarantees,         
including those that apply to the fixed maturity options and the account for    
special dollar cost averaging, as well as our general obligations.              

The general account is subject to regulation and supervision by the Insurance   
Department of the State of New York and to the insurance laws and regulations   
of all jurisdictions where we are authorized to do business. Because of         
exemptions and exclusionary provisions that apply, interests in the general     
account have not been registered under the Securities Act of 1933, nor is the   
general account an investment company under the Investment Company Act of 1940. 
However, the market value adjustment interests under the contracts are          
registered under the Securities Act of 1933.                                    

We have been advised that the staff of the SEC has not reviewed the portions of 
this prospectus that relate to the general account (other than market value     
adjustment interests). The disclosure with regard to the general account,       
however, may be subject to certain provisions of the federal securities laws    
relating to the accuracy and completeness of statements made in prospectuses.   

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ABOUT OTHER METHODS OF PAYMENT                                                  

AUTOMATIC INVESTMENT PROGRAM -- FOR NQ, FLEXIBLE PREMIUM IRA, AND FLEXIBLE      
PREMIUM ROTH IRA CONTRACTS ONLY                                                 

You may use our automatic investment program, or "AIP," to have a specified     
amount automatically deducted from a checking account, money market account, or 
credit union checking account and contributed as an additional contribution     
into an NQ, Flexible Premium IRA or Flexible Premium Roth IRA contract on a     
monthly or quarterly basis. AIP is not available for Rollover IRA, Roth         
Conversion IRA, QP, or Rollover TSA contracts. It is also not available under   
the Assured Payment Option or APO Plus.                                         

For NQ contracts, the minimum amounts we will deduct are $100 monthly and $300  
quarterly. Under Flexible Premium IRA and Flexible Premium Roth IRA contracts,  
the minimum amount is $50. AIP additional contributions may be allocated to any 
of the variable investment options and available fixed maturity options, but    
not the account for special dollar cost averaging. You choose the day of the    
month you wish to have your account debited. However, you may not choose a date 
later than the 28th day of the month.                                           

You may cancel AIP at any time by notifying our Processing Office. We are not   
responsible for any debits made to your account before the time written notice  
of cancellation is received at our processing office.                           

DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR                                 

We describe below the general rules for when, and at what prices, events under  
your contract will occur. Other portions of this prospectus describe            
circumstances that may cause exceptions. We generally do not repeat those       
exceptions below.                                                               

BUSINESS DAY                                                                    

Our business day is generally any day the New York Stock Exchange is open for   
trading. Our business day generally ends at 4:00 p.m., Eastern Time for         
purposes of determining the date when contributions are applied and any other   
transaction requests are processed. We may, however, close or close early due   
to emergency conditions. Contributions will be applied and any other            
transaction requests will be processed when they are received along with all    
the required information.                                                       

o    If your contribution, transfer, or any other transaction request,          
   containing all the required information, reaches us on a non-business day
  or after 4:00 p.m. on a business day, we will use the next business day.

o    A loan request under your Rollover TSA contract will be processed on the   
  first business day of the month following the date on which the properly
completed loan request form is received.                              

o    If your transaction is set to occur on the same day of the month as the    
  contract date and that date is the 29th, 30th or 31st of the month, then
the transaction will occur on the 1st day of the next month.          

o    When a charge is to be deducted on a contract date anniversary that is a   
non-business day, we will deduct the charge on the next business day. 

CONTRIBUTIONS AND TRANSFERS                                                     

o    Contributions allocated to the variable investment options are invested at 
the value next determined after the close of the business day.        

o    Contributions allocated to a fixed maturity option will receive the rate to
 maturity in effect for that fixed maturity option on that business day.

o    Initial contributions allocated to the account for special dollar cost     
averaging receive the interest rate in effect on that business day. At
  certain times, we may offer the opportunity to lock in the interest rate
     for an initial contribution to be received under Section 1035 exchanges and
  trustee to trustee transfers. Your registered representative can provide
information or you can call our processing office.                    

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o    Transfers to or from variable investment options will be made at the value 
next determined after the close of the business day.                  

o    Transfers to a fixed maturity option will be based on the rate to maturity 
in effect for that fixed maturity option on the business day of the   
transfer.                                                             

ABOUT YOUR VOTING RIGHTS                                                        

As the owner of the shares of EQ Advisors Trust we have the right to vote on    
certain matters involving the portfolios, such as:                              

o    the election of trustees;                                                  

o    the formal approval of independent auditors selected for EQ Advisors Trust;
or                                                                    

o    any other matters described in the prospectus for EQ Advisors Trust or     
  requiring a shareholders' vote under the Investment Company Act of 1940.

We will give contract owners the opportunity to instruct us how to vote the     
number of shares attributable to their contracts if a shareholder vote is       
taken. If we do not receive instructions in time from all contract owners, we   
will vote the shares of a portfolio for which no instructions have been         
received in the same proportion as we vote shares of that portfolio for which   
we have received instructions. We will also vote any shares that we are         
entitled to vote directly because of amounts we have in a portfolio in the same 
proportions that contract owners vote.                                          

VOTING RIGHTS OF OTHERS                                                         

Currently, we control EQ Advisors Trust. Its shares are sold to our separate    
accounts and an affiliated qualified plan trust. In addition, shares of EQ      
Advisors Trust are held by separate accounts of insurance companies both        
affiliated and unaffiliated with us. Shares held by these separate accounts     
will probably be voted according to the instructions of the owners of insurance 
policies and contracts issued by those insurance companies. While this will     
dilute the effect of the voting instructions of the contract owners, we         
currently do not foresee any disadvantages because of this. The Board of        
Trustees of EQ Advisors Trust intends to monitor events in order to identify    
any material irreconcilable conflicts that may arise and to determine what      
action, if any, should be taken in response. If we believe that a response to   
any of those events insufficiently protects our contract owners, we will see to 
it that appropriate action is taken.                                            

SEPARATE ACCOUNT NO. 45 VOTING RIGHTS                                           

If actions relating to Separate Account No. 45 require contract owner approval, 
contract owners will be entitled to one vote for each unit they have in the     
variable investment options. Each contract owner who has elected a variable     
annuity payout option may cast the number of votes equal to the dollar amount   
of reserves we are holding for that annuity in a variable investment option     
divided by the annuity unit value for that option. We will cast votes           
attributable to any amounts we have in the variable investment options in the   
same proportion as votes cast by contract owners.                               

CHANGES IN APPLICABLE LAW                                                       

The voting rights we describe in this prospectus are created under applicable   
federal securities laws. To the extent that those laws or the regulations       
published under those laws eliminate the necessity to submit matters for        
approval by persons having voting rights in separate accounts of insurance      
companies, we reserve the right to proceed in accordance with those laws or     
regulations.                                                                    

ABOUT LEGAL PROCEEDINGS                                                         

Equitable Life and its affiliates are parties to various legal proceedings. In  
our view, none of these proceedings is likely to have a material adverse effect 
upon Separate Account No. 45, our ability to meet our obligations under the     
contracts, or the distribution of the contracts.                                

ABOUT OUR INDEPENDENT ACCOUNTANTS                                               

The consolidated financial statements of Equitable Life at December 31, 2000    
and 1999, and for the three years ended December 31, 2000 incorporated in this  
prospectus by reference to the 2000 Annual Report on Form 10-K are              

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incorporated in reliance on the report of PricewaterhouseCoopers LLP,           
independent accountants, given on the authority of said firm as experts in      
auditing and accounting.                                                        

FINANCIAL STATEMENTS                                                            

The financial statements of Separate Account No. 45, as well as the             
consolidated financial statements of Equitable Life, are in the SAI. The SAI is 
available free of charge. You may request one by writing to our processing      
office or calling 1-800-789-7771.                                               

TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING            

You can transfer ownership of an NQ contract at any time before annuity         
payments begin. We will continue to treat you as the owner until we receive     
notification of any change at our Processing Office. You cannot assign your NQ  
contract as collateral or security for a loan. Loans are also not available     
under your NQ contract. In some cases, an assignment or change of ownership may 
have adverse tax consequences. See "Tax information" earlier in this            
prospectus.                                                                     

You cannot assign or transfer ownership of an IRA, QP, or Rollover TSA contract 
except by surrender to us. Loans are not available and you cannot assign IRA    
and QP contracts as security for a loan or other obligation. If the employer    
that provided the funds does not restrict them, loans are available under a     
Rollover TSA contract.                                                          

For limited transfers of ownership after the owner's death see "Beneficiary     
continuation option" in "Payment of death benefit" earlier in this prospectus.  
You may direct the transfer of the values under your IRA, QP, or Rollover TSA   
contract to another similar arrangement under federal income tax rules. In the  
case of such a transfer, we will impose a withdrawal charge, if one applies.    

DISTRIBUTION OF THE CONTRACTS                                                   

AXA Advisors, LLC ("AXA Advisors"), the successor to EQ Financial Consultants,  
Inc. and an affiliate of Equitable Life, is the distributor of the contracts    
and has responsibility for sales and marketing functions for Separate Account   
No. 45. AXA Advisors serves as the principal underwriter of Separate Account    
No. 45. AXA Advisors is registered with the SEC as a broker-dealer and is a     
member of the National Association of Securities Dealers, Inc. AXA Advisors'    
principal business address is 1290 Avenue of the Americas, New York, New York   
10104.                                                                          

The contracts will be sold by financial professionals who are registered        
representatives of AXA Advisors and its affiliates, who are also our licensed   
insurance agents.                                                               

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Investment performance                                                          

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The table below shows the average annual total return of the variable           
investment options. Average annual total return is the annual rate of growth    
that would be necessary to achieve the ending value of a contribution invested  
in the variable investment options for the periods shown.                       

The table takes into account all current fees and charges under the contract,   
including the withdrawal charge, the optional baseBUILDER benefit charge, the   
charge for Protection Plus, the annual administrative charge under Flexible     
Premium IRA and Flexible Premium Roth IRA contracts, but does not reflect the   
charges designed to approximate certain taxes that may be imposed on us, such   
as premium taxes in your state or any applicable annuity administrative fee.    

The results shown are based on the actual historical investment experience of   
the portfolios in which the variable investment options invest. In some cases,  
the results shown relate to periods when the variable investment options and/or 
the contracts were not available. In those cases, we adjusted the results of    
the portfolios to reflect the charges under the contracts that would have       
applied had the investment options and/or contracts been available. The         
contracts were offered for the first time in 2000.                              

For the "EQ/Alliance" portfolios (other than EQ/Alliance Premier Growth and     
EQ/Alliance Technology), we have adjusted the results prior to October 1996,    
when Class IB shares for these portfolios were not available, to reflect the    
12b-1 fees currently imposed. Finally, the results shown for the EQ/Alliance    
Money Market and EQ/Alliance Common Stock options for periods before March 22,  
1985 reflect the results of the variable investment options that preceded them. 
The "Since portfolio inception" figures for these options are based on the date 
of inception of the preceding variable investment options. We have adjusted     
these results to reflect the maximum investment advisory fee payable for the    
portfolios, as well as an assumed charge of 0.06% for direct operating          
expenses.                                                                       

EQ Advisors Trust commenced operations on May 1, 1997. For periods prior to     
October 18, 1999 the EQ/Alliance portfolios (other than EQ/Alliance Premier     
Growth and EQ/Alliance Technology) were part of The Hudson River Trust. On      
October 18, 1999, these portfolios became corresponding portfolios of EQ        
Advisors Trust. In each case, the performance shown is for the indicated EQ     
Advisors Trust portfolio, and any predecessors it may have had.                 

All rates of return presented are time-weighted and include reinvestment of     
investment income, including interest and dividends.                            

THE PERFORMANCE INFORMATION SHOWN BELOW AND THE PERFORMANCE INFORMATION THAT WE 
ADVERTISE REFLECT PAST PERFORMANCE AND DO NOT INDICATE HOW THE VARIABLE         
INVESTMENT OPTIONS MAY PERFORM IN THE FUTURE. SUCH INFORMATION ALSO DOES NOT    
REPRESENT THE RESULTS EARNED BY ANY PARTICULAR INVESTOR. YOUR RESULTS WILL      
DIFFER.                                                                         

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TABLE 
AVERAGE ANNUAL TOTAL RETURN UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 2000:  

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------------------------------------------
                                                                            LENGTH OF INVESTMENT PERIOD                        
                                                 ------------------------------------------------------------------------------
                                                                                                                       SINCE   
                                                                                                     SINCE OPTION    PORTFOLIO 
 VARIABLE INVESTMENT OPTIONS                     1 YEAR          3 YEARS      5 YEARS    10 YEARS     INCEPTION*    INCEPTION**
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                                               
EQ/Aggressive Stock                              (23.39)%         (5.19)%       1.77%      10.22%        5.59%          11.77% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Common Stock                         (24.26)%          5.55%       12.64%      13.65%       14.92%          11.60% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Global                               (28.71)%          5.04%        6.88%       9.94%        8.43%           6.93% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Growth and Income                     (2.14)%          9.92%       13.95%        --         14.95%          11.20% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Growth Investors                     (17.21)%          5.91%        8.04%      10.86%       10.03%          10.51% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance High Yield                           (19.09)%        (12.37)%      (1.30)%      5.10%        0.50%           3.38% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Intermediate Government Securities    (1.93)%         (0.66)%       0.05%        --          1.03%           1.57% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance International                        (32.85)%         (0.75)%      (0.80)%        --         0.54%           0.75% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Money Market                          (4.73)%         (0.75)%      (0.06)%     (0.33)%       0.06%           2.27% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Premier Growth                       (28.26)%            --           --          --        (9.24)%         (9.24)%
-------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Small Cap Growth                       2.65%           5.58%          --          --        11.19%          11.19% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research                      (4.81)%            --           --          --         0.19%           0.19% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity                   (7.05)%            --           --          --        (3.21)%         (3.21)%
-------------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index                              (19.98)%          5.57%       12.90%         --        14.89%          13.68% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega                               (21.81)%            --           --          --        (8.50)%         (8.50)%
-------------------------------------------------------------------------------------------------------------------------------
EQ/FI Small/Mid Cap Value                         (5.55)%         (7.46)%         --          --        (1.95)%         (1.95)%
-------------------------------------------------------------------------------------------------------------------------------
EQ/International Equity Index                    (27.50)%          2.13%          --          --         2.13%           2.13% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity                      0.89%           8.20%          --          --        10.89%          10.89% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies                 (28.69)%         18.29%          --          --        20.84%          20.84% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust                           (11.18)%            --           --          --        (3.05)%         (3.05)%
-------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Research                                  (15.59)%          7.28%          --          --         9.94%           9.94% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Morgan Stanley Emerging Markets Equity        (49.15)%        (11.37)%         --          --       (15.07)%        (17.15)%
-------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value                   (3.97)%         (0.07)%         --          --         3.67%           3.67% 
-------------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index                           (13.79)%         (1.58)%         --          --        (1.58)%         (1.58)%
-------------------------------------------------------------------------------------------------------------------------------
EQ/T. Rowe Price International Stock             (28.53)%          0.90%          --          --        (0.38)%         (0.38)%
-------------------------------------------------------------------------------------------------------------------------------

*    The variable investment option inception dates are: EQ/Aggressive Stock,   
EQ/Alliance Common Stock, EQ/Equity 500 Index, EQ/Alliance Global,    
  EQ/Alliance Growth and Income, EQ/Alliance Growth Investors, EQ/Alliance
 High Yield, EQ/Alliance Intermediate Government Securities, EQ/Alliance
     International and EQ/Alliance Money Market (May 1, 1995); EQ/Alliance Small
Cap Growth, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth     
 Companies, EQ/MFS Research, EQ/Putnam Growth & Income Value, EQ/T. Rowe
Price International Stock and EQ/FI Small/Mid Cap Value (May 1, 1997);
EQ/Morgan Stanley Emerging Markets Equity (September 2, 1997);        
EQ/International Equity Index and EQ/Small Company Index (December 31,
   1997); EQ/Evergreen Omega and EQ/MFS Investors Trust (December 31, 1998);
 EQ/Alliance Premier Growth, EQ/Capital Guardian Research and EQ/Capital
Guardian U.S. Equity (April 30, 1999); EQ/Alliance Technology (May 1, 
  2000); EQ/AXP New Dimensions, EQ/AXP Strategy Aggressive, EQ/Janus Large
Cap Growth and EQ/FI Mid Cap (September1, 2000); EQ/Balanced and      
     EQ/Bernstein Diversified Value (anticipated to become available on or about
  May 18, 2001). No information is provided for portfolios and/or variable
investment options with inception dates after December 31, 1999.      

**   The inception dates for the portfolios underlying the Alliance variable    
     investment options are for portfolios of The Hudson River Trust, the assets
    of which became assets of corresponding portfolios of EQ/Advisors Trust on
  October 18, 1999. The portfolio inception dates are: EQ/Aggressive Stock
   and EQ/Balanced (January 27, 1986); EQ/Alliance Common Stock (January 13,
    1976); EQ/Alliance Growth Investors (October 2, 1989); EQ/Equity 500 Index
(March 1, 1994); EQ/Alliance                                          

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    Global (August 27, 1987); EQ/Alliance Growth and Income (October 1, 1993);
EQ/Alliance High Yield (January 2, 1987); EQ/Alliance Intermediate    
    Government Securities (April 1, 1991); EQ/Alliance International (April 3,
1995); EQ/Alliance Money Market (July 13, 1981); EQ/Alliance Small Cap
Growth, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth         
Companies,EQ/MFS Research, EQ/Putnam Growth & Income Value, EQ/T. Rowe
 Price International Stock, and EQ/FI Small/Mid Cap Value (May 1, 1997);
    EQ/Bernstein Diversified Value, EQ/International Equity Index and EQ/Small
    Company Index (January 1, 1998); EQ/Morgan Stanley Emerging Markets Equity
   (August 20, 1997); EQ/Evergreen Omega and EQ/MFS Investors Trust (January
1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian Research and
    EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Alliance Technology (May
     1, 2000); EQ/AXP New Dimensions, EQ/AXP Strategy Aggressive, EQ/Janus Large
Cap Growth and EQ/FI Mid Cap (September 1, 2000). No information is   
   provided for portfolios and/or variable investment options with inception
dates after December 31, 1999.                                        

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COMMUNICATING PERFORMANCE DATA                                                  

In reports or other communications to contract owners or in advertising         
material, we may describe general economic and market conditions affecting our  
variable investment options and the portfolios and may compare the performance  
or ranking of those options and the portfolios with:                            

o    those of other insurance company separate accounts or mutual funds included
    in the rankings prepared by Lipper Analytical Services, Inc., Morningstar,
     Inc., VARDS, or similar investment services that monitor the performance of
insurance company separate accounts or mutual funds;                  

o    other appropriate indices of investment securities and averages for peer   
universes of mutual funds; or                                         

o    data developed by us derived from such indices or averages.                

We also may furnish to present or prospective contract owners advertisements or 
other communications that include evaluations of a variable investment option   
or portfolio by nationally recognized financial publications. Examples of such  
publications are:                                                               

--------------------------------------------------------------------            
Barron's                              Investment Management Weekly              
Morningstar's Variable Annuity        Money Management Letter                   
Sourcebook                          Investment Dealers Digest               
Business Week                         National Underwriter                      
Forbes                                Pension & Investments                     
Fortune                               USA Today                                 
Institutional Investor                Investor's Business Daily                 
Money                                 The New York Times                        
Kiplinger's Personal Finance          The Wall Street Journal                   
Financial Planning                    The Los Angeles Times                     
Investment Adviser                    The Chicago Tribune                       
--------------------------------------------------------------------            

From time to time, we may also advertise different measurements of the          
investment performance of the variable investment options and/or the            
portfolios, including the measurements that compare the performance to market   
indices that serve as benchmarks. Market indices are not subject to any charges 
for investment advisory fees, brokerage commission or other operating expenses  
typically associated with a managed portfolio. Also, they do not reflect other  
contract charges such as the mortality and expense risks charge, administrative 
charge and distribution charge or any withdrawal or optional benefit charge.    
Comparisons with these benchmarks, therefore, may be of limited use. We use     
them because they are widely known and may help you to understand the universe  
of securities from which each portfolio is likely to select its holdings.       

Lipper compiles performance data for peer universes of funds with similar       
investment objectives in its Lipper Survey. Morningstar, Inc. compiles similar  
data in the Morningstar Variable Annuity/Life Report (Morningstar Report).      

The Lipper Survey records performance data as reported to it by over 800 mutual 
funds underlying variable annuity and life insurance products. It divides these 
actively managed portfolios into 25 categories by portfolio objectives.         
According to Lipper, the data are presented net of investment management fees,  
direct operating expenses and asset-based charges applicable under annuity      
contracts. Lipper data provide a more accurate picture than market benchmarks   
of the Equitable Accumulator performance relative to other variable annuity     
products. The Lipper Survey contains two different universes, which reflect     
different types of fees in performance data:                                    

o    The "separate account" universe reports performance data net of investment 
management fees, direct operating expenses and asset-based charges    
applicable under variable life and annuity contracts; and             

o    The "mutual fund" universe reports performance net only of investment      
    management fees and direct operating expenses, and therefore reflects only
charges that relate to the underlying mutual fund.                    

The Morningstar Variable Annuity/Life Report consists of nearly 700 variable    
life and annuity funds, all of which report their data net of investment        
management fees, direct operating expenses and separate account level charges.  
VARDS is a monthly reporting service that monitors approximately 2,500 variable 
life and variable annuity funds on performance and account information.         

YIELD INFORMATION                                                               

Current yield for the EQ/Alliance Money Market option will be based on net      
changes in a hypothetical investment over a                                     

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given seven-day period, exclusive of capital changes, and then "annualized"     
(assuming that the same seven-day result would occur each week for 52 weeks).   
Current yield for the EQ/Alliance High Yield option and EQ/Alliance             
Intermediate Government Securities option will be based on net changes in a     
hypothetical investment over a given 30-day period, exclusive of capital        
changes, and then "annualized" (assuming that the same 30-day result would      
occur each month for 12 months).                                                

"Effective yield" is calculated in a similar manner, but when annualized, any   
income earned by the investment is assumed to be reinvested. The "effective     
yield" will be slightly higher than the "current yield" because any earnings    
are compounded weekly for the EQ/Alliance Money Market option. The current      
yields and effective yields assume the deduction of all current contract        
charges and expenses other than the withdrawal charge, the optional baseBUILDER 
benefits charge, the annual administrative charge, and any charge designed to   
approximate certain taxes that may be imposed on us, such as premium taxes in   
your state. The yields and effective yields for the EQ/Alliance Money Market    
option, when used for the special dollar cost averaging program, assume that no 
contract charges are deducted. For more information, see "Yield Information for 
the EQ/Alliance Money Market Option, EQ/Alliance High Yield Option, and         
EQ/Alliance Intermediate Government Securities Option" in the SAI.              

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Incorporation of certain documents by reference                                 

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Equitable Life's Annual Report on Form 10-K for the year ended December 31,     
2000, is considered to be a part of this prospectus because it is incorporated  
by reference.                                                                   

After the date of this prospectus and before we terminate the offering of the   
securities under this prospectus, all documents or reports we file with the SEC 
under the Securities Exchange Act of 1934 ("Exchange Act"), will be considered  
to become part of this prospectus because they are incorporated by reference.   

Any statement contained in a document that is or becomes part of this           
prospectus, will be considered changed or replaced for purposes of this         
prospectus if a statement contained in this prospectus changes or is replaced.  
Any statement that is considered to be a part of this prospectus because of its 
incorporation will be considered changed or replaced for the purpose of this    
prospectus if a statement contained in any other subsequently filed document    
that is considered to be part of this prospectus changes or replaces that       
statement. After that, only the statement that is changed or replaced will be   
considered to be part of this prospectus.                                       

We file our Exchange Act documents and reports, including our Annual Report on  
Form 10-K and Quarterly Reports on Form 10-Q, electronically according to EDGAR 
under CIK No. 0000727920. The SEC maintains a Web site that contains reports,   
proxy and information statements, and other information regarding registrants   
that file electronically with the SEC. The address of the site is               
http://www.sec.gov.                                                             

Upon written or oral request, we will provide, free of charge, to each person   
to whom this prospectus is delivered, a copy of any or all of the documents     
considered to be part of this prospectus because they are incorporated herein.  
This does not include exhibits not specifically incorporated by reference into  
the text of such documents. Requests for documents should be directed to The    
Equitable Life Assurance Society of the United States, 1290 Avenue of the       
Americas, New York, New York 10104. Attention: Corporate Secretary (telephone:  
(212) 554-1234).                                                                

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Appendix I: Condensed financial information                                     

-----                                                                           
A-1                                                                             
--------------------------------------------------------------------------------

The unit values and number of units outstanding shown below are for contracts   
offered under Separate Account 45 with the same daily asset charges of 1.55%.   

UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE       
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME    
AFTER MAY 1, 2001                                                               

                                                                [Download Table]

-------------------------------------------------------------------
                                                 FOR THE YEAR ENDED
                                                 DECEMBER 31, 2000 
-------------------------------------------------------------------
                                                                   
 EQ/AGGRESSIVE STOCK                                               
-------------------------------------------------------------------
  Unit value                                           $ 67.28     
-------------------------------------------------------------------
  Number of units outstanding (000s)                        36     
-------------------------------------------------------------------
 EQ/ALLIANCE COMMON STOCK                                          
-------------------------------------------------------------------
  Unit value                                           $235.03     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       217     
-------------------------------------------------------------------
 EQ/ALLIANCE CONSERVATIVE INVESTORS                                
-------------------------------------------------------------------
  Unit value                                           $ 22.87     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       603     
-------------------------------------------------------------------
 EQ/ALLIANCE GLOBAL                                                
-------------------------------------------------------------------
  Unit value                                           $ 34.60     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       443     
-------------------------------------------------------------------
 EQ/ALLIANCE GROWTH AND INCOME                                     
-------------------------------------------------------------------
  Unit value                                           $ 25.90     
-------------------------------------------------------------------
  Number of units outstanding (000s)                     1,223     
-------------------------------------------------------------------
 EQ/ALLIANCE GROWTH INVESTORS                                      
-------------------------------------------------------------------
  Unit value                                           $ 38.95     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       625     
-------------------------------------------------------------------
 EQ/ALLIANCE HIGH YIELD                                            
-------------------------------------------------------------------
  Unit value                                           $ 23.23     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       145     
-------------------------------------------------------------------
 EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES                    
-------------------------------------------------------------------
  Unit value                                           $ 15.83     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       269     
-------------------------------------------------------------------
 EQ/ALLIANCE INTERNATIONAL                                         
-------------------------------------------------------------------
  Unit value                                           $ 12.60     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       389     
-------------------------------------------------------------------
 EQ/ALLIANCE MONEY MARKET                                          
-------------------------------------------------------------------
  Unit value                                           $ 26.91     
-------------------------------------------------------------------
  Number of units outstanding (000s)                       571     
-------------------------------------------------------------------
 EQ/ALLIANCE PREMIER GROWTH                                        
-------------------------------------------------------------------
  Unit value                                           $  9.46     
-------------------------------------------------------------------
  Number of units outstanding (000s)                     3,355     
-------------------------------------------------------------------

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-----                                                                           
A-2                                                                             
--------------------------------------------------------------------------------

UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE       
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME    
AFTER MAY 1, 2001 (CONTINUED)                                                   

                                                                [Download Table]

-----------------------------------------------------------
                                        FOR THE YEAR ENDED 
                                         DECEMBER 31, 2000 
-----------------------------------------------------------
                                                           
 EQ/ALLIANCE SMALL CAP GROWTH                              
-----------------------------------------------------------
  Unit value                                  $16.56       
-----------------------------------------------------------
  Number of units outstanding (000s)             825       
-----------------------------------------------------------
 EQ/ALLIANCE TECHNOLOGY                                    
-----------------------------------------------------------
  Unit value                                   $6.61       
-----------------------------------------------------------
  Number of units outstanding (000s)           1,600       
-----------------------------------------------------------
 EQ/AXP NEW DIMENSIONS                                     
-----------------------------------------------------------
  Unit value                                   $8.28       
-----------------------------------------------------------
  Number of units outstanding (000s)              49       
-----------------------------------------------------------
 EQ/AXP STRATEGY AGGRESSIVE                                
-----------------------------------------------------------
  Unit value                                   $6.21       
-----------------------------------------------------------
  Number of units outstanding (000s)              52       
-----------------------------------------------------------
 EQ/CAPITAL GUARDIAN RESEARCH                              
-----------------------------------------------------------
  Unit value                                  $11.05       
-----------------------------------------------------------
  Number of units outstanding (000s)             110       
-----------------------------------------------------------
 EQ/CAPITAL GUARDIAN U.S. EQUITY                           
-----------------------------------------------------------
  Unit value                                  $10.47       
-----------------------------------------------------------
  Number of units outstanding (000s)             110       
-----------------------------------------------------------
 EQ/EQUITY 500 INDEX                                       
-----------------------------------------------------------
  Unit value                                  $27.79       
-----------------------------------------------------------
  Number of units outstanding (000s)             421       
-----------------------------------------------------------
 EQ/EVERGREEN OMEGA                                        
-----------------------------------------------------------
  Unit value                                   $9.39       
-----------------------------------------------------------
  Number of units outstanding (000s)              39       
-----------------------------------------------------------
 EQ/EVERGREEN FOUNDATION                                   
-----------------------------------------------------------
  Unit value                                   $9.91       
-----------------------------------------------------------
  Number of units outstanding (000s)             122       
-----------------------------------------------------------
 EQ/FI MID CAP                                             
-----------------------------------------------------------
  Unit value                                   $9.99       
-----------------------------------------------------------
  Number of units outstanding (000s)              58       
-----------------------------------------------------------
 EQ/FI SMALL/MID CAP VALUE                                 
-----------------------------------------------------------
  Unit value                                  $10.84       
-----------------------------------------------------------
  Number of units outstanding (000s)              70       
-----------------------------------------------------------
 EQ/INTERNATIONAL EQUITY INDEX                             
-----------------------------------------------------------
  Unit value                                  $12.04       
-----------------------------------------------------------
  Number of units outstanding (000s)             111       
-----------------------------------------------------------

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-----                                                                           
A-3                                                                             
--------------------------------------------------------------------------------

UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE       
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME    
AFTER MAY 1, 2001 (CONTINUED)                                                   

                                                                [Download Table]

-----------------------------------------------------------
                                         FOR THE YEAR ENDED
                                         DECEMBER 31, 2000 
-----------------------------------------------------------
                                                           
 EQ/JANUS LARGE CAP GROWTH                                 
-----------------------------------------------------------
  Unit value                                   $8.39       
-----------------------------------------------------------
  Number of units outstanding (000s)             182       
-----------------------------------------------------------
 EQ/MERCURY BASIC VALUE EQUITY                             
-----------------------------------------------------------
  Unit value                                  $16.40       
-----------------------------------------------------------
  Number of units outstanding (000s)             275       
-----------------------------------------------------------
 EQ/MERCURY WORLD STRATEGY                                 
-----------------------------------------------------------
  Unit value                                  $11.35       
-----------------------------------------------------------
  Number of units outstanding (000s)              98       
-----------------------------------------------------------
 EQ/MFS EMERGING GROWTH COMPANIES                          
-----------------------------------------------------------
  Unit value                                  $21.92       
-----------------------------------------------------------
  Number of units outstanding (000s)           1,301       
-----------------------------------------------------------
 EQ/MFS INVESTORS TRUST                                    
-----------------------------------------------------------
  Unit value                                  $10.47       
-----------------------------------------------------------
  Number of units outstanding (000s)             298       
-----------------------------------------------------------
 EQ/MFS RESEARCH                                           
-----------------------------------------------------------
  Unit value                                  $15.87       
-----------------------------------------------------------
  Number of units outstanding (000s)             551       
-----------------------------------------------------------
 EQ/MORGAN STANLEY EMERGING MARKETS EQUITY                 
-----------------------------------------------------------
  Unit value                                   $6.49       
-----------------------------------------------------------
  Number of units outstanding (000s)             541       
-----------------------------------------------------------
 EQ/PUTNAM GROWTH & INCOME VALUE                           
-----------------------------------------------------------
  Unit value                                  $13.04       
-----------------------------------------------------------
  Number of units outstanding (000s)              80       
-----------------------------------------------------------
 EQ/SMALL COMPANY INDEX                                    
-----------------------------------------------------------
  Unit value                                  $10.87       
-----------------------------------------------------------
  Number of units outstanding (000s)             106       
-----------------------------------------------------------
 EQ/T. ROWE PRICE EQUITY INCOME                            
-----------------------------------------------------------
  Unit value                                  $14.70       
-----------------------------------------------------------
  Number of units outstanding (000s)              91       
-----------------------------------------------------------
 EQ/T. ROWE PRICE INTERNATIONAL STOCK                      
-----------------------------------------------------------
  Unit value                                  $11.34       
-----------------------------------------------------------
  Number of units outstanding (000s)             462       
-----------------------------------------------------------
 EQ/PUTNAM BALANCED                                        
-----------------------------------------------------------
  Unit value                                  $13.18       
-----------------------------------------------------------
  Number of units outstanding (000s)             188       
-----------------------------------------------------------

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Appendix II: Purchase considerations for QP contracts                           

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B-1                                                                             
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Trustees who are considering the purchase of an Equitable Accumulator QP        
contract should discuss with their tax advisers whether this is an appropriate  
investment vehicle for the employer's plan. Trustees should consider whether    
the plan provisions permit the investment of plan assets in the QP contract,    
the distribution of such an annuity, the purchase of the guaranteed minimum     
income benefit, and the payment of death benefits in accordance with the        
requirements of the federal income tax rules. The QP contract and this          
prospectus should be reviewed in full, and the following factors, among others, 
should be noted. Assuming continued plan qualification and operation, earnings  
on qualified plan assets will accumulate value on a tax-deferred basis even if  
the plan is not funded by the Equitable Accumulator QP contract or another      
annuity. Therefore, you should purchase an Equitable Accumulator QP Contract to 
fund a plan for the contract's features and benefits other than tax deferral,   
after considering the relative costs and benefits of annuity contracts and      
other types of arrangements and funding vehicles. This QP contract accepts      
transfer contributions only and not regular, ongoing payroll contributions. For 
401(k) plans under defined contribution plans, no employee after-tax            
contributions are accepted.                                                     

Under defined benefit plans, we will not accept rollovers from a defined        
contribution plan to a defined benefit plan. We will only accept transfers from 
a defined benefit plan or a change of investment vehicles in the plan. Only one 
additional transfer contribution may be made per contract year. For defined     
benefit plans, the maximum percentage of actuarial value of the plan            
participant/employee's normal retirement benefit that can be funded by a QP     
contract is 80%. The account value under a QP contract may at any time be more  
or less than the lump sum actuarial equivalent of the accrued benefit for a     
defined benefit plan participant/employee. Equitable Life does not guarantee    
that the account value under a QP contract will at any time equal the actuarial 
value of 80% of a participant/employee's accrued benefit. If overfunding of a   
plan occurs, withdrawals from the QP contract may be required. A withdrawal     
charge and/or market value adjustment may apply.                                

Further, Equitable Life will not perform or provide any plan recordkeeping      
services with respect to the QP contracts. The plan's administrator will be     
solely responsible for performing or providing for all such services. There is  
no loan feature offered under the QP contracts, so if the plan provides for     
loans and a participant/employee takes a loan from the plan, other plan assets  
must be used as the source of the loan and any loan repayments must be credited 
to other investment vehicles and/or accounts available under the plan.          

Given that required minimum distributions must generally commence from the plan 
for annuitants after age 70-1/2, trustees should consider that:                 

o    The QP contract may not be an appropriate purchase for annuitants          
approaching or over age 70-1/2; and                                   

o    The guaranteed minimum income benefit under baseBUILDER may not be an      
   appropriate feature for annuitants who are older than age 60-1/2 when the
contract is issued.                                                   

Finally, because the method of purchasing the QP contract, including the large  
initial contribution, and the features of the QP contract may appeal more to    
plan participants/employees who are older and tend to be highly paid, and       
because certain features of the QP contract are available only to plan          
participants/employees who meet certain minimum and/or maximum age              
requirements, plan trustees should discuss with their advisers whether the      
purchase of the QP contract would cause the plan to engage in prohibited        
discrimination in contributions, benefits or otherwise.                         

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Appendix III: Market value adjustment example                                   

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C-1                                                                             
--------------------------------------------------------------------------------

The example below shows how the market value adjustment would be determined and 
how it would be applied to a withdrawal, assuming that $100,000 was allocated   
on February 15, 2002 to a fixed maturity option with a maturity date of         
February 15, 2011 (nine years later) at a hypothetical rate to maturity of      
7.00%, resulting in a maturity value of $183,846 on the maturity date. We       
further assume that a withdrawal of $50,000 is made four years later on         
February 15, 2006.                                                              

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------
                                                                      HYPOTHETICAL ASSUMED
                                                                      RATE TO MATURITY ON 
                                                                       FEBRUARY 15, 2006  
                                                                      --------------------
                                                                       5.00%       9.00%  
------------------------------------------------------------------------------------------
                                                                                          
AS OF FEBRUARY 15, 2006 (BEFORE WITHDRAWAL)                                               
------------------------------------------------------------------------------------------
(1) Market adjusted amount                                           $144,048    $119,487 
------------------------------------------------------------------------------------------
(2) Fixed maturity amount                                            $131,080    $131,080 
------------------------------------------------------------------------------------------
(3) Market value adjustment: (1) - (2)                               $ 12,968    $(11,593)
------------------------------------------------------------------------------------------
ON FEBRUARY 15, 2006 (AFTER WITHDRAWAL)                                                   
------------------------------------------------------------------------------------------
(4) Portion of market value adjustment associated with withdrawal:                        
    (3) x [$50,000/(1)]                                              $  4,501    $ (4,851)
------------------------------------------------------------------------------------------
(5) Reduction in fixed maturity amount: [$50,000 - (4)]              $ 45,499    $ 54,851 
------------------------------------------------------------------------------------------
(6) Fixed maturity amount: (2) - (5)                                 $ 85,581    $ 76,229 
------------------------------------------------------------------------------------------
(7) Maturity value                                                   $120,032    $106,915 
------------------------------------------------------------------------------------------
(8) Market adjusted amount of (7)                                    $ 94,048    $ 69,487 
------------------------------------------------------------------------------------------

You should note that under this example if a withdrawal is made when rates have 
increased from 7.00% to 9.00% (right column), a portion of a negative market    
value adjustment is realized. On the other hand, if a withdrawal is made when   
rates have decreased from 7.00% to 5.00% (left column), a portion of a positive 
market value adjustment is realized.                                            

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Appendix IV: Guaranteed minimum death benefit example                           

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D-1                                                                             
--------------------------------------------------------------------------------

The death benefit under the contracts is equal to the account value or, if      
greater, the guaranteed minimum death benefit.                                  

The following illustrates the guaranteed minimum death benefit calculation.     
Assuming $100,000 is allocated to the variable investment options (with no      
allocation to the EQ/Alliance Money Market option, EQ/Alliance Intermediate     
Government Securities option or the fixed maturity options), no additional      
contributions, no transfers and no withdrawals, and no loans under a Rollover   
TSA contract, the guaranteed minimum death benefit for an annuitant age 45      
would be calculated as follows:                                                 

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------------------------
  END OF CONTRACT                         5% ROLL UP TO AGE 80 GUARANTEED    ANNUAL RATCHET TO AGE 80 GUARANTEED
       YEAR            ACCOUNT VALUE         MINIMUM DEATH BENEFIT (1)              MINIMUM DEATH BENEFIT       
----------------------------------------------------------------------------------------------------------------
                                                                                                                
         1               $105,000                  $105,000(1)                        $105,000(3)               
----------------------------------------------------------------------------------------------------------------
         2               $115,500                  $110,250(2)                        $115,500(3)               
----------------------------------------------------------------------------------------------------------------
         3               $129,360                  $115,763(2)                        $129,360(3)               
----------------------------------------------------------------------------------------------------------------
         4               $103,488                  $121,551(1)                        $129,360(4)               
----------------------------------------------------------------------------------------------------------------
         5               $113,837                  $127,628(1)                        $129,360(4)               
----------------------------------------------------------------------------------------------------------------
         6               $127,497                  $134,010(1)                        $129,360(4)               
----------------------------------------------------------------------------------------------------------------
         7               $127,497                  $140,710(1)                        $129,360(4)               
----------------------------------------------------------------------------------------------------------------

The account values for contract years 1 through 7 are based on hypothetical     
rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%, 12.00% and 0.00%.   
We are using these rates solely to illustrate how the benefit is determined.    
The return rates bear no relationship to past or future investment results.     

5% ROLL UP TO AGE 80                                                            

(1)  At the end of contract year 1, and again at the end of contract years 4    
    through 7, the death benefit will be equal to the guaranteed minimum death
benefit.                                                              

(2)  At the end of contract years 2 and 3, the death benefit will be equal to   
  the current account value since it is higher than the current guaranteed
minimum death benefit.                                                

ANNUAL RATCHET TO AGE 80                                                        

(3)  At the end of contract years 1 through 3, the guaranteed minimum death     
benefit is equal to the current account value.                        

(4)  At the end of contract years 4 through 7, the guaranteed minimum death     
    benefit is equal to the guaranteed minimum death benefit at the end of the
   prior year since it is equal to or higher than the current account value.

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Appendix V: Example of payments under the Assured Payment Option and APO Plus   

-----                                                                           
E-1                                                                             
--------------------------------------------------------------------------------

The second column in the chart below illustrates the payments for a male age 70 
who purchased the Assured Payment Option on March 15, 2001 with a single        
contribution of $100,000, with increasing annual payments. The payments are to  
commence on March 15, 2002. It assumes that the fixed period is 15 years and    
that the life contingent annuity will provide payments on a single life basis.  
Based on the rates to maturity for the fixed maturity options and the current   
purchase rate for the life contingent annuity, on March 15, 2001, the initial   
payment would be $6,332.10 and would increase in each three-year period to a    
final payment of $9,270.83. The first payment under the life contingent annuity 
would be $10,197.91.                                                            

The rates to maturity as of March 15, 2001 for fixed maturity options maturing  
on February 15, 2002 through 2016 are: 3.00%, 4.26%, 4.43%, 4.62%, 4.73%,       
4.90%, 5.04%, 5.19%, 5.30%, 5.39%, 4.85%, 4.85%, 4.85%, 4.85% and 4.85%,        
respectively.                                                                   

Alternatively as shown in the third and fourth columns, this individual could   
purchase APO Plus with the same $100,000 contribution, with the same fixed      
period and the life contingent annuity on a single life basis. Assuming         
election of the EQ/Alliance Common Stock option based on the rates to maturity  
for the fixed maturity options and the current purchase rate for the life       
contingent annuity, on March 15, 2001, the same initial payment of $6,332.10    
would be purchased under APO Plus. However, unlike the payment under the        
Assured Payment Option that will increase every three years, this initial       
payment under APO Plus is not guaranteed to increase. Therefore, only           
$77,739.02 is needed to purchase the initial payment stream, and the remaining  
$22,260.98 is invested in the variable investment options. Any future increase  
in payments under APO Plus will depend on the investment performance in the     
EQ/Alliance Common Stock option.                                                

Assuming hypothetical average annual rates of return of 0% and 8% (after        
deduction of charges) for the variable investment option, the value in the      
variable investment option would grow to $22,260.98 and $30,107.53,             
respectively as of February 15, 2005. A portion of this amount is used to       
purchase the increase in the payments for the fourth year. The remainder will   
stay in the variable investment option to be drawn upon for the purchase of     
increases in payments for each third year thereafter during the fixed period    
and at the end of the fixed period under the life contingent annuity. Based on  
the rates to maturity for the fixed maturity options and purchase rates for the 
life contingent annuity as of March 15, 2001, the third and fourth columns      
illustrate the increasing payments that would be purchased under APO Plus       
assuming 0% and 8% rates of return respectively.                                

Under both options, while you are living payments increase annually after the   
16th year under the life contingent annuity based on the increase, if any, in   
the Consumer Price Index, but in no event greater than 3% per year.             

Annual Payments                                                                 

                                                                [Download Table]

--------------------------------------------------------------------------------
              GUARANTEED INCREASING       ILLUSTRATIVE         ILLUSTRATIVE     
               PAYMENTS UNDER THE        PAYMENTS UNDER       PAYMENTS UNDER    
    YEARS    ASSURED PAYMENT OPTION      APO PLUS AT 0%       APO PLUS AT 8%    
--------------------------------------------------------------------------------
                                                                                
    1-3            6,332.10                  6,332.10             6,332.10      
--------------------------------------------------------------------------------
    4-6            6,965.31                  6,690.74             7,258.07      
--------------------------------------------------------------------------------
    7-9            7,661.84                  7,063.62             8,095.75      
--------------------------------------------------------------------------------
   10-12           8,428.03                  7,443.05             8,965.88      
--------------------------------------------------------------------------------
   13-15           9,270.83                  7,800.20             9,829.71      
--------------------------------------------------------------------------------
    16            10,197.91                  8,101.46            10,637.40      
--------------------------------------------------------------------------------

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E-2                                                                             
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As described above, a portion of the illustrated contribution is applied to the 
life contingent annuity. This amount will generally be larger under the Assured 
Payment Option than under APO Plus. Also, a larger portion of the contribution  
will be allocated to fixed maturity options under the former than the latter.   
In this illustration, $78,547.54 is allocated under the Assured Payment Option  
to the fixed maturity options and under APO Plus, $66,162.13 is allocated to    
the fixed maturity options. In addition, under APO Plus $22,260.98 is allocated 
to the variable investment option. The balance of the $100,000 ($21,452.46 and  
$11,576.89, respectively) is applied to the life contingent annuity.            

The rates of return of 0% and 8% are for illustrative purposes only and are not 
intended to represent an expected or guaranteed rate of return. Your investment 
results will vary. Payments will also depend on the rates to maturity and life  
contingent annuity purchase rates in effect on the day the contribution is      
applied. It is assumed that no lump sum withdrawals are taken.                  

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Appendix VI: Assured Payment Option and APO Plus contracts issued in the state  
of Maryland                                                                     

-----                                                                           
F-1                                                                             
--------------------------------------------------------------------------------

THE FOLLOWING INFORMATION SPECIFIES THE VARIATIONS THAT RELATE TO THE ASSURED   
PAYMENT OPTION AND APO PLUS CONTRACTS ISSUED IN MARYLAND.                       

The Assured Payment Option and APO Plus (available only as traditional IRAs)    
are issued as separate contracts rather than as a distribution option under a   
Rollover IRA or Flexible Premium IRA contract.                                  

You may purchase an Assured Payment Option or APO Plus contract with a minimum  
single contribution of $10,000. You may also choose to apply the account value  
from a Flexible Premium IRA or Rollover IRA contract to purchase an Assured     
Payment Option or APO Plus contract. Your account value will be applied as a    
single contribution.                                                            

We will allocate your single contribution in the same manner as described under 
"Assured Payment Option and APO Plus" earlier in this prospectus. You are not   
permitted to make additional contributions under the Assured Payment Option and 
APO Plus.                                                                       

PAYMENTS. Your payments must begin within 13 months after the contract date.    
You may not elect to defer your payments.                                       

DEATH BENEFIT. If you die during the fixed period, we will continue payments to 
your designated beneficiary. Your beneficiary may choose to discontinue the     
payments and receive a lump sum amount. If the lump sum is elected within one   
year of your death, the amount will be equal the death benefit payable under    
the Assured Payment Option and APO Plus.                                        

TERMINATING THE CONTRACT. You may choose to terminate the contract by           
surrendering the contract as described under "Surrendering your contract to     
receive its cash value." We will return the contract to you with a notation     
that the life contingent annuity is still in effect. The date payments are to   
start under the life contingent annuity will be moved forward.                  

TAX INFORMATION. The Assured Payment Option and APO Plus contracts have not     
been submitted to the IRS for approval as to form for use as a traditional IRA. 
However, we believe that those contracts as currently offered comply with the   
requirements of the Internal Revenue Code.                                      

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Statement of additional information                                             

--------------------------------------------------------------------------------

TABLE OF CONTENTS                                                               

                                                                        PAGE
Revised Proposed Minimum Distribution Rules                                 2   
Unit Values                                                                 3   
Custodian and Independent Accountants                                       4   
Yield Information for the EQ/Alliance Money Market Option,                      
EQ/Alliance High Yield Option, and EQ/Alliance Intermediate                 
Government Securities Option                                              4 
Distribution of the contracts                                               6   
Financial Statements                                                        6   

HOW TO OBTAIN AN EQUITABLE ACCUMULATOR STATEMENT OF ADDITIONAL INFORMATION FOR  
SEPARATE ACCOUNT NO. 45                                                         

Send this request form to:                                                      
Equitable Accumulator                                                 
P.O. Box 1547                                                         
Secaucus, NJ 07096-1547                                               

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -   

Please send me an Equitable Accumulator SAI for Separate Account No. 45 dated   
May 1, 2001.                                                                    

--------------------------------------------------------------------------------
Name                                                                            

--------------------------------------------------------------------------------
Address                                                                         

--------------------------------------------------------------------------------
City            State    Zip                                                    

(IM-99-13 SAI(5/00))                                                            

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SUPPLEMENT, DATED MAY 1, 2001, TO THE INCOME MANAGER ACCUMULATOR PROSPECTUS     
DATED MAY 1, 1996; INCOME MANAGER ROLLOVER IRA PROSPECTUS DATED MAY 1, 1996;    
INCOME MANAGER ACCUMULATOR PROSPECTUS DATED OCTOBER 17, 1996; INCOME MANAGER    
ROLLOVER IRA PROSPECTUS DATED OCTOBER 17, 1996; INCOME MANAGER ACCUMULATOR      
PROSPECTUS DATED DECEMBER 31, 1997; INCOME MANAGER ROLLOVER IRA PROSPECTUS      
DATED DECEMBER 31, 1997; EQUITABLE ACCUMULATOR (IRA, NQ AND QP) PROSPECTUS      
DATED MAY 1, 1998 AND TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998;     
EQUITABLE ACCUMULATOR DATED OCTOBER 18, 1999; EQUITABLE ACCUMULATOR SELECT      
PROSPECTUS DATED OCTOBER 18, 1999; AND EQUITABLE ACCUMULATOR PROSPECTUS, DATED  
MAY 1, 2000.                                                                    

COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES                    
ISSUED BY THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES             

--------------------------------------------------------------------------------

This supplement dated May 1, 2001, updates certain information in the following 
Prospectuses:                                                                   

Income Manager Accumulator Prospectus dated May 1, 1996; as previously          
supplemented on May 1, 1997; December 31, 1997; May 1, 1998; January 4, 1999;   
May 1, 1999; May 1, 2000; June 23, 2000; September 1, 2000 and February 9,      
2001.                                                                           

Income Manager Accumulator Rollover IRA Prospectus, dated May 1, 1996 as        
previously supplemented on May 1, 1997; December 31, 1997; May 1, 1998; January 
4, 1999; May 1, 1999; May 1, 2000; June 23, 2000; September 1, 2000 and         
February 9, 2001.                                                               

Income Manager Accumulator Prospectus dated October 17, 1996, as previously     
supplemented on May 1, 1997; December 31, 1997; May 1, 1998; January 4, 1999;   
May 1, 1999; May 1, 2000; June 23, 2000; September 1, 2000 and February 9,      
2001.                                                                           

Income Manager Accumulator Rollover IRA Prospectus, dated October 17, 1996, as  
previously supplemented on May 1, 1997; December 31, 1997; May 1, 1998; January 
4, 1999; May 1, 1999; May 1, 2000; June 23, 2000; September 1, 2000 and         
February 9, 2001.                                                               

Income Manager Accumulator Prospectus dated December 31, 1997, as previously    
supplemented on May 1, 1998; January 4, 1999; May 1, 1999; May 1, 2000; June    
23, 2000; September 1, 2000 and February 9, 2001.                               

Income Manager Accumulator Rollover IRA Prospectus dated December 31, 1997, as  
previously supplemented on May 1, 1998; January 4, 1999; May 1, 1999; May 1,    
2000; June 23, 2000; September 1, 2000 and February 9, 2001.                    

Equitable Accumulator (IRA, NQ and QP) Prospectus dated May 1, 1998, as         
previously supplemented on June 18, 1998; January 4, 1999; May 1, 1999; May 1,  
2000; June 23, 2000; September 1, 2000 and February 9, 2001.                    

Equitable Accumulator Prospectus, dated October 18, 1999, as previously         
supplemented on May 1, 2000; June 23, 2000; September 1, 2000; and February 9,  
2001.                                                                           

Equitable Accumulator Select Prospectus dated October 18, 1999, as previously   
supplemented on May 1, 2000; June 23, 2000; September 1, 2000 and February 9,   
2001.                                                                           

Equitable Accumulator Prospectus dated May 1, 2000, as previously supplemented  
on June 23, 2000; September 1, 2000; September 6, 2000; and February 9, 2001.   

Equitable Accumulator Prospectus dated May 1, 2000, as previously supplemented  
on June 23, 2000; September 1, 2000; September 6, 2000; and February 9, 2001.   

Equitable Accumulator Plus Prospectus dated May 1, 2000, as previously          
supplemented on June 23, 2000; September 1, 2000; September 6, 2000; February   
9, 2001 and March 19, 2001.                                                     

Equitable Accumulator Select Prospectus, as previously supplemented on June 23, 
2000; September 1, 2000; September 6, 2000; and February 9, 2001.               

Equitable Accumulator Advisor, Prospectus dated November 17, 2001, as           
previously supplemented on February 9, 2001.                                    

You should keep the supplements and the Prospectus for future reference. We     
have filed with the Securities and Exchange Commission (SEC) our Statement of   
Additional Information (SAI) dated May 1, 2001. If you do not presently have a  
copy of the Prospectus and prior Supplements, you may obtain additional copies, 
as well as a copy of the SAI, from us, free of charge, by writing to Equitable  
Life, P.O. Box 1547, Secaucus, NJ 07096-1547, or calling (800) 789-7771. If you 
only need a copy of the SAI, you may mail in the SAI request form located at    
the end of this Supplement. The SAI has been incorporated by reference into     
this Supplement.                                                                

In this Supplement, we provide information on (1) new investment options; (2)   
the combination of certain investment options; (3) how to reach us; (4) EQ      
Advisors Trust annual expenses; (5) investment options; (6) transaction         
requests that are related to disruptive transfer activities; (7) buying a       
contract to fund a retirement arrangement; (8) tax information; (9) business    
day; (10) successor owner/annuitant feature; (11) beneficiary continuation      
option; (12) payment of death benefit; (13) condensed financial information;    
(14) investment performance; and (15) Equitable Life.                           

                                                                   X00021/AGENCY

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(1) NEW INVESTMENT OPTIONS                                                      
The following new Investment options are available under your Certificate       
effective on or about May 18, 2001.                                             

EQ/BALANCED                                                                     
EQ/BERNSTEIN DIVERSIFIED VALUE                                                  

These new investment options invest in corresponding Portfolios of EQ Advisors  
Trust. The objectives and Advisers for the Portfolios are shown below:          

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------------------------------------------
 PORTFOLIO NAME                   OBJECTIVE                                          ADVISER                                      
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
EQ/Balanced                      High return through both appreciation of capital   Alliance Capital Management L.P.              
                                 and current income                                 Capital Guardian Trust Company                
                                                                                    Prudential Investments Fund Management,       
                                                                                    LLC                                           
                                                                                    Jennison Associates, LLC                      
----------------------------------------------------------------------------------------------------------------------------------
EQ/Bernstein Diversified Value   Capital appreciation                               Alliance Capital Management, L.P., through    
                                                                                    its Bernstein Investment Research and         
                                                                                    Management Unit                               
----------------------------------------------------------------------------------------------------------------------------------

See "EQ Advisors Trust annual expenses" below, regarding the expenses for these 
portfolios.                                                                     

(2) COMBINATION OF CERTAIN INVESTMENT OPTIONS                                   

On or about May 18, 2001, the following combinations will occur: (1) interests  
in the EQ/Balanced investment option will replace interests in the Alliance     
Conservative Investors, EQ/Evergreen, EQ/Putnam Balanced and Mercury World      
Strategy investment options and these options will no longer be available; and  
(2) interests in the EQ/Bernstein Diversified Value option will replace         
interests in the T. Rowe Price Equity Income option and this option will no     
longer be available. At that time, we will move assets in the replaced options  
into the applicable surviving option. After the combinations are effective,     
allocation elections to the replaced options will be considered allocations to  
the applicable surviving option. Since the replaced options will continue in    
existence only until approximately May 18, 2001, references to the replaced     
options have been omitted from the fee table, expense examples and investment   
performance.                                                                    

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(3) HOW TO REACH US                                                             

"You may communicate with our processing office for the purposes described in   
your Prospectus. Certain methods of contacting us, such as by telephone or      
electronically may be unavailable or delayed (for example our facsimile service 
may not be available at all times and/or we may be unavailable due to emergency 
closing). In addition, the level and type of service available may be           
restricted based on criteria established by us."                                

(4) EQ ADVISORS TRUST ANNUAL EXPENSES                                           

The following table sets forth the annual expenses for each portfolio, as of    
December 31, 2000. All portfolios may not be available in all annuity products. 
Please note that the names of certain portfolios have been changed (a           
correlating change in the name of the corresponding investment fund also        
applies). For more information on these name changes, see                       
"Portfolio/Correlating investment option name changes and new portfolio         
advisers," later in this supplement.                                            

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                                                        [Enlarge/Download Table]

EQ ADVISORS TRUST ANNUAL EXPENSES                                                                                                 
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO*)                                                                  

----------------------------------------------------------------------------------------------------------------------------------
                                                                                                 NET TOTAL ANNUAL                 
                                                                              OTHER EXPENSES       EXPENSES                       
                                               MANAGEMENT                    (AFTER EXPENSE     (AFTER EXPENSE                    
                                                FEES(1)      12B-1 FEES(2)    LIMITATION)(3)     LIMITATION)(4)                   
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
EQ/Aggressive Stock                              0.60%         0.25%            0.07%             0.92%                           
EQ/Alliance Common Stock                         0.46%         0.25%            0.05%             0.76%                           
EQ/Alliance Global                               0.72%         0.25%            0.09%             1.06%                           
EQ/Alliance Growth and Income                    0.58%         0.25%            0.05%             0.88%                           
EQ/Alliance Growth Investors                     0.56%         0.25%            0.06%             0.87%                           
EQ/Alliance High Yield                           0.60%         0.25%            0.07%             0.92%                           
EQ/Alliance Intermediate Government Securities   0.50%         0.25%            0.08%             0.83%                           
EQ/Alliance International                        0.85%         0.25%            0.29%             1.39%                           
EQ/Alliance Money Market                         0.34%         0.25%            0.06%             0.65%                           
EQ/Alliance Premier Growth                       0.89%         0.25%            0.01%             1.15%                           
EQ/Alliance Small Cap Growth                     0.75%         0.25%            0.06%             1.06%                           
EQ/Alliance Technology                           0.90%         0.25%            0.00%             1.15%                           
EQ/AXP New Dimensions                            0.65%         0.25%            0.05%             0.95%                           
EQ/AXP Strategy Aggressive                       0.70%         0.25%            0.05%             1.00%                           
EQ/Balanced                                      0.57%         0.25%            0.08%             0.90%                           
EQ/Bernstein Diversified Value                   0.65%         0.25%            0.05%             0.95%                           
EQ/Capital Guardian Research                     0.65%         0.25%            0.05%             0.95%                           
EQ/Capital Guardian U.S. Equity                  0.65%         0.25%            0.05%             0.95%                           
EQ/Equity 500 Index                              0.25%         0.25%            0.06%             0.56%                           
EQ/Evergreen Omega                               0.65%         0.25%            0.05%             0.95%                           
EQ/FI Mid Cap                                    0.70%         0.25%            0.05%             1.00%                           
EQ/FI Small/Mid Cap Value                        0.75%         0.25%            0.10%             1.10%                           
EQ/International Equity Index                    0.35%         0.25%            0.50%             1.10%                           
EQ/Janus Large Cap Growth                        0.90%         0.25%            0.00%             1.15%                           
EQ/Mercury Basic Value Equity                    0.60%         0.25%            0.10%             0.95%                           
EQ/MFS Emerging Growth Companies                 0.62%         0.25%            0.10%             0.97%                           
EQ/MFS Investors Trust                           0.60%         0.25%            0.10%             0.95%                           
EQ/MFS Research                                  0.65%         0.25%            0.05%             0.95%                           
EQ/Morgan Stanley Emerging Markets Equity        1.15%         0.25%            0.40%             1.80%                           
EQ/Putnam Growth & Income Value                  0.60%         0.25%            0.10%             0.95%                           
EQ/Small Company Index                           0.25%         0.25%            0.35%             0.85%                           
EQ/T. Rowe Price International Stock             0.85%         0.25%            0.15%             1.25%                           
----------------------------------------------------------------------------------------------------------------------------------

* All portfolios are not available in all contracts to which this supplement    
relates. See "Combination of certain investment options" above.                 

Notes:                                                                          

(1) The management fees shown reflect revised management fees, effective May 1, 
2000, which were approved by shareholders. The management fee for each  
portfolio cannot be increased without a vote of that portfolio's        
shareholders.                                                           

(2) Portfolio shares are all subject to fees imposed under the distribution     
  plan (the "Rule 12b-1 Plan") adopted by EQ Advisors Trust pursuant to Rule
 12b-1 under the Investment Company Act of 1940. The 12b-1 fee will not be
increased for the life of the contracts.                                

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(3) The amounts shown as "Other Expenses" will fluctuate from year to year      
 depending on actual expenses. Since initial seed capital was invested for
the EQ/Alliance Technology portfolio on May 1, 2000, "Other Expenses"   
shown have been annualized. Initial seed capital was invested for the   
  EQ/Janus Large Cap Growth, EQ/FI Mid Cap, EQ/AXP New Dimensions and EQ/AXP
Strategy Aggressive Portfolios on September 31, 2000. Thus, "Other      
  Expenses" shown are estimated. See footnote (8) for any expense limitation
agreement information.                                                  

(4) Equitable Life, EQ Advisors Trust's manager, has entered into an expense    
limitation agreement with respect to certain Portfolios. Under this     
 agreement Equitable Life has agreed to waive or limit its fees and assume
other expenses of each of these Portfolios, if necessary, in an amount  
  that limits each Portfolio's Total Annual Expenses (exclusive of interest,
 taxes, brokerage commissions, capitalized expenditures, and extraordinary
expenses) to not more than the amounts specified above as "Net Total    
 Annual Expenses." The amounts shown for the EQ/International Equity Index
and EQ/Small Company Index portfolios reflect a .10% decrease in the    
portfolios' expense waiver. The amounts shown for the EQ/Morgan Stanley 
Emerging Markets Equity Portfolio, reflect a .05% decrease in the       
portfolio's expense waiver. These decreases in the expense waivers were 
effective on May 1, 2001. Each Portfolio may at a later date make a     
reimbursement to Equitable Life for any of the management fees waived or
 limited and other expenses assumed and paid by Equitable Life pursuant to
the expense limitation agreement provided that, among other things, such
  Portfolio has reached a sufficient size to permit such reimbursement to be
made and provided that the Portfolio's current annual operating expenses
do not exceed the operating expense limit determined for such portfolio.
For more information see the prospectus for EQ Advisors Trust. The      
following chart indicates other expenses before any fee waivers and/or  
expense reimbursements that would have applied to each Portfolio.       
Portfolios that are not listed below do not have an expense limitation  
arrangement in effect.                                                  

                                                                [Download Table]

--------------------------------------------------------------------------------
                                             OTHER EXPENSES                     
                                             (BEFORE ANY FEE                    
                                             WAIVERS AND/OR                     
                                                 EXPENSE                        
PORTFOLIO NAME                               REIMBURSEMENTS)                    
--------------------------------------------------------------------------------
                                                                                
      EQ/Alliance Premier Growth               0.05%                            
      EQ/Alliance Technology                   0.06%                            
      EQ/AXP New Dimensions                    1.23%                            
      EQ/AXP Strategy Aggressive               0.57%                            
      EQ/Balanced                              0.08%                            
      EQ/Bernstein Diversified Value           0.15%                            
      EQ/Capital Guardian Research             0.16%                            
      EQ/Capital Guardian U.S. Equity          0.11%                            
      EQ/Evergreen Omega                       0.83%                            
      EQ/FI Mid Cap                            0.27%                            
      EQ/FI Small/Mid Cap Value                0.19%                            
--------------------------------------------------------------------------------

                                                                [Download Table]

--------------------------------------------------------------------------------
                                            OTHER EXPENSES                      
                                            (BEFORE ANY FEE                     
                                            WAIVERS AND/OR                      
                                                EXPENSE                         
PORTFOLIO NAME                              REIMBURSEMENTS)                     
--------------------------------------------------------------------------------
                                                                                
      EQ/International Equity Index            0.50%                            
      EQ/Janus Large Cap Growth                0.22%                            
      EQ/Mercury Basic Value Equity            0.10%                            
      EQ/MFS Investors Trust                   0.13%                            
      EQ/MFS Research                          0.07%                            
      EQ/Morgan Stanley Emerging                                                
       Markets Equity                          0.52%                            
      EQ/Putnam Growth & Income Value          0.12%                            
      EQ/Small Company Index                   0.43%                            
      EQ/T. Rowe Price International Stock     0.24%                            

--------------------------------------------------------------------------------

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EXAMPLES                                                                        

The examples below show the expenses that a hypothetical contract owner would   
pay in the situations illustrated. We assume that a $1,000 contribution is      
invested in one of the variable investment options listed and a 5% annual       
return is earned on the assets in that option.(1) Other than as indicated in    
the next sentence, the charges used in the examples are the maximum aggregate   
charges that can apply to any contract or investment option to which this       
supplement relates (including the charge for any optional benefits available    
under any contract to which this supplement relates, as well as the maximum     
charges that would apply to the underlying portfolio). The annual               
administrative charge used in the example is based on the charges that apply to 
a mix of estimated contract sizes, resulting in an estimated administrative     
charge for the purpose of these examples of $0.006 per $1,000. If your contract 
does not have an annual administrative charge and/or any optional benefit       
charge and/or has lower charges than used in the examples, then the charges     
that apply to your contract would be lower than those shown below.              

The examples assume the continuation of Total Annual Expenses (after expense    
limitation) shown for each portfolio of EQ Advisors Trust in the table, above,  
for the entire one, three, five and ten year period included in the examples.   

These examples should not be considered a representation of past or future      
expenses for each option. Actual expenses may be greater or less than those     
shown. Similarly, the annual rate of return assumed in the examples is not an   
estimate or guarantee of future investment performance.                         

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------
                                        IF YOU SURRENDER YOUR CONTRACT AT THE END OF      
                                              EACH PERIOD SHOWN, THE EXPENSES             
                                                         WOULD BE:                        
------------------------------------------------------------------------------------------
                                      1 YEAR      3 YEARS      5 YEARS     10 YEARS       
------------------------------------------------------------------------------------------
                                                                                          
EQ/Aggressive Stock                  $ 113.31     $ 171.72     $ 222.63     $ 376.72      
EQ/Alliance Common Stock             $ 110.79     $ 164.28     $ 210.38     $ 354.46      
EQ/Alliance Global                   $ 109.05     $ 159.08     $ 201.79     $ 338.67      
EQ/Alliance Growth and Income        $ 112.32     $ 168.82     $ 217.85     $ 368.07      
EQ/Alliance Growth Investors         $ 110.36     $ 162.98     $ 208.24     $ 350.54      
EQ/Alliance High Yield               $ 110.25     $ 162.66     $ 207.70     $ 349.55      
EQ/Alliance Intermediate Government                                                       
 Securities                          $ 110.79     $ 164.28     $ 210.38     $ 354.46      
EQ/Alliance International            $ 109.81     $ 161.36     $ 205.56     $ 345.61      
EQ/Alliance Money Market             $ 115.93     $ 179.45     $ 235.27     $ 399.39      
EQ/Alliance Premier Growth           $ 111.12     $ 165.25     $ 211.98     $ 357.40      
EQ/Alliance Small Cap Growth         $ 107.85     $ 155.49     $ 195.85     $ 327.65      
EQ/Alliance Technology               $ 111.67     $ 166.87     $ 214.65     $ 362.26      
EQ/AXP New Dimensions                $ 110.58     $ 163.63     $ 209.31     $ 352.50      
EQ/AXP Strategy Aggressive           $ 111.12     $ 165.25     $ 211.98     $ 357.40      
EQ/Balanced                          $ 111.12     $ 165.25     $ 211.98     $ 357.40      
EQ/Bernstein Diversified Value       $ 111.12     $ 165.25     $ 211.98     $ 357.40      
EQ/Capital Guardian Research         $ 113.31     $ 171.72     $ 222.63     $ 376.72      
EQ/Capital Guardian U.S. Equity      $ 112.32     $ 168.82     $ 217.85     $ 368.07      
EQ/Equity 500 Index                  $ 106.86     $ 152.55     $ 190.97     $ 318.55      
EQ/Evergreen Omega                   $ 111.12     $ 165.25     $ 211.98     $ 357.40      
EQ/FI Mid Cap                        $ 111.12     $ 165.25     $ 211.98     $ 357.40      
EQ/FI Small/Mid Cap Value            $ 111.34     $ 165.90     $ 213.05     $ 359.35      
------------------------------------------------------------------------------------------


------------------------------------------------------------------------------------------
                                        IF YOU DO NOT SURRENDER YOUR CONTRACT AT THE      
                                           END OF EACH PERIOD SHOWN, THE EXPENSES         
                                                         WOULD BE:                        
------------------------------------------------------------------------------------------
                                      1 YEAR      3 YEARS      5 YEARS      10 YEARS      
------------------------------------------------------------------------------------------
                                                                                          
EQ/Aggressive Stock                  $ 33.31     $ 102.43     $ 175.98     $ 371.98       
EQ/Alliance Common Stock             $ 30.79     $  95.29     $ 164.26     $ 349.61       
EQ/Alliance Global                   $ 29.05     $  90.30     $ 156.04     $ 333.73       
EQ/Alliance Growth and Income        $ 32.32     $  99.64     $ 171.41     $ 363.29       
EQ/Alliance Growth Investors         $ 30.36     $  94.04     $ 162.21     $ 345.67       
EQ/Alliance High Yield               $ 30.25     $  93.73     $ 161.70     $ 344.68       
EQ/Alliance Intermediate Government                                                       
 Securities                          $ 30.79     $  95.29     $ 164.26     $ 349.61       
EQ/Alliance International            $ 29.81     $  92.48     $ 159.65     $ 340.71       
EQ/Alliance Money Market             $ 35.93     $ 109.85     $ 188.09     $ 394.76       
EQ/Alliance Premier Growth           $ 31.12     $  96.22     $ 165.80     $ 352.56       
EQ/Alliance Small Cap Growth         $ 27.85     $  86.86     $ 150.35     $ 322.66       
EQ/Alliance Technology               $ 31.67     $  97.78     $ 168.35     $ 357.45       
EQ/AXP New Dimensions                $ 30.58     $  94.67     $ 163.24     $ 347.64       
EQ/AXP Strategy Aggressive           $ 31.12     $  96.22     $ 165.80     $ 352.56       
EQ/Balanced                          $ 31.12     $  96.22     $ 165.80     $ 352.56       
EQ/Bernstein Diversified Value       $ 31.12     $  96.22     $ 165.80     $ 352.56       
EQ/Capital Guardian Research         $ 33.31     $ 102.43     $ 175.98     $ 371.98       
EQ/Capital Guardian U.S. Equity      $ 32.32     $  99.64     $ 171.41     $ 363.29       
EQ/Equity 500 Index                  $ 26.86     $  84.04     $ 145.68     $ 313.52       
EQ/Evergreen Omega                   $ 31.12     $  96.22     $ 165.80     $ 352.56       
EQ/FI Mid Cap                        $ 31.12     $  96.22     $ 165.80     $ 352.56       
EQ/FI Small/Mid Cap Value            $ 31.34     $  96.85     $ 166.82     $ 354.52       
------------------------------------------------------------------------------------------

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                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------
                                               IF YOU SURRENDER YOUR CONTRACT AT THE END OF    
                                                     EACH PERIOD SHOWN, THE EXPENSES           
                                                                WOULD BE:                      
-----------------------------------------------------------------------------------------------
                                             1 YEAR      3 YEARS      5 YEARS     10 YEARS     
-----------------------------------------------------------------------------------------------
                                                                                               
EQ/International Equity Index               $ 111.67     $ 166.87     $ 214.65     $ 362.26    
EQ/Janus Large Cap Growth                   $ 112.76     $ 170.11     $ 219.97     $ 371.93    
EQ/Mercury Basic Value Equity               $ 111.12     $ 165.25     $ 211.98     $ 357.40    
EQ/MFS Emerging Growth Companies            $ 111.12     $ 165.25     $ 211.98     $ 357.40    
EQ/MFS Investors Trust                      $ 120.40     $ 192.57     $ 256.58     $ 436.82    
EQ/MFS Research                             $ 111.12     $ 165.25     $ 211.98     $ 357.40    
EQ/Morgan Stanley Emerging Markets Equity   $ 110.03     $ 162.01     $ 206.63     $ 347.58    
EQ/Putnam Growth & Income Value             $ 112.76     $ 170.11     $ 219.97     $ 371.93    
EQ/Small Company Index                      $ 113.31     $ 171.72     $ 222.63     $ 376.72    
EQ/T. Rowe Price International Stock        $ 114.40     $ 174.95     $ 227.91     $ 386.23    
-----------------------------------------------------------------------------------------------


-----------------------------------------------------------------------------------------------
                                              IF YOU DO NOT SURRENDER YOUR CONTRACT AT THE     
                                                 END OF EACH PERIOD SHOWN, THE EXPENSES        
                                                               WOULD BE:                       
-----------------------------------------------------------------------------------------------
                                             1 YEAR     3 YEARS     5 YEARS      10 YEARS      
-----------------------------------------------------------------------------------------------
                                                                                               
EQ/International Equity Index               $ 31.67     $  97.78   $ 168.35     $ 357.45       
EQ/Janus Large Cap Growth                   $ 32.76     $ 100.88   $ 173.45     $ 367.16       
EQ/Mercury Basic Value Equity               $ 31.12     $  96.22   $ 165.80     $ 352.56       
EQ/MFS Emerging Growth Companies            $ 31.12     $  96.22   $ 165.80     $ 352.56       
EQ/MFS Investors Trust                      $ 40.40     $ 122.57   $ 208.48     $ 432.39       
EQ/MFS Research                             $ 31.12     $  96.22   $ 165.80     $ 352.56       
EQ/Morgan Stanley Emerging Markets Equity   $ 30.03     $  93.11   $ 160.67     $ 342.70       
EQ/Putnam Growth & Income Value             $ 32.76     $ 100.88   $ 173.45     $ 367.16       
EQ/Small Company Index                      $ 33.31     $ 102.43   $ 175.98     $ 371.98       
EQ/T. Rowe Price International Stock        $ 34.40     $ 105.53   $ 181.04     $ 381.54       
-----------------------------------------------------------------------------------------------

                                 (2) EXPENSES REFLECTING APO PLUS ELECTION

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
                             IF YOU SURRENDER YOUR CONTRACT AT THE END OF      IF YOU DO NOT SURRENDER YOUR CONTRACT AT THE         
                                    EACH PERIOD SHOWN, THE EXPENSES               END OF EACH PERIOD SHOWN, THE EXPENSES            
                                               WOULD BE:                                        WOULD BE:                           
------------------------------------------------------------------------------------------------------------------------------------
                           1 YEAR      3 YEARS      5 YEARS     10 YEARS     1 YEAR     3 YEARS     5 YEARS      10 YEARS           
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
EQ/Alliance Common Stock   $ 97.41     $ 134.09     $ 173.36     $ 303.66    $ 27.41     $ 84.09    $ 143.36     $ 303.66           
EQ/Equity 500 Index        $ 95.31     $ 127.81     $ 162.93     $ 283.11    $ 25.31     $ 77.81    $ 132.93     $ 283.11           
------------------------------------------------------------------------------------------------------------------------------------

(1) The amount accumulated from the $1,000 contribution could not be paid in    
the form of an annuity payout option at the end of any of the periods   
shown in the examples. This is because if the amount applied to purchase
an annuity payout option is less than $2,000, or the initial payment is 
less than $20, we may pay the amount to you in a single sum instead of  
payments under an annuity payout option. See "Accessing your money," in 
your prospectus.                                                        

IF YOU ELECT A VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION:                        

Assuming an annuity payout option could be issued (see note (1) above), and you 
elect a Variable Immediate Annuity payout option, the expenses shown in the     
example for "if you do not surrender your contract" would, in each case, be     
increased by $6.08 based on the average amount applied to annuity payout        
options in 2000. See "Annuity administrative fee" in "Charges and expenses," in 
your prospectus.                                                                

(5) INVESTMENT OPTIONS                                                          

Please note the following information:                                          

                                                                [Download Table]

-----------------------------------------------------------------------
 FORMER NAME              NEW NAME                 EFFECTIVE DATE      
-----------------------------------------------------------------------
                                                                       
EQ/Evergreen             EQ/Evergreen Omega       May 1, 2001          
-----------------------------------------------------------------------
MFS Growth with Income   EQ/MFS Investors Trust   May 18, 2001         
-----------------------------------------------------------------------

The investment objectives, respectively, for these portfolios and advisers      
remain the same.                                                                

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Also, effective February 1, 2001, two additional advisers were added to the     
EQ/Aggressive Stock portfolio: Marsico Capital Management, LLC and Provident    
Investment Counsel, Inc. Alliance Capital Management, L.P. and MFS Investment   
Management continue to serve as advisers, and the investment objective for the  
portfolio remains the same.                                                     

Also, effective on May 18, 2001, all of the names of the investment options and 
correlating portfolios will include an "EQ/."                                   

The following list of investment options reflects certain adviser name changes. 
All options may not be available in all contracts to which this supplement      
relates:                                                                        

                                                        [Enlarge/Download Table]

PORTFOLIOS OF EQ ADVISORS TRUST                                                                                          

You should note that some EQ Advisors Trust portfolios have objectives and                                               
strategies that are substantially similar to those of certain retail funds; they                                         
may even have the same manager(s) and/or a similar name. However, there are                                              
numerous factors that can contribute to differences in performance between two                                           
investments, particularly over short periods of time. Such factors include the                                           
timing of stock purchases and sales; differences in fund cash flows; and                                                 
specific strategies employed by the portfolio manager.                                                                   

-------------------------------------------------------------------------------------------------------------------------
 PORTFOLIO NAME                          OBJECTIVE                                  ADVISER                              
-------------------------------------------------------------------------------------------------------------------------
                                                                                                                         
EQ/Aggressive Stock                     Long-term growth of capital                 Alliance Capital Management L.P.     
                                                                                    Marsico Capital Management, LLC      
                                                                                    MFS Investment Management            
                                                                                    Provident Investment Counsel, Inc.   
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Common Stock                Long-term growth of capital and             Alliance Capital Management L.P.     
                                        increasing income                                                                
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Global                      Long-term growth of capital                 Alliance Capital Management L.P.     
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Growth and Income           High total return through                   Alliance Capital Management L.P.     
                                        investments primarily                                                            
                                        in dividend paying stocks of good                                                
                                        quality, although the portfolio also may                                         
                                        invest in fixed-income and convertible                                           
                                        securities                                                                       
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Growth Investors            Highest total return consistent with        Alliance Capital Management L.P.     
                                        the adviser's                                                                    
                                        determination of reasonable risk                                                 
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance High Yield                  High total return through a                 Alliance Capital Management L.P.     
                                        combination of                                                                   
                                        current income and capital                                                       
                                        appreciation by investing generally                                              
                                        in high yield securities                                                         
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Intermediate                High current income consistent with         Alliance Capital Management L.P.     
 Government Securities                   relative stability of principal                                                 
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance International               Long-term growth of capital                 Alliance Capital Management L.P.     
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Money Market                High level of current income,               Alliance Capital Management L.P.     
                                        preserve its assets                                                              
                                        and maintain liquidity                                                           
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Premier Growth              Long-term growth of capital                 Alliance Capital Management L.P.     
-------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Small Cap Growth            Long-term growth of capital                 Alliance Capital Management L.P.     
-------------------------------------------------------------------------------------------------------------------------

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PORTFOLIOS OF EQ ADVISORS TRUST (CONTINUED)                                                                                    

-------------------------------------------------------------------------------------------------------------------------      
 PORTFOLIO NAME                    OBJECTIVE                                          ADVISER                                  
-------------------------------------------------------------------------------------------------------------------------      
                                                                                                                               
EQ/Alliance Technology            Long-term growth of capital                        Alliance Capital Management L.P.          
-------------------------------------------------------------------------------------------------------------------------      
EQ/AXP New Dimensions             Long-term growth of capital                        American Express Financial Corporation    
-------------------------------------------------------------------------------------------------------------------------      
EQ/AXP Strategy Aggressive        Long-term growth of capital                        American Express Financial Corporation    
-------------------------------------------------------------------------------------------------------------------------      
EQ/Balanced                       High return through both appreciation of capital   Alliance Capital Management, L.P.         
                                  and current income                                 Capital Guardian Trust Company            
                                                                                     Prudential Investments Fund               
                                                                                     Management, LLC                           
                                                                                     Jennison Associates LLC                   
-------------------------------------------------------------------------------------------------------------------------      
EQ/Bernstein Diversified Value    Capital appreciation                               Alliance Capital Management, L.P., through
                                                                                     its Bernstein Investment Research and     
                                                                                     Management Unit                           
-------------------------------------------------------------------------------------------------------------------------      
EQ/Capital Guardian Research      Long-term growth of capital                        Capital Guardian Trust Company            
-------------------------------------------------------------------------------------------------------------------------      
EQ/Capital Guardian U.S. Equity   Long-term growth of capital                        Capital Guardian Trust Company            
-------------------------------------------------------------------------------------------------------------------------      
EQ/Equity 500 Index               Total return before expenses that approximates     Alliance Capital Management L.P.          
                                  the total return performance of the S&P 500                                                  
                                  Index, including reinvestment of dividends, at a                                             
                                  risk level consistent with that of the Standard &                                            
                                  Poor's 500 Stock Index                                                                       
-------------------------------------------------------------------------------------------------------------------------      
EQ/Evergreen Omega                Long-term capital growth                           Evergreen Investment Management           
                                                                                     Company, LLC                              
-------------------------------------------------------------------------------------------------------------------------      
EQ/FI Mid Cap                     Long-term growth of capital                        Fidelity Management & Research Company    
-------------------------------------------------------------------------------------------------------------------------      
EQ/FI Small/Mid Cap Value         Long-term capital appreciation                     Fidelity Management & Research Company    
-------------------------------------------------------------------------------------------------------------------------      
EQ/International Equity Index     Replicate as closely as possible (before           Deutsche Asset Management, Inc.           
                                  deduction of portfolio expenses) the total return                                            
                                  of the Morgan Stanley Capital International                                                  
                                  Europe, Australia, Far East Index                                                            
-------------------------------------------------------------------------------------------------------------------------      
EQ/Janus Large Cap Growth         Long-term growth in a manner that is consistent    Janus Capital Corporation                 
                                  with preservation of capital                                                                 
-------------------------------------------------------------------------------------------------------------------------      
EQ/Mercury Basic Value Equity     Capital appreciation and secondarily, income       Mercury Advisors                          
-------------------------------------------------------------------------------------------------------------------------      
EQ/MFS Emerging Growth            Long-term capital growth                           MFS Investment Management                 
 Companies                                                                                                                     
-------------------------------------------------------------------------------------------------------------------------      

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PORTFOLIOS OF EQ ADVISORS TRUST (CONTINUED)                                                                              

-------------------------------------------------------------------------------------------------------------------------
 PORTFOLIO NAME                    OBJECTIVE                                          ADVISER                            
-------------------------------------------------------------------------------------------------------------------------
                                                                                                                         
EQ/MFS Investors Trust            Long-term growth of capital with a secondary       MFS Investment Management           
                                  objective to seek reasonable current income                                            
-------------------------------------------------------------------------------------------------------------------------
EQ/MFS Research                   Long-term growth of capital and future income      MFS Investment Management           
-------------------------------------------------------------------------------------------------------------------------
EQ/Morgan Stanley Emerging        Long-term capital appreciation                     Morgan Stanley Asset Management     
 Markets Equity                                                                                                          
-------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value   Capital growth, current income is a secondary      Putnam Investment Management, Inc.  
                                  objective                                                                              
-------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index            Replicate as closely as possible (before           Deutsche Asset Management, Inc.     
                                  deduction of portfolio expenses) the total return                                      
                                  of the Russell 2000 Index                                                              
-------------------------------------------------------------------------------------------------------------------------
EQ/T. Rowe Price International    Long-term growth of capital                        T. Rowe Price International, Inc.   
 Stock                                                                                                                   
-------------------------------------------------------------------------------------------------------------------------

Other important information about the portfolios is included in the prospectus  
for EQ Advisors Trust attached at the end of this prospectus.                   

(6) DISRUPTIVE TRANSFER ACTIVITY                                                

The following reflects Equitable's current policy with regard to market         
timing-related transactions requests.                                           

You should note that the Accumulator Series contracts are not designed for      
professional "market timing" organizations, or other organizations or           
individuals engaging in a market timing strategy, making programmed transfers,  
frequent transfers or transfers that are large in relation to the total assets  
of the underlying portfolio. These kinds of strategies and transfer activities  
are disruptive to the underlying portfolios in which the variable investment    
options invest. If we determine that your transfer patterns among the variable  
investment options are disruptive to the underlying portfolios, we may, among   
other things, restrict the availability of personal telephone requests,         
facsimile transmissions, automated telephone services, Internet services or any 
electronic transfer services. We may also refuse to act on transfer instructions
of an agent acting under a power of attorney who is acting on behalf of one or  
more owners.                                                                    

We currently consider transfers into and out of (or vice versa) the same        
variable investment option within a five business day period as potentially     
disruptive transfer activity. In order to prevent disruptive activity, we       
monitor the frequency of transfers, including the size of transfers in relation 
to portfolio assets, in each underlying portfolio, and we take appropriate      
action, which may include the actions described above to restrict availability  
of voice, fax and automated transaction services, when we consider the activity 
of owners to be disruptive. We currently provide a letter to owners who have    
engaged in such activity of our intention to restrict such services. However,   
we may not continue to provide such letters. We may also, in our sole           
discretion and without further notice, change what we consider disruptive       
transfer activity, as well as change our procedures to restrict this activity.  

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(7) BUYING A CONTRACT TO FUND A RETIREMENT ARRANGEMENT                          

If your contract is an Individual Retirement Annuity (IRA) or Tax Sheltered     
Annuity (TSA), or funds an employer retirement plan (QP or Qualified Plan), you 
should be aware that such annuities do not provide tax deferral benefits beyond 
those already provided by the Internal Revenue Code. You may therefore want to  
consider the relative features, benefits and costs of other investments that    
may be available for use in connection with your retirement plan or             
arrangement.                                                                    

(8) TAX INFORMATION                                                             

NONQUALIFIED ANNUITIES -- OTHER INFORMATION                                     

The IRS has stated that you will be considered the owner of the assets in the   
separate account if you possess incidents of ownership in those assets, such as 
the ability to exercise investment control over the assets. The Treasury        
Department has the authority to issue guidelines prescribing the circumstances  
in which your ability to direct your investment to particular portfolios within 
a separate account may cause you, rather than the insurance company, to be      
treated as the owner of the portfolio shares attributable to your nonqualified  
annuity contract. If you were to be considered the owner of the underlying      
shares, income and gains attributable to such portfolio shares would be         
currently included in your gross income for federal income tax purposes.        
Incidents of investment control could include among other items, the number of  
investment options available under a contract and/or the frequency of transfers 
available under a contract. In connection with the issuance of regulations      
concerning investment diversification in 1986, the Treasury Department          
announced that the diversification regulations did not provide guidance on      
investor control but that guidance would be issued in the form of regulations   
or rulings. As of the date of this supplement, no such guidance has been        
issued. It is not known whether such guidelines, if in fact issued, would have  
retroactive adverse effect on existing contracts. We can not provide assurance  
as to the terms or scope of any future guidance nor any assurance that such     
guidance would not be imposed on a retroactive basis to contracts issued under  
this supplement. We reserve the right to modify the contract, as necessary to   
attempt to prevent you from being considered the owner of the assets of the     
separate account for tax purposes.                                              

REQUIRED MINIMUM DISTRIBUTIONS FOR QUALIFIED CONTRACTS                          

The IRS and Treasury have recently proposed revisions to the minimum            
distribution rules. We expect these rules to be finalized no earlier than       
January 1, 2002. The proposed revisions permit IRA and TSA owners and           
beneficiaries to apply the proposed revisions for calendar year 2001. See the   
Statement of Additional Information for a brief description of the proposed     
revisions.                                                                      

ROTH IRAS                                                                       

CONVERSION CONTRIBUTIONS TO ROTH IRAS                                           

In a conversion rollover transaction, you withdraw (or are considered to have   
withdrawn) all or a portion of funds from a traditional IRA you maintain and    
convert it to a Roth IRA within 60 days after you receive (or are considered to 
have received) the traditional IRA proceeds. Unlike a rollover from a           
traditional IRA to another traditional IRA, the conversion rollover transaction 
is not tax-free. Instead, the distribution from the traditional IRA is          
generally fully taxable. For this reason, we are required to withhold 10%       
federal income tax from the amount converted unless you elect out of such       
withholding. (If you have ever made nondeductible regular contributions to any  
traditional IRA -- whether or not it is the traditional IRA you are converting  
-- a pro rata portion of the distribution is tax-free.)                         

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There is, however, no early distribution penalty tax on the traditional IRA     
withdrawal that you are converting to a Roth IRA, even if you are under age     
59-1/2.                                                                         

You cannot make conversion contributions to a Roth IRA for any taxable year in  
which your modified adjusted gross income exceeds $100,000. For this purpose,   
your modified adjusted gross income is computed without the gross income        
stemming from the traditional IRA conversion. You also cannot make conversion   
contributions to a Roth IRA for any taxable year in which your federal income   
tax filing status is "married filing separately."                               

You cannot make conversion contributions to a Roth IRA to the extent that the   
funds in your traditional IRA are subject to the annual required minimum        
distribution rule applicable to traditional IRAs beginning at age 70-1/2.       

You cannot convert and reconvert an amount during the same taxable year, or if  
later, during the 30-day period following a recharacterization. If you          
reconvert during either of these periods, it will be a failed Roth IRA          
conversion.                                                                     

RECHARACTERIZATIONS                                                             

You may be able to treat a contribution made to one type of IRA as having been  
made to a different type of IRA. This is called recharacterizing the            
contribution.                                                                   

HOW TO RECHARACTERIZE                                                           

To recharacterize a contribution, you generally must have the contribution      
transferred from the first IRA (the one to which it was made) to the second IRA 
in a deemed trustee-to-trustee transfer. If the transfer is made by the due     
date (including extensions) for your tax return for the year during which the   
contribution was made, you can elect to treat the contribution as having been   
originally made to the second IRA instead of to the first IRA. It will be       
treated as having been made to the second IRA on the same date that it was      
actually made to the first IRA. You must report the recharacterization and must 
treat the contribution as having been made to the second IRA, instead of the    
first IRA on your tax return for the year during which the contribution was     
made.                                                                           

The contribution will not be treated as having been made to the second IRA      
unless the transfer includes any net income allocable to the contribution. You  
can take into account any loss on the contribution while it was in the IRA when 
calculating the amount that must be transferred. If there was a loss, the net   
income you must transfer may be a negative amount.                              

No deduction is allowed for the contribution to the first IRA and any net       
income transferred with the recharacterized contribution is treated as earned   
in the second IRA. The contribution will not be treated as having been made to  
the second IRA to the extent any deduction was allowed with respect to the      
contribution to the first IRA.                                                  

For recharacterization purposes, a distribution from a traditional IRA that is  
received in one tax year and rolled over into a Roth IRA in the next year, but  
still within 60 days of the distribution from the traditional IRA, is treated   
as a contribution to the Roth IRA in the year of the distribution from the      
traditional IRA.                                                                

Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can be           
recharacterized to a SEP-IRA or SIMPLE IRA (including the original SEP-IRA or   
SIMPLE IRA).                                                                    

To recharacterize a contribution, you must use our forms.                       

The recharacterization of a contribution is not treated as a rollover for       
purposes of the 12-month limitation period described in the prospectus. This    
rule applies even if the contribution would have been treated as a rollover     
contribution by the second IRA if it had been made directly to the second IRA   
rather than as a result of a recharacterization of a contribution to the first  
IRA.                                                                            

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NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS.                                      

Nonqualified distributions from Roth IRAs are distributions that do not meet    
both the qualifying event and five-year aging period tests described in the     
prospectus. If you receive such a distribution, part of it may be taxable. For  
purposes of determining the correct tax treatment of distributions (other than  
the withdrawal of excess contributions and the earnings on them), there is a    
set order in which contributions (including conversion contributions) and       
earnings are considered to be distributed from your Roth IRA. The order of      
distributions is as follows:                                                    

(1) Regular contributions.                                                      

(2) Conversion contributions, on a first-in-first-out basis (generally, total   
 conversions from the earliest year first). These conversion contributions
are taken into account as follows:                                      

(a) Taxable portion (the amount required to be included in gross income   
because of conversion) first, and then the                        

(b) Nontaxable portion.                                                   

(3) Earnings on contributions.                                                  

Rollover contributions from other Roth IRAs are disregarded for this purpose.   

To determine the taxable amount distributed, distributions and contributions    
are aggregated or grouped together as follows.                                  

(1) All distributions made during the year from all Roth IRAs you maintain --   
with any custodian or issuer -- are added together.                     

(2) All regular contributions made during and for the year (contributions made  
after the close of the year, but before the due date of your return) are
added together. This total is added to the total undistributed regular  
contributions made in prior years.                                      

(3) All conversion contributions made during the year are added together. For   
  purposes of the ordering rules, in the case of any conversion in which the
  conversion distribution is made in 2001 and the conversion contribution is
 made in 2002, the conversion contribution is treated as contributed prior
to other conversion contributions made in 2002.                         

Any recharacterized contributions that end up in a Roth IRA are added to the    
appropriate contribution group for the year that the original contribution      
would have been taken into account if it had been made directly to the Roth     
IRA.                                                                            

Any recharacterized contribution that ends up in an IRA other than a Roth IRA   
is disregarded for the purpose of grouping (aggregating) both contributions and 
distributions. Any amount withdrawn to correct an excess contribution           
(including the earnings withdrawn) is also disregarded for this purpose.        

WITHHOLDING FROM ROTH IRAS                                                      

Your should note the following special situations:                              

o We might have to withhold and/or report on amounts we pay under a free look   
or cancellation.                                                            

o We are generally required to withhold on conversion rollovers of traditional  
IRAs to Roth IRAs, as it is considered a withdrawal from the traditional IRA
and is taxable.                                                             

o We are required to withhold on the gross amount of a distribution from a Roth 
IRA to the extent it is reasonable for us to believe that a distribution is 
includable in your gross income. This may result in tax being withheld even 
though the Roth IRA distribution is ultimately not taxable. You can elect   
out of withholding as described in the prospectus.                          

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(9) BUSINESS DAY                                                                

Our business day is generally any day the New York Stock Exchange is open for   
trading. Our business day generally ends at 4:00 p.m., Eastern Time for         
purposes of determining the date when contributions are applied and any other   
transaction requests are processed. We may, however, close or close early due   
to emergency conditions. Contributions will be applied and any other            
transaction requests will be processed when they are received along with all    
the required information.                                                       

o If your contribution, transfer, or any other transaction request, containing  
all the required information, reaches us on a non-business day or after 4:00
p.m. on a business day, we will use the next business day.                  

o A loan request under your Rollover TSA contract will be processed on the      
first business day of the month following the date on which the properly    
completed loan request form is received.                                    

o If your transaction is set to occur on the same day of the month as the       
contract date and that date is the 29th, 30th or 31st of the month, then the
transaction will occur on the 1st day of the next month.                    

o When a charge is to be deducted on a contract date anniversary that is a      
non-business day, we will deduct the charge on the next business day.       

CONTRIBUTIONS, CREDITS, AND TRANSFERS                                           

o Contributions and credits allocated to the variable investment options are    
invested at the value next determined after the close of the business day.  

o Transfers to or from variable investment options will be made at the value    
next determined after the close of the business day.                        

(10) CLARIFICATION OF SUCCESSOR OWNER ANNUITANT FEATURE                         

If you are both the contract owner and the annuitant, and your spouse is the    
sole beneficiary or the joint owner, then your spouse may elect to receive the  
death benefit or continue the contract as successor owner/annuitant.            

If your surviving spouse decides to continue the contract, then as of the date  
we receive satisfactory proof of the annuitant's death, any required            
instructions and any required information and forms necessary to effect the     
successor owner/annuitant feature, we will increase the account value to equal  
your minimum death benefit (if applicable) as of the date of your death, if     
such death benefit is greater than such account value, plus any amount          
applicable under the Protection Plus feature (if applicable), and adjusted for  
any subsequent withdrawals. The increase in the account value will be allocated 
to the investment options according to the allocation percentages we have on    
file for your contract. Thereafter, withdrawal charges will no longer apply to  
contributions made before your death. Withdrawal charges will apply if you make 
additional contributions. These additional contributions will be withdrawn only 
after all other amounts have been withdrawn. In determining whether the minimum 
death benefit will continue to grow, we will use your surviving spouse's age    
(as of the contract date anniversary).                                          

Where an IRA contract is owned in a custodial individual retirement account,    
and your spouse is the sole beneficiary of the account, then the custodian may  
request that the spouse be substituted as annuitant after your death.           

(11) CLARIFICATION OF BENEFICIARY CONTINUATION OPTION                           

Upon your death under an IRA contract, a beneficiary may generally elect to     
keep the contract in your name and receive distributions under the contract     
instead of receiving the death benefit in a single sum. In order to elect this  
option, the beneficiary                                                         

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must be an individual. Certain trusts with only individual beneficiaries will   
be treated as individuals. We require this election to be made within 60 days   
following the date we receive proof of your death and before any other          
inconsistent election is made. We will increase the account value as of the     
date we receive satisfactory proof of death, any required instructions,         
information and forms necessary to effect the beneficiary continuation option   
feature, to equal the minimum death benefit (if applicable) as of the date of   
your death if such death benefit is greater than such account value, plus any   
amount applicable under the Protection Plus feature (if applicable), and        
adjusted for any subsequent withdrawals. Except as noted in the next two        
sentences, the beneficiary continuation option is available if we have received 
regulatory clearance in your state. For Rollover IRA and Flexible Premium IRA   
contracts, a similar beneficiary continuation option will be available until    
the beneficiary continuation option described in this prospectus is available.  
Where an IRA contract is owned in a custodial individual retirement account,    
the custodian may reinvest the death benefit in an Accumulator Express          
individual retirement annuity contract, using the account beneficiary as the    
annuitant. Please contact our processing office for further information.        

Under the beneficiary continuation option:                                      

o The contract continues in your name for the benefit of your beneficiary.      

o The beneficiary may make transfers among the investment options but no        
additional contributions will be permitted.                                 

o The guaranteed death benefit provisions will no longer be in effect.          

o The beneficiary may choose at any time to withdraw all or a portion of the    
account value and no withdrawal charges will apply. Any partial withdrawal  
must be at least $300.                                                      

o Upon the death of the beneficiary, any remaining death benefit will be paid   
in a lump sum to the person named by the beneficiary, when we receive       
satisfactory proof of death, any required instructions for the method of    
payment , information and forms necessary to effect payment.                

For Traditional IRA contracts only, if you die after the "Required Beginning    
Date" for lifetime required minimum distributions (see "Tax information"), the  
contract will continue if:                                                      

(a) You were receiving minimum distribution withdrawals from this contract; and 

(b) The pattern of minimum distribution withdrawals you chose was based in part 
on the life of the designated beneficiary.                              

The withdrawals will then continue to be paid to the beneficiary on the same    
basis as you chose before your death. We will be able to tell your beneficiary  
whether this option is available. You should contact our processing office for  
further information. See the "Required minimum distributions" discussion under  
"IRAs" in "Tax information" below.                                              

For all Roth IRAs and for traditional IRAs where you die before the Required    
Beginning Date, the beneficiary may choose one of the following two beneficiary 
continuation options:                                                           

1. Payments over life expectancy period. The beneficiary can receive annual     
minimum distributions based on the beneficiary's life expectancy. If there is   
more than one beneficiary, the shortest life expectancy is used. These minimum  
distributions must begin by December 31st of the calendar year following the    
year of your death. In some situations, a spouse beneficiary who elects to      
continue the contract in your name under the beneficiary continuation option    
instead of electing successor owner/annuitant status may also choose to delay   
beginning these minimum distributions until December 31st of the calendar year  
in which you would have turned age 70-1/2.                                      

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2. Five Year Rule. The beneficiary can take withdrawals as desired. If the      
beneficiary does not withdraw the entire account value by the December 31st of  
the fifth calendar year following your death, we will pay any amounts remaining 
under the contract to the beneficiary by that date. If you have more than one   
beneficiary, and one of them elects this option, then all of your beneficiaries 
will receive this option.                                                       

(12) CLARIFICATION OF WHEN WE VALUE THE DEATH BENEFIT AND OTHER MATTERS         
REGARDING THE CHANGE OF THE OWNER AFTER THE ORIGINAL OWNER'S DEATH FOR NQ       
CONTRACTS                                                                       

(A) The death benefit is equal to your account value, or, if greater, the       
minimum death benefit ( if applicable). We determine the amount of the death    
benefit (other than the minimum death benefit, if applicable) and any amount    
applicable under the Protection Plus feature (if applicable) as of the date we  
receive satisfactory proof of the annuitant's death, any required instructions  
for the method of payment, information and forms necessary to effect payment.   
The amount of any minimum death benefit will be the minimum death benefit as of 
the date of the annuitant's death, adjusted for any subsequent withdrawals.     
Under Rollover TSA contracts, we will deduct the amount of any outstanding loan 
plus accrued interest from the amount of the death benefit.                     

(B) WHEN AN NQ CONTRACT OWNER DIES BEFORE THE ANNUITANT                         

Under certain conditions the owner changes after the original owner's death.    
When you are not the annuitant under an NQ contract and you die before annuity  
payments begin, the beneficiary named to receive the death benefit upon the     
annuitant's death will automatically become the successor owner. If you do not  
want this beneficiary to be the successor owner, you should name a specific     
successor owner. You may name a successor owner at any time by sending          
satisfactory notice to our processing office. If the contract is jointly owned  
and the first owner to die is not the annuitant, the surviving owner becomes    
the sole contract owner. This person will be considered the successor owner for 
purposes of the distribution rules described in this section. The surviving     
owner automatically takes the place of any other beneficiary designation.       

Unless the surviving spouse of the owner who has died (or in the case of a      
joint ownership situation, the surviving spouse of the first owner to die) is   
the successor owner for this purpose, the entire interest in the contract must  
be distributed under the following rules:                                       

o The cash value of the contract must be fully paid to the successor owner (new 
owner) within five years after your death (or in a joint ownership          
situation, the death of the first owner to die).                            

o The successor owner may instead elect to receive the cash value as a life     
annuity (or payments for a period certain of not longer than the new owner's
life expectancy). Payments must begin within one year after the             
non-annuitant owner's death. Unless this alternative is elected, we will pay
any cash value five years after your death (or the death of the first owner 
to die).                                                                    

o If the surviving spouse is the successor owner or joint owner, the spouse may 
elect to continue the contract. No distributions are required as long as the
surviving spouse and annuitant are living.                                  

(13) CONDENSED FINANCIAL INFORMATION                                            

The following table sets forth the unit values and number of units outstanding  
at the year end for each variable investment option, except for those options   
being offered for the first time after May 1, 2001. The table shows unit values 
based on the highest charges that would apply to any contract or investment     
option to which this supplement relates, including the highest charges that     
would apply to the underlying portfolios. Therefore, if your contract has lower 
charges than those assumed, your unit values will be higher than those shown.   
The table also shows the total number of units outstanding for all contracts to 
which this supplement                                                           

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relates. All variable investment options may not be available in all products.  
Please refer to your annual statement for the unit values applicable to your    
contract.                                                                       

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                                            FOR THE YEARS ENDING DECEMBER 31,
                                            ---------------------------------
                                                    1999        2000         
-----------------------------------------------------------------------------
                                                                             
 ALLIANCE CONSERVATIVE INVESTORS                                             
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  Unit value                                       $  22.38    $  22.74      
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  Number of units outstanding (000s)                    216         981      
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 EQ/AGGRESSIVE STOCK                                                         
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  Unit value                                       $  78.30    $  66.77      
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  Number of units outstanding (000s)                     16          65      
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 EQ/ALLIANCE COMMON STOCK                                                    
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  Unit value                                       $ 275.01    $ 232.08      
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  Number of units outstanding (000s)                     66         310      
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 EQ/ALLIANCE GLOBAL                                                          
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  Unit value                                       $  43.04    $  34.37      
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  Number of units outstanding (000s)                     97         602      
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 EQ/ALLIANCE GROWTH AND INCOME                                               
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  Unit value                                       $  24.13    $  25.80      
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  Number of units outstanding (000s)                    342       1,662      
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 EQ/ALLIANCE GROWTH INVESTORS                                                
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  Unit value                                       $  42.29    $  38.72      
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  Number of units outstanding (000s)                    149         792      
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 EQ/ALLIANCE HIGH YIELD                                                      
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  Unit value                                       $  25.73    $  23.07      
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  Number of units outstanding (000s)                     35         219      
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 EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES                              
-----------------------------------------------------------------------------
  Unit value                                       $  14.70    $  15.75      
-----------------------------------------------------------------------------
  Number of units outstanding (000s)                     59         486      
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 EQ/ALLIANCE INTERNATIONAL                                                   
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  Unit value                                       $  16.61    $  12.56      
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  Number of units outstanding (000s)                     38         302      
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 EQ/ALLIANCE MONEY MARKET                                                    
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  Unit value                                       $  25.55    $  26.65      
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  Number of units outstanding (000s)                    549       1,882      
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 EQ/ALLIANCE PREMIER GROWTH                                                  
-----------------------------------------------------------------------------
  Unit value                                       $  11.77    $   9.45      
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  Number of units outstanding (000s)                  1,112       4,909      
-----------------------------------------------------------------------------

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                                        FOR THE YEARS ENDING DECEMBER 31,    
                                        -------------------------------------
                                          1999        2000                   
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 EQ/ALLIANCE SMALL CAP GROWTH                                                
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  Unit value                             $ 14.78     $ 16.53                 
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  Number of units outstanding (000s)          30         718                 
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 EQ/ALLIANCE TECHNOLOGY                                                      
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  Unit value                             $    --     $  6.60                 
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  Number of units outstanding (000s)          --       1,672                 
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 EQ/AXP NEW DIMENSIONS                                                       
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  Unit value                             $    --     $  8.28                 
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  Number of units outstanding (000s)          --          29                 
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 EQ/AXP STRATEGY AGGRESSIVE                                                  
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  Unit value                             $    --     $  6.21                 
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  Number of units outstanding (000s)          --          66                 
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 EQ/CAPITAL GUARDIAN RESEARCH                                                
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  Unit value                             $ 10.60     $ 11.04                 
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  Number of units outstanding (000s)          13         112                 
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 EQ/CAPITAL GUARDIAN U.S. EQUITY                                             
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  Unit value                             $ 10.26     $ 10.46                 
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  Number of units outstanding (000s)          31         155                 
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 EQ/EQUITY 500 INDEX                                                         
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  Unit value                             $    --     $ 27.69                 
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  Number of units outstanding (000s)          --         734                 
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 EQ/EVERGREEN FOUNDATION                                                     
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  Unit value                             $ 10.56     $  9.90                 
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  Number of units outstanding (000s)          44         166                 
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 EQ/EVERGREEN OMEGA                                                          
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  Unit value                             $ 10.80     $  9.38                 
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  Number of units outstanding (000s)           8          17                 
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 EQ/FI MID CAP                                                               
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  Unit value                             $    --     $  9.99                 
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  Number of units outstanding (000s)          --         126                 
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 EQ/FI SMALL/MID CAP VALUE                                                   
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  Unit value                             $ 10.45     $ 10.82                 
-----------------------------------------------------------------------------
  Number of units outstanding (000s)          18          87                 
-----------------------------------------------------------------------------
 EQ/INTERNATIONAL EQUITY INDEX                                               
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  Unit value                             $ 14.82     $ 12.02                 
-----------------------------------------------------------------------------
  Number of units outstanding (000s)          33         147                 
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                                          FOR THE YEARS ENDING DECEMBER 31,  
                                          -----------------------------------
                                                1999        2000             
-----------------------------------------------------------------------------
                                                                             
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 EQ/JANUS LARGE CAP GROWTH                                                   
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  Unit value                                   $    --    $  8.39            
-----------------------------------------------------------------------------
  Number of units outstanding (000s)                --        295            
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 EQ/MERCURY BASIC VALUE EQUITY                                               
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  Unit value                                   $ 14.88    $ 16.37            
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  Number of units outstanding (000s)               163        431            
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 EQ/MFS EMERGING GROWTH COMPANIES                                            
-----------------------------------------------------------------------------
  Unit value                                   $ 27.40    $ 21.88            
-----------------------------------------------------------------------------
  Number of units outstanding (000s)               383      1,834            
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 EQ/MFS INVESTORS TRUST                                                      
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  Unit value                                   $ 10.70    $ 10.45            
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  Number of units outstanding (000s)               103        359            
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 EQ/MFS RESEARCH                                                             
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  Unit value                                   $ 16.99    $ 15.84            
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  Number of units outstanding (000s)                71        712            
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 EQ/MORGAN STANLEY EMERGING MARKETS EQUITY                                   
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  Unit value                                   $ 10.97    $  6.47            
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  Number of units outstanding (000s)               126        715            
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 EQ/PUTNAM GROWTH & INCOME VALUE                                             
-----------------------------------------------------------------------------
  Unit value                                   $ 12.39    $ 13.02            
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  Number of units outstanding (000s)                12        124            
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 EQ/SMALL COMPANY INDEX                                                      
-----------------------------------------------------------------------------
  Unit value                                   $ 11.42    $ 10.86            
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  Number of units outstanding (000s)                23        113            
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 EQ/T. ROWE PRICE INTERNATIONAL STOCK                                        
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  Unit value                                   $ 14.15    $ 11.32            
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  Number of units outstanding (000s)                37        368            
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 EQ/PUTNAM BALANCED                                                          
-----------------------------------------------------------------------------
  Unit value                                   $ 12.27    $ 13.15            
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  Number of units outstanding (000s)                19        104            
-----------------------------------------------------------------------------
 MERCURY WORLD STRATEGY                                                      
-----------------------------------------------------------------------------
  Unit value                                   $ 13.00    $ 11.33            
-----------------------------------------------------------------------------
  Number of units outstanding (000s)                13         89            
-----------------------------------------------------------------------------
 T. ROWE PRICE EQUITY INCOME                                                 
-----------------------------------------------------------------------------
  Unit value                                   $ 13.21    $ 14.68            
-----------------------------------------------------------------------------
  Number of units outstanding (000s)               117        239            
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(14) INVESTMENT PERFORMANCE                                                     

The following table shows the average annual total return of the variable       
investment options. Average annual total return is the annual rate of growth    
that would be necessary to achieve the ending value of a contribution invested  
in the variable investment options for the periods shown.                       

The table takes into account the maximum current fees and charges applicable to 
all contracts to which this supplement applies, including any optional benefits 
charges, which may or may not be available under your contract. The table does  
not reflect the charges designed to approximate certain taxes imposed on us,    
such as premium taxes in your state or any applicable annuity administrative    
fee.                                                                            

In all cases the results shown are based on the actual historical investment    
experience of the portfolios in which the variable investment options invest.   
In some cases, the results shown relate to periods when the variable investment 
options and/or the contracts were not available. In those cases, we adjusted    
the results of the portfolios to reflect the charges under the contracts that   
would have applied had the investment options and/or contracts been available.  

For the "EQ/Alliance" portfolios (other than EQ/Alliance Premier Growth and     
EQ/Alliance Technology), we have adjusted the results prior to October 1996,    
when Class 1B shares for these portfolios were not available, to reflect the    
12b-1 fees currently imposed. Finally, the results shown for the EQ/Alliance    
Money Market and EQ/Alliance Common Stock options for period before March 22,   
1985 reflect the results of the variable investment options that preceded them. 
The "Since portfolio inception" figures for these options are based on the      
inception of the preceding variable investment options. We have adjusted these  
results to reflect the maximum investment advisory fee payable for the          
portfolios, as an assumed charge of 0.06% for direct operating expenses.        

EQ Advisors Trust commenced operations on May 1, 1997. For periods prior to     
October 18, 1999 the EQ/Alliance portfolios (other than EQ/Alliance Premier     
Growth and EQ/Alliance Technology) were part of The Hudson River Trust. On      
October 18, 1999, these portfolios became corresponding portfolios of EQ        
Advisors Trust. In each case, the performance shown is for the indicated EQ     
Advisors Trust portfolio and any predecessors that it may have had.             

All rates of return presented are time-weighted and include reinvestment of     
investment income, including interest and dividends.                            

THE PERFORMANCE INFORMATION SHOWN BELOW AND PERFORMANCE INFORMATION THAT WE     
ADVERTISE REFLECT PAST PERFORMANCE AND DOES NOT INDICATE HOW THE VARIABLE       
INVESTMENT OPTIONS MAY PERFORM IN THE FUTURE. SUCH INFORMATION ALSO DOES NOT    
REPRESENT THE RESULTS EARNED BY ANY PARTICULAR INVESTOR. YOUR RESULTS WILL      
DIFFER.                                                                         

                                                        [Enlarge/Download Table]

--------------------------------------------------------------------------------------------------------------------------
                                                                LENGTH OF INVESTMENT PERIOD                               
                                     -------------------------------------------------------------------------------------
                                                                                                           SINCE          
                                         1             3             5           10      SINCE OPTION    PORTFOLIO        
                                       YEAR          YEARS         YEARS       YEARS       INCEPTION*    INCEPTION**      
--------------------------------------------------------------------------------------------------------------------------
                                                                                                                          
EQ/Aggressive Stock                  (23.39)%        ( 5.19)%       1.77%      10.22%       5.59%          11.77%         
EQ/Alliance Common Stock             (24.26)%          5.55%       12.64%      13.65%      14.92%          11.60%         
EQ/Alliance Global                   (28.71)%          5.04%        6.88%       9.94%       8.43%           6.93%         
EQ/Alliance Growth and Income        ( 2.14)%          9.92%       13.95%         --       14.95%          11.20%         
EQ/Alliance Growth Investors         (17.21)%          5.91%        8.04%      10.86%      10.03%          10.51%         
EQ/Alliance High Yield               (19.09)%        (12.37)%      (1.30)%      5.10%       0.50%           3.38%         
EQ/Alliance Intermediate Government                                                                                       
 Securities                          ( 1.93)%        ( 0.66)%       0.05%         --        1.03%           1.57%         
EQ/Alliance International            (32.85)%        ( 0.75)%      (0.80)%        --        0.54%           0.75%         
--------------------------------------------------------------------------------------------------------------------------

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                                                        [Enlarge/Download Table]

---------------------------------------------------------------------------------------------------------------------------------
                                                                         LENGTH OF INVESTMENT PERIOD                             
                                     --------------------------------------------------------------------------------------------
                                                                                                                    SINCE        
                                              1             3             5             10       SINCE OPTION     PORTFOLIO      
                                             YEAR         YEARS         YEARS         YEARS        INCEPTION*     INCEPTION**    
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 
EQ/Alliance Money Market                       ( 4.73) %     ( 0.75) %  (0.06)%       (0.33)%            0.06  %         2.27  % 
EQ/Alliance Premier Growth                    (28.26)  %          --        --            --           ( 9.24) %       ( 9.24) % 
EQ/Alliance Small Cap Growth                    2.65   %      5.58   %      --            --           11.19   %       11.19   % 
EQ/Capital Guardian Research                  ( 4.81)  %        --         --            --             0.19   %        0.19   % 
EQ/Capital Guardian U.S. Equity               ( 7.05)  %        --         --            --           ( 3.21)  %      ( 3.21)  % 
EQ/Equity 500 Index                           (19.98)  %      5.57   %   12.90%           --           14.89   %       13.68   % 
EQ/Evergreen Omega                            (21.81)  %        --         --            --           ( 8.50)  %      ( 8.50)  % 
EQ/FI Small/Mid Cap Value                     ( 5.55)  %    ( 7.46)  %      --            --          ( 1.95)  %      ( 1.95)  % 
EQ/International Equity Index                 (27.50)  %      2.13   %     --            --             2.13   %        2.13   % 
EQ/Mercury Basic Value Equity                   0.89   %      8.20   %     --            --            10.89   %       10.89   % 
EQ/MFS Emerging Growth Companies              (28.69)  %     18.29   %     --            --            20.84   %       20.84   % 
EQ/MFS Investors Trust                        (11.18)  %        --         --            --           ( 3.05)  %      ( 3.05)  % 
EQ/MFS Research                               (15.59)  %      7.28   %     --            --             9.94   %        9.94   % 
EQ/Morgan Stanley Emerging Markets Equity     (49.15)  %    (11.37)  %     --            --           (15.07)  %      (17.15)  % 
EQ/Putnam Growth & Income Value               ( 3.97)  %    ( 0.07)  %     --            --             3.67   %        3.67   % 
EQ/Small Company Index                        ( 0.1379)     ( 0.0158)      --            --           ( 0.0158)       ( 0.0158)  
EQ/T. Rowe Price International Stock          ( 0.2853)       0.009        --            --           ( 0.0038)       ( 0.0038)  
---------------------------------------------------------------------------------------------------------------------------------

* The variable investment option inception dates are: EQ/Aggressive Stock,    
EQ/Alliance Common Stock, EQ/Equity 500 Index, EQ/Alliance Global,        
EQ/Alliance Growth and Income, EQ/Alliance Growth Investors, EQ/Alliance  
High Yield, EQ/Alliance Intermediate Government Securities, EQ/Alliance   
 International and EQ/Alliance Money Market (May 1, 1995); EQ/Alliance Small
Cap Growth, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth         
Companies, EQ/MFS Research, EQ/Putnam Growth & Income Value, EQ/T. Rowe   
Price International Stock and EQ/FI Small/Mid Cap Value (May 1, 1997);    
EQ/Morgan Stanley Emerging Markets Equity (September 2, 1997);            
EQ/International Equity Index and EQ/Small Company Index (December 31,    
1997); EQ/Evergreen Omega and EQ/MFS Investors Trust (December 31, 1998); 
EQ/Alliance Premier Growth, EQ/Capital Guardian Research, and EQ/Capital  
Guardian U.S. Equity (April 30, 1999); EQ/Alliance Technology (May 1,     
2000); EQ/AXP New Dimensions, EQ/AXP Strategy Aggressive, EQ/Janus Large  
Cap Growth, and EQ/FI Mid Cap (September 1, 2000); EQ/Balanced and        
 EQ/Bernstein Diversified Value (anticipated to become available on or about
May 18, 2001). No information is provided for portfolios and/or variable  
investment options with inception dates after December 31, 1999.          

** The inception dates for the portfolios underlying the Alliance variable      
investment options are for portfolios of The Hudson River Trust and       
EQ/Balanced, the assets of which became assets of corresponding portfolios
of EQ Advisors Trust on October 18, 1999. The portfolio inception dates   
are: EQ/Aggressive Stock (January 27, 1986); EQ/Alliance Common Stock     
(January 13, 1976); EQ/Alliance Growth Investors (October 2, 1989);       
EQ/Equity 500 Index (March 1, 1994); EQ/Alliance Global (August 27, 1987);
EQ/Alliance Growth and Income (October 1, 1993); EQ/Alliance High Yield   
 (January 2, 1987); EQ/Alliance Intermediate Government Securities (April 1,
1991); EQ/Alliance International (April 3, 1995); EQ/Alliance Money Market
(July 13, 1981); EQ/Alliance Small Cap Growth, EQ/Mercury Basic Value     
 Equity, EQ/MFS Emerging Growth Companies, EQ/MFS Research, EQ/Putnam Growth
& Income Value, EQ/Bernstein Diversified Value, EQ/T. Rowe Price          
International Stock and EQ/FI Small/Mid Cap Value (May 1, 1997);          
 EQ/International Equity Index and EQ/Small Company Index (January 1, 1998);
EQ/Morgan Stanley Emerging Markets Equity (August 20, 1997); EQ/Evergreen 
Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier   
Growth, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity  
 (May 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/AXP New Dimensions,
EQ/AXP Strategy Aggressive, EQ/Janus Large Cap Growth and EQ/FI Mid Cap   
(September 1, 2000). No information is provided for portfolios and/or     
variable investment options with inception dates after December 31, 1999. 

(15) UPDATED INFORMATION ON EQUITABLE LIFE                                      

We are The Equitable Life Assurance Society of the United States ("Equitable    
Life"), a New York stock life insurance corporation.                            
We have been doing business since 1859. Equitable Life is a subsidiary of AXA   
Financial, Inc. (previously, The Equitable Companies Incorporated). AXA, a      
French holding company for an international group of insurance and related      
financial services companies, is the sole shareholder of AXA Financial, Inc. As 
the sole shareholder, and under its other arrangements with Equitable Life and  

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Equitable Life's parent, AXA exercises significant influence over the           
operations and capital structure of Equitable Life and its parent. No company   
other than Equitable Life, however, has any legal responsibility to pay amounts 
that Equitable Life owes under the contract.                                    

AXA Financial, Inc. and its consolidated subsidiaries managed approximately     
$483.1 billion in assets as of December 31, 2000. For over 100 years Equitable  
Life has been among the largest insurance companies in the United States. We    
are licensed to sell life insurance and annuities in all fifty states, the      
District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Our home office 
is located at 1290 Avenue of the Americas, New York, N.Y. 10104.                

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Statement of additional                                                         
information                                                                     

--------------------------------------------------------------------------------

TABLE OF CONTENTS                                                               

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                                                                                PAGE

                                                                                    
Unit Values                                                                       2 
Custodian and Independent Accountants                                             2 
Yield Information for the EQ/Alliance Money Market Option and EQ/Alliance High      
 Yield Option                                                                     2 
Distribution of the contracts                                                     3 
Financial Statements                                                              4 

HOW TO OBTAIN AN EQUITABLE ACCUMULATOR STATEMENT OF ADDITIONAL INFORMATION FOR  
SEPARATE ACCOUNT NO. 45                                                         

Send this request form to:                                                      
Equitable Accumulator                                                         
P.O. Box 1547                                                                 
Secaucus, NJ 07096-1547                                                       

Please send me an Equitable Accumulator SAI for Separate Account No. 45 dated   
May 1, 2001:                                                                    

Check one:                                                                      

Accumulator Advisor      [ ]                                                    
Accumulator              [ ]                                                    
Accumulator Plus         [ ]                                                    
Accumulator Select       [ ]                                                    

--------------------------------------------------------------------------------
Name                                                                            

--------------------------------------------------------------------------------
Address                                                                         

--------------------------------------------------------------------------------
City            State    Zip                                                    

(SAI 4ACS(5/01))                                                                

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES  --                   
SUPPLEMENT DATED MAY 1, 2001, TO THE CURRENT ACCUMULATOR PROSPECTUS             

--------------------------------------------------------------------------------

This supplement modifies certain information in the above-referenced  
Prospectus. Unless otherwise indicated, all other information included in the   
Prospectus remains unchanged. The terms and section headings we use in this     
supplement have the same meaning as in the Prospectus.                          

1.   EQUITABLE ACCUMULATOR AT A GLANCE - KEY FEATURES:                          

Under "Fees and charges," in the second bullet, the first sentence, is replaced 
with the following two sentences:                                               

Annual 0.30% benefit base charge for the optional baseBUILDER benefit until you 
exercise your guaranteed minimum income benefit, elect another annuity payout   
option or the contract date anniversary after the annuitant reaches age 83,     
whichever occurs first. The annual benefit base charge is 0.15% if the 5% roll  
up to age 70, if available, is elected.                                         

The information under "Annuitant issue ages" is replaced in its entirety with   
the following:                                                                  

NQ:  0-83;                                                                      
Rollover IRA, Roth Conversion IRA, Flexible Premium Roth IRA* and Rollover TSA: 
20-83; Flexible Premium IRA*: 20-70; Assured Payment Option and APO Plus (if    
available): 53-1/2 -83; QP: 20-75                                               

*We anticipate offering Flexible Premium Roth and Flexible Premium IRAs         
contracts upon obtaining the necessary regulatory clearance.                    

2.   FEE TABLE:                                                                 

The following replaces the charges reflected under "Charges we deduct under your
variable investment options expressed as an annual percentage of daily net      
assets:"                                                                        

Mortality and expense risks(1)        1.10%                                     
Administrative                        0.25% current (maximum 0.35%)             
                         -----------------------------

Total annual expenses                 1.35% current (maximum 1.45%)             

3.   CONTRACT FEATURES AND BENEFITS:                                            

The following is added as the final paragraph under "Special dollar cost        
averaging program:"                                                             

In Oregon, where the account for special dollar cost averaging is not available,
we offer a special dollar cost averaging program in the EQ/Alliance Money Market
option for allocation of your eligible contributions, and only a 12 month time  
period is available. Under this program, we will not deduct the mortality and   
expense risks and administrative charges from amounts in the EQ/Alliance Money  
Market option attributable to the program.                                      

The following replaces the entire "Our baseBUILDER" option section:             

The baseBUILDER option offers you a guaranteed minimum income benefit combined  
with the guaranteed minimum death benefit available under the contract. For     
Rollover IRA, Flexible Premium IRA (if available) and Rollover TSA contracts    
where the annuitant is between ages 20 and 60 at contract issue,                

--------------------                                                            
(1) A portion of this charge is for providing the guaranteed minimum death      
benefit.                                                                

                                                                               1

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and where you elect the baseBUILDER option, we may offer an additional          
guaranteed minimum death benefit of a 5% roll up to age 70. The baseBUILDER     
benefit is available if the annuitant is between the ages of 20 and 75 at the   
time the contract is issued. There is an additional charge for the baseBUILDER  
benefit, which is described under "baseBUILDER benefits charge" in "Charges and 
expenses" below, and, in greater detail, in the Prospectus.                     

The guaranteed minimum income benefit component of baseBUILDER is described     
below. Whether you elect baseBUILDER or not, the guaranteed minimum death       
benefit is provided under the contract. The guaranteed minimum death benefit is 
described under "Guaranteed minimum death benefit," in the Prospectus.          

The guaranteed minimum income benefit guarantees you a minimum amount of        
lifetime income under our Income Manager (life annuity with a period certain)   
payout annuity contract. The Income Manager (life annuity with a period certain)
payout annuity contract provides payments during a specified period of time     
(called a period certain) that will continue for the rest of the annuitant's    
life thereafter. If the annuitant dies before the period certain has ended,     
payments will continue to the beneficiary for the time remaining in the period  
certain.                                                                        

--------------------------------------------------------------------------------
The guaranteed minimum income benefit, which is also known as the "Living       
Benefit," should be regarded as a safety net only. It provides income protection
if you elect an income payout while the annuitant is alive.                     
--------------------------------------------------------------------------------

When you exercise the guaranteed minimum income benefit, the annual lifetime    
income that you will receive under the Income Manager (life with a period       
certain) payout annuity option will be the greater of (i) your guaranteed       
minimum income benefit, which is calculated by applying your benefit base at    
guaranteed annuity purchase factors, or (ii) the income provided by applying    
your actual account value at our then current annuity purchase factors.         

ILLUSTRATIONS OF GUARANTEED MINIMUM INCOME BENEFIT. The table below illustrates 
the guaranteed minimum income benefit amounts per $100,000 of initial           
contribution for a male annuitant age 60 (at issue) on the contract date        
anniversaries indicated using the guaranteed annuity purchase factors as of the 
date of the prospectus, assuming no additional contributions, withdrawals, or   
loans under Rollover TSA contracts, and assuming there were no allocations to   
the EQ/Alliance Money Market option or the EQ/Alliance Intermediate Government  
Securities option, if available, or the fixed maturity options.                 

--------------------------------------------------------------------------------
                    GUARANTEED MINIMUM
                   INCOME BENEFIT -- ANNUAL INCOME
CONTRACT DATE                  PAYABLE FOR LIFE WITH            
ANNIVERSARY AT EXERCISE             10 YEAR PERIOD CERTAIN                
--------------------------------------------------------------------------------

7                               $8,315            
10                              $10,341             
15                              $14,924             

-----------------------------------------------------------------------------   

When you elect to receive annual income, your contract will terminate and you   
will receive an Income Manager (life annuity with a period certain) annuity     
payout option. You will begin receiving payments one payment period after the   
annuity payout option is issued. Your period certain will be based on the       
annuitant's age at the time the benefit is exercised, as follows:               

                                                                               2

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LEVEL PAYMENTS*           
--------------------------------------------------------------------------------
                                                      PERIOD CERTAIN YEARS
--------------------------------------------------------------------------------

ANNUITANT'S                                               
     AGE AT EXERCISE                                  IRAS            NQ
--------------------------------------------------------------------------------
       60 to 75                                       10            10
          76                                           9            10
          77                                           8            10
          78                                           7            10
          79                                           7            10
          80                                           7            10
          81                                           7             9
          82                                           7             8
          83                                           7             7

--------------------------------------------------------------------------------

*Other forms and periods certain may also be available. For Rollover IRA and    
Flexible Premium IRA (if available) contracts, please see "Required minimum     
distributions" under "Individual retirement arrangements" in "Tax information," 
in the Prospectus, as to how this option may be affected if exercised after age 
70 1/2.                                                                         

Before you elect baseBUILDER, you should consider the fact that the guaranteed  
minimum income benefit provides a form of insurance and is based on conservative
actuarial factors. Therefore, even if your account value is less than your      
benefit base, you may generate more income by applying your account value to    
current annuity purchase factors. We will make this comparison for you when the 
need arises.                                                                    

You should also consider that the guaranteed annuity purchase factors we use to 
determine your Income Manager benefit under baseBUILDER are more conservative   
than the guaranteed annuity purchase factors we use for the Income Manager      
payout annuity option. This means that, assuming the same amount is applied to  
purchase the benefit and that we use guaranteed annuity purchase factors to     
compute the benefit, each periodic payment under the baseBUILDER Income Manager 
will be smaller than each periodic payment under the Income Manager payout      
annuity option.                                                                 

The Income Manager (life annuity with a period certain) payout annuity contracts
are offered through our Prospectus for the Income Manager payout annuities. You 
may obtain a copy of the most current version from your financial professional. 
You should read it carefully before you decide to exercise your guaranteed      
minimum income benefit.                                                         

SUCCESSOR ANNUITANT/CONTRACT OWNER. If the successor annuitant/contract owner   
(discussed under "More Information" in the prospectus) elects to continue the   
contract after your death, the guaranteed minimum income benefit will continue  
to be available on the contract date anniversaries specified below based on the 
contract date. However, the guaranteed minimum income benefit must be exercised 
based on the age of the successor annuitant/contract owner.                     

EXERCISE OF GUARANTEED MINIMUM INCOME BENEFIT. On each contract anniversary that
you are eligible to exercise the guaranteed minimum income benefit, we will send
you an eligibility notice illustrating how much income could be provided as of  
the contract date anniversary. You may notify us within 30 days following the   
contract date anniversary if you want to exercise the guaranteed minimum income 
benefit. You must return your contract to us in order to exercise this benefit. 
The amount of income you actually receive will be determined when we receive    
your request to exercise the benefit. You will begin receiving payments one     
payment period after the annuity payout contract is issued.                     

You (or the successor annuitant/owner, if applicable) will be eligible to       
exercise the guaranteed minimum income benefit as follows:                      

                                                                               3

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o    If the annuitant was at least age 20 and no older than age 44 when the     
  contract was issued, you are eligible to exercise the guaranteed minimum
income benefit within 30 days following each contract date anniversary
beginning with the 15th contract date anniversary.                    

o    If the annuitant was at least age 45 and no older than age 53 when the     
  contract was issued, you are eligible to exercise the guaranteed minimum
income benefit within 30 days following each contract date anniversary
after the annuitant is age 60.                                        

o    If the annuitant was at least age 54 and no older than age 75 when the     
  contract was issued, you are eligible to exercise the guaranteed minimum
income benefit within 30 days following each contract date anniversary
beginning with the 7th contract date anniversary.                     

Please note:                                                                    

(i)    the latest date you may exercise the guaranteed minimum income benefit is
    the contract date anniversary following the annuitant's 83rd birthday;

(ii)   if the annuitant was older than age 63 at the time an IRA, QP or Rollover
TSA contract was issued, the baseBUILDER may not be an appropriate
      feature because the minimum distributions required by tax law must begin
before the guaranteed minimum income benefit can be exercised; and

(iii)  for QP and Rollover TSA contracts, if you are eligible to exercise your  
   guaranteed minimum income benefit, we will first roll over amounts in
    such contract to a Rollover IRA contract. You will be the owner of the
Rollover IRA contract.                                            

4.   CHARGES AND EXPENSES:                                                      

The entire section entitled "Distribution charge" is deleted.                   

Under baseBUILDER benefit charge, the first sentence is replaced with the       
following sentence:                                                             

If you elect the baseBUILDER, we deduct a charge annually from your account     
value on each contract date anniversary until such time as you exercise the     
guaranteed minimum income benefit, elect another annuity payout option, or the  
contract date anniversary after the annuitant reaches age 83, whichever comes   
first.                                                                          
                                                                               4

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EQUITABLE ACCUMULATOR (SM)                  THE EQUITABLE LIFE ASSURANCE SOCIETY
A combination variable and                  OF THE UNITED STATES                
fixed deferred annuity contract             1290 AVENUE OF THE AMERICAS         
                                NEW YORK, NEW YORK 10104

STATEMENT OF ADDITIONAL INFORMATION                                             
DATED MAY 1, 2001                                                               

--------------------------------------------------------------------------------

This Statement of Additional Information ("SAI") is not a Prospectus. It should 
be read in conjunction with the related Equitable Accumulator Prospectus, dated 
May 1, 2000. That Prospectus provides detailed information concerning the       
contracts and the variable investment options, as well as the fixed maturity    
options, that fund the contracts. Each variable investment option is a          
subaccount of Equitable Life's Separate Account No. 45. Definitions of special  
terms used in the SAI are found in the Prospectus.                              

A copy of the Prospectus is available free of charge by writing the processing  
office (Post Office Box 1547, Secaucus, NJ 07096-1547), by calling              
1-800-789-7771 toll free, or by contacting your financial professional.         

TABLE OF CONTENTS                                                               

Revised Proposed Minimum Distribution Rules            2                        
Unit Values                                            3                        
Custodian and Independent Accountants                  4                        
Yield Information for the EQ/Alliance Money Market                              
Option, EQ/Alliance High Yield Option, and                                  
EQ/Alliance Intermediate Government                                         
Securities Option                                    4                      
Distribution of the Contracts                          6                        
Financial Statements                                   6                        

Copyright 2001 The Equitable Life Assurance Society of the United States
All rights reserved. Accumulator is a service mark of 
The Equitable Life Assurance Society of the United States.

IM-95-02 SAI                                                               E3128

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REVISED PROPOSED MINIMUM DISTRIBUTION RULES                                     

The proposed revisions issued in January, 2001 to the proposed regulations      
governing required minimum distributions under IRAs, TSAs and qualified plans   
chiefly affect the calculation of account-based annual minimum distribution     
withdrawals under these plans, contracts and arrangements. They also affect the 
calculation of required minimum distributions from such plans, contracts, and   
arrangements after the death of the contract owner or plan participant.         

Under the revised proposed rules the IRS has changed the divisor used to divide 
the account balance in calculating an owner's or participant's lifetime required
minimum distribution amount for a traditional IRA or TSA or from a qualified    
plan. The "distribution period" corresponding to the age of the individual from 
the required minimum distribution incidental benefit (MDIB) table originally    
prescribed in the existing 1987 proposed regulations is the prescribed divisor  
for calculations under the revised proposed rules. Unless a special exception   
applies for owners or participants with spouses more than 10 years younger, this
is the only table to be used to calculate account-based lifetime required       
minimum distributions. There is no need to pick a designated beneficiary, choose
life expectancy factors or choose whether or not to recalculate life expectancy 
or choose term certain. Because the uniform distribution period table assumes   
more generous life expectancy-based factors than in the existing 1987 proposed  
regulations, the annual amount required to be distributed using the uniform     
distribution period table will generally be much smaller than under the existing
rules. In the case of the spousal exception referred to before, the owner or    
participant can choose to use the longer distribution period measured by the    
joint life and last survivor life expectancy of the owner or participant and    
younger spouse.                                                                 

The revised proposed rules retain the distinction between annually calculating a
withdrawal amount (account-based approach) and applying funds to an annuity     
payout (annuitization) for complying with annual minimum distribution           
requirements. The revised proposed rules continue to allow an owner or          
participant to use a beneficiary in annuitization. However, when an owner or    
participant chooses an account-based approach, unless the younger spouse        
exception applies, the owner or participant no longer uses a beneficiary to     
calculate the required minimum distribution amount.                             

An owner or plan participant can continue to choose a different approach for    
each traditional IRA or TSA maintained and other retirement plans. For example, 
a plan participant with several traditional IRAs can choose an annuity payout   
from one IRA, a different annuity payout from the qualified plan, and an        
account-based annual withdrawal for another IRA. If permitted by the terms of   
the applicable plan or contract, an owner or plan participant who starts taking 
lifetime required minimum distributions using an account-based method can later 
apply funds to an annuity-based payout. If a period certain is elected, it      
cannot exceed remaining life expectancy.                                        

The revised proposed rules change how required minimum distribution payments    
must be made after the death of the owner or plan participant. Under the revised
proposed rules the determination of the designated beneficiary and the          
calculation of the beneficiary's life expectancy generally are contemporaneous  
with commencement of required distributions to the beneficiary. Regardless of   
whether death occurs before or after the Required Beginning Date for lifetime   
required minimum distribution payments, the revised proposed rules extend the   
maximum time for determining who the beneficiary is to December 31st of the     
calendar year following the year of the death of the owner or plan participant. 
Regardless of whether death occurs before or after the Required Beginning Date  
for lifetime required minimum distribution payments, under the revised proposed 
rules an individual death beneficiary calculates annual post-death required     
minimum distribution payments based on the beneficiary's life expectancy using  
the term certain method. That is, he or she determines his or her life          
expectancy using the life expectancy tables as of the calendar year after the   
owner's or participant's death and reduces that number by one each subsequent   
year.                                                                           

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If the owner or plan participant dies AFTER the Required Beginning Date for     
lifetime required minimum distribution payments, and the death beneficiary is   
the surviving spouse, the revised proposed rules permit post-death distributions
to be made over the spouse's single life expectancy. Any amounts distributed    
after that surviving spouse's death are made over the spouse's life expectancy  
calculated in the year of his/her death, reduced by one for each subsequent     
year.                                                                           

If the owner or plan participant dies AFTER the Required Beginning Date for     
lifetime required minimum distribution payments, and the death beneficiary is a 
non-individual such as the estate, the revised proposed rules permit the        
beneficiary to calculate post-death required minimum distribution amounts based 
on the owner or plan participant's life expectancy in the year of death. For    
each subsequent year life expectancy is reduced by one (the term certain        
method). (Please note that we need an individual annuitant to keep an annuity   
contract or certificate in force. If the beneficiary is not an individual, we   
must distribute amounts remaining in the annuity after the death of the         
annuitant.)                                                                     

If the owner or plan participant dies BEFORE the Required Beginning Date for    
lifetime requirement minimum distribution payments, and the death beneficiary is
the surviving spouse, as under the existing rules, the revised proposed rules   
permit the spouse to delay starting payments over his/her life expectancy until 
the year in which the owner or plan participant would have attained age 70 1/2. 

The revised proposed rules permit any individual beneficiary, including a       
spouse, to elect to apply the 5-year rule. Under this rule, instead of annual   
payments having to be made beginning with the first in the year following the   
owner's or plan participant's death BEFORE the Required Beginning Date, the     
entire account must be distributed by the end of the fifth year following the   
year of the owner's or plan participant's death. No distribution is required for
a year before that fifth year.                                                  

If the owner or plan participant dies BEFORE the Required Beginning Date for    
lifetime required minimum distribution payments, and the death beneficiary is a 
non-individual such as the estate, the revised proposed rules continue to apply 
the 5-year rule discussed above. (Please note that we need an individual        
annuitant to keep an annuity contract or certificate in force. If the           
beneficiary is not an individual, we must distribute amounts remaining in the   
annuity after the death of the annuitant.)                                      

UNIT VALUES                                                                     

Unit values are determined at the end of each valuation period for each of the  
variable investment options. We may offer other annuity contracts and           
certificates which will have their own unit values for the variable investment  
options. They may be different from the unit values for the Equitable           
Accumulator.                                                                    

The unit value for a variable investment option for any valuation period is     
equal to: (i) the unit value for the preceding valuation period multiplied by   
(ii) the net investment factor for that option for that valuation period. A     
valuation period is each business day together with any preceding non-business  
days. The net investment factor is:                                             

(a/b) - c                                                             

where:                                                                          

(a)  is the value of the variable investment option's shares of the             
 corresponding portfolio at the end of the valuation period. Any amounts
    allocated to or withdrawn from the option for the valuation period are not
     taken into account. For this purpose, we use the share value reported to us
by EQ Advisors Trust.                                                 

(b)  is the value of the variable investment option's shares of the             
    corresponding portfolio at the end of the preceding valuation period. (Any
 amounts allocated or withdrawn for that valuation period are taken into
account.)                                                             

(c)  is the daily mortality and expense risks charge, administrative charge, and
any applicable distribution charge relating                           

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   to any of the Accumulator contracts, times the number of calendar days in
   the valuation period. These daily charges are at an effective annual rate
not to exceed a total of 1.55% under any Accumulator contract.        

ILLUSTRATION OF CHANGES IN ANNUITY UNIT VALUES                                  

To show how we determine variable annuity payments from month to month, assume  
that the account value on the date annuity payments are to begin is enough to   
fund an annuity with a monthly payment of $363. Also assume that the annuity    
unit value for the valuation period that includes the due date of the first     
annuity payment is $1.05. The number of annuity units credited under the        
contract would be 345.71 (363 divided by 1.05 = 345.71).                        

If the fourth monthly payment is due in March, and the average annuity unit     
value for January was $1.10, the annuity payment for March would be the number  
of units (345.71) times the average annuity unit value ($1.10), or $380.28. If  
the average annuity unit value was $1 in February, the annuity payment for April
would be 345.71 times $1, or $345.71.                                           

CUSTODIAN AND INDEPENDENT ACCOUNTANTS                                           

Equitable Life is the custodian for the shares of EQ Advisors Trust owned by    
Separate Account No. 45.                                                        

The financial statements of Separate Account No. 45 as at December 31, 2000 and 
for the periods ended December 31, 2000 and 1999, and the consolidated financial
statements of Equitable Life as at December 31, 2000 and 1999 and for each of   
the three years ended December 31, 2000 included in this SAI have been so       
included in reliance on the reports of PricewaterhouseCoopers LLP, independent  
accountants, given on the authority of said firm as experts in auditing and     
accounting.                                                                     

YIELD INFORMATION FOR THE EQ/ALLIANCE MONEY MARKET OPTION, EQ/ALLIANCE HIGH     
YIELD OPTION, AND EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES OPTION.        

EQ/ALLIANCE MONEY MARKET OPTION                                                 
The EQ/Alliance Money Market option calculates yield information for seven-day  
periods. The seven-day current yield calculation is based on a hypothetical     
contract with one unit at the beginning of the period. To determine the         
seven-day rate of return, the net change in the unit value is computed by       
subtracting the unit value at the beginning of the period from a unit value,    
exclusive of capital changes, at the end of the period.                         

The net change is then reduced by the average administrative charge factor      
(explained below). This reduction is made to recognize the deduction of the     
annual administrative charge under the Flexible Premium IRA and Flexible Premium
Roth IRA contracts, which is not reflected in the unit value.                   

Unit values reflect all other accrued expenses of the EQ/Alliance Money Market  
option but do not reflect any withdrawal charges, the optional benefit charge,  
or charges for applicable taxes such as state or local premium taxes. Under the 
EQ/Alliance Money Market special dollar cost averaging program, unit values also
do not reflect the mortality and expense risks charge, the administrative charge
and any applicable distribution charge.                                         

The adjusted net change is divided by the unit value at the beginning of the    
period to obtain what is called the adjusted base period rate of return. This   
seven-day adjusted base period return is then multiplied by 365/7 to produce an 
annualized seven-day current yield figure carried to the nearest one-hundredth  
of one percent.                                                                 

The actual dollar amount of the annual administrative charge that is deducted   
from the EQ/Alliance Money Market option will vary for each contract depending  
upon the percentage of the account value allocated to the EQ/Alliance Money     
Market option. To determine the effect of the annual administrative charge on   
the yield, we start with the total dollar amounts of                            

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the charges deducted from the option during the 12-month period ending on the   
last day of the prior year. The amount is multiplied by 7/365 to produce an     
average administrative charge factor which is used in all weekly yield          
computations for the ensuing year. The average administrative charge factor is  
then divided by the number of EQ/Alliance Money Market units as of the end of   
the prior calendar year, and the resulting quotient is deducted from the net    
change in unit value for the seven-day period.                                  

The effective yield is obtained by modifying the current yield to take into     
account the compounding nature of the EQ/Alliance Money Market option's         
investments, as follows: the unannualized adjusted base period return is        
compounded by adding one to the adjusted base period return, raising the sum to 
a power equal to 365 divided by 7, and subtracting one from the result, i.e.,   
effective yield = (base period return + 1 )365/7 - 1. The EQ/Alliance Money     
Market option yields will fluctuate daily. Accordingly, yields for any given    
period do not necessarily represent future results. In addition, the value of   
units of the EQ/Alliance Money Market option will fluctuate and not remain      
constant.                                                                       

EQ/ALLIANCE HIGH YIELD OPTION AND EQ/ALLIANCE                                   
INTERMEDIATE GOVERNMENT SECURITIES OPTION                                       
The EQ/Alliance High Yield option and EQ/Alliance Intermediate Government       
Securities option calculate yield information for 30-day periods. The 30-day    
current yield calculation is based on a hypothetical contract with one unit at  
the beginning of the period. To determine the 30-day rate of return, the net    
change in the unit value is computed by subtracting the unit value at the       
beginning of the period from a unit value, exclusive of capital changes, at the 
end of the period.                                                              

The net change is then reduced by the average administrative charge factor      
(explained below). This reduction is made to recognize the deduction of the     
annual administrative charge under the Flexible Premium IRA and Flexible Premium
Roth IRA contracts, which is not reflected in the unit value.                   

Unit values reflect all other accrued expenses of the EQ/Alliance High Yield    
option and EQ/Alliance Intermediate Government Securities option but do not     
reflect any withdrawal charges, the optional benefit charge or charges for      
applicable taxes such as state or local premium taxes.                          

The adjusted net change is divided by the unit value at the beginning of the    
period to obtain the adjusted base period rate of return. This 30-day adjusted  
base period return is then multiplied by 365/30 to produce an annualized 30-day 
current yield figure carried to the nearest one-hundredth of one percent.       

The actual dollar amount of the annual administrative charge that is deducted   
from the EQ/Alliance High Yield option and EQ/Alliance Intermediate Government  
Securities option will vary for each contract depending upon the percentage of  
the account value allocated to the EQ/Alliance High Yield option and EQ/Alliance
Intermediate Government Securities option. To determine the effect of the annual
administrative charge on the yield, we start with the total dollar amounts of   
the charges deducted from the option during the 12-month period ending on the   
last day of the prior year. The amount is multiplied by 30/365 to produce an    
average administrative charge factor which is used in all 30-day yield          
computations for the ensuing year. The average administrative charge factor is  
then divided by the number of EQ/Alliance High Yield and EQ/Alliance            
Intermediate Government Securities units as of the end of the prior calendar    
year, and the resulting quotient is deducted from the net change in unit value  
for the 30-day period.                                                          

The yields for the EQ/Alliance High Yield option and EQ/Alliance Intermediate   
Government Securities option will fluctuate daily. Accordingly, the yields for  
any given period do not necessarily represent future results. In addition, the  
value of units of the EQ/Alliance High Yield option and EQ/Alliance Intermediate
Government Securities option will fluctuate and not remain constant.            

EQ/ALLIANCE MONEY MARKET OPTION, EQ/ALLIANCE HIGH YIELD OPTION, AND EQ/ALLIANCE 
INTERMEDIATE GOVERNMENT SECURITIES OPTION YIELD INFORMATION                     
The yields for the EQ/Alliance Money Market option, EQ/Alliance High Yield      
option, and EQ/Alliance Intermediate Government                                 

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Securities option reflect charges that are not normally reflected in the yields 
of other investments. Therefore, they may be lower when compared with yields of 
other investments. The yields for the EQ/Alliance Money Market option,          
EQ/Alliance High Yield option, and EQ/Alliance Intermediate Government          
Securities option should not be compared to the return on fixed rate investments
which guarantee rates of interest for specified periods, such as the fixed      
maturity options. Nor should the yields be compared to the yields of money      
market options made available to the general public.                            

The yields shown below will vary among the Accumulator contracts, although the  
same method of calculating variable investment option yields applies. The yield 
figures set forth below reflect the highest charges that are currently being    
assessed under any Accumulator contract.                                        

The seven-day current yield for the EQ/Alliance Money Market option was 3.59%   
for the period ended December 31, 2000. The effective yield for that period was 
3.65%.                                                                          

The effective yields for the EQ/Alliance High Yield option and EQ/Alliance      
Intermediate Government Securities were 14.18% and 4.35%, respectively for the  
30-day period ended December 31, 2000.                                          

Because the above yields reflect the deduction of variable investment option    
expenses, they are lower than the corresponding yield figures for the           
EQ/Alliance Money Market, EQ/Alliance High Yield, and EQ/Alliance Intermediate  
Government Securities portfolios which reflect only the deduction of EQ Advisors
Trust level expenses. The above yields reflect the annual administrative charge 
which would apply under Flexible Premium IRA and Flexible Premium Roth IRA      
contracts.                                                                      

DISTRIBUTION OF THE CONTRACTS                                                   

Pursuant to a Distribution and Servicing Agreement between AXA Advisors,        
Equitable Life, and certain of Equitable Life's separate accounts, including    
Separate Account No. 45, Equitable Life paid AXA Advisors a fee of $325,380 for 
each of the years 2000, 1999 and 1998. In 2000, Equitable Life paid AXA Advisors
$666,577,890 as the distributor of certain contracts, including these contracts,
and as the principal underwriter of several Equitable Life separate accounts,   
including Separate Account No. 45. Of this amount, AXA Advisors retained        
$385,314,054.                                                                   

FINANCIAL STATEMENTS                                                            

The consolidated financial statements of Equitable Life included herein should  
be considered only as bearing upon the ability of Equitable Life to meet its    
obligations under the contracts.                                                

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

INDEX TO FINANCIAL STATEMENTS                                                   

Report of Independent Accountants......................................   FS-2  
Financial Statements:                                                           
 Statements of Assets and Liabilities, December 31, 2000.............   FS-3
Statements of Operations for the Year Ended                               
  December 31, 2000..................................................   FS-8
Statements of Changes in Net Assets for the Years Ended                   
  December 31, 2000 and 1999.........................................  FS-13
 Notes to Financial Statements.......................................  FS-22

THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS                                      

Report of Independent Accountants......................................    F-1  
Consolidated Financial Statements:                                              
 Consolidated Balance Sheets, December 31, 2000 and 1999.............    F-2
Consolidated Statements of Earnings, Years Ended                                
 December 31, 2000, 1999 and 1998....................................    F-3
Consolidated Statements of Shareholder's Equity and                       
Comprehensive Income, Years Ended December 31, 2000, 1999               
  and 1998...........................................................    F-4
Consolidated Statements of Cash Flows, Years Ended                        
  December 31, 2000, 1999 and 1998...................................    F-5
 Notes to Consolidated Financial Statements..........................    F-7

FS-1

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Report of Independent Accountants 

To the Board of Directors of                                                    
The Equitable Life Assurance Society of the United States                       
and Contractowners of Separate Account No. 45                                   
of The Equitable Life Assurance Society of the United States                    

In our opinion, the accompanying statements of assets and liabilities and the   
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of the separate Variable          
Investment Options, listed in Note 1 to such financial statements, of The       
Equitable Life Assurance Society of the United States ("Equitable Life")        
Separate Account No. 45 at December 31, 2000, and the results of each of their  
operations and the changes in each of their net assets for each of the periods  
indicated, in conformity with accounting principles generally accepted in the   
United States of America. These financial statements are the responsibility of  
Equitable Life's management; our responsibility is to express an opinion on     
these financial statements based on our audits. We conducted our audits of these
financial statements in accordance with auditing standards generally accepted in
the United States of America which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of  
material misstatement. An audit includes examining, on a test basis, evidence   
supporting the amounts and disclosures in the financial statements, assessing   
the accounting principles used and significant estimates made by management and 
evaluating the overall financial statement presentation. We believe that our    
audits, which included confirmation of shares owned in the EQ Advisors Trust at 
December 31, 2000 with the transfer agent of the EQ Advisors Trust, provide a   
reasonable basis for our opinion.                                               

/s/PricewaterhouseCoopers LLP                                                   
New York, New York                                                              

February 5, 2001                                                                

FS-2

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF ASSETS AND LIABILITIES                                            

DECEMBER 31, 2000                                                               

                                                        [Enlarge/Download Table]


                                                    ALLIANCE        ALLIANCE                               
                                                     COMMON       CONSERVATIVE      ALLIANCE               
                                                     STOCK          INVESTORS        GLOBAL                
                                               ----------------- -------------- ---------------            
                                                                                                           
ASSETS:                                                                                                    
Investments in shares of The Trust, at fair                                                                
 value (Note 1)                                                                                            
 Cost: $1,354,996,008 ........................  $1,053,613,449                                             
          158,685,300 ........................                    $153,592,543                             
          192,400,699 ........................                                   $157,817,910              
          456,197,145 ........................                                                             
          319,164,251 ........................                                                             
           98,149,884 ........................                                                             
           68,643,921 ........................                                                             
Receivable for Trust shares sold .............         179,806              --             --              
Receivable for policy-related transactions ...              --         221,599        267,129              
                                                --------------    ------------   ------------              
  Total Assets ...............................   1,053,793,255     153,814,142    158,085,039              
                                                --------------    ------------   ------------              
LIABILITIES:                                                                                               
Payable for Trust shares purchased ...........              --         221,599        267,129              
Payable for policy-related transactions ......         554,790              --             --              
                                                --------------    ------------   ------------              
  Total Liabilities ..........................         554,790         221,599        267,129              
                                                --------------    ------------   ------------              
NET ASSETS ...................................  $1,053,238,465    $153,592,543   $157,817,910              
                                                ==============    ============   ============              
Amount retained by Equitable Life in                                                                       
 Separate Account No. 45 (Note 5) ............  $        6,148    $    315,562   $     24,173              
Net Assets attributable to Contractowners ....   1,053,232,317     153,276,981    157,793,737              
                                                --------------    ------------   ------------              
NET ASSETS ...................................  $1,053,238,465    $153,592,543   $157,817,910              
                                                ==============    ============   ============              



                                                                                                 ALLIANCE  
                                                   ALLIANCE        ALLIANCE       ALLIANCE     INTERMEDIATE
                                                  GROWTH AND        GROWTH          HIGH        GOVERNMENT 
                                                    INCOME        INVESTORS         YIELD       SECURITIES 
                                               --------------- --------------- -------------- -------------
                                                                                                           
ASSETS:                                                                                                    
Investments in shares of The Trust, at fair                                                                
 value (Note 1)                                                                                            
 Cost: $1,354,996,008 ........................                                                             
          158,685,300 ........................                                                             
          192,400,699 ........................                                                             
          456,197,145 ........................  $465,755,818                                               
          319,164,251 ........................                  $296,080,035                               
           98,149,884 ........................                                  $68,500,780                
           68,643,921 ........................                                                 $67,697,968 
Receivable for Trust shares sold .............            --              --             --             -- 
Receivable for policy-related transactions ...       211,440          25,571        120,128        336,230 
                                                ------------    ------------    -----------    ----------- 
  Total Assets ...............................   465,967,258     296,105,606     68,620,908     68,034,198 
                                                ------------    ------------    -----------    ----------- 
LIABILITIES:                                                                                               
Payable for Trust shares purchased ...........       211,445          25,570        120,129        336,230 
Payable for policy-related transactions ......            --              --             --             -- 
                                                ------------    ------------    -----------    ----------- 
  Total Liabilities ..........................       211,445          25,570        120,129        336,230 
                                                ------------    ------------    -----------    ----------- 
NET ASSETS ...................................  $465,755,813    $296,080,036    $68,500,779    $67,697,968 
                                                ============    ============    ===========    =========== 
Amount retained by Equitable Life in                                                                       
 Separate Account No. 45 (Note 5) ............  $    421,337    $     71,591    $   122,819    $    46,989 
Net Assets attributable to Contractowners ....   465,334,476     296,008,445     68,377,960     67,650,979 
                                                ------------    ------------    -----------    ----------- 
NET ASSETS ...................................  $465,755,813    $296,080,036    $68,500,779    $67,697,968 
                                                ============    ============    ===========    =========== 


-------                                                                         
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)                                

DECEMBER 31, 2000                                                               

                                                        [Enlarge/Download Table]


                                                                   ALLIANCE        ALLIANCE               
                                                   ALLIANCE         MONEY           SMALL                 
                                                INTERNATIONAL       MARKET        CAP GROWTH              
                                               --------------- --------------- ---------------            
                                                                                                          
ASSETS:                                                                                                   
Investments in shares of The Trust, at fair                                                               
 value (Note 1)                                                                                           
 Cost: $ 38,122,810 ..........................   $37,330,814                                              
        177,526,828 ..........................                  $170,863,336                              
        106,386,608 ..........................                                  $103,125,756              
          4,999,416 ..........................                                                            
          6,522,888 ..........................                                                            
        154,743,291 ..........................                                                            
        260,535,419 ..........................                                                            
Receivable for Trust shares sold .............     5,378,354              30              --              
Receivable for policy-related transactions ...            --      10,673,478          58,723              
                                                 -----------    ------------    ------------              
  Total Assets ...............................    42,709,168     181,536,844     103,184,479              
                                                 -----------    ------------    ------------              
LIABILITIES:                                                                                              
Payable for Trust shares purchased ...........            --      10,673,468          57,893              
Payable for policy-related transactions ......     5,378,354              30              --              
                                                 -----------    ------------    ------------              
  Total Liabilities ..........................     5,378,354      10,673,498          57,893              
                                                 -----------    ------------    ------------              
NET ASSETS ...................................   $37,330,814    $170,863,346    $103,126,586              
                                                 ===========    ============    ============              
Amount retained by Equitable Life in                                                                      
 Separate Account No. 45 (Note 5) ............   $    44,042    $     49,761    $      7,676              
Net Assets attributable to Contractowners ....    37,286,772     170,813,585     103,118,910              
                                                 -----------    ------------    ------------              
NET ASSETS ...................................   $37,330,814    $170,863,346    $103,126,586              
                                                 ===========    ============    ============              



                                                  CAPITAL       CAPITAL                      EQ/ALLIANCE  
                                                  GUARDIAN      GUARDIAN    EQ/AGGRESSIVE      PREMIER    
                                                  RESEARCH    U.S. EQUITY       STOCK           GROWTH    
                                               ------------- ------------- --------------- ---------------
                                                                                                          
ASSETS:                                                                                                   
Investments in shares of The Trust, at fair                                                               
 value (Note 1)                                                                                           
 Cost: $ 38,122,810 ..........................                                                            
        177,526,828 ..........................                                                            
        106,386,608 ..........................                                                            
          4,999,416 ..........................  $5,085,764                                                
          6,522,888 ..........................                $6,609,027                                  
        154,743,291 ..........................                              $133,114,735                  
        260,535,419 ..........................                                              $222,606,895  
Receivable for Trust shares sold .............          --            --              --              --  
Receivable for policy-related transactions ...     139,933       143,856          95,344         386,106  
                                                ----------    ----------    ------------    ------------  
  Total Assets ...............................   5,225,697     6,752,883     133,210,079     222,993,001  
                                                ----------    ----------    ------------    ------------  
LIABILITIES:                                                                                              
Payable for Trust shares purchased ...........     139,933       143,853          95,343         386,127  
Payable for policy-related transactions ......          --            --              --              --  
                                                ----------    ----------    ------------    ------------  
  Total Liabilities ..........................     139,933       143,853          95,343         386,127  
                                                ----------    ----------    ------------    ------------  
NET ASSETS ...................................  $5,085,764    $6,609,030    $133,114,736    $222,606,874  
                                                ==========    ==========    ============    ============  
Amount retained by Equitable Life in                                                                      
 Separate Account No. 45 (Note 5) ............  $   69,632    $  300,763    $      9,386    $    250,721  
Net Assets attributable to Contractowners ....   5,016,132     6,308,267     133,105,350     222,356,153  
                                                ----------    ----------    ------------    ------------  
NET ASSETS ...................................  $5,085,764    $6,609,030    $133,114,736    $222,606,874  
                                                ==========    ==========    ============    ============  


-------                                                                         
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)                                

DECEMBER 31, 2000                                                               

                                                        [Enlarge/Download Table]


                                                                EQ/AXP        EQ/AXP                    
                                                EQ/ALLIANCE       NEW        STRATEGY                   
                                                 TECHNOLOGY   DIMENSIONS    AGGRESSIVE                  
                                               ------------- ------------ --------------                
                                                                                                        
ASSETS:                                                                                                 
Investments in shares of The Trust, at fair                                                             
 value (Note 1)                                                                                         
 Cost: $ 54,509,939 ..........................  $42,069,048                                             
          1,621,002 ..........................                $1,501,338                                
         12,250,438 ..........................                             $10,019,981                  
        219,748,864 ..........................                                                          
          2,898,322 ..........................                                                          
          6,307,043 ..........................                                                          
         19,815,648 ..........................                                                          
Receivable for Trust shares sold .............           --           --        25,828                  
Receivable for policy-related transactions ...           --       55,599            --                  
                                                -----------   ----------   -----------                  
  Total Assets ...............................   42,069,048    1,556,937    10,045,809                  
                                                -----------   ----------   -----------                  

LIABILITIES:                                                                                            
Payable for Trust shares purchased ...........      200,641       55,613            --                  
Payable for policy-related transactions ......      100,070           --        52,601                  
                                                -----------   ----------   -----------                  
  Total Liabilities ..........................      300,711       55,613        52,601                  
                                                -----------   ----------   -----------                  

NET ASSETS ...................................  $41,768,337   $1,501,324   $ 9,993,208                  
                                                ===========   ==========   ===========                  

Amount retained by Equitable Life in                                                                    
 Separate Account No. 45 (Note 5) ............  $    18,496   $  416,120   $ 8,473,958                  
Net Assets attributable to Contractowners ....   41,749,841    1,085,204     1,519,250                  
                                                -----------   ----------   -----------                  
NET ASSETS ...................................  $41,768,337   $1,501,324   $ 9,993,208                  
                                                ===========   ==========   ===========                  



                                                                                                EQ      
                                                                                  EQ/      INTERNATIONAL
                                                  EQ EQUITY         EQ/        EVERGREEN      EQUITY    
                                                  500 INDEX      EVERGREEN    FOUNDATION       INDEX    
                                               --------------- ------------- ------------ --------------
                                                                                                        
ASSETS:                                                                                                 
Investments in shares of The Trust, at fair                                                             
 value (Note 1)                                                                                         
 Cost: $ 54,509,939 ..........................                                                          
          1,621,002 ..........................                                                          
         12,250,438 ..........................                                                          
        219,748,864 ..........................  $205,567,156                                            
          2,898,322 ..........................                  $2,638,233                              
          6,307,043 ..........................                                $6,032,697                
         19,815,648 ..........................                                             $18,173,012  
Receivable for Trust shares sold .............            --           523            --            --  
Receivable for policy-related transactions ...            --            --        20,777        55,475  
                                                ------------    ----------    ----------   -----------  
  Total Assets ...............................   205,567,156     2,638,756     6,053,474    18,228,487  
                                                ------------    ----------    ----------   -----------  

LIABILITIES:                                                                                            
Payable for Trust shares purchased ...........        68,197            --        20,782        55,474  
Payable for policy-related transactions ......        93,961           524            --            --  
                                                ------------    ----------    ----------   -----------  
  Total Liabilities ..........................       162,158           524        20,782        55,474  
                                                ------------    ----------    ----------   -----------  

NET ASSETS ...................................  $205,404,998    $2,638,232    $6,032,692   $18,173,013  
                                                ============    ==========    ==========   ===========  

Amount retained by Equitable Life in                                                                    
 Separate Account No. 45 (Note 5) ............  $    220,694    $    3,896    $   25,487   $    28,626  
Net Assets attributable to Contractowners ....   205,184,304     2,634,336     6,007,205    18,144,387  
                                                ------------    ----------    ----------   -----------  
NET ASSETS ...................................  $205,404,998    $2,638,232    $6,032,692   $18,173,013  
                                                ============    ==========    ==========   ===========  


-------                                                                         
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)                                

DECEMBER 31, 2000                                                               

                                                        [Enlarge/Download Table]


                                                  EQ/JANUS                     EQ/PUTNAM                  
                                                   LARGE                       GROWTH &                   
                                                    CAP         EQ/PUTNAM       INCOME                    
                                                   GROWTH       BALANCED         VALUE                    
                                               ------------- -------------- --------------                
                                                                                                          
ASSETS:                                                                                                   
Investments in shares of The Trust, at fair                                                               
 value (Note 1)                                                                                           
 Cost: $ 7,734,430 ...........................  $7,237,251                                                
        53,211,198 ...........................                $53,411,105                                 
        52,106,636 ...........................                               $51,950,458                  
        18,754,320 ...........................                                                            
        13,506,662 ...........................                                                            
        32,774,482 ...........................                                                            
        95,181,876 ...........................                                                            
Receivable for Trust shares sold .............          --             --             --                  
Receivable for policy-related transactions ...      51,314         60,529        209,364                  
                                                ----------    -----------    -----------                  
  Total Assets ...............................   7,288,565     53,471,634     52,159,822                  
                                                ----------    -----------    -----------                  
LIABILITIES:                                                                                              
Payable for Trust shares purchased ...........      62,591         60,529        209,365                  
Payable for policy-related transactions ......          --             --             --                  
                                                ----------    -----------    -----------                  
  Total Liabilities ..........................      62,591         60,529        209,365                  
                                                ----------    -----------    -----------                  
NET ASSETS ...................................  $7,225,974    $53,411,105    $51,950,457                  
                                                ==========    ===========    ===========                  
Amount retained by Equitable Life in                                                                      
 Separate Account No. 45 (Note 5) ............  $  409,583    $    15,175    $    27,297                  
Net Assets attributable to Contractowners ....   6,816,391     53,395,930     51,923,160                  
                                                ----------    -----------    -----------                  
NET ASSETS ...................................  $7,225,974    $53,411,105    $51,950,457                  
                                                ==========    ===========    ===========                  



                                                                                                MERCURY   
                                                  EQ SMALL                      FI SMALL/        BASIC    
                                                   COMPANY        FI MID         MID CAP         VALUE    
                                                    INDEX           CAP           VALUE         EQUITY    
                                               -------------- -------------- -------------- --------------
                                                                                                          
ASSETS:                                                                                                   
Investments in shares of The Trust, at fair                                                               
 value (Note 1)                                                                                           
 Cost: $ 7,734,430 ...........................                                                            
        53,211,198 ...........................                                                            
        52,106,636 ...........................                                                            
        18,754,320 ...........................  $16,558,581                                               
        13,506,662 ...........................                 $13,663,665                                
        32,774,482 ...........................                                $32,850,962                 
        95,181,876 ...........................                                               $98,663,976  
Receivable for Trust shares sold .............           --             --          1,315             --  
Receivable for policy-related transactions ...       56,490         65,693             --        200,607  
                                                -----------    -----------    -----------    -----------  
  Total Assets ...............................   16,615,071     13,729,358     32,852,277     98,864,583  
                                                -----------    -----------    -----------    -----------  
LIABILITIES:                                                                                              
Payable for Trust shares purchased ...........       56,490         65,790             --        200,608  
Payable for policy-related transactions ......           --             --          1,315             --  
                                                -----------    -----------    -----------    -----------  
  Total Liabilities ..........................       56,490         65,790          1,315        200,608  
                                                -----------    -----------    -----------    -----------  
NET ASSETS ...................................  $16,558,581    $13,663,568    $32,850,962    $98,663,975  
                                                ===========    ===========    ===========    ===========  
Amount retained by Equitable Life in                                                                      
 Separate Account No. 45 (Note 5) ............  $    25,407    $10,577,572    $    21,783    $   115,773  
Net Assets attributable to Contractowners ....   16,533,174      3,085,996     32,829,179     98,548,202  
                                                -----------    -----------    -----------    -----------  
NET ASSETS ...................................  $16,558,581    $13,663,568    $32,850,962    $98,663,975  
                                                ===========    ===========    ===========    ===========  


-------                                                                         
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF ASSETS AND LIABILITIES (CONCLUDED)                                

DECEMBER 31, 2000                                                               

                                                        [Enlarge/Download Table]


                                                                   MFS                                     
                                                  MERCURY        EMERGING         MFS                      
                                                   WORLD          GROWTH      GROWTH WITH                  
                                                  STRATEGY      COMPANIES        INCOME                    
                                               ------------- --------------- -------------                 
                                                                                                           
ASSETS:                                                                                                    
Investments in shares of The Trust, at fair                                                                
 value (Note 1)                                                                                            
 Cost: $ 11,250,751 ..........................  $9,903,736                                                 
        332,562,163 ..........................                $334,930,014                                 
         18,226,738 ..........................                                $18,382,025                  
        117,743,769 ..........................                                                             
         39,955,545 ..........................                                                             
         67,713,086 ..........................                                                             
         58,989,304 ..........................                                                             
Receivable for Trust shares sold .............          --         339,901          3,032                  
Receivable for policy-related transactions ...       4,904              --             --                  
                                                ----------    ------------    -----------                  
  Total Assets ...............................   9,908,640     335,269,915     18,385,057                  
                                                ----------    ------------    -----------                  
LIABILITIES:                                                                                               
Payable for Trust shares purchased ...........       4,904              --             --                  
Payable for policy-related transactions ......          --         348,196          3,039                  
                                                ----------    ------------    -----------                  
  Total Liabilities ..........................       4,904         348,196          3,039                  
                                                ----------    ------------    -----------                  
NET ASSETS ...................................  $9,903,736    $334,921,719    $18,382,018                  
                                                ==========    ============    ===========                  
Amount retained by Equitable Life in                                                                       
 Separate Account No. 45 (Note 5) ............  $   22,767    $    520,105    $    57,312                  
Net Assets attributable to Contractowners ....   9,880,969     334,401,614     18,324,706                  
                                                ----------    ------------    -----------                  
NET ASSETS ...................................  $9,903,736    $334,921,719    $18,382,018                  
                                                ==========    ============    ===========                  



                                                                   MORGAN                                  
                                                                   STANLEY        T. ROWE        T. ROWE   
                                                                  EMERGING         PRICE          PRICE    
                                                     MFS           MARKETS        EQUITY      INTERNATIONAL
                                                   RESEARCH        EQUITY         INCOME          STOCK    
                                               --------------- -------------- -------------- --------------
                                                                                                           
ASSETS:                                                                                                    
Investments in shares of The Trust, at fair                                                                
 value (Note 1)                                                                                            
 Cost: $ 11,250,751 ..........................                                                             
        332,562,163 ..........................                                                             
         18,226,738 ..........................                                                             
        117,743,769 ..........................  $118,098,144                                               
         39,955,545 ..........................                  $27,668,381                                
         67,713,086 ..........................                                 $69,764,490                 
         58,989,304 ..........................                                                $52,771,763  
Receivable for Trust shares sold .............         5,830         11,956             --      4,920,188  
Receivable for policy-related transactions ...            --             --         10,723             --  
                                                ------------    -----------    -----------    -----------  
  Total Assets ...............................   118,103,974     27,680,337     69,775,213     57,691,951  
                                                ------------    -----------    -----------    -----------  
LIABILITIES:                                                                                               
Payable for Trust shares purchased ...........            --             --         10,723             --  
Payable for policy-related transactions ......         5,830         10,612             --      4,920,189  
                                                ------------    -----------    -----------    -----------  
  Total Liabilities ..........................         5,830         10,612         10,723      4,920,189  
                                                ------------    -----------    -----------    -----------  
NET ASSETS ...................................  $118,098,144    $27,669,725    $69,764,490    $52,771,762  
                                                ============    ===========    ===========    ===========  
Amount retained by Equitable Life in                                                                       
 Separate Account No. 45 (Note 5) ............  $    131,873    $    83,963    $    19,344    $    15,202  
Net Assets attributable to Contractowners ....   117,966,271     27,585,762     69,745,146     52,756,560  
                                                ------------    -----------    -----------    -----------  
NET ASSETS ...................................  $118,098,144    $27,669,725    $69,764,490    $52,771,762  
                                                ============    ===========    ===========    ===========  


-------                                                                         
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF OPERATIONS                                                        

FOR THE YEAR ENDED DECEMBER 31, 2000                                            

                                                        [Enlarge/Download Table]


                                                                ALLIANCE         ALLIANCE                                    
                                                                 COMMON        CONSERVATIVE       ALLIANCE                   
                                                                 STOCK          INVESTORS          GLOBAL                    
                                                           ----------------- --------------- -----------------               
                                                                                                                             
INCOME AND EXPENSES:                                                                                                         
 Investment Income (Note 2):                                                                                                 
  Dividends from The Trust ...............................  $    5,378,584    $   5,689,511    $     264,035                 
 Expenses (Note 3):                                                                                                          
  Asset-based charges ....................................      14,392,722        1,696,567        2,117,759                 
                                                            --------------    -------------    -------------                 
NET INVESTMENT INCOME (LOSS) .............................      (9,014,138)       3,992,944       (1,853,724)                
                                                            --------------    -------------    -------------                 
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                       
 INVESTMENTS (Note 2):                                                                                                       
 Realized gain (loss) on investments .....................       9,389,386          367,134        5,224,327                 
 Realized gain distribution from The Trust ...............     211,543,509        3,426,626       15,787,151                 
                                                            --------------    -------------    -------------                 
NET REALIZED GAIN (LOSS) .................................     220,932,895        3,793,760       21,011,478                 
                                                            --------------    -------------    -------------                 
 Unrealized appreciation (depreciation) on investments:                                                                      
  Beginning of period ....................................      96,170,655          393,182       20,023,195                 
  End of period ..........................................    (301,382,559)      (5,092,757)     (34,582,789)                
                                                            --------------    -------------    -------------                 
 Change in unrealized appreciation (depreciation) during                                                                     
  the period .............................................    (397,553,214)      (5,485,939)     (54,605,984)                
                                                            --------------    -------------    -------------                 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                   
 INVESTMENTS .............................................    (176,620,319)      (1,692,179)     (33,594,506)                
                                                            --------------    -------------    -------------                 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                              
 FROM OPERATIONS .........................................  $ (185,634,457)   $   2,300,765    $ (35,448,230)                
                                                            ==============    =============    =============                 



                                                                                                                 ALLIANCE    
                                                               ALLIANCE         ALLIANCE         ALLIANCE      INTERMEDIATE  
                                                                GROWTH           GROWTH            HIGH         GOVERNMENT   
                                                              AND INCOME        INVESTORS         YIELD         SECURITIES   
                                                           ---------------- ---------------- --------------- ----------------
                                                                                                                             
INCOME AND EXPENSES:                                                                                                         
 Investment Income (Note 2):                                                                                                 
  Dividends from The Trust ...............................  $    3,183,943   $   5,127,560    $   7,789,261   $   3,682,405  
 Expenses (Note 3):                                                                                                          
  Asset-based charges ....................................       5,145,240       3,604,772          881,558         751,582  
                                                            --------------   -------------    -------------   -------------  
NET INVESTMENT INCOME (LOSS) .............................      (1,961,297)      1,522,788        6,907,703       2,930,823  
                                                            --------------   -------------    -------------   -------------  
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                       
 INVESTMENTS (Note 2):                                                                                                       
 Realized gain (loss) on investments .....................       2,976,930       1,885,295       (4,259,613)       (171,898) 
 Realized gain distribution from The Trust ...............      43,699,083      20,062,537               --              --  
                                                            --------------   -------------    -------------   -------------  
NET REALIZED GAIN (LOSS) .................................      46,676,013      21,947,832       (4,259,613)       (171,898) 
                                                            --------------   -------------    -------------   -------------  
 Unrealized appreciation (depreciation) on investments:                                                                      
  Beginning of period ....................................      26,843,876      25,141,413      (19,536,549)     (2,546,058) 
  End of period ..........................................       9,558,673     (23,084,216)     (29,649,105)       (945,953) 
                                                            --------------   -------------    -------------   -------------  
 Change in unrealized appreciation (depreciation) during                                                                     
  the period .............................................     (17,285,203)    (48,225,629)     (10,112,556)      1,600,105  
                                                            --------------   -------------    -------------   -------------  
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                   
 INVESTMENTS .............................................      29,390,810     (26,277,797)     (14,372,169)      1,428,207  
                                                            --------------   -------------    -------------   -------------  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                              
 FROM OPERATIONS .........................................  $   27,429,513   $ (24,755,009)   $  (7,464,466)  $   4,359,030  
                                                            ==============   =============    =============   =============  

-------                                                                         
(a) Commenced operations on May 2, 2000.                                        
(b) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF OPERATIONS (CONTINUED)                                            

FOR THE YEAR ENDED DECEMBER 31, 2000                                            

                                                        [Enlarge/Download Table]


                                                                                 ALLIANCE        ALLIANCE                   
                                                                 ALLIANCE         MONEY          SMALL CAP                  
                                                              INTERNATIONAL       MARKET          GROWTH                    
                                                             --------------- --------------- ----------------               
                                                                                                                            
INCOME AND EXPENSES:                                                                                                        
 Investment Income (Note 2):                                                                                                
  Dividends from The Trust .................................  $    162,209    $   8,792,434   $           --                
 Expenses (Note 3):                                                                                                         
  Asset-based charges ......................................       500,848        1,982,053        1,042,435                
                                                              ------------    -------------   --------------                
NET INVESTMENT INCOME (LOSS) ...............................      (338,639)       6,810,381       (1,042,435)               
                                                              ------------    -------------   --------------                
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                      
 INVESTMENTS (Note 2):                                                                                                      
 Realized gain (loss) on investments .......................    (7,777,711)       1,557,314        4,021,100                
 Realized gain distribution from The Trust .................     3,234,825           18,352       11,693,614                
                                                              ------------    -------------   --------------                
NET REALIZED GAIN (LOSS) ...................................    (4,542,886)       1,575,666       15,714,714                
                                                              ------------    -------------   --------------                
 Unrealized appreciation (depreciation) on investments:                                                                     
  Beginning of period ......................................     2,204,364       (5,423,973)       9,269,125                
  End of period ............................................      (791,996)      (6,663,492)      (3,260,852)               
                                                              ------------    -------------   --------------                
 Change in unrealized appreciation (depreciation) during                                                                    
  the period ...............................................    (2,996,360)      (1,239,519)     (12,529,977)               
                                                              ------------    -------------   --------------                
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                  
 INVESTMENTS ...............................................    (7,539,246)         336,147        3,184,737                
                                                              ------------    -------------   --------------                
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                             
 FROM OPERATIONS ...........................................  $ (7,877,885)   $   7,146,528   $    2,142,302                
                                                              ============    =============   ==============                



                                                                CAPITAL       CAPITAL                         EQ/ALLIANCE   
                                                                GUARDIAN      GUARDIAN     EQ/AGGRESSIVE        PREMIER     
                                                                RESEARCH    U.S. EQUITY        STOCK             GROWTH     
                                                             ------------- ------------- ----------------- -----------------
                                                                                                                            
INCOME AND EXPENSES:                                                                                                        
 Investment Income (Note 2):                                                                                                
  Dividends from The Trust .................................  $    56,938   $   111,079    $     348,010     $   1,421,219  
 Expenses (Note 3):                                                                                                         
  Asset-based charges ......................................       40,041        55,456        1,916,721         2,706,990  
                                                              -----------   -----------    -------------     -------------  
NET INVESTMENT INCOME (LOSS) ...............................       16,897        55,623       (1,568,711)       (1,285,771) 
                                                              -----------   -----------    -------------     -------------  
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                      
 INVESTMENTS (Note 2):                                                                                                      
 Realized gain (loss) on investments .......................    1,012,896       396,629       (2,045,756)        1,563,743  
 Realized gain distribution from The Trust .................           --        17,296       10,219,271                --  
                                                              -----------   -----------    -------------     -------------  
NET REALIZED GAIN (LOSS) ...................................    1,012,896       413,925        8,173,515         1,563,743  
                                                              -----------   -----------    -------------     -------------  
 Unrealized appreciation (depreciation) on investments:                                                                     
  Beginning of period ......................................      509,251       211,667        7,652,150        12,756,503  
  End of period ............................................       86,348        86,137      (21,628,555)      (37,928,524) 
                                                              -----------   -----------    -------------     -------------  
 Change in unrealized appreciation (depreciation) during                                                                    
  the period ...............................................     (422,903)     (125,530)     (29,280,705)      (50,685,027) 
                                                              -----------   -----------    -------------     -------------  
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                  
 INVESTMENTS ...............................................      589,993       288,395      (21,107,190)      (49,121,284) 
                                                              -----------   -----------    -------------     -------------  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                             
 FROM OPERATIONS ...........................................  $   606,890   $   344,018    $ (22,675,901)    $ (50,407,055) 
                                                              ===========   ===========    =============     =============  


-------                                                                         
(a) Commenced operations on May 2, 2000.                                        
(b) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF OPERATIONS (CONTINUED)                                            

FOR THE YEAR ENDED DECEMBER 31, 2000                                            

                                                        [Enlarge/Download Table]


                                                                                                    EQ/AXP                  
                                                                EQ/ALLIANCE      EQ/AXP NEW        STRATEGY                 
                                                              TECHNOLOGY (a)   DIMENSIONS (b)   AGGRESSIVE (b)              
                                                             ---------------- ---------------- ----------------             
                                                                                                                            
INCOME AND EXPENSES:                                                                                                        
 Investment Income (Note 2):                                                                                                
  Dividends from The Trust .................................  $          --      $   1,862       $     11,579               
 Expenses (Note 3):                                                                                                         
  Asset-based charges ......................................        220,678          1,863              2,373               
                                                              -------------      ---------       ------------               
NET INVESTMENT INCOME (LOSS) ...............................       (220,678)              (1)           9,206               
                                                              -------------      ------------    ------------               
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                      
 INVESTMENTS (Note 2):                                                                                                      
 Realized gain (loss) on investments .......................     (1,190,323)        (4,816)           (41,436)              
 Realized gain distribution from The Trust .................             --             --                 --               
                                                              -------------      -----------     ------------               
NET REALIZED GAIN (LOSS) ...................................     (1,190,323)        (4,816)           (41,436)              
                                                              -------------      -----------     ------------               
 Unrealized appreciation (depreciation) on investments:                                                                     
  Beginning of period ......................................             --             --                 --               
  End of period ............................................    (12,440,891)      (119,664)        (2,230,457)              
                                                              -------------      -----------     ------------               
 Change in unrealized appreciation (depreciation) during                                                                    
  the period ...............................................    (12,440,891)      (119,664)        (2,230,457)              
                                                              -------------      -----------     ------------               
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                  
 INVESTMENTS ...............................................    (13,631,214)      (124,480)        (2,271,893)              
                                                              -------------      -----------     ------------               
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                             
 FROM OPERATIONS ...........................................  $ (13,851,892)     $(124,481)      $ (2,262,687)              
                                                              =============      ===========     ============               



                                                                 EQ EQUITY         EQ/       EQ/EVERGREEN   EQ INTERNATIONAL
                                                                 500 INDEX      EVERGREEN     FOUNDATION      EQUITY INDEX  
                                                             ---------------- ------------- -------------- -----------------
                                                                                                                            
INCOME AND EXPENSES:                                                                                                        
 Investment Income (Note 2):                                                                                                
  Dividends from The Trust .................................  $   1,335,379    $    6,755     $   85,479     $    157,723   
 Expenses (Note 3):                                                                                                         
  Asset-based charges ......................................        709,614        33,983         62,481          237,329   
                                                              -------------    ----------     ----------     ------------   
NET INVESTMENT INCOME (LOSS) ...............................        625,765       (27,228)        22,998          (79,606)  
                                                              -------------    ----------     ----------     ------------   
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                      
 INVESTMENTS (Note 2):                                                                                                      
 Realized gain (loss) on investments .......................         64,329         5,650         23,926          473,961   
 Realized gain distribution from The Trust .................      8,818,377            --             --          492,143   
                                                              -------------    ----------     ----------     ------------   
NET REALIZED GAIN (LOSS) ...................................      8,882,706         5,650         23,926          966,104   
                                                              -------------    ----------     ----------     ------------   
 Unrealized appreciation (depreciation) on investments:                                                                     
  Beginning of period ......................................         78,087        80,478        100,874        2,896,302   
  End of period ............................................    (14,181,708)     (260,089)      (274,346)      (1,642,635)  
                                                              -------------    ----------     ----------     ------------   
 Change in unrealized appreciation (depreciation) during                                                                    
  the period ...............................................    (14,259,795)     (340,567)      (375,220)      (4,538,937)  
                                                              -------------    ----------     ----------     ------------   
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                  
 INVESTMENTS ...............................................     (5,377,089)     (334,917)      (351,294)      (3,572,833)  
                                                              -------------    ----------     ----------     ------------   
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                             
 FROM OPERATIONS ...........................................  $  (4,751,324)   $ (362,145)    $ (328,296)    $ (3,652,439)  
                                                              =============    ==========     ==========     ============   


-------                                                                         
(a) Commenced operations on May 2, 2000.                                        
(b) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF OPERATIONS (CONTINUED)                                            

FOR THE YEAR ENDED DECEMBER 31, 2000                                            

                                                        [Enlarge/Download Table]


                                                                                               EQ/PUTNAM               
                                                                EQ/JANUS                        GROWTH &               
                                                                LARGE CAP      EQ/PUTNAM         INCOME                
                                                               GROWTH (b)       BALANCED         VALUE                 
                                                             -------------- --------------- ---------------            
                                                                                                                       
INCOME AND EXPENSES:                                                                                                   
 Investment Income (Note 2):                                                                                           
  Dividends from The Trust .................................   $    7,013    $   1,619,894   $     499,122             
 Expenses (Note 3):                                                                                                    
  Asset-based charges ......................................       13,521          652,161         630,597             
                                                               ----------    -------------   -------------             
NET INVESTMENT INCOME (LOSS) ...............................       (6,508)         967,733        (131,475)            
                                                               ----------    -------------   -------------             
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                 
 INVESTMENTS (Note 2):                                                                                                 
 Realized gain (loss) on investments .......................       (5,560)        (204,315)       (537,360)            
 Realized gain distribution from The Trust .................           --               --              --             
                                                               ----------    -------------   -------------             
NET REALIZED GAIN (LOSS) ...................................       (5,560)        (204,315)       (537,360)            
                                                               ----------    -------------   -------------             
 Unrealized appreciation (depreciation) on investments:                                                                
  Beginning of period ......................................           --       (2,615,035)     (3,390,365)            
  End of period ............................................     (497,179)         199,907        (156,179)            
                                                               ----------    -------------   -------------             
 Change in unrealized appreciation (depreciation) during                                                               
  the period ...............................................     (497,179)       2,814,942       3,234,186             
                                                               ----------    -------------   -------------             
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                             
 INVESTMENTS ...............................................     (502,739)       2,610,627       2,696,826             
                                                               ----------    -------------   -------------             
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                        
 FROM OPERATIONS ...........................................   $ (509,247)   $   3,578,360   $   2,565,351             
                                                               ==========    =============   =============             



                                                                                                             MERCURY   
                                                                 EQ SMALL                                     BASIC    
                                                                 COMPANY        FI MID      FI SMALL/MID      VALUE    
                                                                  INDEX         CAP (b)      CAP VALUE        EQUITY   
                                                             --------------- ------------ --------------- -------------
                                                                                                                       
INCOME AND EXPENSES:                                                                                                   
 Investment Income (Note 2):                                                                                           
  Dividends from The Trust .................................  $   1,130,376   $  20,386    $     306,619   $4,701,445  
 Expenses (Note 3):                                                                                                    
  Asset-based charges ......................................        207,608       5,437          372,194    1,111,212  
                                                              -------------   ---------    -------------   ----------  
NET INVESTMENT INCOME (LOSS) ...............................        922,768      14,949          (65,575)   3,590,233  
                                                              -------------   ---------    -------------   ----------  
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                 
 INVESTMENTS (Note 2):                                                                                                 
 Realized gain (loss) on investments .......................        715,738     (13,029)        (968,048)     824,291  
 Realized gain distribution from The Trust .................        986,557          --               --    4,617,929  
                                                              -------------   ---------    -------------   ----------  
NET REALIZED GAIN (LOSS) ...................................      1,702,295     (13,029)        (968,048)   5,442,220  
                                                              -------------   ---------    -------------   ----------  
 Unrealized appreciation (depreciation) on investments:                                                                
  Beginning of period ......................................      1,386,185          --       (1,957,881)   3,318,085  
  End of period ............................................     (2,195,738)    157,003           76,480    3,482,099  
                                                              -------------   ---------    -------------   ----------  
 Change in unrealized appreciation (depreciation) during                                                               
  the period ...............................................     (3,581,923)    157,003        2,034,361      164,014  
                                                              -------------   ---------    -------------   ----------  
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                             
 INVESTMENTS ...............................................     (1,879,628)    143,974        1,066,313    5,606,234  
                                                              -------------   ---------    -------------   ----------  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                        
 FROM OPERATIONS ...........................................  $    (956,860)  $ 158,923    $   1,000,738   $9,196,467  
                                                              =============   =========    =============   ==========  


-------                                                                         
(a) Commenced operations on May 2, 2000.                                        
(b) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF OPERATIONS (CONCLUDED)                                            

FOR THE YEAR ENDED DECEMBER 31, 2000                                            

                                                        [Enlarge/Download Table]


                                                                                    MFS                                       
                                                                 MERCURY          EMERGING          MFS                       
                                                                  WORLD            GROWTH       GROWTH WITH                   
                                                                 STRATEGY        COMPANIES         INCOME                     
                                                             --------------- ----------------- -------------                  
                                                                                                                              
INCOME AND EXPENSES:                                                                                                          
 Investment Income (Note 2):                                                                                                  
  Dividends from The Trust .................................  $    265,050    $    6,525,199    $   60,680                    
 Expenses (Note 3):                                                                                                           
  Asset-based charges ......................................       123,377         4,767,551       198,758                    
                                                              ------------    --------------    ----------                    
NET INVESTMENT INCOME (LOSS) ...............................       141,673         1,757,648      (138,078)                   
                                                              ------------    --------------    ----------                    
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                        
 INVESTMENTS (Note 2):                                                                                                        
 Realized gain (loss) on investments .......................       176,885         6,983,510        74,199                    
 Realized gain distribution from The Trust .................       683,581        14,305,904            --                    
                                                              ------------    --------------    ----------                    
NET REALIZED GAIN (LOSS) ...................................       860,466        21,289,414        74,199                    
                                                              ------------    --------------    ----------                    
 Unrealized appreciation (depreciation) on investments:                                                                       
  Beginning of period ......................................       930,706       108,847,066       350,699                    
  End of period ............................................    (1,347,015)        2,367,849       155,287                    
                                                              ------------    --------------    ----------                    
 Change in unrealized appreciation (depreciation) during                                                                      
  the period ...............................................    (2,277,721)     (106,479,217)     (195,412)                   
                                                              ------------    --------------    ----------                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                    
 INVESTMENTS ...............................................    (1,417,255)      (85,189,803)     (121,213)                   
                                                              ------------    --------------    ----------                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                               
 FROM OPERATIONS ...........................................  $ (1,275,582)   $  (83,432,155)   $ (259,291)                   
                                                              ============    ==============    ==========                    



                                                                                    MORGAN                                    

                                                                                   STANLEY         T. ROWE         T. ROWE    
                                                                                   EMERGING         PRICE           PRICE     
                                                                    MFS            MARKETS          EQUITY      INTERNATIONAL 
                                                                 RESEARCH           EQUITY          INCOME          STOCK     
                                                             ---------------- ----------------- ------------- ----------------
                                                                                                                              
INCOME AND EXPENSES:                                                                                                          
 Investment Income (Note 2):                                                                                                  
  Dividends from The Trust .................................  $     999,762     $   2,526,971    $1,904,525    $      15,863  
 Expenses (Note 3):                                                                                                           
  Asset-based charges ......................................      1,477,170           463,239       803,988          680,645  
                                                              -------------     -------------    ----------    -------------  
NET INVESTMENT INCOME (LOSS) ...............................       (477,408)        2,063,732     1,100,537         (664,782) 
                                                              -------------     -------------    ----------    -------------  
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                        
 INVESTMENTS (Note 2):                                                                                                        
 Realized gain (loss) on investments .......................      1,708,387        (2,946,900)     (248,334)       1,391,783  
 Realized gain distribution from The Trust .................      9,274,943           908,184     3,325,366        4,397,409  
                                                              -------------     -------------    ----------    -------------  
NET REALIZED GAIN (LOSS) ...................................     10,983,330        (2,038,716)    3,077,032        5,789,192  
                                                              -------------     -------------    ----------    -------------  
 Unrealized appreciation (depreciation) on investments:                                                                       
  Beginning of period ......................................     19,943,940         5,917,599      (595,604)       9,662,003  
  End of period ............................................        354,375       (12,287,165)    2,051,404       (6,217,541) 
                                                              -------------     -------------    ----------    -------------  
 Change in unrealized appreciation (depreciation) during                                                                      
  the period ...............................................    (19,589,565)      (18,204,764)    2,647,008      (15,879,544) 
                                                              -------------     -------------    ----------    -------------  
NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                    
 INVESTMENTS ...............................................     (8,606,235)      (20,243,480)    5,724,040      (10,090,352) 
                                                              -------------     -------------    ----------    -------------  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                               
 FROM OPERATIONS ...........................................  $  (9,083,643)    $ (18,179,748)   $6,824,577    $ (10,755,134) 
                                                              =============     =============    ==========    =============  


-------                                                                         
(a) Commenced operations on May 2, 2000.                                        
(b) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS                                             

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                           ALLIANCE                                           
                                                                         COMMON STOCK                                         
                                                             -------------------------------------                            
                                                                    2000               1999                                   
                                                             ------------------ ------------------                            
                                                                                                                              
INCREASE (DECREASE) IN NET ASSETS:                                                                                            

FROM OPERATIONS:                                                                                                              
 Net investment income .....................................   $   (9,014,138)    $   (5,263,767)                             
 Net realized gain (loss) ..................................      220,932,895        155,913,219                              
 Change in unrealized appreciation (depreciation) of                                                                          
  investments ..............................................     (397,553,214)        37,071,531                              
                                                               --------------     --------------                              
 Net increase (decrease) in net assets from operations .....     (185,634,457)       187,720,983                              
                                                               --------------     --------------                              
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                             
 Contributions and Transfers:                                                                                                 
  Contributions ............................................      148,696,565        207,705,505                              
  Transfers from other Funds and Guaranteed Interest                                                                          
   Rate Account (Note 1) ...................................      176,452,035        150,664,910                              
                                                               --------------     --------------                              
   Total ...................................................      325,148,600        358,370,415                              
                                                               --------------     --------------                              
  Benefits and other policy transactions ...................       79,227,960         45,730,056                              
  Withdrawal and administrative charges ....................        2,955,251          2,430,139                              
  Transfers to other Funds and Guaranteed Interest                                                                            
   Rate Account (Note 1) ...................................       75,361,236        100,231,203                              
                                                               --------------     --------------                              
   Total ...................................................      157,544,447        148,391,398                              
                                                               --------------     --------------                              
 Net increase (decrease) in net assets from                                                                                   
  Contractowners transactions ..............................      167,604,153        209,979,017                              
                                                               --------------     --------------                              
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                                 
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                    
 (Note 5) ..................................................           20,959             30,531                              
                                                               --------------     --------------                              
INCREASE (DECREASE) IN NET ASSETS ..........................      (18,009,345)       397,730,531                              
NET ASSETS, BEGINNING OF PERIOD ............................    1,071,247,810        673,517,279                              
                                                               --------------     --------------                              
NET ASSETS, END OF PERIOD ..................................   $1,053,238,465     $1,071,247,810                              
                                                               ==============     ==============                              



                                                                        ALLIANCE                                              
                                                                 CONSERVATIVE INVESTORS               ALLIANCE GLOBAL         
                                                             ------------------------------- ---------------------------------
                                                                   2000            1999            2000             1999      
                                                             --------------- --------------- ---------------- ----------------
                                                                                                                              
INCREASE (DECREASE) IN NET ASSETS:                                                                                            

FROM OPERATIONS:                                                                                                              
 Net investment income .....................................  $  3,992,944     $ 2,231,291    $  (1,853,724)    $ (1,057,649) 
 Net realized gain (loss) ..................................     3,793,760       4,682,734       21,011,478       16,723,027  
 Change in unrealized appreciation (depreciation) of                                                                          
  investments ..............................................    (5,485,939)       (164,899)     (54,605,984)      15,783,891  
                                                              ------------     -----------    -------------     ------------  
 Net increase (decrease) in net assets from operations .....     2,300,765       6,749,126      (35,448,230)      31,449,269  
                                                              ------------     -----------    -------------     ------------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                             
 Contributions and Transfers:                                                                                                 
  Contributions ............................................    30,033,074      30,460,424       39,890,595       26,454,529  
  Transfers from other Funds and Guaranteed Interest                                                                          
   Rate Account (Note 1) ...................................    45,518,982      29,181,498      248,691,322       88,898,608  
                                                              ------------     -----------    -------------     ------------  
   Total ...................................................    75,552,056      59,641,922      288,581,917      115,353,137  
                                                              ------------     -----------    -------------     ------------  
  Benefits and other policy transactions ...................    10,542,093       5,489,565        9,511,100        4,381,008  
  Withdrawal and administrative charges ....................       258,394         182,614          373,362          254,410  
  Transfers to other Funds and Guaranteed Interest                                                                            
   Rate Account (Note 1) ...................................    12,734,847      13,311,123      224,189,471       69,846,821  
                                                              ------------     -----------    -------------     ------------  
   Total ...................................................    23,535,334      18,983,302      234,073,933       74,482,239  
                                                              ------------     -----------    -------------     ------------  
 Net increase (decrease) in net assets from                                                                                   
  Contractowners transactions ..............................    52,016,722      40,658,620       54,507,984       40,870,898  
                                                              ------------     -----------    -------------     ------------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                                 
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                    
 (Note 5) ..................................................       267,880         142,463           22,235          (61,416) 
                                                              ------------     -----------    -------------     ------------  
INCREASE (DECREASE) IN NET ASSETS ..........................    54,585,367      47,550,209       19,081,989       72,258,751  
NET ASSETS, BEGINNING OF PERIOD ............................    99,007,176      51,456,967      138,735,921       66,477,170  
                                                              ------------     -----------    -------------     ------------  
NET ASSETS, END OF PERIOD ..................................  $153,592,543     $99,007,176    $ 157,817,910     $138,735,921  
                                                              ============     ===========    =============     ============  



                                                                         ALLIANCE                                             
                                                                     GROWTH AND INCOME                                        
                                                             ---------------------------------                                
                                                                   2000             1999                                      
                                                             ---------------- ----------------                                
                                                                                                                              
INCREASE (DECREASE) IN NET ASSETS:                                                                                            

FROM OPERATIONS:                                                                                                              
 Net investment income .....................................  $  (1,961,297)    $ (2,581,209)                                 
 Net realized gain (loss) ..................................     46,676,013       32,335,952                                  
 Change in unrealized appreciation (depreciation) of                                                                          
  investments ..............................................    (17,285,203)      11,602,835                                  
                                                              -------------     ------------                                  
 Net increase (decrease) in net assets from operations .....     27,429,513       41,357,578                                  
                                                              -------------     ------------                                  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                             
 Contributions and Transfers:                                                                                                 
  Contributions ............................................     68,533,861       79,591,764                                  
  Transfers from other Funds and Guaranteed Interest                                                                          
   Rate Account (Note 1) ...................................     94,476,872       52,129,647                                  
                                                              -------------     ------------                                  
   Total ...................................................    163,010,733      131,721,411                                  
                                                              -------------     ------------                                  
  Benefits and other policy transactions ...................     27,542,217       12,693,019                                  
  Withdrawal and administrative charges ....................        985,329          722,496                                  
  Transfers to other Funds and Guaranteed Interest                                                                            
   Rate Account (Note 1) ...................................     29,481,349       21,360,924                                  
                                                              -------------     ------------                                  
   Total ...................................................     58,008,895       34,776,439                                  
                                                              -------------     ------------                                  
 Net increase (decrease) in net assets from                                                                                   
  Contractowners transactions ..............................    105,001,838       96,944,972                                  
                                                              -------------     ------------                                  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                                 
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                    
 (Note 5) ..................................................        363,494         (126,008)                                 
                                                              -------------     ------------                                  
INCREASE (DECREASE) IN NET ASSETS ..........................    132,794,845      138,176,542                                  
NET ASSETS, BEGINNING OF PERIOD ............................    332,960,968      194,784,426                                  
                                                              -------------     ------------                                  
NET ASSETS, END OF PERIOD ..................................  $ 465,755,813     $332,960,968                                  
                                                              =============     ============                                  

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                         ALLIANCE                         ALLIANCE            
                                                                     GROWTH INVESTORS                    HIGH YIELD           
                                                             -------------------------------- --------------------------------
                                                                   2000             1999            2000             1999     
                                                             ---------------- --------------- ---------------- ---------------
                                                                                                                              
INCREASE (DECREASE) IN NET ASSETS:                                                                                            

FROM OPERATIONS:                                                                                                              
 Net investment income .....................................  $   1,522,788    $    912,085    $    6,907,703   $  7,583,418  
 Net realized gain (loss) ..................................     21,947,832      21,370,195        (4,259,613)    (2,513,254) 
 Change in unrealized appreciation (depreciation) of                                                                          
  investments ..............................................    (48,225,629)     18,909,525       (10,112,556)    (8,618,837) 
                                                              -------------    ------------    --------------   ------------  
 Net increase (decrease) in net assets from operations .....    (24,755,009)     41,191,805        (7,464,466)    (3,548,673) 
                                                              -------------    ------------    --------------   ------------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                             
 Contributions and Transfers:                                                                                                 
  Contributions ............................................     53,048,939      49,775,578         9,682,036     18,276,505  
  Transfers from other Funds and Guaranteed Interest                                                                          
   Rate Account (Note 1) ...................................     67,344,230      38,908,037        25,767,747     24,201,082  
                                                              -------------    ------------    --------------   ------------  
   Total ...................................................    120,393,169      88,683,615        35,449,783     42,477,587  
                                                              -------------    ------------    --------------   ------------  
  Benefits and other policy transactions ...................     18,873,180       8,044,090         5,421,247      4,693,520  
  Withdrawal and administrative charges ....................        641,608         463,495           172,428        191,740  
  Transfers to other Funds and Guaranteed Interest                                                                            
   Rate Account (Note 1) ...................................     15,470,764      12,487,653        27,568,403     29,391,677  
                                                              -------------    ------------    --------------   ------------  
   Total ...................................................     34,985,552      20,995,238        33,162,078     34,276,937  
                                                              -------------    ------------    --------------   ------------  
 Net increase (decrease) in net assets from                                                                                   
  Contractowners transactions ..............................     85,407,617      67,688,377         2,287,705      8,200,650  
                                                              -------------    ------------    --------------   ------------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                                 
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                    
 (Note 5) ..................................................         64,884         (76,642)         (260,947)       333,022  
                                                              -------------    ------------    --------------   ------------  
INCREASE (DECREASE) IN NET ASSETS ..........................     60,717,492     108,803,540        (5,437,708)     4,984,999  
NET ASSETS, BEGINNING OF PERIOD ............................    235,362,544     126,559,004        73,938,487     68,953,488  
                                                              -------------    ------------    --------------   ------------  
NET ASSETS, END OF PERIOD ..................................  $ 296,080,036    $235,362,544    $   68,500,779   $ 73,938,487  
                                                              =============    ============    ==============   ============  



                                                                  ALLIANCE INTERMEDIATE                                       
                                                                  GOVERNMENT SECURITIES         ALLIANCE INTERNATIONAL        
                                                             ------------------------------- -----------------------------    
                                                                   2000            1999           2000           1999         
                                                             --------------- --------------- -------------- --------------    
                                                                                                                              
INCREASE (DECREASE) IN NET ASSETS:                                                                                            

FROM OPERATIONS:                                                                                                              
 Net investment income .....................................   $ 2,930,823    $  2,011,000    $   (338,639)  $   (258,070)    
 Net realized gain (loss) ..................................      (171,898)         50,287      (4,542,886)     7,210,762     
 Change in unrealized appreciation (depreciation) of                                                                          
  investments ..............................................     1,600,105      (2,644,714)     (2,996,360)     1,276,851     
                                                               -----------    ------------    ------------   ------------     
 Net increase (decrease) in net assets from operations .....     4,359,030        (583,427)     (7,877,885)     8,229,543     
                                                               -----------    ------------    ------------   ------------     
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                             
 Contributions and Transfers:                                                                                                 
  Contributions ............................................     9,350,712      16,738,471      10,457,101      3,182,951     
  Transfers from other Funds and Guaranteed Interest                                                                          
   Rate Account (Note 1) ...................................    20,718,283      19,064,060     319,917,721    108,748,380     
                                                               -----------    ------------    ------------   ------------     
   Total ...................................................    30,068,995      35,802,531     330,374,822    111,931,331     
                                                               -----------    ------------    ------------   ------------     
  Benefits and other policy transactions ...................     6,245,986       3,766,081       2,209,946      1,206,958     
  Withdrawal and administrative charges ....................       133,397         113,715         100,384         77,665     
  Transfers to other Funds and Guaranteed Interest                                                                            
   Rate Account (Note 1) ...................................    12,443,612      18,303,936     315,110,640    106,734,952     
                                                               -----------    ------------    ------------   ------------     
   Total ...................................................    18,822,995      22,183,732     317,420,970    108,019,575     
                                                               -----------    ------------    ------------   ------------     
 Net increase (decrease) in net assets from                                                                                   
  Contractowners transactions ..............................    11,246,000      13,618,799      12,953,852      3,911,756     
                                                               -----------    ------------    ------------   ------------     
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                                 
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                    
 (Note 5) ..................................................        36,199         (39,523)         16,851         (4,985)    
                                                               -----------    ------------    ------------   ------------     
INCREASE (DECREASE) IN NET ASSETS ..........................    15,641,229      12,995,849       5,092,818     12,136,314     
NET ASSETS, BEGINNING OF PERIOD ............................    52,056,739      39,060,890      32,237,996     20,101,682     
                                                               -----------    ------------    ------------   ------------     
NET ASSETS, END OF PERIOD ..................................   $67,697,968    $ 52,056,739    $ 37,330,814   $ 32,237,996     
                                                               ===========    ============    ============   ============     

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                       ALLIANCE                        ALLIANCE            
                                                                     MONEY MARKET                  SMALL CAP GROWTH        
                                                            ------------------------------- -------------------------------
                                                                  2000            1999            2000            1999     
                                                            --------------- --------------- ---------------- --------------
                                                                                                                           
INCREASE (DECREASE) IN NET ASSETS:                                                                                         

FROM OPERATIONS:                                                                                                           
 Net investment income ....................................  $   6,810,381   $  6,085,777    $  (1,042,435)   $   (453,172)
 Net realized gain (loss) .................................      1,575,666      4,653,729       15,714,714        (902,390)
 Change in unrealized appreciation (depreciation) of                                                                       
  investments .............................................     (1,239,519)    (4,809,059)     (12,529,977)     11,090,984 
                                                             -------------   ------------    -------------    ------------ 
 Net increase (decrease) in net assets from operations ....      7,146,528      5,930,447        2,142,302       9,735,422 
                                                             -------------   ------------    -------------    ------------ 
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                          
 Contributions and Transfers:                                                                                              
  Contributions ...........................................    112,507,380    133,903,493       23,831,969       5,813,824 
  Transfers from other Funds and Guaranteed Interest                                                                       
   Rate Account (Note 1) ..................................    837,800,258    345,250,743       59,371,768       8,233,798 
                                                             -------------   ------------    -------------    ------------ 
   Total ..................................................    950,307,638    479,154,236       83,203,737      14,047,622 
                                                             -------------   ------------    -------------    ------------ 
  Benefits and other policy transactions ..................     42,119,639     15,488,362        5,646,119       1,831,188 
  Withdrawal and administrative charges ...................        285,165        336,766          193,728         119,635 
  Transfers to other Funds and Guaranteed Interest                                                                         
   Rate Account (Note 1) ..................................    924,458,828    450,926,470       24,881,773      13,571,490 
                                                             -------------   ------------    -------------    ------------ 
   Total ..................................................    966,863,632    466,751,598       30,721,620      15,522,313 
                                                             -------------   ------------    -------------    ------------ 
 Net increase (decrease) in net assets from                                                                                
  Contractowners transactions .............................    (16,555,994)    12,402,638       52,482,117      (1,474,691)
                                                             -------------   ------------    -------------    ------------ 
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                              
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                 
 (Note 5) .................................................        104,608       (173,862)         (10,142)        (45,129)
                                                             -------------   ------------    -------------    ------------ 
INCREASE (DECREASE) IN NET ASSETS .........................     (9,304,858)    18,159,223       54,614,277       8,215,602 
NET ASSETS, BEGINNING OF PERIOD ...........................    180,168,204    162,008,981       48,512,309      40,296,707 
                                                             -------------   ------------    -------------    ------------ 
NET ASSETS, END OF PERIOD .................................  $ 170,863,346   $180,168,204    $ 103,126,586    $ 48,512,309 
                                                             =============   ============    =============    ============ 



                                                                  CAPITAL GUARDIAN             CAPITAL GUARDIAN            
                                                                    RESEARCH (a)               U.S. EQUITY (b)             
                                                            ---------------------------- ----------------------------      
                                                                  2000          1999           2000          1999          
                                                            --------------- ------------ --------------- ------------      
                                                                                                                           
INCREASE (DECREASE) IN NET ASSETS:                                                                                         

FROM OPERATIONS:                                                                                                           
 Net investment income ....................................  $      16,897   $   12,032   $      55,623   $   38,628       
 Net realized gain (loss) .................................      1,012,896        1,304         413,925       39,055       
 Change in unrealized appreciation (depreciation) of                                                                       
  investments .............................................       (422,903)     509,251        (125,530)     211,667       
                                                             -------------   ----------   -------------   ----------       
 Net increase (decrease) in net assets from operations ....        606,890      522,587         344,018      289,350       
                                                             -------------   ----------   -------------   ----------       
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                          
 Contributions and Transfers:                                                                                              
  Contributions ...........................................      1,910,047      773,977       2,556,598    1,019,311       
  Transfers from other Funds and Guaranteed Interest                                                                       
   Rate Account (Note 1) ..................................      2,396,280      304,871       2,536,036      655,447       
                                                             -------------   ----------   -------------   ----------       
   Total ..................................................      4,306,327    1,078,848       5,092,634    1,674,758       
                                                             -------------   ----------   -------------   ----------       
  Benefits and other policy transactions ..................        112,872        8,020         159,821       11,768       
  Withdrawal and administrative charges ...................          3,637          112           6,154          289       
  Transfers to other Funds and Guaranteed Interest                                                                         
   Rate Account (Note 1) ..................................        365,311       12,425         420,046       21,468       
                                                             -------------   ----------   -------------   ----------       
   Total ..................................................        481,820       20,557         586,021       33,525       
                                                             -------------   ----------   -------------   ----------       
 Net increase (decrease) in net assets from                                                                                
  Contractowners transactions .............................      3,824,507    1,058,291       4,506,613    1,641,233       
                                                             -------------   ----------   -------------   ----------       
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                              
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                 
 (Note 5) .................................................     (7,567,855)   6,641,343      (4,814,487)   4,642,303       
                                                             -------------   ----------   -------------   ----------       
INCREASE (DECREASE) IN NET ASSETS .........................     (3,136,457)   8,222,221          36,144    6,572,886       
NET ASSETS, BEGINNING OF PERIOD ...........................      8,222,221           --       6,572,886           --       
                                                             -------------   ----------   -------------   ----------       
NET ASSETS, END OF PERIOD .................................  $   5,085,764   $8,222,221   $   6,609,030   $6,572,886       
                                                             =============   ==========   =============   ==========       

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                                                         EQ/ALLIANCE           

                                                                   EQ/AGGRESSIVE STOCK               PREMIER GROWTH (a)        
                                                            --------------------------------- ---------------------------------
                                                                  2000             1999             2000             1999      
                                                            ---------------- ---------------- ---------------- ----------------
                                                                                                                               
INCREASE (DECREASE) IN NET ASSETS:                                                                                             

FROM OPERATIONS:                                                                                                               
 Net investment income ....................................  $  (1,568,711)    $ (1,430,335)   $  (1,285,771)    $   (305,943) 
 Net realized gain (loss) .................................      8,173,515        7,264,265        1,563,743          325,059  
 Change in unrealized appreciation (depreciation) of                                                                           
  investments .............................................    (29,280,705)      18,230,620      (50,685,027)      12,756,504  
                                                             -------------     ------------    -------------     ------------  
 Net increase (decrease) in net assets from operations ....    (22,675,901)      24,064,550      (50,407,055)      12,775,620  
                                                             -------------     ------------    -------------     ------------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                              
 Contributions and Transfers:                                                                                                  
  Contributions ...........................................      9,688,019       19,529,016       85,285,988       51,494,332  
  Transfers from other Funds and Guaranteed Interest                                                                           
   Rate Account (Note 1) ..................................     15,839,891       15,557,456      104,454,630       50,634,978  
                                                             -------------     ------------    -------------     ------------  
   Total ..................................................     25,527,910       35,086,472      189,740,623      102,129,310  
                                                             -------------     ------------    -------------     ------------  
  Benefits and other policy transactions ..................     10,415,390        8,223,001        9,703,352        1,214,281  
  Withdrawal and administrative charges ...................        478,944          507,169          312,367           34,663  
  Transfers to other Funds and Guaranteed Interest                                                                             
   Rate Account (Note 1) ..................................     23,643,840       33,255,925       15,496,318        4,449,128  
                                                             -------------     ------------    -------------     ------------  
   Total ..................................................     34,538,174       41,986,095       25,512,037        5,698,072  
                                                             -------------     ------------    -------------     ------------  
 Net increase (decrease) in net assets from                                                                                    
  Contractowners transactions .............................     (9,010,264)      (6,899,623)     164,228,585       96,431,238  
                                                             -------------     ------------    -------------     ------------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                                  
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                     
 (Note 5) .................................................         23,580            3,081       (3,792,660)       3,371,146  
                                                             -------------     ------------    -------------     ------------  
INCREASE (DECREASE) IN NET ASSETS .........................    (31,662,585)      17,168,008      110,028,870      112,578,004  
NET ASSETS, BEGINNING OF PERIOD ...........................    164,777,321      147,609,313      112,578,004               --  
                                                             -------------     ------------    -------------     ------------  
NET ASSETS, END OF PERIOD .................................  $ 133,114,736     $164,777,321    $ 222,606,874     $112,578,004  
                                                             =============     ============    =============     ============  



                                                               EQ/ALLIANCE      EQ/AXP NEW     EQ/AXP STRATEGY                 
                                                             TECHNOLOGY (c)   DIMENSIONS (d)    AGGRESSIVE (d)                 
                                                            ---------------- ---------------- -----------------                
                                                                  2000             2000              2000                      
                                                            ---------------- ---------------- -----------------                
                                                                                                                               
INCREASE (DECREASE) IN NET ASSETS:                                                                                             

FROM OPERATIONS:                                                                                                               
 Net investment income ....................................  $     (220,678)    $       (1)     $       9,206                  
 Net realized gain (loss) .................................      (1,190,323)        (4,816)           (41,436)                 
 Change in unrealized appreciation (depreciation) of                                                                           
  investments .............................................     (12,440,891)      (119,664)        (2,230,457)                 
                                                             --------------     ----------      -------------                  
 Net increase (decrease) in net assets from operations ....     (13,851,892)      (124,481)        (2,262,687)                 
                                                             --------------     ----------      -------------                  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                              
 Contributions and Transfers:                                                                                                  
  Contributions ...........................................      21,963,694        590,477            689,842                  
  Transfers from other Funds and Guaranteed Interest                                                                           
   Rate Account (Note 1) ..................................      48,903,981        579,658          1,261,985                  
                                                             --------------     ----------      -------------                  
   Total ..................................................      70,867,675      1,170,135          1,951,827                  
                                                             --------------     ----------      -------------                  
  Benefits and other policy transactions ..................       1,032,798          8,302             17,304                  
  Withdrawal and administrative charges ...................          23,809            118                151                  
  Transfers to other Funds and Guaranteed Interest                                                                             
   Rate Account (Note 1) ..................................      14,691,872         35,910            178,007                  
                                                             --------------     ----------      -------------                  
   Total ..................................................      15,748,479         44,330            195,462                  
                                                             --------------     ----------      -------------                  
 Net increase (decrease) in net assets from                                                                                    
  Contractowners transactions .............................      55,119,196      1,125,805          1,756,365                  
                                                             --------------     ----------      -------------                  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                                  
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                     
 (Note 5) .................................................         501,033        500,000         10,499,530                  
                                                             --------------     ----------      -------------                  
INCREASE (DECREASE) IN NET ASSETS .........................      41,768,337      1,501,324          9,993,208                  
NET ASSETS, BEGINNING OF PERIOD ...........................              --             --                 --                  
                                                             --------------     ----------      -------------                  
NET ASSETS, END OF PERIOD .................................  $   41,768,337     $1,501,324      $   9,993,208                  
                                                             ==============     ==========      =============                  

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                      EQ EQUITY                                        
                                                                      500 INDEX                  EQ/EVERGREEN (a)      
                                                            ------------------------------ ----------------------------
                                                                  2000            1999          2000          1999     
                                                            ---------------- ------------- ------------- --------------
                                                                                                                       
INCREASE (DECREASE) IN NET ASSETS:                                                                                     

FROM OPERATIONS:                                                                                                       
 Net investment income ....................................  $     625,765    $    (1,472)  $  (27,228)    $   (8,791) 
 Net realized gain (loss) .................................      8,882,706        125,801        5,650         16,568  
 Change in unrealized appreciation (depreciation) of                                                                   
  investments .............................................    (14,259,795)        16,066     (340,567)        80,478  
                                                             -------------    -----------   ----------     ----------  
 Net increase (decrease) in net assets from operations ....     (4,751,324)       140,395     (362,145)        88,255  
                                                             -------------    -----------   ----------     ----------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                      
 Contributions and Transfers:                                                                                          
  Contributions ...........................................      6,427,961        274,482      550,968      1,326,855  
  Transfers from other Funds and Guaranteed Interest                                                                   
   Rate Account (Note 1) ..................................    212,631,911        960,043      968,980        861,365  
                                                             -------------    -----------   ----------     ----------  
   Total ..................................................    219,059,872      1,234,525    1,519,948      2,188,220  
                                                             -------------    -----------   ----------     ----------  
  Benefits and other policy transactions ..................      2,660,035         18,740       83,125         59,820  
  Withdrawal and administrative charges ...................        107,377          2,213        5,819          1,217  
  Transfers to other Funds and Guaranteed Interest                                                                     
   Rate Account (Note 1) ..................................      7,066,669        912,662      497,614        149,394  
                                                             -------------    -----------   ----------     ----------  
   Total ..................................................      9,834,081        933,615      586,558        210,431  
                                                             -------------    -----------   ----------     ----------  
 Net increase (decrease) in net assets from                                                                            
  Contractowners transactions .............................    209,225,792        300,910      933,390      1,977,789  
                                                             -------------    -----------   ----------     ----------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                          
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                             
 (Note 5) .................................................         64,509         (4,625)         868             75  
                                                             -------------    -----------   ----------     ----------  
INCREASE (DECREASE) IN NET ASSETS .........................    204,538,977        436,680      572,113      2,066,119  
NET ASSETS, BEGINNING OF PERIOD ...........................        866,021        429,341    2,066,119             --  
                                                             -------------    -----------   ----------     ----------  
NET ASSETS, END OF PERIOD .................................  $ 205,404,998    $   866,021   $2,638,232     $2,066,119  
                                                             =============    ===========   ==========     ==========  



                                                                   EQ/EVERGREEN               EQ INTERNATIONAL         
                                                                  FOUNDATION (a)                EQUITY INDEX           
                                                            -------------------------- ------------------------------- 
                                                                 2000         1999           2000            1999      
                                                            ------------- ------------ --------------- --------------- 
                                                                                                                       
INCREASE (DECREASE) IN NET ASSETS:                                                                                     

FROM OPERATIONS:                                                                                                       
 Net investment income ....................................  $   22,998    $   10,843   $    (79,606)    $   (11,542)  
 Net realized gain (loss) .................................      23,926         9,087        966,104         284,260   
 Change in unrealized appreciation (depreciation) of                                                                   
  investments .............................................    (375,220)      100,874     (4,538,937)      2,611,861   
                                                             ----------    ----------   ------------     -----------   
 Net increase (decrease) in net assets from operations ....    (328,296)      120,804     (3,652,439)      2,884,579   
                                                             ----------    ----------   ------------     -----------   
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                      
 Contributions and Transfers:                                                                                          
  Contributions ...........................................   2,213,064     1,451,279      4,365,833       6,071,011   
  Transfers from other Funds and Guaranteed Interest                                                                   
   Rate Account (Note 1) ..................................   2,563,351       716,344      6,436,481       4,354,547   
                                                             ----------    ----------   ------------     -----------   
   Total ..................................................   4,776,415     2,167,623     10,802,314      10,425,558   
                                                             ----------    ----------   ------------     -----------   
  Benefits and other policy transactions ..................     152,293        22,369      1,228,778         406,812   
  Withdrawal and administrative charges ...................       4,850           971         36,350          18,704   
  Transfers to other Funds and Guaranteed Interest                                                                     
   Rate Account (Note 1) ..................................     496,536        49,247      3,545,189       2,433,765   
                                                             ----------    ----------   ------------     -----------   
   Total ..................................................     653,679        72,587      4,810,317       2,859,281   
                                                             ----------    ----------   ------------     -----------   
 Net increase (decrease) in net assets from                                                                            
  Contractowners transactions .............................   4,122,736     2,095,036      5,991,997       7,566,277   
                                                             ----------    ----------   ------------     -----------   
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                          
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                             
 (Note 5) .................................................      21,026         1,387         25,885           3,102   
                                                             ----------    ----------   ------------     -----------   
INCREASE (DECREASE) IN NET ASSETS .........................   3,815,465     2,217,227      2,365,443      10,453,958   
NET ASSETS, BEGINNING OF PERIOD ...........................   2,217,227            --     15,807,570       5,353,612   
                                                             ----------    ----------   ------------     -----------   
NET ASSETS, END OF PERIOD .................................  $6,032,692    $2,217,227   $ 18,173,013     $15,807,570   
                                                             ==========    ==========   ============     ===========   

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                              EQ/JANUS LARGE            EQ/PUTNAM                          
                                                              CAP GROWTH (d)             BALANCED                          
                                                             ---------------- ------------------------------               
                                                                   2000             2000           1999                    
                                                             ---------------- --------------- --------------               
                                                                                                                           
INCREASE (DECREASE) IN NET ASSETS:                                                                                         

FROM OPERATIONS:                                                                                                           
 Net investment income .....................................    $   (6,508)    $    967,733    $   (243,796)               
 Net realized gain (loss) ..................................        (5,560)        (204,315)      3,157,317                
 Change in unrealized appreciation (depreciation) of                                                                       
  investments ..............................................      (497,179)       2,814,941      (3,932,300)               
                                                                ----------     ------------    ------------                
 Net increase (decrease) in net assets from operations .....      (509,247)       3,578,359      (1,018,779)               
                                                                ----------     ------------    ------------                
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                          
 Contributions and Transfers:                                                                                              
  Contributions ............................................     4,091,366        4,858,594      15,132,544                
  Transfers from other Funds and Guaranteed Interest                                                                       
   Rate Account (Note 1) ...................................     3,318,745       12,075,867      12,995,138                
                                                                ----------     ------------    ------------                
   Total ...................................................     7,410,111       16,934,461      28,127,682                
                                                                ----------     ------------    ------------                
  Benefits and other policy transactions ...................        91,086        3,823,624       2,455,465                
  Withdrawal and administrative charges ....................         2,282          120,900         113,390                
  Transfers to other Funds and Guaranteed Interest                                                                         
   Rate Account (Note 1) ...................................        81,522       15,405,596       6,928,665                
                                                                ----------     ------------    ------------                
   Total ...................................................       174,890       19,350,120       9,497,520                
                                                                ----------     ------------    ------------                
 Net increase (decrease) in net assets from                                                                                
  Contractowners transactions ..............................     7,235,221       (2,415,659)     18,630,162                
                                                                ----------     ------------    ------------                
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                              
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                 
 (Note 5) ..................................................       500,000           (6,817)          6,764                
                                                                ----------     ------------    ------------                
INCREASE (DECREASE) IN NET ASSETS ..........................     7,225,974        1,155,883      17,618,147                
NET ASSETS, BEGINNING OF PERIOD ............................            --       52,255,222      34,637,075                
                                                                ----------     ------------    ------------                
NET ASSETS, END OF PERIOD ..................................    $7,225,974     $ 53,411,105    $ 52,255,222                
                                                                ==========     ============    ============                



                                                                       EQ/PUTNAM                       EQ SMALL            
                                                                 GROWTH & INCOME VALUE               COMPANY INDEX         
                                                             ------------------------------ -------------------------------
                                                                  2000            1999            2000            1999     
                                                             -------------- --------------- --------------- ---------------
                                                                                                                           
INCREASE (DECREASE) IN NET ASSETS:                                                                                         

FROM OPERATIONS:                                                                                                           
 Net investment income .....................................  $   (131,475)  $     60,767    $    922,768     $   (10,187) 
 Net realized gain (loss) ..................................      (537,360)     4,196,066       1,702,295         576,008  
 Change in unrealized appreciation (depreciation) of                                                                       
  investments ..............................................     3,234,186     (6,217,603)     (3,581,923)      1,366,800  
                                                              ------------   ------------    ------------     -----------  
 Net increase (decrease) in net assets from operations .....     2,565,351     (1,960,770)       (956,860)      1,932,621  
                                                              ------------   ------------    ------------     -----------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                          
 Contributions and Transfers:                                                                                              
  Contributions ............................................     3,437,040     11,945,980       3,111,982       3,687,313  
  Transfers from other Funds and Guaranteed Interest                                                                       
   Rate Account (Note 1) ...................................     8,462,548     11,432,550      10,397,887       3,792,341  
                                                              ------------   ------------    ------------     -----------  
   Total ...................................................    11,899,589     23,378,530      13,509,869       7,479,654  
                                                              ------------   ------------    ------------     -----------  
  Benefits and other policy transactions ...................     3,537,920      2,310,552         774,305         234,150  
  Withdrawal and administrative charges ....................       137,219        138,621          35,322          17,364  
  Transfers to other Funds and Guaranteed Interest                                                                         
   Rate Account (Note 1) ...................................    12,242,067      6,890,722       8,002,515       1,460,732  
                                                              ------------   ------------    ------------     -----------  
   Total ...................................................    15,917,206      9,339,895       8,812,142       1,712,246  
                                                              ------------   ------------    ------------     -----------  
 Net increase (decrease) in net assets from                                                                                
  Contractowners transactions ..............................    (4,017,617)    14,038,635       4,697,727       5,767,408  
                                                              ------------   ------------    ------------     -----------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                              
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                 
 (Note 5) ..................................................         9,784        (12,474)         17,516           2,053  
                                                              ------------   ------------    ------------     -----------  
INCREASE (DECREASE) IN NET ASSETS ..........................    (1,442,482)    12,065,391       3,758,383       7,702,082  
NET ASSETS, BEGINNING OF PERIOD ............................    53,392,939     41,327,548      12,800,198       5,098,116  
                                                              ------------   ------------    ------------     -----------  
NET ASSETS, END OF PERIOD ..................................  $ 51,950,457   $ 53,392,939    $ 16,558,581     $12,800,198  
                                                              ============   ============    ============     ===========  

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                                       FI SMALL/MID                     
                                                              FI MID CAP (d)            CAP VALUE                       
                                                             ---------------- ------------------------------            
                                                                   2000             2000           1999                 
                                                             ---------------- --------------- --------------            
                                                                                                                        
INCREASE (DECREASE) IN NET ASSETS:                                                                                      
FROM OPERATIONS:                                                                                                        
 Net investment income .....................................   $    14,949     $    (65,575)   $   (333,875)            
 Net realized gain (loss) ..................................       (13,029)        (968,048)     (2,056,657)            
 Change in unrealized appreciation (depreciation) of                                                                    
  investments ..............................................       157,003        2,034,361       2,269,112             
                                                               -----------     ------------    ------------             
 Net increase (decrease) in net assets from operations .....       158,923        1,000,738        (121,420)            
                                                               -----------     ------------    ------------             
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                       
 Contributions and Transfers:                                                                                           
  Contributions ............................................     1,425,217        2,328,549       4,493,661             
  Transfers from other Funds and Guaranteed Interest                                                                    
   Rate Account (Note 1) ...................................     2,055,241        4,549,684       5,149,462             
                                                               -----------     ------------    ------------             
   Total ...................................................     3,480,458        6,878,233       9,643,123             
                                                               -----------     ------------    ------------             
  Benefits and other policy transactions ...................        51,816        2,126,256       1,712,808             
  Withdrawal and administrative charges ....................           616           91,603         111,752             
  Transfers to other Funds and Guaranteed Interest                                                                      

   Rate Account (Note 1) ...................................       423,381        7,161,834      10,615,977             
                                                               -----------     ------------    ------------             
   Total ...................................................       475,813        9,379,693      12,440,537             
                                                               -----------     ------------    ------------             
 Net increase (decrease) in net assets from                                                                             
  Contractowners transactions ..............................     3,004,645       (2,501,460)     (2,797,414)            
                                                               -----------     ------------    ------------             
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                           
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                              
 (Note 5) ..................................................    10,500,000           (4,451)           (634)            
                                                               -----------     ------------    ------------             
INCREASE (DECREASE) IN NET ASSETS ..........................    13,663,568       (1,505,173)     (2,919,468)            
NET ASSETS, BEGINNING OF PERIOD ............................            --       34,356,135      37,275,603             
                                                               -----------     ------------    ------------             
NET ASSETS, END OF PERIOD ..................................   $13,663,568     $ 32,850,962    $ 34,356,135             
                                                               ===========     ============    ============             



                                                                     MERCURY BASIC                 MERCURY WORLD        
                                                                     VALUE EQUITY                    STRATEGY           
                                                             ----------------------------- -----------------------------
                                                                  2000           1999            2000           1999    
                                                             ------------- --------------- --------------- -------------
                                                                                                                        
INCREASE (DECREASE) IN NET ASSETS:                                                                                      

FROM OPERATIONS:                                                                                                        
 Net investment income .....................................  $ 3,590,233    $   169,002    $     141,673   $  (17,029) 
 Net realized gain (loss) ..................................    5,442,220      4,125,291          860,466      432,333  
 Change in unrealized appreciation (depreciation) of                                                                    
  investments ..............................................      164,014      3,319,702       (2,277,721)     848,790  
                                                              -----------    -----------    -------------   ----------  
 Net increase (decrease) in net assets from operations .....    9,196,467      7,613,995       (1,275,582)   1,264,094  
                                                              -----------    -----------    -------------   ----------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                       
 Contributions and Transfers:                                                                                           
  Contributions ............................................   10,634,617     18,581,979        2,436,816    1,091,275  
  Transfers from other Funds and Guaranteed Interest                                                                    
   Rate Account (Note 1) ...................................   22,511,632     16,907,356       11,327,335    6,468,362  
                                                              -----------    -----------    -------------   ----------  
   Total ...................................................   33,146,249     35,489,335       13,764,151    7,559,637  
                                                              -----------    -----------    -------------   ----------  
  Benefits and other policy transactions ...................    4,904,632      2,165,217          493,647      398,084  
  Withdrawal and administrative charges ....................      214,271        157,688           23,464       20,237  
  Transfers to other Funds and Guaranteed Interest                                                                      
   Rate Account (Note 1) ...................................   12,102,070      7,474,629       10,318,743    6,119,930  
                                                              -----------    -----------    -------------   ----------  
   Total ...................................................   17,220,973      9,797,534       10,835,854    6,538,251  
                                                              -----------    -----------    -------------   ----------  
 Net increase (decrease) in net assets from                                                                             
  Contractowners transactions ..............................   15,925,276     25,691,801        2,928,297    1,021,386  
                                                              -----------    -----------    -------------   ----------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                           
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                              
 (Note 5) ..................................................       92,249        (10,760)          17,104        1,289  
                                                              -----------    -----------    -------------   ----------  
INCREASE (DECREASE) IN NET ASSETS ..........................   25,213,992     33,295,036        1,669,819    2,286,769  
NET ASSETS, BEGINNING OF PERIOD ............................   73,449,983     40,154,947        8,233,917    5,947,148  
                                                              -----------    -----------    -------------   ----------  
NET ASSETS, END OF PERIOD ..................................  $98,663,975    $73,449,983    $   9,903,736   $8,233,917  
                                                              ===========    ===========    =============   ==========  

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                        MFS EMERGING                                     
                                                                      GROWTH COMPANIES                                   
                                                             ----------------------------------                          
                                                                    2000             1999                                
                                                             ----------------- ----------------                          
                                                                                                                         
INCREASE (DECREASE) IN NET ASSETS:                                                                                       

FROM OPERATIONS:                                                                                                         
 Net investment income .....................................  $     1,757,648    $ (1,730,029)                           
 Net realized gain (loss) ..................................       21,289,414       5,893,346                            
 Change in unrealized appreciation (depreciation) of                                                                     
  investments ..............................................     (106,479,217)     97,028,809                            
                                                              ---------------    ------------                            
 Net increase (decrease) in net assets from operations .....      (83,432,155)    101,192,126                            
                                                              ---------------    ------------                            
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                        
 Contributions and Transfers:                                                                                            
  Contributions ............................................       82,474,055      60,968,717                            
  Transfers from other Funds and Guaranteed Interest                                                                     
   Rate Account (Note 1) ...................................      179,415,378      59,550,020                            
                                                              ---------------    ------------                            
   Total ...................................................      261,889,433     120,518,737                            
                                                              ---------------    ------------                            
  Benefits and other policy transactions ...................       20,624,084       5,618,196                            
  Withdrawal and administrative charges ....................          714,510         302,038                            
  Transfers to other Funds and Guaranteed Interest                                                                       
   Rate Account (Note 1) ...................................       97,175,898      15,109,782                            
                                                              ---------------    ------------                            
   Total ...................................................      118,514,492      21,030,016                            
                                                              ---------------    ------------                            
 Net increase (decrease) in net assets from                                                                              
  Contractowners transactions ..............................      143,374,941      99,488,721                            
                                                              ---------------    ------------                            
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                            
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                               
 (Note 5) ..................................................          702,538           6,819                            
                                                              ---------------    ------------                            
INCREASE (DECREASE) IN NET ASSETS ..........................       60,645,324     200,687,666                            
NET ASSETS, BEGINNING OF PERIOD ............................      274,276,395      73,588,729                            
                                                              ---------------    ------------                            
NET ASSETS, END OF PERIOD ..................................  $   334,921,719    $274,276,395                            
                                                              ===============    ============                            



                                                                      MFS GROWTH                                         
                                                                   WITH INCOME (a)                 MFS RESEARCH          
                                                             ---------------------------- -------------------------------
                                                                  2000           1999           2000            1999     
                                                             -------------- ------------- ---------------- --------------
                                                                                                                         
INCREASE (DECREASE) IN NET ASSETS:                                                                                       

FROM OPERATIONS:                                                                                                         
 Net investment income .....................................  $  (138,078)   $  (14,056)   $    (477,408)   $  (814,544) 
 Net realized gain (loss) ..................................       74,199        10,928       10,983,330      2,951,934  
 Change in unrealized appreciation (depreciation) of                                                                     
  investments ..............................................     (195,412)      350,699      (19,589,565)    13,716,520  
                                                              -----------    ----------    -------------    -----------  
 Net increase (decrease) in net assets from operations .....     (259,291)      347,571       (9,083,643)    15,853,910  
                                                              -----------    ----------    -------------    -----------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                        
 Contributions and Transfers:                                                                                            
  Contributions ............................................    5,965,489     4,649,590       21,973,472     22,409,010  
  Transfers from other Funds and Guaranteed Interest                                                                     
   Rate Account (Note 1) ...................................    7,471,390     3,575,425       31,214,885     15,195,029  
                                                              -----------    ----------    -------------    -----------  
   Total ...................................................   13,436,879     8,225,015       53,188,357     37,604,039  
                                                              -----------    ----------    -------------    -----------  
  Benefits and other policy transactions ...................      893,654       140,411        6,928,659      2,844,536  
  Withdrawal and administrative charges ....................       22,159         2,095          261,844        177,521  
  Transfers to other Funds and Guaranteed Interest                                                                       
   Rate Account (Note 1) ...................................    1,730,226       595,090       12,785,591      9,710,005  
                                                              -----------    ----------    -------------    -----------  
   Total ...................................................    2,646,039       737,596       19,976,094     12,732,062  
                                                              -----------    ----------    -------------    -----------  
 Net increase (decrease) in net assets from                                                                              
  Contractowners transactions ..............................   10,790,840     7,487,419       33,212,263     24,871,977  
                                                              -----------    ----------    -------------    -----------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                            
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                               
 (Note 5) ..................................................       11,946         3,533          134,108         14,614  
                                                              -----------    ----------    -------------    -----------  
INCREASE (DECREASE) IN NET ASSETS ..........................   10,543,495     7,838,523       24,262,728     40,740,501  
NET ASSETS, BEGINNING OF PERIOD ............................    7,838,523            --       93,835,416     53,094,915  
                                                              -----------    ----------    -------------    -----------  
NET ASSETS, END OF PERIOD ..................................  $18,382,018    $7,838,523    $ 118,098,144    $93,835,416  
                                                              ===========    ==========    =============    ===========  

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)                                 

FOR THE YEARS ENDED DECEMBER 31,                                                

                                                        [Enlarge/Download Table]


                                                                     MORGAN STANLEY                                         
                                                                 EMERGING MARKETS EQUITY                                    
                                                             -------------------------------                                
                                                                   2000            1999                                     
                                                             ---------------- --------------                                
                                                                                                                            
INCREASE (DECREASE) IN NET ASSETS:                                                                                          

FROM OPERATIONS:                                                                                                            
 Net investment income .....................................  $    2,063,732   $  (121,305)                                 
 Net realized gain (loss) ..................................      (2,038,716)    1,587,588                                  
 Change in unrealized appreciation (depreciation) of                                                                        
  investments ..............................................     (18,204,764)    6,926,025                                  
                                                              --------------   -----------                                  
 Net increase (decrease) in net assets from operations .....     (18,179,748)    8,392,308                                  
                                                              --------------   -----------                                  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                           
 Contributions and Transfers:                                                                                               
  Contributions ............................................      12,085,881     5,524,684                                  
  Transfers from other Funds and Guaranteed Interest                                                                        
   Rate Account (Note 1) ...................................      75,039,979    18,165,622                                  
                                                              --------------   -----------                                  
   Total ...................................................      87,125,860    23,690,306                                  
                                                              --------------   -----------                                  
  Benefits and other policy transactions ...................       1,713,252       594,303                                  
  Withdrawal and administrative charges ....................          72,727        24,586                                  
  Transfers to other Funds and Guaranteed Interest                                                                          
   Rate Account (Note 1) ...................................      63,809,986    11,518,460                                  
                                                              --------------   -----------                                  
   Total ...................................................      65,595,965    12,137,349                                  
                                                              --------------   -----------                                  
 Net increase (decrease) in net assets from                                                                                 
  Contractowners transactions ..............................      21,529,895    11,552,957                                  
                                                              --------------   -----------                                  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                               
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                  
 (Note 5) ..................................................          96,171         5,364                                  
                                                              --------------   -----------                                  
INCREASE (DECREASE) IN NET ASSETS ..........................       3,446,318    19,950,629                                  
NET ASSETS, BEGINNING OF PERIOD ............................      24,223,407     4,272,778                                  
                                                              --------------   -----------                                  
NET ASSETS, END OF PERIOD ..................................  $   27,669,725   $24,223,407                                  
                                                              ==============   ===========                                  



                                                                      T. ROWE PRICE                   T. ROWE PRICE         
                                                                      EQUITY INCOME                INTERNATIONAL STOCK      
                                                             ------------------------------- -------------------------------
                                                                   2000            1999            2000            1999     
                                                             --------------- --------------- ---------------- --------------
                                                                                                                            
INCREASE (DECREASE) IN NET ASSETS:                                                                                          

FROM OPERATIONS:                                                                                                            
 Net investment income .....................................  $  1,100,537    $    504,557    $     (664,782)  $  (255,999) 
 Net realized gain (loss) ..................................     3,077,032       3,095,646         5,789,192     2,612,042  
 Change in unrealized appreciation (depreciation) of                                                                        
  investments ..............................................     2,647,008      (2,595,846)      (15,879,544)    8,166,038  
                                                              ------------    ------------    --------------   -----------  
 Net increase (decrease) in net assets from operations .....     6,824,577       1,004,357       (10,755,134)   10,522,081  
                                                              ------------    ------------    --------------   -----------  
FROM CONTRACTOWNERS TRANSACTIONS:                                                                                           
 Contributions and Transfers:                                                                                               
  Contributions ............................................     4,581,766      13,079,380        11,202,956     6,277,183  
  Transfers from other Funds and Guaranteed Interest                                                                        
   Rate Account (Note 1) ...................................    12,864,906      11,031,299       112,727,128    26,321,124  
                                                              ------------    ------------    --------------   -----------  
   Total ...................................................    17,446,672      24,110,679       123,930,084    32,598,307  
                                                              ------------    ------------    --------------   -----------  
  Benefits and other policy transactions ...................     5,023,106       2,735,421         3,160,431     1,145,140  
  Withdrawal and administrative charges ....................       170,134         186,648           123,355        99,776  
  Transfers to other Funds and Guaranteed Interest                                                                          
   Rate Account (Note 1) ...................................    17,147,948       8,695,281       104,971,310    23,678,541  
                                                              ------------    ------------    --------------   -----------  
   Total ...................................................    22,341,188      11,617,350       108,255,096    24,923,457  
                                                              ------------    ------------    --------------   -----------  
 Net increase (decrease) in net assets from                                                                                 
  Contractowners transactions ..............................    (4,894,516)     12,493,329        15,674,988     7,674,850  
                                                              ------------    ------------    --------------   -----------  
NET INCREASE (DECREASE) IN AMOUNT RETAINED BY                                                                               
 EQUITABLE LIFE IN SEPARATE ACCOUNT NO. 45                                                                                  
 (Note 5) ..................................................        (8,697)         (6,635)           (6,187)        6,268  
                                                              ------------    ------------    --------------   -----------  
INCREASE (DECREASE) IN NET ASSETS ..........................     1,921,364      13,491,051         4,913,667    18,203,199  
NET ASSETS, BEGINNING OF PERIOD ............................    67,843,126      54,352,075        47,858,095    29,654,896  
                                                              ------------    ------------    --------------   -----------  
NET ASSETS, END OF PERIOD ..................................  $ 69,764,490    $ 67,843,126    $   52,771,762   $47,858,095  
                                                              ============    ============    ==============   ===========  

-------                                                                         
(a) Commenced operations on January 1, 1999.                                    
(b) Commenced operations on May 1, 1999.                                        
(c) Commenced operations on May 2, 2000.                                        
(d) Commenced operations on September 5, 2000.                                  
See Notes to Financial Statements.                                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS                                                   

DECEMBER 31, 2000                                                               

1. General                                                                      

  The Equitable Life Assurance Society of the United States ("Equitable Life")
Separate Account No. 45 (the Account) is organized as a unit investment   
trust, a type of investment company, and is registered with the Securities
and Exchange Commission under the Investment Company Act of 1940 (the 1940
Act). EQ Advisors Trust ("EQAT" or "Trust") commenced operations on May 1,
 1997. For periods prior to October 18, 1999, the Alliance portfolios (other
than EQ/Alliance Premier Growth) were part of the Hudson River Trust. On  
 October 18, 1999, these portfolios became corresponding portfolios of EQAT.
 EQAT is an open-ended, diversified management investment company that sells
  shares of a Portfolio ("Portfolio") of a mutual fund to separate accounts of
   insurance companies. Each Portfolio has separate investment objectives. These
financial statements and notes are those of the Account.                  

  Equitable Life serves as investment manager of EQAT. As such, Equitable Life
 oversees the activities of the investment advisors with respect to EQAT and
   is responsible for retaining or discontinuing the services of those advisors.
   Alliance Capital Management L.P. ("Alliance") serves as an investment adviser
for the Alliance Portfolios (including EQ/Aggressive, EQ/Alliance Premier 
 Growth, EQ/Alliance Technology, EQ Equity 500 Index). Alliance is a limited
partnership which is directly majority-owned by Equitable Life and AXA    
Financial, Inc. (parent to Equitable Life).                               

AXA Advisors, LLC ("AXA Advisors"), the successor to EQ Financial         
 Consultants, Inc., is an affiliate of Equitable Life, and a distributor and
principal underwriter of the Contracts and the Account. AXA Advisors is   
registered with the SEC as a broker-dealer and is a member of the National
Association of Securities Dealers, Inc.                                   

The Contracts are sold by financial professionals who are registered      
   representatives of AXA Advisors and licensed insurance agents of AXA Network,
LLC, its subsidiaries and AXA Network Insurance Agency of Texas, Inc.     
 (affiliates of Equitable Life). AXA Advisors receives commissions and other
   service-related payments under its Distribution Agreement with Equitable Life
and its Networking Agreement with AXA Network.                            

The Account consists of 35 variable investment options:                   

o Alliance Common Stock                                                   
o Alliance Conservative Investors                                         
o Alliance Global                                                         
o Alliance Growth and Income                                              
o Alliance Growth Investors                                               
o Alliance High Yield                                                     
o Alliance Intermediate Government Securities                             
o Alliance International                                                  
o Alliance Money Market                                                   
o Alliance Small Cap Growth                                               
o Capital Guardian Research                                               
o Capital Guardian U.S. Equity                                            
o EQ/Aggressive Stock(1)                                                  
o EQ/Alliance Premier Growth                                              
o EQ/Alliance Technology                                                  
o EQ/AXP New Dimensions                                                   
o EQ/AXP Strategy Aggressive                                              
o EQ Equity 500 Index(2)                                                  
o EQ/Evergreen                                                            
o EQ/Evergreen Foundation                                                 
o EQ International Equity Index(3)                                        
o EQ/Janus Large Cap Growth                                               
o EQ/Putnam Balanced                                                      
o EQ/Putnam Growth & Income Value                                         
o EQ Small Company Index(4)                                               
o FI Mid Cap                                                              
o FI Small/Mid Cap Value(5)                                               
o Mercury Basic Value Equity(6)                                           
o Mercury World Strategy(7)                                               
o MFS Emerging Growth Companies                                           
o MFS Growth with Income                                                  
o MFS Research                                                            
o Morgan Stanley Emerging Markets Equity                                  
o T. Rowe Price Equity Income                                             
o T. Rowe Price International Stock                                       

----------                                                                      
(1) Formerly known as Alliance Aggressive                                       
(2) Formerly known as Alliance Equity Index                                     
(3) Formerly known as BT International Equity Index                             
(4) Formerly known as BT Small Company Index                                    
(5) Formerly known as Warburg Pincus Small Company Value                        
(6) Formerly known as Merrill Lynch Basic Value Equity                          
(7) Formerly known as Merrill Lynch World Strategy                              

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

1. General (Concluded)                                                          

On October 6, 2000 Allliance Equity Index Portfolio acquired all the net  
assets of the BT Equity 500 Index Portfolio pursuant to a substitution    
transaction. For accounting purposes, this transaction is treated as a    
merger. The Alliance Equity Index Porfolio was renamed EQ Equity Index    
Portfolio. The substitution was accomplished by a tax-free exchange of    
7,518,285 Class IB shares of EQ Equity 500 Index Portfolio 500 (valued at 
$212,752,364) for the 14,943,653 Class IB shares of BT Equity 500 Index   
Portfolio outstanding on October 6, 2000. BT Equity 500 Index Portfolio's 
   assets at that date ($212,752,364), were combined with those of EQ Equity 500
   Index Portfolio. The aggregate net assets of EQ Equity Index Portfolio and BT
  Equity 500 Index Portfolio immediately before the substitution were $937,747
and $212,752,364, respectively, resulting in combined net assets of       
$213,690,111.                                                             

   The assets in each variable investment option are invested in Class IA and IB
shares of a corresponding mutual fund portfolio of EQAT. Class IA and IB  
shares are offered by EQAT at net asset value. Both classes of shares are 
subject to fees for investment management and advisory services and other 
   Trust expenses. Class IB shares are also subject to distribution fees imposed
   under a distribution plan (herein the "Rule 12b-1 Plans") adopted pursuant to
  Rule 12b-1 under the 1940 Act, as amended. The Rule 12b-1 Plans provide that
   EQAT, on behalf of each variable investment option, may charge annually up to
0.25% of the average daily net assets of a Variable Investment Option     
attributable to its Class IB shares in respect of activities primarily    
intended to result in the sale of the Class IB shares. These fees are     
reflected in the net asset value of the shares. Class IA shares of EQAT   
continue to be purchased by contracts in-force prior to May 1, 1997.      

The Account is used to fund benefits for variable annuities issued by     
Equitable Life including the Income Manager Accumulator, Equitable        
Accumulator, Equitable Accumulator Select and Equitable Accumulator Plus  
  deferred variable annuities which combine the portfolios in the Account with
guaranteed fixed rate options. The Income Manager Accumulator, Equitable  
Accumulator and Equitable Accumulator Select are offered with the same    
variable investment options for use as a nonqualified annuity ("NQ") for  
after-tax contributions only, an annuity that is an investment vehicle for
   certain qualified plans ("QP"), an individual retirement annuity ("IRA") or a
   tax-sheltered annuity ("TSA"). Equitable Accumulator Plus is offered with the
  same variable investment options for use as an NQ, QP or IRA. Income Manager
Accumulator (NQ, IRA, QP and TSA), Equitable Accumulator (NQ, IRA, QP and 
TSA), Equitable Accumulator Select (NQ, IRA, QP and TSA), Equitable       
   Accumulator Plus (NQ, IRA and QP), collectively referred to as the Contracts,
are offered under group and individual variable annuity forms.            

   All Contracts are issued by Equitable Life. The assets of the Account are the
property of Equitable Life. However, the portion of the Account's assets  
   attributable to the Contracts will not be chargeable with liabilities arising
out of any other business Equitable Life may conduct.                     

Contractowners may allocate amounts in their individual accounts to the   
variable investment options, and/or to the guaranteed interest account of 
Equitable Life's General Account, and fixed maturity options of Separate  
  Account 46. The net assets of any variable investment option may not be less
   than the aggregate of the Contractowners' accounts allocated to that variable
investment option. Additional assets are set aside in Equitable Life's    
 General Account to provide for other policy benefits, as required under the
  state insurance law. Equitable Life's General Account is subject to creditor
  rights. Receivable/Payable for policy-related transactions represent amounts
   due to/from general account predominately related to premiums, surrenders and
death benefits.                                                           

2. Significant Accounting Policies                                              

The accompanying financial statements are prepared in conformity with     
accounting principles generally accepted in the United States (GAAP). The 
preparation of financial statements in conformity with GAAP requires      
   management to make estimates and assumptions that affect the reported amounts
   of assets and liabilities and disclosure of contingent assets and liabilities
  at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from
those estimates.                                                          

  On November 21, 2000, the American Institute of Certified Public Accountants
   issued a revised Audit and Accounting Guide "Audits of Investment Companies."
   Adoption of the new requirements is not expected to have a significant impact
on the Account's financial position or earnings.                          

   Investments are made in shares of EQAT and are valued at the net asset values
  per share of the respective Portfolios. The net asset value is determined by
   EQAT using the market or fair value of the underlying assets of the Portfolio
less liabilities.                                                         

   Investment transactions in EQAT are recorded on the trade date. Dividends and
capital gains are declared and distributed by the Trust at the end of each
   year and are automatically reinvested on the ex-dividend date. Realized gains
and losses include (1) gains and losses on redemptions of EQAT's shares   
(determined on the identified cost basis) and (2) Trust distributions     
representing the net realized gains on Trust investment transactions.     

  No federal income tax based on net income or realized and unrealized capital
gains is currently applicable to Contracts participating in the Account by
 reason of applicable provisions of the Internal Revenue Code and no federal
income tax payable by Equitable Life is expected to                       

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

2. Significant Accounting Policies (Concluded)                                  

   affect the unit value of Contracts participating in the Account. Accordingly,
no provision for income taxes is required. However, Equitable Life retains
   the right to charge for any federal income tax incurred which is attributable
to the Account if the law is changed.                                     

3. Asset Charges                                                                

Charges are made directly against the net assets of the Account and are   
   reflected daily in the computation of the unit values of the Contracts. Under
  the Contracts, Equitable Life charges the Account for the following charges:

                                                        [Enlarge/Download Table]


                                                                         ASSET-BASED                                   
                                                       MORTALITY AND   ADMINISTRATION   DISTRIBUTION       CURRENT     
                                                       EXPENSE RISKS       CHARGE          CHARGE      AGGREGATE CHARGE
                                                      --------------- ---------------- -------------- -----------------
                                                                                                                       
Income Manager Accumulator ..........................      0.90%           0.25%            --             1.15%       
Equitable Accumulator ...............................      1.10%           0.25%            --             1.35%       
Equitable Accumulator Select ........................      1.10%           0.25%            0.25%          1.60%       
Equitable Accumulator Plus ..........................      1.10%           0.25%            0.25%          1.60%       
Equitable Accumulator issued after March 1, 2000 ....      1.10%           0.25%            0.20%          1.55%       

  The charges may be retained in the Account by Equitable Life and participate
 in the net investment results of the Trusts. The aggregate of these charges
may not exceed a total effective annual rate of 1.15% for Income Manager  
   Accumulator, 1.45% for Equitable Accumulator, 1.70% for Equitable Accumulator
Select, 1.70% for Equitable Accumulator Plus and 1.65% for Equitable      
   Accumulator. Trust shares are valued at their net asset value with investment
  advisory or management fees, the 12b-1 fee, and other expenses of the Trust,
in effect, passed on to the Account and reflected in the accumulation unit
values of the Contracts.                                                  

  Included in the Withdrawal and Administrative Charges line of the Statements
of Changes in Net Assets are certain administrative charges which are     
deducted from the Contractowners account value.                           

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges                                         

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                             YEARS ENDED DECEMBER 31, 
                                                            --------------------------
                                                               2000          1999     
                                                            ---------   --------------
                                                                  (IN THOUSANDS)      
                                                                                      
ALLIANCE COMMON STOCK                                                                 
---------------------                                                                 
Issued         --   1.15% Class A Unit Value ..............      55          121      
                    1.15% Class B Unit Value ..............      75          168      
                    1.35% Class B Unit Value (b) ..........     571        1,078      
                    1.55% Class B Unit Value (e) ..........     227           --      
                    1.60% Class B Unit Value (d) ..........     269           69      

Redeemed       --   1.15% Class A Unit Value ..............    (156)        (207)     
                    1.15% Class B Unit Value ..............    (153)        (203)     
                    1.35% Class B Unit Value (b) ..........    (230)        (194)     
                    1.55% Class B Unit Value (e) ..........     (10)          --      
                    1.60% Class B Unit Value (d) ..........     (24)          (3)     

ALLIANCE CONSERVATIVE INVESTORS                                                       
-------------------------------                                                       
Issued         --   1.15% Class A Unit Value ..............     130          272      
                    1.15% Class B Unit Value ..............     154          248      
                    1.35% Class B Unit Value (b) ..........   1,552        2,068      
                    1.55% Class B Unit Value (e) ..........     656           --      
                    1.60% Class B Unit Value (d) ..........     845          222      

Redeemed       --   1.15% Class A Unit Value ..............    (171)        (308)     
                    1.15% Class B Unit Value ..............    (169)        (225)     
                    1.35% Class B Unit Value (b) ..........    (590)        (384)     
                    1.55% Class B Unit Value (e) ..........     (53)          --      
                    1.60% Class B Unit Value (d) ..........     (80)          (6)     

----------                                                                            
(a) Units were made available for sale on January 1, 1998.                            
(b) Units were made available for sale on May 1, 1998.                                
(c) Units were made available for sale on January 4, 1999.                            
(d) Units were made available for sale on May 1, 1999.                                
(e) Units were made available for sale on March 1, 2000.                              
(f) Units were made available for sale on May 2, 2000.                                
(g) Units were made available for sale on September 5, 2000.                          
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index           
    occurred on October 6, 2000. Units were made available for sale on                
    October 6, 2000 (See Note 1).                                                     


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                             YEARS ENDED DECEMBER 31,  
                                                            ---------------------------
                                                                2000           1999    
                                                            -----------   -------------
                                                                  (IN THOUSANDS)       
                                                                                       
ALLIANCE GLOBAL                                                                        
---------------                                                                        
Issued         --   1.15% Class A Unit Value ..............        79           109    
                    1.15% Class B Unit Value ..............       123           192    
                    1.35% Class B Unit Value (b) ..........     5,538         2,875    
                    1.55% Class B Unit Value (e) ..........       461            --    
                    1.60% Class B Unit Value (d) ..........       551           101    

Redeemed       --   1.15% Class A Unit Value ..............      (167)         (182)   
                    1.15% Class B Unit Value ..............      (116)         (138)   
                    1.35% Class B Unit Value (b) ..........    (5,064)       (1,868)   
                    1.55% Class B Unit Value (e) ..........       (19)           --    
                    1.60% Class B Unit Value (d) ..........       (46)           (4)   

ALLIANCE GROWTH AND INCOME                                                             
--------------------------                                                             
Issued         --   1.15% Class A Unit Value ..............       328           351    
                    1.15% Class B Unit Value ..............       407           578    
                    1.35% Class B Unit Value (b) ..........     3,057         4,706    
                    1.55% Class B Unit Value (e) ..........     1,261            --    
                    1.60% Class B Unit Value (d) ..........     1,493           354    

Redeemed       --   1.15% Class A Unit Value ..............      (520)         (514)   
                    1.15% Class B Unit Value ..............      (554)         (566)   
                    1.35% Class B Unit Value (b) ..........    (1,110)         (603)   
                    1.55% Class B Unit Value (e) ..........       (38)           --    
                    1.60% Class B Unit Value (d) ..........      (174)          (12)   

ALLIANCE GROWTH INVESTORS                                                              
-------------------------                                                              
Issued         --   1.15% Class A Unit Value ..............        74           116    
                    1.15% Class B Unit Value ..............       164           258    
                    1.35% Class B Unit Value (b) ..........     1,293         1,865    
                    1.55% Class B Unit Value (e) ..........       655            --    
                    1.60% Class B Unit Value (d) ..........       695           153    

Redeemed       --   1.15% Class A Unit Value ..............      (158)         (206)   
                    1.15% Class B Unit Value ..............      (208)         (190)   
                    1.35% Class B Unit Value (b) ..........      (400)         (205)   
                    1.55% Class B Unit Value (e) ..........       (31)           --    

----------                                                                             
(a) Units were made available for sale on January 1, 1998.                             
(b) Units were made available for sale on May 1, 1998.                                 
(c) Units were made available for sale on January 4, 1999.                             
(d) Units were made available for sale on May 1, 1999.                                 
(e) Units were made available for sale on March 1, 2000.                               
(f) Units were made available for sale on May 2, 2000.                                 
(g) Units were made available for sale on September 5, 2000.                           
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index            
    occurred on October 6, 2000. Units were made available for sale on                 
    October 6, 2000 (See Note 1).                                                      


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                                     YEARS ENDED DECEMBER 31,   
                                                                  ------------------------------
                                                                       2000             1999    
                                                                  --------------   -------------
                                                                          (IN THOUSANDS)        
                                                                                                
ALLIANCE GROWTH INVESTORS (CONCLUDED)                                                           
-------------------------------------                                                           
                          1.60% Class B Unit Value (d) ..........      (52)              (4)    

ALLIANCE HIGH YIELD                                                                             
-------------------                                                                             
Issued               --   1.15% Class A Unit Value ..............      325              273     
                          1.15% Class B Unit Value ..............      116              210     
                          1.35% Class B Unit Value (b) ..........      602            1,136     
                          1.55% Class B Unit Value (e) ..........      154               --     
                          1.60% Class B Unit Value (d) ..........      209               36     

Redeemed             --   1.15% Class A Unit Value ..............     (353)            (347)    
                          1.15% Class B Unit Value ..............     (384)            (597)    
                          1.35% Class B Unit Value (b) ..........     (525)            (398)    
                          1.55% Class B Unit Value (e) ..........       (9)              --     
                          1.60% Class B Unit Value (d) ..........      (25)              (1)    

ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES                                                     
-------------------------------------------                                                     
Issued               --   1.15% Class A Unit Value ..............       64              279     
                          1.15% Class B Unit Value ..............      129              232     
                          1.35% Class B Unit Value (b) ..........    1,126            1,863     
                          1.55% Class B Unit Value (e) ..........      278               --     
                          1.60% Class B Unit Value (d) ..........      463               93     

Redeemed             --   1.15% Class A Unit Value ..............     (155)            (352)    
                          1.15% Class B Unit Value ..............     (265)            (440)    
                          1.35% Class B Unit Value (b) ..........     (851)            (735)    
                          1.55% Class B Unit Value (e) ..........       (8)              --     
                          1.60% Class B Unit Value (d) ..........      (36)             (34)    

ALLIANCE INTERNATIONAL                                                                          
----------------------                                                                          
Issued               --   1.15% Class A Unit Value ..............     7,081           5,191     
                          1.15% Class B Unit Value ..............     1,392             519     
                          1.35% Class B Unit Value (b) ..........     6,733           2,751     
                          1.55% Class B Unit Value (e) ..........       411              --     
                          1.60% Class B Unit Value (d) ..........     6,699              43     

----------                                                                                      
(a) Units were made available for sale on January 1, 1998.                                      
(b) Units were made available for sale on May 1, 1998.                                          
(c) Units were made available for sale on January 4, 1999.                                      
(d) Units were made available for sale on May 1, 1999.                                          
(e) Units were made available for sale on March 1, 2000.                                        
(f) Units were made available for sale on May 2, 2000.                                          
(g) Units were made available for sale on September 5, 2000.                                    
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index                     
    occurred on October 6, 2000. Units were made available for sale on                          
    October 6, 2000 (See Note 1).                                                               


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                             YEARS ENDED DECEMBER 31,  
                                                            ---------------------------
                                                                2000           1999    
                                                            -----------   -------------
                                                                  (IN THOUSANDS)       
                                                                                       
ALLIANCE INTERNATIONAL (CONCLUDED)                                                     
----------------------------------                                                     
Redeemed       --   1.15% Class A Unit Value ..............    (6,995)       (5,337)   
                    1.15% Class B Unit Value ..............    (1,368)         (543)   
                    1.35% Class B Unit Value (b) ..........    (6,485)       (2,326)   
                    1.55% Class B Unit Value (e) ..........       (21)           --    
                    1.60% Class B Unit Value (d) ..........    (6,435)           (5)   

ALLIANCE MONEY MARKET                                                                  
---------------------                                                                  
Issued         --   1.15% Class A Unit Value ..............     4,961         4,409    
                    1.15% Class B Unit Value ..............     1,817         2,437    
                    1.35% Class B Unit Value (b) ..........    17,600        10,819    
                    1.55% Class B Unit Value (e) ..........       869            --    
                    1.60% Class B Unit Value (d) ..........    10,029           742    
                    0% Unit Value .........................       296           718    

Redeemed       --   1.15% Class A Unit Value ..............    (5,345)       (4,049)   
                    1.15% Class B Unit Value ..............    (2,515)       (2,082)   
                    1.35% Class B Unit Value (b) ..........   (18,640)       (9,485)   
                    1.55% Class B Unit Value (e) ..........      (298)           --    
                    1.60% Class B Unit Value (d) ..........    (8,696)         (193)   
                    0% Unit Value .........................      (519)       (2,404)   

ALLIANCE SMALL CAP GROWTH                                                              
-------------------------                                                              
Issued         --   1.15% Class A Unit Value ..............       579           152    
                    1.15% Class B Unit Value ..............       604           365    
                    1.35% Class B Unit Value (b) ..........     1,358           771    
                    1.55% Class B Unit Value (e) ..........       852            --    
                    1.60% Class B Unit Value (d) ..........     1,398            30    

Redeemed       --   1.15% Class A Unit Value ..............      (285)         (274)   
                    1.15% Class B Unit Value ..............      (381)         (909)   
                    1.35% Class B Unit Value (b) ..........      (466)         (282)   
                    1.55% Class B Unit Value (e) ..........       (26)           --    
                    1.60% Class B Unit Value (d) ..........      (710)           --    

----------                                                                             
(a) Units were made available for sale on January 1, 1998.                             
(b) Units were made available for sale on May 1, 1998.                                 
(c) Units were made available for sale on January 4, 1999.                             
(d) Units were made available for sale on May 1, 1999.                                 
(e) Units were made available for sale on March 1, 2000.                               
(f) Units were made available for sale on May 2, 2000.                                 
(g) Units were made available for sale on September 5, 2000.                           
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index            
    occurred on October 6, 2000. Units were made available for sale on                 
    October 6, 2000 (See Note 1).                                                      


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SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                             YEARS ENDED DECEMBER 31, 
                                                            --------------------------
                                                                2000           1999   
                                                            ------------   -----------
                                                                  (IN THOUSANDS)      
                                                                                      
CAPITAL GUARDIAN RESEARCH                                                             
-------------------------                                                             
Issued         --   1.15% Class B Unit Value (d) ..........      61             20    
                    1.35% Class B Unit Value (d) ..........     122             75    
                    1.55% Class B Unit Value (e) ..........     112             --    
                    1.60% Class B Unit Value (d) ..........     103             13    

Redeemed       --   1.15% Class B Unit Value (d) ..........     (24)            --    
                    1.35% Class B Unit Value (d) ..........     (20)            (3)   
                    1.55% Class B Unit Value (e) ..........      (1)            --    
                    1.60% Class B Unit Value (d) ..........      (4)            --    

CAPITAL GUARDIAN U.S. EQUITY                                                          
----------------------------                                                          
Issued         --   1.15% Class B Unit Value (d) ..........      35             13    
                    1.35% Class B Unit Value (d) ..........     226            130    
                    1.55% Class B Unit Value (e) ..........     111             --    
                    1.60% Class B Unit Value (d) ..........     129             33    

Redeemed       --   1.15% Class B Unit Value (d) ..........      (4)            (5)   
                    1.35% Class B Unit Value (d) ..........     (55)            (4)   
                    1.55% Class B Unit Value (e) ..........      (1)            --    
                    1.60% Class B Unit Value (d) ..........      (5)            (2)   

EQ/AGGRESSIVE STOCK                                                                   
-------------------                                                                   
Issued         --   1.15% Class A Unit Value ..............      48             60    
                    1.15% Class B Unit Value ..............      29             78    
                    1.35% Class B Unit Value (b) ..........     176            383    
                    1.55% Class B Unit Value (e) ..........      38             --    
                    1.60% Class B Unit Value (d) ..........      59             16    

Redeemed       --   1.15% Class A Unit Value ..............    (197)          (307)   
                    1.15% Class B Unit Value ..............    (111)          (197)   
                    1.35% Class B Unit Value (b) ..........    (134)          (123)   
                    1.55% Class B Unit Value (e) ..........      (2)            --    
                    1.60% Class B Unit Value (d) ..........     (10)            --    

----------                                                                            
(a) Units were made available for sale on January 1, 1998.                            
(b) Units were made available for sale on May 1, 1998.                                
(c) Units were made available for sale on January 4, 1999.                            
(d) Units were made available for sale on May 1, 1999.                                
(e) Units were made available for sale on March 1, 2000.                              
(f) Units were made available for sale on May 2, 2000.                                
(g) Units were made available for sale on September 5, 2000.                          
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index           
    occurred on October 6, 2000. Units were made available for sale on                
    October 6, 2000 (See Note 1).                                                     


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SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                                  YEARS ENDED DECEMBER 31,
                                                                  ------------------------
                                                                       2000         1999  
                                                                  -------------   --------
                                                                       (IN THOUSANDS)     
                                                                                          
EQ/ALLIANCE PREMIER GROWTH                                                                
--------------------------                                                                
Issued               --   1.15% Class B Unit Value ..............     1,818        2,008  
                          1.35% Class B Unit Value (d) ..........     7,215        6,724  
                          1.55% Class B Unit Value (e) ..........     3,483           --  
                          1.60% Class B Unit Value (d) ..........     4,207        1,131  

Redeemed             --   1.15% Class B Unit Value ..............      (563)        (216) 
                          1.35% Class B Unit Value (d) ..........    (1,387)        (420) 
                          1.55% Class B Unit Value (e) ..........      (128)          --  
                          1.60% Class B Unit Value (d) ..........      (411)         (19) 

EQ/ALLIANCE TECHNOLOGY                                                                    
----------------------                                                                    
Issued               --   1.15% Class B Unit Value(f) ...........     2,716           --  
                          1.35% Class B Unit Value (f) ..........     2,113           --  
                          1.55% Class B Unit Value (f) ..........     1,684           --  
                          1.60% Class B Unit Value (f) ..........     1,785           --  

Redeemed             --   1.15% Class B Unit Value (f) ..........    (1,524)          --  
                          1.35% Class B Unit Value (f) ..........      (261)          --  
                          1.55% Class B Unit Value (f) ..........       (84)          --  
                          1.60% Class B Unit Value (f) ..........      (113)          --  

EQ/AXP NEW DIMENSIONS                                                                     
---------------------                                                                     
Issued               --   1.15% Class B Unit Value (g) ..........        12           --  
                          1.35% Class B Unit Value (g) ..........        46           --  
                          1.55% Class B Unit Value (g) ..........        49           --  
                          1.60% Class B Unit Value (g) ..........        29           --  

Redeemed             --   1.15% Class B Unit Value (g) ..........        --           --  
                          1.35% Class B Unit Value (g) ..........        (5)          --  
                          1.55% Class B Unit Value (g) ..........        --           --  
                          1.60% Class B Unit Value (g) ..........        --           --  

EQ/AXP STRATEGY AGGRESSIVE                                                                
--------------------------                                                                
Issued               --   1.15% Class B Unit Value (g) ..........        27           --  
                          1.35% Class B Unit Value (g) ..........       109           --  

----------                                                                                
(a) Units were made available for sale on January 1, 1998.                                
(b) Units were made available for sale on May 1, 1998.                                    
(c) Units were made available for sale on January 4, 1999.                                
(d) Units were made available for sale on May 1, 1999.                                    
(e) Units were made available for sale on March 1, 2000.                                  
(f) Units were made available for sale on May 2, 2000.                                    
(g) Units were made available for sale on September 5, 2000.                              
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index               
    occurred on October 6, 2000. Units were made available for sale on                    
    October 6, 2000 (See Note 1).                                                         


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SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                                   YEARS ENDED DECEMBER 31,  
                                                                  ---------------------------
                                                                       2000           1999   
                                                                  --------------   ----------
                                                                        (IN THOUSANDS)       
                                                                                             
EQ/AXP STRATEGY AGGRESSIVE (CONCLUDED)                                                       
--------------------------------------                                                       
                          1.55% Class B Unit Value (g) ..........       52             --    
                          1.60% Class B Unit Value (g) ..........       85             --    

Redeemed             --   1.15% Class B Unit Value (g) ..........       (1)            --    
                          1.35% Class B Unit Value (g) ..........       (8)            --    
                          1.55% Class B Unit Value (g) ..........       (0)            --    
                          1.60% Class B Unit Value (g) ..........      (19)            --    

EQ EQUITY 500 INDEX (H)                                                                      
-----------------------                                                                      
Issued               --   1.15% Class A Unit Value ..............    1,307             --    
                          1.35% Class B Unit Value ..............    5,078              5    
                          1.55% Class B Unit Value (e) ..........      430             --    
                          1.60% Class B Unit Value (d) ..........      801             41    

Redeemed             --   1.15% Class A Unit Value ..............     (111)            --    
                          1.35% Class B Unit Value ..............     (172)            (8)   
                          1.55% Class B Unit Value (e) ..........      (10)            --    
                          1.60% Class B Unit Value (d) ..........      (67)           (27)   

EQ/EVERGREEN                                                                                 
------------                                                                                 
Issued               --   1.15% Class B Unit Value (c) ..........       21             49    
                          1.35% Class B Unit Value (c) ..........       80            160    
                          1.55% Class B Unit Value (e) ..........       40             --    
                          1.60% Class B Unit Value (d) ..........       13              8    

Redeemed             --   1.15% Class B Unit Value (c) ..........       (6)            (5)   
                          1.35% Class B Unit Value (c) ..........      (55)           (21)   
                          1.55% Class B Unit Value (e) ..........       --             --    
                          1.60% Class B Unit Value (d) ..........       (4)            --    

EQ/EVERGREEN FOUNDATION                                                                      
-----------------------                                                                      
Issued               --   1.15% Class B Unit Value ..............       30             19    
                          1.35% Class B Unit Value (b) ..........      172            154    
                          1.55% Class B Unit Value (e) ..........      125             --    
                          1.60% Class B Unit Value (d) ..........      134             46    

----------                                                                                   
(a) Units were made available for sale on January 1, 1998.                                   
(b) Units were made available for sale on May 1, 1998.                                       
(c) Units were made available for sale on January 4, 1999.                                   
(d) Units were made available for sale on May 1, 1999.                                       
(e) Units were made available for sale on March 1, 2000.                                     
(f) Units were made available for sale on May 2, 2000.                                       
(g) Units were made available for sale on September 5, 2000.                                 
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index                  
    occurred on October 6, 2000. Units were made available for sale on                       
    October 6, 2000 (See Note 1).                                                            


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SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                             YEARS ENDED DECEMBER 31,  
                                                            ---------------------------
                                                                2000           1999    
                                                            ------------   ------------
                                                                  (IN THOUSANDS)       
                                                                                       
EQ/EVERGREEN FOUNDATION (CONCLUDED)                                                    
-----------------------------------                                                    
Redeemed       --   1.15% Class B Unit Value ..............      (6)            (3)    
                    1.35% Class B Unit Value (b) ..........     (42)            (5)    
                    1.55% Class B Unit Value (e) ..........      (3)            --     
                    1.60% Class B Unit Value (d) ..........     (13)            (2)    

EQ INTERNATIONAL EQUITY INDEX                                                          
-----------------------------                                                          
Issued         --   1.15% Class B Unit Value ..............      84            142     
                    1.35% Class B Unit Value (b) ..........     441            673     
                    1.55% Class B Unit Value (e) ..........     116             --     
                    1.60% Class B Unit Value (d) ..........     188             63     

Redeemed       --   1.15% Class B Unit Value ..............     (83)          (129)    
                    1.35% Class B Unit Value (b) ..........    (228)          (111)    
                    1.55% Class B Unit Value (e) ..........      (5)            --     
                    1.60% Class B Unit Value (d) ..........     (74)           (30)    

EQ/JANUS LARGE CAP GROWTH                                                              
-------------------------                                                              
Issued         --   1.15% Class B Unit Value (g) ..........      78             --     
                    1.35% Class B Unit Value (g) ..........     266             --     
                    1.55% Class B Unit Value (g) ..........     188             --     
                    1.60% Class B Unit Value (g) ..........     306             --     

Redeemed       --   1.15% Class B Unit Value (g) ..........      (1)            --     
                    1.35% Class B Unit Value (g) ..........      (8)            --     
                    1.55% Class B Unit Value (g) ..........      (6)            --     
                    1.60% Class B Unit Value (g) ..........     (11)            --     

EQ/PUTNAM BALANCED                                                                     
------------------                                                                     
Issued         --   1.15% Class B Unit Value ..............     118            263     
                    1.35% Class B Unit Value (b) ..........   1,031          1,991     
                    1.55% Class B Unit Value (e) ..........     193             --     
                    1.60% Class B Unit Value (d) ..........     100             23     

Redeemed       --   1.15% Class B Unit Value ..............    (534)          (462)    

----------                                                                             
(a) Units were made available for sale on January 1, 1998.                             
(b) Units were made available for sale on May 1, 1998.                                 
(c) Units were made available for sale on January 4, 1999.                             
(d) Units were made available for sale on May 1, 1999.                                 
(e) Units were made available for sale on March 1, 2000.                               
(f) Units were made available for sale on May 2, 2000.                                 
(g) Units were made available for sale on September 5, 2000.                           
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index            
    occurred on October 6, 2000. Units were made available for sale on                 
    October 6, 2000 (See Note 1).                                                      


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                              YEARS ENDED DECEMBER 31,   
                                                            -----------------------------
                                                                 2000            1999    
                                                            -------------   -------------
                                                                   (IN THOUSANDS)        
                                                                                         
EQ/PUTNAM BALANCED (CONCLUDED)                                                           
------------------------------                                                           
                    1.35% Class B Unit Value (b) ..........    (1,092)          (350)    
                    1.55% Class B Unit Value (e) ..........        (5)            --     
                    1.60% Class B Unit Value (d) ..........       (16)            (4)    

EQ/PUTNAM GROWTH & INCOME VALUE                                                          
-------------------------------                                                          
Issued         --   1.15% Class B Unit Value ..............       157            386     
                    1.35% Class B Unit Value (b) ..........       695          1,437     
                    1.55% Class B Unit Value (e) ..........        82             --     
                    1.60% Class B Unit Value (d) ..........       123             14     

Redeemed       --   1.15% Class B Unit Value ..............      (662)          (535)    
                    1.35% Class B Unit Value (b) ..........      (708)          (247)    
                    1.55% Class B Unit Value (e) ..........        (2)            --     
                    1.60% Class B Unit Value (d) ..........       (11)            (2)    

EQ SMALL COMPANY INDEX                                                                   
----------------------                                                                   
Issued         --   1.15% Class B Unit Value (d) ..........       504            171     
                    1.35% Class B Unit Value (b) ..........       441            585     
                    1.55% Class B Unit Value (e) ..........       108             --     
                    1.60% Class B Unit Value (d) ..........       116             25     

Redeemed       --   1.15% Class B Unit Value (d) ..........      (535)           (81)    
                    1.35% Class B Unit Value (b) ..........      (209)          (113)    
                    1.55% Class B Unit Value (e) ..........        (1)            --     
                    1.60% Class B Unit Value (d) ..........       (26)            (2)    

FI MID CAP                                                                               
----------                                                                               
Issued         --   1.15% Class B Unit Value (g) ..........        45             --     
                    1.35% Class B Unit Value (g) ..........        99             --     
                    1.55% Class B Unit Value (g) ..........        59             --     
                    1.60% Class B Unit Value (g) ..........       156             --     

Redeemed       --   1.15% Class B Unit Value (g) ..........        (2)            --     
                    1.35% Class B Unit Value (g) ..........       (17)            --     
                    1.55% Class B Unit Value (g) ..........        (1)            --     

----------                                                                               
(a) Units were made available for sale on January 1, 1998.                               
(b) Units were made available for sale on May 1, 1998.                                   
(c) Units were made available for sale on January 4, 1999.                               
(d) Units were made available for sale on May 1, 1999.                                   
(e) Units were made available for sale on March 1, 2000.                                 
(f) Units were made available for sale on May 2, 2000.                                   
(g) Units were made available for sale on September 5, 2000.                             
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index              
    occurred on October 6, 2000. Units were made available for sale on                   
    October 6, 2000 (See Note 1).                                                        


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                               YEARS ENDED DECEMBER 31,   
                                                            ------------------------------
                                                                 2000             1999    
                                                            --------------   -------------
                                                                    (IN THOUSANDS)        
                                                                                          
FI MID CAP (CONCLUDED)                                                                    
----------------------                                                                    
                    1.60% Class B Unit Value (g) ..........      (30)               --    

FI SMALL/MID CAP VALUE                                                                    
----------------------                                                                    
Issued         --   1.15% Class B Unit Value ..............      160               333    
                    1.35% Class B Unit Value (b) ..........      414               712    
                    1.55% Class B Unit Value (e) ..........       76                --    
                    1.60% Class B Unit Value (d) ..........       80                18    

Redeemed       --   1.15% Class B Unit Value ..............     (661)           (1,058)   
                    1.35% Class B Unit Value (b) ..........     (306)             (300)   
                    1.55% Class B Unit Value (e) ..........       (6)               --    
                    1.60% Class B Unit Value (d) ..........      (12)               --    

MERCURY BASIC VALUE EQUITY                                                                
--------------------------                                                                
Issued         --   1.15% Class B Unit Value ..............      288               433    
                    1.35% Class B Unit Value (b) ..........    1,340             1,879    
                    1.55% Class B Unit Value (e) ..........      285                --    
                    1.60% Class B Unit Value (d) ..........      320               166    

Redeemed       --   1.15% Class B Unit Value ..............     (504)             (398)   
                    1.35% Class B Unit Value (b) ..........     (602)             (321)   
                    1.55% Class B Unit Value (e) ..........      (10)               --    
                    1.60% Class B Unit Value (d) ..........      (52)               (3)   

MERCURY WORLD STRATEGY                                                                    
----------------------                                                                    
Issued         --   1.15% Class B Unit Value ..............       34                50    
                    1.35% Class B Unit Value (b) ..........      884               645    
                    1.55% Class B Unit Value (e) ..........       99                --    
                    1.60% Class B Unit Value (d) ..........       78                13    

Redeemed       --   1.15% Class B Unit Value ..............      (53)             (112)   
                    1.35% Class B Unit Value (b) ..........     (802)             (512)   
                    1.55% Class B Unit Value (e) ..........       (2)               --    
                    1.60% Class B Unit Value (d) ..........       (2)               --    

----------                                                                                
(a) Units were made available for sale on January 1, 1998.                                
(b) Units were made available for sale on May 1, 1998.                                    
(c) Units were made available for sale on January 4, 1999.                                
(d) Units were made available for sale on May 1, 1999.                                    
(e) Units were made available for sale on March 1, 2000.                                  
(f) Units were made available for sale on May 2, 2000.                                    
(g) Units were made available for sale on September 5, 2000.                              
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index               
    occurred on October 6, 2000. Units were made available for sale on                    
    October 6, 2000 (See Note 1).                                                         


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Continued)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                               YEARS ENDED DECEMBER 31,   
                                                            ------------------------------
                                                                 2000            1999     
                                                            -------------   --------------
                                                                    (IN THOUSANDS)        
                                                                                          
MFS EMERGING GROWTH COMPANIES                                                             
-----------------------------                                                             
Issued         --   1.15% Class B Unit Value ..............     1,672          1,445      
                    1.35% Class B Unit Value (b) ..........     3,794          4,780      
                    1.55% Class B Unit Value (e) ..........     1,356             --      
                    1.60% Class B Unit Value (d) ..........     3,134            390      

Redeemed       --   1.15% Class B Unit Value ..............    (1,353)          (634)     
                    1.35% Class B Unit Value (b) ..........    (1,653)          (608)     
                    1.55% Class B Unit Value (e) ..........       (55)            --      
                    1.60% Class B Unit Value (d) ..........    (1,682)            (7)     

MFS GROWTH WITH INCOME                                                                    
----------------------                                                                    
Issued         --   1.15% Class B Unit Value (c) ..........        56            102      
                    1.35% Class B Unit Value (c) ..........       638            592      
                    1.55% Class B Unit Value (e) ..........       303             --      
                    1.60% Class B Unit Value (d) ..........       282            111      

Redeemed       --   1.15% Class B Unit Value (c) ..........       (53)           (29)     
                    1.35% Class B Unit Value (c) ..........      (174)           (42)     
                    1.55% Class B Unit Value (e) ..........        (5)            --      
                    1.60% Class B Unit Value (d) ..........       (26)            (8)     

MFS RESEARCH                                                                              
------------                                                                              
Issued         --   1.15% Class B Unit Value ..............       340            418      
                    1.35% Class B Unit Value (b) ..........     1,226          2,163      
                    1.55% Class B Unit Value (e) ..........       568             --      
                    1.60% Class B Unit Value (d) ..........       969             76      

Redeemed       --   1.15% Class B Unit Value ..............      (389)          (458)     
                    1.35% Class B Unit Value (b) ..........      (469)          (491)     
                    1.55% Class B Unit Value (e) ..........       (17)            --      
                    1.60% Class B Unit Value (d) ..........      (327)            (5)     

----------                                                                                
(a) Units were made available for sale on January 1, 1998.                                
(b) Units were made available for sale on May 1, 1998.                                    
(c) Units were made available for sale on January 4, 1999.                                
(d) Units were made available for sale on May 1, 1999.                                    
(e) Units were made available for sale on March 1, 2000.                                  
(f) Units were made available for sale on May 2, 2000.                                    
(g) Units were made available for sale on September 5, 2000.                              
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index               
    occurred on October 6, 2000. Units were made available for sale on                    
    October 6, 2000 (See Note 1).                                                         


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

4. Contributions, Transfers and Charges (Concluded)                             

Accumulation units issued and redeemed during the periods indicated were: 

                                                        [Enlarge/Download Table]


                                                              YEARS ENDED DECEMBER 31,   
                                                            -----------------------------
                                                                 2000            1999    
                                                            -------------   -------------
                                                                   (IN THOUSANDS)        
                                                                                         
MORGAN STANLEY EMERGING MARKETS EQUITY                                                   
--------------------------------------                                                   
Issued         --   1.15% Class B Unit Value ..............     3,661             818    
                    1.35% Class B Unit Value (b) ..........     3,548           2,038    
                    1.55% Class B Unit Value (e) ..........       571              --    
                    1.60% Class B Unit Value (d) ..........     1,365             133    

Redeemed       --   1.15% Class B Unit Value ..............    (3,548)           (590)   
                    1.35% Class B Unit Value (b) ..........    (2,753)           (948)   
                    1.55% Class B Unit Value (e) ..........       (30)             --    
                    1.60% Class B Unit Value (d) ..........      (775)             (7)   

T. ROWE PRICE EQUITY INCOME                                                              
---------------------------                                                              
Issued         --   1.15% Class B Unit Value ..............       367             361    
                    1.35% Class B Unit Value (b) ..........       780           1,357    
                    1.55% Class B Unit Value (e) ..........        98              --    
                    1.60% Class B Unit Value (d) ..........       164             131    

Redeemed       --   1.15% Class B Unit Value ..............      (970)           (588)   
                    1.35% Class B Unit Value (b) ..........      (779)           (325)   
                    1.55% Class B Unit Value (e) ..........        (7)             --    
                    1.60% Class B Unit Value (d) ..........       (41)            (14)   

T. ROWE PRICE INTERNATIONAL STOCK                                                        
---------------------------------                                                        
Issued         --   1.15% Class B Unit Value ..............       557             353    
                    1.35% Class B Unit Value (b) ..........     5,076           2,580    
                    1.55% Class B Unit Value (e) ..........       475              --    
                    1.60% Class B Unit Value (d) ..........     3,695              37    

Redeemed       --   1.15% Class B Unit Value ..............      (565)           (525)   
                    1.35% Class B Unit Value (b) ..........    (4,599)         (1,797)   
                    1.55% Class B Unit Value (e) ..........       (13)             --    
                    1.60% Class B Unit Value (d) ..........    (3,364)             --    

----------                                                                      
(a) Units were made available for sale on January 1, 1998.                      
(b) Units were made available for sale on May 1, 1998.                          
(c) Units were made available for sale on January 4, 1999.                      
(d) Units were made available for sale on May 1, 1999.                          
(e) Units were made available for sale on March 1, 2000.                        
(f) Units were made available for sale on May 2, 2000.                          
(g) Units were made available for sale on September 5, 2000.                    
(h) A substitution of BT Equity 500 Index Portfolio for EQ Equity 500 Index     
occurred on October 6, 2000. Units were made available for sale on      
October 6, 2000 (See Note 1).                                           

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

5. Amounts retained by Equitable Life in Separate Account No. 45                

  The amount retained by Equitable Life in the Account arises principally from
   (1) contributions from Equitable Life, (2) mortality and expense charges, and
asset-based administration charges and distribution charges accumulated in
the account, and (3) that portion, determined ratably, of the Account's   
   investment results applicable to those assets in the Account in excess of the
net assets for the Contracts. Amounts retained by Equitable Life are not  
subject to charges for mortality and expense risks, asset-based           
administration charges and distribution charges.                          

 Amounts retained by Equitable Life in the Account may be transferred at any
time by Equitable Life to its General Account.                            

The following table shows the surplus contributions (withdrawals) by      
Equitable Life by investment fund:                                        

                                                        [Enlarge/Download Table]


                                                            YEARS ENDED DECEMBER 31,      
                                                       -----------------------------------
              VARIABLE INVESTMENT OPTION                     2,000              1999      
-----------------------------------------------------  ----------------   ----------------
                                                                                          
Alliance Common Stock ...............................     (14,371,778)       (10,269,116) 
Alliance Conservative Investors .....................      (1,428,686)          (799,865) 
Alliance Global .....................................      (2,095,522)        (1,151,112) 
Alliance Growth and Income ..........................      (4,781,761)        (3,266,276) 
Alliance Growth Investors ...........................      (3,539,887)        (2,151,627) 
Alliance High Yield .................................      (1,142,505)          (570,838) 
Alliance Intermediate Government Securities .........        (715,383)          (645,073) 
Alliance International ..............................        (483,999)          (263,054) 
Alliance Money Market ...............................      (1,877,447)        (1,775,382) 
Alliance Small Cap Growth ...........................      (1,052,593)          (498,270) 
Capital Guardian Research (2) .......................      (7,607,895)         6,638,708  
Capital Guardian U.S. Equity (2) ....................      (4,869,944)         4,636,882  
EQ/Aggressive Stock .................................      (1,893,143)        (1,749,207) 
EQ/Alliance Premier Growth (2) ......................      (6,479,250)         2,976,093  
EQ/Alliance Technology (3) ..........................         280,354                 --  
EQ/AXP New Dimensions (4) ...........................         498,137                 --  
EQ/AXP Strategy Aggressive (4) ......................      10,497,157                 --  
EQ Equity 500 Index .................................        (645,105)           (13,379) 
EQ/Evergreen (1) ....................................         (33,115)           (15,489) 
EQ/Evergreen Foundation (1) .........................         (41,456)           (10,435) 
EQ International Equity Index .......................        (211,445)          (125,436) 
EQ/Janus Large Cap Growth (4) .......................         486,479                 --  
EQ/Putnam Balanced ..................................        (658,977)          (580,297) 
EQ/Putnam Growth & Income Value .....................        (620,813)          (641,174) 
EQ Small Company Index ..............................        (190,091)          (106,040) 
FI Mid Cap (4) ......................................      10,494,563                 --  
FI Small/Mid Cap Value ..............................        (376,645)          (398,744) 
Mercury Basic Value Equity ..........................      (1,018,964)          (711,912) 
Mercury World Strategy ..............................        (106,273)           (77,158) 
MFS Emerging Growth Companies .......................      (4,100,158)        (1,688,051) 
MFS Growth with Income (1) ..........................        (186,813)           (35,065) 
MFS Research ........................................      (1,343,062)          (901,077) 
Morgan Stanley Emerging Markets Equity ..............        (367,069)          (115,941) 
T. Rowe Price Equity Income .........................        (812,685)          (791,160) 
T. Rowe Price International Stock ...................        (686,831)          (413,731) 

----------                                                                      
(1) Commenced operations on January 1, 1999.                                    
(2) Commenced operations on May 1, 1999.                                        
(3) Commenced operations on May 2, 2000.                                        
(4) Commenced operations on September 5, 2000.                                  

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values                                                     

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                  YEARS ENDED DECEMBER 31,                    
                                                              ----------------------------------------------------------------
                                                                  2000         1999         1998         1997         1996    
                                                              ------------ ------------ ------------ ------------ ------------
                                                                                                                              
ALLIANCE COMMON STOCK                                                                                                         
---------------------                                                                                                         
Class A 115bp Unit value, beginning of period ...............   $ 309.23     $ 249.88     $ 195.37    $  152.96     $ 124.52  
Class A 115bp Unit value, end of period .....................   $ 262.80     $ 309.23     $ 249.88    $  195.37     $ 152.96  
Class B 115bp Unit value, beginning of period (a) ...........   $ 306.70     $ 248.45     $ 194.74    $  153.35           --  
Class B 115bp Unit value, end of period (a) .................   $ 260.00     $ 306.70     $ 248.45    $  194.74           --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 292.20     $ 237.18     $ 211.50           --           --  
Class B 135bp Unit value, end of period (d) .................   $ 247.21     $ 292.20     $ 237.18           --           --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 271.05           --           --           --           --  
Class B 155bp Unit value, end of period (h) .................   $ 235.03           --           --           --           --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 275.01     $ 241.96           --           --           --  
Class B 160bp Unit value, end of period (f) .................   $ 232.08     $ 275.01           --           --           --  

Number of units outstanding, end of period (000's):                                                                           
 Class A 115bp ..............................................        893          993        1,079        1,114          494  
 Class B 115bp ..............................................        988        1,066        1,101          519           --  
 Class B 135bp ..............................................      1,775        1,434          550           --           --  
 Class B 155bp ..............................................        217           --           --           --           --  
 Class B 160bp ..............................................        310           66           --           --           --  

ALLIANCE CONSERVATIVE INVESTORS                                                                                               
-------------------------------                                                                                               
Class A 115bp Unit value, beginning of period ...............   $  23.61     $  21.68     $  19.26        17.21     $  16.55  
Class A 115bp Unit value, end of period .....................   $  24.16     $  23.61     $  21.68        19.26     $  17.21  
Class B 115bp Unit value, beginning of period (a) ...........   $  23.45     $  21.60     $  19.23        17.33           --  
Class B 115bp Unit value, end of period (a) .................   $  23.94     $  23.45     $  21.60        19.23           --  
Class B 135bp Unit value, beginning of period (d) ...........   $  22.97     $  21.20     $  20.06           --           --  
Class B 135bp Unit value, end of period (d) .................   $  23.40     $  22.97     $  21.20           --           --  
Class B 155bp Unit value, beginning of period (h) ...........   $  22.60           --           --           --           --  
Class B 155bp Unit value, end of period (h) .................   $  22.87           --           --           --           --  
Class B 160bp Unit value, beginning of period (f) ...........   $  22.38     $  21.41           --           --           --  
Class B 160bp Unit value, end of period (f) .................   $  22.74     $  22.38           --           --           --  

Number of units outstanding, end of period (000's):                                                                           
 Class A 115bp ..............................................        789          829          865          813          457  
 Class B 115bp ..............................................        868          883          860          295           --  
 Class B 135bp ..............................................      3,305        2,343          659           --           --  
 Class B 155bp ..............................................        603           --           --           --           --  
 Class B 160bp ..............................................        981          216           --           --           --  

ALLIANCE GLOBAL                                                                                                               
---------------                                                                                                               
Class A 115bp Unit value, beginning of period ...............   $  45.91     $  33.53     $  27.85    $   25.25     $  22.29  
Class A 115bp Unit value, end of period .....................   $  36.91     $  45.91     $  33.53    $   27.85     $  25.25  
Class B 115bp Unit value, beginning of period (a) ...........   $  45.54     $  33.34     $  27.76    $   24.87           --  
Class B 115bp Unit value, end of period (a) .................   $  36.52     $  45.54     $  33.34    $   27.76           --  
Class B 135bp Unit value, beginning of period (d) ...........   $  44.41     $  32.58     $  31.57           --           --  

----------                                                                                                                    
(a) Units were made available for sale on May 1, 1997.                                                                        
(b) Units were made available for sale on August 20, 1997.                                                                    
(c) Units were made available for sale on January 1, 1998.                                                                    
(d) Units were made available for sale on May 1, 1998.                                                                        
(e) Units were made available for sale on January 4, 1999.                                                                    
(f) Units were made available for sale on May 1, 1999.                                                                        
(h) Units were made available for sale on March 1, 2000.                                                                      
(i) Units were made available for sale on May 2, 2000.                                                                        
(j) Units were made available for sale on September 5, 2000.                                                                  
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                               
    occurred on October 6, 2000. Units were made available for sale on                                                        
    October 6, 2000 (See Note 1).                                                                                             


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                               YEARS ENDED DECEMBER 31,                  
                                                              -----------------------------------------------------------
                                                                  2000        1999        1998        1997        1996   
                                                              ----------- ----------- ----------- ----------- -----------
                                                                                                                         
ALLIANCE GLOBAL (CONCLUDED)                                                                                              
---------------------------                                                                                              
Class B 135bp Unit value, end of period (d) .................   $ 35.51     $ 44.41     $ 32.58          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 44.19          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 34.60          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 43.04     $ 34.60          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 34.37     $ 43.04          --          --          --  

Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................       809         898         971       1,074         609  
 Class B 115bp ..............................................       730         722         668         308          --  
 Class B 135bp ..............................................     1,835       1,361         354          --          --  
 Class B 155bp ..............................................       443          --          --          --          --  
 Class B 160bp ..............................................       602          97          --          --          --  

ALLIANCE GROWTH AND INCOME                                                                                               
--------------------------                                                                                               
Class A 115bp Unit value, beginning of period ...............   $ 24.99     $ 21.30     $ 17.83     $ 14.23     $ 11.99  
Class A 115bp Unit value, end of period .....................   $ 26.92     $ 24.99     $ 21.30     $ 17.83     $ 14.23  
Class B 115bp Unit value, beginning of period (a) ...........   $ 24.82     $ 21.22     $ 17.80     $ 14.67          --  
Class B 115bp Unit value, end of period (a) .................   $ 26.67     $ 24.82     $ 21.22     $ 17.80          --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 24.51     $ 20.99     $ 19.99          --          --  
Class B 135bp Unit value, end of period (d) .................   $ 26.28     $ 24.51     $ 20.99          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 23.26          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 25.90          --          --          --          --  
Class B 160bp Unit value, beginning of period (e) ...........   $ 24.13     $ 22.87          --          --          --  
Class B 160bp Unit value, end of period (e) .................   $ 25.80     $ 24.13          --          --          --  

Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................     3,126       3,318       3,481       3,433       1,056  
 Class B 115bp ..............................................     3,709       3,857       3,845       1,829          --  
 Class B 135bp ..............................................     7,903       5,956       1,853          --          --  
 Class B 155bp ..............................................     1,223          --          --          --          --  
 Class B 160bp ..............................................     1,662         342          --          --          --  

ALLIANCE GROWTH INVESTORS                                                                                                
-------------------------                                                                                                
Class A 115bp Unit value, beginning of period ...............   $ 44.67     $ 35.70     $ 30.31     $ 26.26     $ 23.59  
Class A 115bp Unit value, end of period .....................   $ 41.19     $ 44.67     $ 35.70     $ 30.31     $ 26.26  
Class B 115bp Unit value, beginning of period (a) ...........   $ 44.31     $ 35.50     $ 30.22     $ 26.23          --  
Class B 115bp Unit value, end of period (a) .................   $ 40.76     $ 44.31     $ 35.50     $ 30.22          --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 43.40     $ 34.84     $ 32.93          --          --  
Class B 135bp Unit value, end of period (d) .................   $ 39.84     $ 43.40     $ 34.84          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 42.98          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 38.95          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 42.29     $ 36.95          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 38.72     $ 42.29          --          --          --  

----------                                                                                                               
(a) Units were made available for sale on May 1, 1997.                                                                   
(b) Units were made available for sale on August 20, 1997.                                                               
(c) Units were made available for sale on January 1, 1998.                                                               
(d) Units were made available for sale on May 1, 1998.                                                                   
(e) Units were made available for sale on January 4, 1999.                                                               
(f) Units were made available for sale on May 1, 1999.                                                                   
(h) Units were made available for sale on March 1, 2000.                                                                 
(i) Units were made available for sale on May 2, 2000.                                                                   
(j) Units were made available for sale on September 5, 2000.                                                             
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                          
    occurred on October 6, 2000. Units were made available for sale on                                                   
    October 6, 2000 (See Note 1).                                                                                        


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                               YEARS ENDED DECEMBER 31,                  
                                                              -----------------------------------------------------------
                                                                  2000        1999        1998        1997        1996   
                                                              ----------- ----------- ----------- ----------- -----------
                                                                                                                         
ALLIANCE GROWTH INVESTORS (CONCLUDED)                                                                                    
-------------------------------------                                                                                    
Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................     1,341       1,425       1,515       1,596         914  
 Class B 115bp ..............................................     1,383       1,427       1,359         581          --  
 Class B 135bp ..............................................     3,248       2,354         694          --          --  
 Class B 155bp ..............................................       625          --          --          --          --  
 Class B 160bp ..............................................       792         149          --          --          --  

ALLIANCE HIGH YIELD                                                                                                      
-------------------                                                                                                      
Class A 115bp Unit value, beginning of period (a) ...........   $ 27.52     $ 28.81     $ 30.73     $ 26.95          --  
Class A 115bp Unit value, end of period(a) ..................   $ 24.85     $ 27.52     $ 28.81     $ 30.73          --  
Class B 115bp Unit value, beginning of period (a) ...........   $ 27.30     $ 28.65     $ 30.63     $ 26.91          --  
Class B 115bp Unit value, end of period (a) .................   $ 24.59     $ 27.30     $ 28.65     $ 30.63          --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 26.59     $ 27.96     $ 31.54          --          --  
Class B 135bp Unit value, end of period (d) .................   $ 23.90     $ 26.59     $ 27.96          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 26.21          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 23.23          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 25.73     $ 27.08          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 23.07     $ 25.73          --          --          --  

Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................        71          99         173          98          --  
 Class B 115bp ..............................................       796       1,064       1,451         505          --  
 Class B 135bp ..............................................     1,616       1,539         801          --          --  
 Class B 155bp ..............................................       145          --          --          --          --  
 Class B 160bp ..............................................       219          35          --          --          --  

ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES                                                                              
-------------------------------------------                                                                              
Class A 115bp Unit value, beginning of period ...............   $ 15.40     $ 15.55     $ 14.60     $ 13.77     $ 13.42  
Class A 115bp Unit value, end of period .....................   $ 16.62     $ 15.40     $ 15.55     $ 14.60     $ 13.77  
Class B 115bp Unit value, beginning of period (b) ...........   $ 15.30     $ 15.49     $ 14.58     $ 13.88          --  
Class B 115bp Unit value, end of period (b) .................   $ 16.46     $ 15.30     $ 15.49     $ 14.58          --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 15.03     $ 15.25     $ 14.59          --          --  
Class B 135bp Unit value, end of period (d) .................   $ 16.14     $ 15.03     $ 15.25          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 14.78          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 15.83          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 14.70     $ 14.85          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 15.75     $ 14.70          --          --          --  

Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................       360         451         524         413         252  
 Class B 115bp ..............................................       735         871       1,079         345          --  
 Class B 135bp ..............................................     2,333       2,057         929          --          --  
 Class B 155bp ..............................................       269          --          --          --          --  

----------                                                                                                               
(a) Units were made available for sale on May 1, 1997.                                                                   
(b) Units were made available for sale on August 20, 1997.                                                               
(c) Units were made available for sale on January 1, 1998.                                                               
(d) Units were made available for sale on May 1, 1998.                                                                   
(e) Units were made available for sale on January 4, 1999.                                                               
(f) Units were made available for sale on May 1, 1999.                                                                   
(h) Units were made available for sale on March 1, 2000.                                                                 
(i) Units were made available for sale on May 2, 2000.                                                                   
(j) Units were made available for sale on September 5, 2000.                                                             
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                          
    occurred on October 6, 2000. Units were made available for sale on                                                   
    October 6, 2000 (See Note 1).                                                                                        


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                               YEARS ENDED DECEMBER 31,                  
                                                              -----------------------------------------------------------
                                                                  2000        1999        1998        1997        1996   
                                                              ----------- ----------- ----------- ----------- -----------
                                                                                                                         
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES (CONCLUDED)                                                                  
-------------------------------------------------------                                                                  
 Class B 160bp ..............................................       486          59          --          --          --  

ALLIANCE INTERNATIONAL                                                                                                   
----------------------                                                                                                   
Class A 115bp Unit value, beginning of period ...............   $ 17.08     $ 12.54     $ 11.48     $ 11.98     $ 11.03  
Class A 115bp Unit value, end of period .....................   $ 13.00     $ 17.08     $ 12.54     $ 11.48     $ 11.98  
Class B 115bp Unit value, beginning of period (a) ...........   $ 16.97     $ 12.49     $ 11.46     $ 11.86          --  
Class B 115bp Unit value, end of period (a) .................   $ 12.89     $ 16.97     $ 12.49     $ 11.46          --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 16.81     $ 12.40     $ 13.41          --          --  
Class B 135bp Unit value, end of period (d) .................   $ 12.74     $ 16.81     $ 12.40          --              
Class B 155bp Unit value, beginning of period (h) ...........   $ 17.70          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 12.60          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 16.61     $ 12.86          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 12.56     $ 16.61          --          --          --  

Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................       941         855       1,001       1,151         717  
 Class B 115bp ..............................................       438         414         438         285          --  
 Class B 135bp ..............................................       839         591         166          --          --  
 Class B 155bp ..............................................       389          --          --          --          --  
 Class B 160bp ..............................................       302          38          --          --          --  

ALLIANCE MONEY MARKET                                                                                                    
---------------------                                                                                                    
Class A 115bp Unit value, beginning of period ...............   $ 27.94     $ 26.92     $ 25.85     $ 24.81     $ 23.83  
Class A 115bp Unit value, end of period .....................   $ 29.34     $ 27.94     $ 26.92     $ 25.85     $ 24.81  
Class B 115bp Unit value, beginning of period (a) ...........   $ 27.80     $ 26.85     $ 25.85     $ 25.17          --  
Class B 115bp Unit value, end of period (a) .................   $ 29.13     $ 27.80     $ 26.85     $ 25.85          --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 26.78     $ 25.92     $ 25.31          --          --  
Class B 135bp Unit value, end of period (d) .................   $ 28.00     $ 26.78     $ 25.92          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 25.95          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 26.91          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 25.55     $ 25.03          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 26.65     $ 25.55          --          --          --  
Class B 0bp Unit value, beginning of period (a) .............   $ 34.41     $ 32.86     $ 31.27     $ 30.25          --  
Class B 0bp Unit value, end of period (a) ...................   $ 36.47     $ 34.41     $ 32.86     $ 31.27          --  

Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................       817       1,201         839         928       1,302  
 Class B 115bp ..............................................       851       1,548       1,193         794          --  
 Class B 135bp ..............................................     1,860       2,900       1,566          --          --  
 Class B 155bp ..............................................       571          --          --          --          --  
 Class B 160bp ..............................................     1,882         549          --          --          --  
 Class B 0bp ................................................       123         346       2,031       1,178          --  

----------                                                                                                               
(a) Units were made available for sale on May 1, 1997.                                                                   
(b) Units were made available for sale on August 20, 1997.                                                               
(c) Units were made available for sale on January 1, 1998.                                                               
(d) Units were made available for sale on May 1, 1998.                                                                   
(e) Units were made available for sale on January 4, 1999.                                                               
(f) Units were made available for sale on May 1, 1999.                                                                   
(h) Units were made available for sale on March 1, 2000.                                                                 
(i) Units were made available for sale on May 2, 2000.                                                                   
(j) Units were made available for sale on September 5, 2000.                                                             
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                          
    occurred on October 6, 2000. Units were made available for sale on                                                   
    October 6, 2000 (See Note 1).                                                                                        


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                  YEARS ENDED DECEMBER 31,                   
                                                                -------------------------------------------------------------
                                                                    2000          1999          1998          1997       1996
                                                                -----------   -----------   -----------   -----------   -----
                                                                                                                             
ALLIANCE SMALL CAP GROWTH                                                                                                    
-------------------------                                                                                                    
Class A 115bp Unit value, beginning of period (a) ...........     $ 15.04       $ 11.90       $ 12.57       $ 10.00      --  
Class A 115bp Unit value, end of period (a) .................     $ 16.95       $ 15.04       $ 11.90       $ 12.57      --  
Class B 115bp Unit value, beginning of period (a) ...........     $ 14.96       $ 11.86       $ 12.55       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 16.81       $ 14.96       $ 11.86       $ 12.55      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 14.88       $ 11.82       $ 14.29            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 16.68       $ 14.88       $ 11.82            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 18.99            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 16.56            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 14.78       $ 10.66            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 16.53       $ 14.78            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class A 115bp ..............................................         487           192           314           208      --  
 Class B 115bp ..............................................       1,985         1,762         2,306         1,084      --  
 Class B 135bp ..............................................       2,156         1,264           775            --      --  
 Class B 155bp ..............................................         825            --            --            --      --  
 Class B 160bp ..............................................         718            30            --            --      --  

CAPITAL GUARDIAN RESEARCH                                                                                                    
-------------------------                                                                                                    
Class B 115bp Unit value, beginning of period (f) ...........     $ 10.63       $ 10.00            --            --      --  
Class B 115bp Unit value, end of period (f) .................     $ 11.13       $ 10.63            --            --      --  
Class B 135bp Unit value, beginning of period (f) ...........     $ 10.61       $ 10.00            --            --      --  
Class B 135bp Unit value, end of period (f) .................     $ 11.09       $ 10.61            --            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 10.40            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 11.05            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 10.60       $ 10.00            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 11.04       $ 10.60            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................          57            20            --            --      --  
 Class B 135bp ..............................................         174            72            --            --      --  
 Class B 155bp ..............................................         110            --            --            --      --  
 Class B 160bp ..............................................         112            13            --            --      --  

----------                                                                                                                   
(a) Units were made available for sale on May 1, 1997.                                                                       
(b) Units were made available for sale on August 20, 1997.                                                                   
(c) Units were made available for sale on January 1, 1998.                                                                   
(d) Units were made available for sale on May 1, 1998.                                                                       
(e) Units were made available for sale on January 4, 1999.                                                                   
(f) Units were made available for sale on May 1, 1999.                                                                       
(h) Units were made available for sale on March 1, 2000.                                                                     
(i) Units were made available for sale on May 2, 2000.                                                                       
(j) Units were made available for sale on September 5, 2000.                                                                 
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                              
    occurred on October 6, 2000. Units were made available for sale on                                                       
    October 6, 2000 (See Note 1).                                                                                            


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                               YEARS ENDED DECEMBER 31,                  
                                                              -----------------------------------------------------------
                                                                  2000        1999        1998        1997        1996   
                                                              ----------- ----------- ----------- ----------- -----------
                                                                                                                         
CAPITAL GUARDIAN U.S. EQUITY                                                                                             
----------------------------                                                                                             
Class B 115bp Unit value, beginning of period (f) ...........   $ 10.29     $ 10.00          --          --          --  
Class B 115bp Unit value, end of period (f) .................   $ 10.54     $ 10.29          --          --          --  
Class B 135bp Unit value, beginning of period (f) ...........   $ 10.28     $ 10.00          --          --          --  
Class B 135bp Unit value, end of period (f) .................   $ 10.50     $ 10.28          --          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $  9.70          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 10.47          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 10.26     $ 10.00          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 10.46     $ 10.26          --          --          --  

Number of units outstanding, end of period (000's):                                                                      
 Class B 115bp ..............................................        39           8          --          --          --  
 Class B 135bp ..............................................       298         126          --          --          --  
 Class B 155bp ..............................................       110          --          --          --          --  
 Class B 160bp ..............................................       155          31          --          --          --  

EQ/AGGRESSIVE STOCK                                                                                                      
-------------------                                                                                                      
Class A 115bp Unit value, beginning of period ...............   $ 84.11     $ 71.60     $ 72.23     $ 65.94     $ 54.59  
Class A 115bp Unit value, end of period .....................   $ 72.23     $ 84.11     $ 71.60     $ 72.23     $ 65.94  
Class B 115bp Unit value, beginning of period (a) ...........   $ 83.44     $ 71.21     $ 72.00     $ 62.84          --  
Class B 115bp Unit value, end of period (a) .................   $ 71.48     $ 83.44     $ 71.21     $ 72.00          --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 81.12     $ 69.37     $ 79.87          --          --  
Class B 135bp Unit value, end of period (d) .................   $ 69.35     $ 81.12     $ 69.37          --          --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 75.75          --          --          --          --  
Class B 155bp Unit value, end of period (h) .................   $ 67.28          --          --          --          --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 78.30     $ 73.89          --          --          --  
Class B 160bp Unit value, end of period (f) .................   $ 66.77     $ 78.30          --          --          --  

Number of units outstanding, end of period (000's):                                                                      
 Class A 115bp ..............................................       705         854       1,101       1,261         620  
 Class B 115bp ..............................................       478         561         680         369          --  
 Class B 135bp ..............................................       595         553         293          --          --  
 Class B 155bp ..............................................        36          --          --          --          --  
 Class B 160bp ..............................................        65          16          --          --          --  

----------                                                                                                               
(a) Units were made available for sale on May 1, 1997.                                                                   
(b) Units were made available for sale on August 20, 1997.                                                               
(c) Units were made available for sale on January 1, 1998.                                                               
(d) Units were made available for sale on May 1, 1998.                                                                   
(e) Units were made available for sale on January 4, 1999.                                                               
(f) Units were made available for sale on May 1, 1999.                                                                   
(h) Units were made available for sale on March 1, 2000.                                                                 
(i) Units were made available for sale on May 2, 2000.                                                                   
(j) Units were made available for sale on September 5, 2000.                                                             
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                          
    occurred on October 6, 2000. Units were made available for sale on                                                   
    October 6, 2000 (See Note 1).                                                                                        


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                             YEARS ENDED DECEMBER 31,              
                                                                ---------------------------------------------------
                                                                    2000          1999       1998     1997     1996
                                                                -----------   -----------   ------   ------   -----
                                                                                                                   
EQ/ALLIANCE PREMIER GROWTH                                                                                         
--------------------------                                                                                         
Class B 115bp Unit value, beginning of period (f) ...........    $  11.81       $ 10.00     --       --       --   
Class B 115bp Unit value, end of period (f) .................    $   9.53       $ 11.81     --       --       --   
Class B 135bp Unit value, beginning of period (f) ...........    $  11.79       $ 10.00     --       --       --   
Class B 135bp Unit value, end of period (f) .................    $   9.49       $ 11.79     --       --       --   
Class B 155bp Unit value, beginning of period (h) ...........    $  11.15            --     --       --       --   
Class B 155bp Unit value, end of period (h) .................    $   9.46            --     --       --       --   
Class B 160bp Unit value, beginning of period (f) ...........    $  11.77       $ 10.00     --       --       --   
Class B 160bp Unit value, end of period (f) .................    $   9.45       $ 11.77     --       --       --   

Number of units outstanding, end of period (000's):                                                                
 Class B 115bp ..............................................       3,046         1,792     --       --       --   
 Class B 135bp ..............................................      12,132         6,304     --       --       --   
 Class B 155bp ..............................................       3,355            --     --       --       --   
 Class B 160bp ..............................................       4,909         1,112     --       --       --   

EQ/ALLIANCE TECHNOLOGY                                                                                             
----------------------                                                                                             
Class B 115bp Unit value, beginning of period (i) ...........    $  10.00            --     --       --       --   
Class B 115bp Unit value, end of period (i) .................    $   6.62            --     --       --       --   
Class B 135bp Unit value, beginning of period (i) ...........    $  10.00            --     --       --       --   
Class B 135bp Unit value, end of period (i) .................    $   6.61            --     --       --       --   
Class B 155bp Unit value, beginning of period (i) ...........    $  10.00            --     --       --       --   
Class B 155bp Unit value, end of period (i) .................    $   6.61            --     --       --       --   
Class B 160bp Unit value, beginning of period (i) ...........    $  10.00            --     --       --       --   
Class B 160bp Unit value, end of period (i) .................    $   6.60            --     --       --       --   

Number of units outstanding, end of period (000's):                                                                
 Class B 115bp ..............................................       1,192            --     --       --       --   
 Class B 135bp ..............................................       1,852            --     --       --       --   
 Class B 155bp ..............................................       1,600            --     --       --       --   
 Class B 160bp ..............................................       1,672            --     --       --       --   

EQ/AXP NEW DIMENSIONS                                                                                              
---------------------                                                                                              
Class B 115bp Unit value, beginning of period (j) ...........    $  10.00            --     --       --       --   
Class B 115bp Unit value, end of period (j) .................    $   8.29            --     --       --       --   
Class B 135bp Unit value, beginning of period (j) ...........    $  10.00            --     --       --       --   
Class B 135bp Unit value, end of period (j) .................    $   8.29            --     --       --       --   
Class B 155bp Unit value, beginning of period (j) ...........    $  10.00            --     --       --       --   
Class B 155bp Unit value, end of period (j) .................    $   8.28            --     --       --       --   
Class B 160bp Unit value, beginning of period (j) ...........    $  10.00            --     --       --       --   
Class B 160bp Unit value, end of period (j) .................    $   8.28            --     --       --       --   

Number of units outstanding, end of period (000's):                                                                
 Class B 115bp ..............................................          12            --     --       --       --   
 Class B 135bp ..............................................          41            --     --       --       --   
 Class B 155bp ..............................................          49            --     --       --       --   
 Class B 160bp ..............................................          29            --     --       --       --   

----------                                                                                                         
(a) Units were made available for sale on May 1, 1997.                                                             
(b) Units were made available for sale on August 20, 1997.                                                         
(c) Units were made available for sale on January 1, 1998.                                                         
(d) Units were made available for sale on May 1, 1998.                                                             
(e) Units were made available for sale on January 4, 1999.                                                         
(f) Units were made available for sale on May 1, 1999.                                                             
(h) Units were made available for sale on March 1, 2000.                                                           
(i) Units were made available for sale on May 2, 2000.                                                             
(j) Units were made available for sale on September 5, 2000.                                                       
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                    
    occurred on October 6, 2000. Units were made available for sale on                                             
    October 6, 2000 (See Note 1).                                                                                  


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                  YEARS ENDED DECEMBER 31,                   
                                                                -------------------------------------------------------------
                                                                    2000          1999          1998          1997       1996
                                                                -----------   -----------   -----------   -----------   -----
                                                                                                                             
EQ/AXP STRATEGY AGGRESSIVE                                                                                                   
--------------------------                                                                                                   
Class B 115bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 115bp Unit value, end of period (j) .................     $  6.22            --            --            --      --  
Class B 135bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 135bp Unit value, end of period (j) .................     $  6.21            --            --            --      --  
Class B 155bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 155bp Unit value, end of period (j) .................     $  6.21            --            --            --      --  
Class B 160bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 160bp Unit value, end of period (j) .................     $  6.21            --            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................          26            --            --            --      --  
 Class B 135bp ..............................................         100            --            --            --      --  
 Class B 155bp ..............................................          52            --            --            --      --  
 Class B 160bp ..............................................          66            --            --            --      --  

EQ EQUITY 500 INDEX (K)                                                                                                      
-----------------------                                                                                                      
Class A 115bp Unit value, beginning of period (a) ...........     $ 32.26       $ 27.11       $ 21.41       $ 17.62      --  
Class A 115bp Unit value, end of period (a) .................     $ 28.83       $ 32.26       $ 27.11       $ 21.41      --  
Class B 115bp Unit value, beginning of period (a) ...........     $ 32.04       $ 26.99       $ 21.38       $ 17.62      --  
Class B 115bp Unit value, end of period (a) .................     $ 28.57       $ 32.04       $ 26.99       $ 21.38      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 31.67       $ 26.73       $ 24.44            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 28.18       $ 31.67       $ 26.73            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 29.30            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 27.79            --            --            --      --  
Class B 160bp Unit value, beginning of period (k) ...........     $ 29.58            --            --            --      --  
Class B 160bp Unit value, end of period (k) .................     $ 27.69            --            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class A 115bp ..............................................          --            --            --            --      --  
 Class B 115bp ..............................................       1,206            11            14             5      --  
 Class B 135bp ..............................................       4,923            16             2            --      --  
 Class B 155bp ..............................................         421            --            --            --      --  
 Class B 160bp ..............................................         734            --            --            --      --  

----------                                                                                                                   
(a) Units were made available for sale on May 1, 1997.                                                                       
(b) Units were made available for sale on August 20, 1997.                                                                   
(c) Units were made available for sale on January 1, 1998.                                                                   
(d) Units were made available for sale on May 1, 1998.                                                                       
(e) Units were made available for sale on January 4, 1999.                                                                   
(f) Units were made available for sale on May 1, 1999.                                                                       
(h) Units were made available for sale on March 1, 2000.                                                                     
(i) Units were made available for sale on May 2, 2000.                                                                       
(j) Units were made available for sale on September 5, 2000.                                                                 
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                              
    occurred on October 6, 2000. Units were made available for sale on                                                       
    October 6, 2000 (See Note 1).                                                                                            


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                YEARS ENDED DECEMBER 31,                
                                                                --------------------------------------------------------
                                                                    2000          1999          1998       1997     1996
                                                                -----------   -----------   -----------   ------   -----
                                                                                                                        
EQ/EVERGREEN                                                                                                            
------------                                                                                                            
Class B 115bp Unit value, beginning of period (e) ...........     $ 10.84       $ 10.00            --     --       --   
Class B 115bp Unit value, end of period (e) .................     $  9.47       $ 10.84            --     --       --   
Class B 135bp Unit value, beginning of period (e) ...........     $ 10.82       $ 10.00            --     --       --   
Class B 135bp Unit value, end of period (e) .................     $  9.43       $ 10.82            --     --       --   
Class B 155bp Unit value, beginning of period (h) ...........     $ 10.37            --            --     --       --   
Class B 155bp Unit value, end of period (h) .................     $  9.39            --            --     --       --   
Class B 160bp Unit value, beginning of period (f) ...........     $ 10.80       $ 10.00            --     --       --   
Class B 160bp Unit value, end of period (f) .................     $  9.38       $ 10.80            --     --       --   

Number of units outstanding, end of period (000's):                                                                     
 Class B 115bp ..............................................          59            44            --     --       --   
 Class B 135bp ..............................................         164           139            --     --       --   
 Class B 155bp ..............................................          39            --            --     --       --   
 Class B 160bp ..............................................          17             8            --     --       --   

EQ/EVERGREEN FOUNDATION                                                                                                 
-----------------------                                                                                                 
Class B 115bp Unit value, beginning of period (e) ...........     $ 10.61       $ 10.00            --     --       --   
Class B 115bp Unit value, end of period (e) .................     $  9.99       $ 10.61            --     --       --   
Class B 135bp Unit value, beginning of period (e) ...........     $ 10.59       $ 10.00            --     --       --   
Class B 135bp Unit value, end of period (e) .................     $  9.95       $ 10.59            --     --       --   
Class B 155bp Unit value, beginning of period (h) ...........     $ 10.23            --            --     --       --   
Class B 155bp Unit value, end of period (h) .................     $  9.91            --            --     --       --   
Class B 160bp Unit value, beginning of period (f) ...........     $ 10.56       $ 10.00            --     --       --   
Class B 160bp Unit value, end of period (f) .................     $  9.90       $ 10.56            --     --       --   

Number of units outstanding, end of period (000's):                                                                     
 Class B 115bp ..............................................          39            16            --     --       --   
 Class B 135bp ..............................................         279           149            --     --       --   
 Class B 155bp ..............................................         122            --            --     --       --   
 Class B 160bp ..............................................         166            44            --     --       --   

EQ INTERNATIONAL EQUITY INDEX                                                                                           
-----------------------------                                                                                           
Class B 115bp Unit value, beginning of period (c) ...........     $ 14.96       $ 11.87       $ 10.00     --       --   
Class B 115bp Unit value, end of period (c) .................     $ 12.18       $ 14.96       $ 11.87     --       --   
Class B 135bp Unit value, beginning of period (d) ...........     $ 14.90       $ 11.85       $ 11.50     --       --   
Class B 135bp Unit value, end of period (d) .................     $ 12.11       $ 14.90       $ 11.85     --       --   
Class B 155bp Unit value, beginning of period (h) ...........     $ 14.45            --            --     --       --   
Class B 155bp Unit value, end of period (h) .................     $ 12.04            --            --     --       --   
Class B 160bp Unit value, beginning of period (f) ...........     $ 14.82       $ 12.39            --     --       --   
Class B 160bp Unit value, end of period (f) .................     $ 12.02       $ 14.82            --     --       --   

Number of units outstanding, end of period (000's):                                                                     
 Class B 115bp ..............................................         223           222           209     --       --   
 Class B 135bp ..............................................       1,017           804           242     --       --   
 Class B 155bp ..............................................         111            --            --     --       --   
 Class B 160bp ..............................................         147            33            --     --       --   

----------                                                                                                              
(a) Units were made available for sale on May 1, 1997.                                                                  
(b) Units were made available for sale on August 20, 1997.                                                              
(c) Units were made available for sale on January 1, 1998.                                                              
(d) Units were made available for sale on May 1, 1998.                                                                  
(e) Units were made available for sale on January 4, 1999.                                                              
(f) Units were made available for sale on May 1, 1999.                                                                  
(h) Units were made available for sale on March 1, 2000.                                                                
(i) Units were made available for sale on May 2, 2000.                                                                  
(j) Units were made available for sale on September 5, 2000.                                                            
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                         
    occurred on October 6, 2000. Units were made available for sale on                                                  
    October 6, 2000 (See Note 1).                                                                                       


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                  YEARS ENDED DECEMBER 31,                   
                                                                -------------------------------------------------------------
                                                                    2000          1999          1998          1997       1996
                                                                -----------   -----------   -----------   -----------   -----
                                                                                                                             
EQ/JANUS LARGE CAP GROWTH                                                                                                    
-------------------------                                                                                                    
Class B 115bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 115bp Unit value, end of period (j) .................     $  8.40            --            --            --      --  
Class B 135bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 135bp Unit value, end of period (j) .................     $  8.39            --            --            --      --  
Class B 155bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 155bp Unit value, end of period (j) .................     $  8.39            --            --            --      --  
Class B 160bp Unit value, beginning of period (j) ...........     $ 10.00            --            --            --      --  
Class B 160bp Unit value, end of period (j) .................     $  8.39            --            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................          78            --            --            --      --  
 Class B 135bp ..............................................         258            --            --            --      --  
 Class B 155bp ..............................................         182            --            --            --      --  
 Class B 160bp ..............................................         295            --            --            --      --  

EQ/PUTNAM BALANCED                                                                                                           
------------------                                                                                                           
Class B 115bp Unit value, beginning of period (a) ...........     $ 12.42       $ 12.56       $ 11.36       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 13.37       $ 12.42       $ 12.56       $ 11.36      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 12.35       $ 12.51       $ 12.29            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 13.28       $ 12.35       $ 12.51            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 11.43            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 13.18            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 12.27       $ 13.48            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 13.15       $ 12.27            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................       1,009         1,426         1,625           531      --  
 Class B 135bp ..............................................       2,716         2,777         1,136            --      --  
 Class B 155bp ..............................................         188            --            --            --      --  
 Class B 160bp ..............................................         104            19            --            --      --  

EQ/PUTNAM GROWTH & INCOME VALUE                                                                                              
-------------------------------                                                                                              
Class B 115bp Unit value, beginning of period (a) ...........     $ 12.54       $ 12.86       $ 11.53       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 13.24       $ 12.54       $ 12.86       $ 11.53      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 12.47       $ 12.82       $ 12.86            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 13.14       $ 12.47       $ 12.82            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 11.11            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 13.04            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 12.39       $ 14.25            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 13.02       $ 12.39            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................       1,692         2,198         2,347         1,230      --  
 Class B 135bp ..............................................       2,045         2,057           867            --      --  
 Class B 155bp ..............................................          80            --            --            --      --  
 Class B 160bp ..............................................         124            12            --            --      --  

----------                                                                                                                   
(a) Units were made available for sale on May 1, 1997.                                                                       
(b) Units were made available for sale on August 20, 1997.                                                                   
(c) Units were made available for sale on January 1, 1998.                                                                   
(d) Units were made available for sale on May 1, 1998.                                                                       
(e) Units were made available for sale on January 4, 1999.                                                                   
(f) Units were made available for sale on May 1, 1999.                                                                       
(h) Units were made available for sale on March 1, 2000.                                                                     
(i) Units were made available for sale on May 2, 2000.                                                                       
(j) Units were made available for sale on September 5, 2000.                                                                 
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                              
    occurred on October 6, 2000. Units were made available for sale on                                                       
    October 6, 2000 (See Note 1).                                                                                            


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                  YEARS ENDED DECEMBER 31,                  
                                                                ------------------------------------------------------------
                                                                    2000         1999          1998          1997       1996
                                                                -----------   ----------   -----------   -----------   -----
                                                                                                                            
EQ SMALL COMPANY INDEX                                                                                                      
----------------------                                                                                                      
Class B 115bp Unit value, beginning of period (c) ...........     $ 11.52      $  9.66       $ 10.00            --      --  
Class B 115bp Unit value, end of period (c) .................     $ 11.01      $ 11.52       $  9.66            --      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 11.48      $  9.64       $ 10.97            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 10.94      $ 11.48       $  9.64            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 13.18           --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 10.87           --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 11.42      $  9.82            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 10.86      $ 11.42            --            --      --  

Number of units outstanding, end of period (000's):                                                                         
 Class B 115bp ..............................................         303          334           244            --      --  
 Class B 135bp ..............................................         989          756           284            --      --  
 Class B 155bp ..............................................         106           --            --            --      --  
 Class B 160bp ..............................................         113           23            --            --      --  

FI MID CAP                                                                                                                  
----------                                                                                                                  
Class B 115bp Unit value, beginning of period (j) ...........     $ 10.00           --            --            --      --  
Class B 115bp Unit value, end of period (j) .................     $ 10.00           --            --            --      --  
Class B 135bp Unit value, beginning of period (j) ...........     $ 10.00           --            --            --      --  
Class B 135bp Unit value, end of period (j) .................     $ 10.00           --            --            --      --  
Class B 155bp Unit value, beginning of period (j) ...........     $ 10.00           --            --            --      --  
Class B 155bp Unit value, end of period (j) .................     $  9.99           --            --            --      --  
Class B 160bp Unit value, beginning of period (j) ...........     $ 10.00           --            --            --      --  
Class B 160bp Unit value, end of period (j) .................     $  9.99           --            --            --      --  

Number of units outstanding, end of period (000's):                                                                         
 Class B 115bp ..............................................          43           --            --            --      --  
 Class B 135bp ..............................................          82           --            --            --      --  
 Class B 155bp ..............................................          58           --            --            --      --  
 Class B 160bp ..............................................         126           --            --            --      --  

FI SMALL/MID CAP VALUE                                                                                                      
----------------------                                                                                                      
Class B 115bp Unit value, beginning of period (a) ...........     $ 10.58      $ 10.52       $ 11.82       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 11.00      $ 10.58       $ 10.52       $ 11.82      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 10.53      $ 10.48       $ 12.72            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 10.92      $ 10.53       $ 10.48            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $  9.55           --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 10.84           --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 10.45      $ 10.02            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 10.82      $ 10.45            --            --      --  

Number of units outstanding, end of period (000's):                                                                         
 Class B 115bp ..............................................       1,758        2,259         2,984         2,096      --  
 Class B 135bp ..............................................       1,080          972           560            --      --  
 Class B 155bp ..............................................          70           --            --            --      --  
 Class B 160bp ..............................................          87           18            --            --      --  

----------                                                                                                                  
(a) Units were made available for sale on May 1, 1997.                                                                      
(b) Units were made available for sale on August 20, 1997.                                                                  
(c) Units were made available for sale on January 1, 1998.                                                                  
(d) Units were made available for sale on May 1, 1998.                                                                      
(e) Units were made available for sale on January 4, 1999.                                                                  
(f) Units were made available for sale on May 1, 1999.                                                                      
(h) Units were made available for sale on March 1, 2000.                                                                    
(i) Units were made available for sale on May 2, 2000.                                                                      
(j) Units were made available for sale on September 5, 2000.                                                                
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                             
    occurred on October 6, 2000. Units were made available for sale on                                                      
    October 6, 2000 (See Note 1).                                                                                           


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                  YEARS ENDED DECEMBER 31,                   
                                                                -------------------------------------------------------------
                                                                    2000          1999          1998          1997       1996
                                                                -----------   -----------   -----------   -----------   -----
                                                                                                                             
MERCURY BASIC VALUE EQUITY                                                                                                   
--------------------------                                                                                                   
Class B 115bp Unit value, beginning of period (a) ...........     $ 15.06       $ 12.81       $ 11.61       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 16.64       $ 15.06       $ 12.81       $ 11.61      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 14.98       $ 12.76       $ 13.70            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 16.52       $ 14.98       $ 12.76            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 13.67            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 16.40            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 14.88       $ 15.27            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 16.37       $ 14.88            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................       1,946         2,162         2,127           849      --  
 Class B 135bp ..............................................       3,305         2,567         1,009            --      --  
 Class B 155bp ..............................................         275            --            --            --      --  
 Class B 160bp ..............................................         431           163            --            --      --  

MERCURY WORLD STRATEGY                                                                                                       
----------------------                                                                                                       
Class B 115bp Unit value, beginning of period (a) ...........     $ 13.16       $ 10.97       $ 10.39       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 11.52       $ 13.16       $ 10.97       $ 10.39      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 13.09       $ 10.94       $ 11.31            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 11.44       $ 13.09       $ 10.94            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 13.10            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 11.35            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 13.00       $ 11.32            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 11.33       $ 13.00            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................         321           340           402           232      --  
 Class B 135bp ..............................................         355           273           140            --      --  
 Class B 155bp ..............................................          98            --            --            --      --  
 Class B 160bp ..............................................          --            13            --            --      --  

MFS EMERGING GROWTH COMPANIES                                                                                                
-----------------------------                                                                                                
Class B 115bp Unit value, beginning of period (a) ...........     $ 27.74       $ 16.16       $ 12.15       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 22.25       $ 27.74       $ 16.16       $ 12.15      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 27.59       $ 16.10       $ 14.42            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 22.09       $ 27.59       $ 16.10            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 31.48            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 21.92            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 27.40       $ 16.99            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 21.88       $ 27.40            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................       3,748         3,430         2,619           982      --  
 Class B 135bp ..............................................       8,254         6,114         1,942            --      --  
 Class B 155bp ..............................................       1,301            --            --            --      --  
 Class B 160bp ..............................................       1,834           383            --            --      --  

----------                                                                                                                   
(a) Units were made available for sale on May 1, 1997.                                                                       
(b) Units were made available for sale on August 20, 1997.                                                                   
(c) Units were made available for sale on January 1, 1998.                                                                   
(d) Units were made available for sale on May 1, 1998.                                                                       
(e) Units were made available for sale on January 4, 1999.                                                                   
(f) Units were made available for sale on May 1, 1999.                                                                       
(h) Units were made available for sale on March 1, 2000.                                                                     
(i) Units were made available for sale on May 2, 2000.                                                                       
(j) Units were made available for sale on September 5, 2000.                                                                 
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                              
    occurred on October 6, 2000. Units were made available for sale on                                                       
    October 6, 2000 (See Note 1).                                                                                            


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Continued)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                  YEARS ENDED DECEMBER 31,                   
                                                                -------------------------------------------------------------
                                                                    2000          1999          1998          1997       1996
                                                                -----------   -----------   -----------   -----------   -----
                                                                                                                             
MFS GROWTH WITH INCOME                                                                                                       
----------------------                                                                                                       
Class B 115bp Unit value, beginning of period (e) ...........     $ 10.75       $ 10.00            --            --      --  
Class B 115bp Unit value, end of period (e) .................     $ 10.55       $ 10.75            --            --      --  
Class B 135bp Unit value, beginning of period (e) ...........     $ 10.72       $ 10.00            --            --      --  
Class B 135bp Unit value, end of period (e) .................     $ 10.51       $ 10.72            --            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 10.07            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 10.47            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 10.70       $ 10.00            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 10.45       $ 10.70            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................          75            73            --            --      --  
 Class B 135bp ..............................................       1,014           550            --            --      --  
 Class B 155bp ..............................................         298            --            --            --      --  
 Class B 160bp ..............................................         359           103            --            --      --  

MFS RESEARCH                                                                                                                 
------------                                                                                                                 
Class B 115bp Unit value, beginning of period (a) ...........     $ 17.19       $ 14.13       $ 11.52       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................     $ 16.10       $ 17.19       $ 14.13       $ 11.52      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 17.10       $ 14.08       $ 13.53            --      --  
Class B 135bp Unit value, end of period (d) .................     $ 15.98       $ 17.10       $ 14.08            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 17.38            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $ 15.87            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 16.99       $ 14.61            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $ 15.84       $ 16.99            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................       2,195         2,243         2,283         1,039      --  
 Class B 135bp ..............................................       3,917         3,160         1,479            --      --  
 Class B 155bp ..............................................         551            --            --            --      --  
 Class B 160bp ..............................................         712            71            --            --      --  

MORGAN STANLEY EMERGING MARKETS EQUITY                                                                                       
--------------------------------------                                                                                       
Class B 115bp Unit value, beginning of period (b) ...........     $ 11.09       $  5.73       $  7.95       $ 10.00      --  
Class B 115bp Unit value, end of period (b) .................     $  6.57       $ 11.09       $  5.73       $  7.95      --  
Class B 135bp Unit value, beginning of period (d) ...........     $ 11.04       $  5.72       $  8.23            --      --  
Class B 135bp Unit value, end of period (d) .................     $  6.53       $ 11.04       $  5.72            --      --  
Class B 155bp Unit value, beginning of period (h) ...........     $ 11.75            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................     $  6.49            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........     $ 10.97       $  7.11            --            --      --  
Class B 160bp Unit value, end of period (f) .................     $  6.47       $ 10.97            --            --      --  

Number of units outstanding, end of period (000's):                                                                          
 Class B 115bp ..............................................         908           795           567           282      --  
 Class B 135bp ..............................................       2,063         1,267           177            --      --  
 Class B 155bp ..............................................         541            --            --            --      --  
 Class B 160bp ..............................................         715           126            --            --      --  

----------                                                                                                                   
(a) Units were made available for sale on May 1, 1997.                                                                       
(b) Units were made available for sale on August 20, 1997.                                                                   
(c) Units were made available for sale on January 1, 1998.                                                                   
(d) Units were made available for sale on May 1, 1998.                                                                       
(e) Units were made available for sale on January 4, 1999.                                                                   
(f) Units were made available for sale on May 1, 1999.                                                                       
(h) Units were made available for sale on March 1, 2000.                                                                     
(i) Units were made available for sale on May 2, 2000.                                                                       
(j) Units were made available for sale on September 5, 2000.                                                                 
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index                                              
    occurred on October 6, 2000. Units were made available for sale on                                                       
    October 6, 2000 (See Note 1).                                                                                            


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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

DECEMBER 31, 2000                                                               

6. Accumulation Unit Values (Concluded)                                         

Shown below is accumulation unit value information for a unit outstanding 
throughout the period shown.                                              

                                                        [Enlarge/Download Table]


                                                                                YEARS ENDED DECEMBER 31,                   
                                                              -------------------------------------------------------------
                                                                  2000          1999          1998          1997       1996
                                                              -----------   -----------   -----------   -----------   -----
                                                                                                                           
T. ROWE PRICE EQUITY INCOME                                                                                                
---------------------------                                                                                                
Class B 115bp Unit value, beginning of period (a) ...........   $ 13.38       $ 13.07       $ 12.12       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................   $ 14.92       $ 13.38       $ 13.07       $ 12.12      --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 13.30       $ 13.02       $ 13.19            --      --  
Class B 135bp Unit value, end of period (d) .................   $ 14.81       $ 13.30       $ 13.02            --      --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 11.64            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................   $ 14.70            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 13.21       $ 14.49            --            --      --  
Class B 160bp Unit value, end of period (f) .................   $ 14.68       $ 13.21            --            --      --  

Number of units outstanding, end of period (000's):                                                                        
 Class B 115bp ..............................................     2,272         2,875         3,102         1,565      --  
 Class B 135bp ..............................................     2,092         2,091         1,059            --      --  
 Class B 155bp ..............................................        91            --            --            --      --  
 Class B 160bp ..............................................       239           117            --            --      --  

T. ROWE PRICE INTERNATIONAL STOCK                                                                                          
---------------------------------                                                                                          
Class B 115bp Unit value, beginning of period (a) ...........   $ 14.32       $ 10.98       $  9.77       $ 10.00      --  
Class B 115bp Unit value, end of period (a) .................   $ 11.51       $ 14.32       $ 10.98       $  9.77      --  
Class B 135bp Unit value, beginning of period (d) ...........   $ 14.24       $ 10.95       $ 11.13            --      --  
Class B 135bp Unit value, end of period (d) .................   $ 11.43       $ 14.24       $ 10.95            --      --  
Class B 155bp Unit value, beginning of period (h) ...........   $ 14.28            --            --            --      --  
Class B 155bp Unit value, end of period (h) .................   $ 11.34            --            --            --      --  
Class B 160bp Unit value, beginning of period (f) ...........   $ 14.15       $ 11.34            --            --      --  
Class B 160bp Unit value, end of period (f) .................   $ 11.32       $ 14.15            --            --      --  

Number of units outstanding, end of period (000's):                                                                        
 Class B 115bp ..............................................     1,815         1,823         1,995         1,291      --  
 Class B 135bp ..............................................     1,965         1,488           705            --      --  
 Class B 155bp ..............................................       462            --            --            --      --  
 Class B 160bp ..............................................       368            37            --            --      --  

----------                                                                      
(a) Units were made available for sale on May 1, 1997.                          
(b) Units were made available for sale on August 20, 1997.                      
(c) Units were made available for sale on January 1, 1998.                      
(d) Units were made available for sale on May 1, 1998.                          
(e) Units were made available for sale on January 4, 1999.                      
(f) Units were made available for sale on May 1, 1999.                          
(h) Units were made available for sale on March 1, 2000.                        
(i) Units were made available for sale on May 2, 2000.                          
(j) Units were made available for sale on September 5, 2000.                    
(k) A substitution of BT Equity 500 Index Portfolio for the EQ Equity 500 Index 
occurred on October 6, 2000. Units were made available for sale on      
October 6, 2000 (See Note 1).                                           

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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES                       
SEPARATE ACCOUNT NO. 45                                                         

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)                                       

DECEMBER 31, 2000                                                               

7. Accumulation Subsequent Events                                               

   On September 20, 2000 the Board of Trustees of EQAT approved the substitution
of the EQ/Balanced Portfolio for shares of the Alliance Conservative      
Investors Portfolio, EQ/Evergreen Foundation Portfolio, EQ/Putnam Balanced
Portfolio and Mercury World Strategy Portfolio ("substitution"). For      
   accounting purposes EQ/Balanced Portfolio will be the surviving Portfolio. It
is anticipated the substitution transaction will occur on or about May 18,
2001.                                                                     

Effective March 1, 2001 the Lazard Large Cap Portfolio changed its name to
the EQ/Bernstein Diversified Value Portfolio ("Bernstein"). On January 19,
   2001, the Board of Trustees of EQAT approved a proposed Agreement and Plan of
Reorganization ("Reorganization"). The Reorganization contemplates the    
 transfer of all assets of the T. Rowe Price Equity Income Portfolio ("Price
Portfolio") to the Bernstein Portfolio and the assumption by the Bernstein
 Portfolio of all the liabilities of the Price Portfolio in exchange for the
  liabilities of the Price Portfolio. The Reorganization provides the complete
liquidation of the Price Portfolio.                                       

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 REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and Shareholder of                                    
The Equitable Life Assurance Society of the United States                       

In our opinion, the accompanying consolidated balance sheets and the related    
consolidated statements of earnings, of shareholder's equity and comprehensive  
income and of cash flows present fairly, in all material respects, the financial
position of The Equitable Life Assurance Society of the United States and its   
subsidiaries ("Equitable Life") at December 31, 2000 and December 31, 1999, and 
the results of their operations and their cash flows for each of the three years
in the period ended December 31, 2000 in conformity with accounting principles  
generally accepted in the United States of America. These financial statements  
are the responsibility of Equitable Life's management; our responsibility is to 
express an opinion on these financial statements based on our audits. We        
conducted our audits of these statements in accordance with auditing standards  
generally accepted in the United States of America, which require that we plan  
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a 
test basis, evidence supporting the amounts and disclosures in the financial    
statements, assessing the accounting principles used and significant estimates  
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.          

/s/ PricewaterhouseCoopers LLP                                                  
New York, New York                                                              

February 5, 2001                                                                

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 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
 CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2000 AND 1999

                                                        [Enlarge/Download Table]

                                                                                   2000                 1999       
                                                                             -----------------    -----------------
                                                                                         (IN MILLIONS)             
                                                                                                                   

ASSETS                                                                                                             
Investments:                                                                                                       

  Fixed maturities:                                                                                                
    Available for sale, at estimated fair value.............................  $    16,251.4        $    18,599.7   
    Held to maturity, at amortized cost.....................................          204.6                133.2   
  Mortgage loans on real estate.............................................        3,130.8              3,270.0   
  Equity real estate........................................................          975.5              1,160.2   
  Policy loans..............................................................        2,476.9              2,257.3   
  Other equity investments..................................................        2,392.8                671.2   
  Investment in and loans to affiliates.....................................            -                1,201.8   
  Other invested assets.....................................................          762.5                911.6   
                                                                             -----------------    -----------------
      Total investments.....................................................       26,194.5             28,205.0   
Cash and cash equivalents...................................................        2,022.1                628.0   
Cash and securities segregated, at estimated fair value.....................        1,306.3                  -     
Broker-dealer related receivables...........................................        1,900.3                521.3   
Deferred policy acquisition costs...........................................        4,429.1              4,033.0   
Intangible assets, net......................................................        3,525.8                114.5   
Amounts due from reinsurers.................................................        1,989.2                881.5   
Other assets................................................................        3,594.3              2,351.0   
Closed Block assets.........................................................        8,659.0              8,607.3   
Separate Accounts assets....................................................       51,705.9             54,453.9   
                                                                             -----------------    -----------------

TOTAL ASSETS................................................................  $   105,326.5        $    99,795.5   
                                                                             =================    =================

LIABILITIES                                                                                                        

Policyholders' account balances.............................................  $    19,866.4        $    21,351.4   
Future policy benefits and other policyholders liabilities..................        4,920.4              4,777.6   
Broker-dealer related payables..............................................        1,283.0                319.3   
Customers related payables..................................................        1,636.9                  -     
Amounts due to reinsurers...................................................          730.3                682.5   
Short-term and long-term debt...............................................        1,630.1              1,407.9   
Federal income taxes payable................................................        1,988.2                496.0   
Other liabilities...........................................................        1,642.1              1,379.0   
Closed Block liabilities....................................................        9,050.2              9,025.0   
Separate Accounts liabilities...............................................       51,632.1             54,332.5   
Minority interest in equity of consolidated subsidiaries....................        1,820.4                256.8   
Minority interest subject to redemption rights..............................          681.1                  -     
                                                                             -----------------    -----------------
      Total liabilities.....................................................       96,881.2             94,028.0   
                                                                             -----------------    -----------------

Commitments and contingencies (Notes 11, 13, 14, 15 and 16)                                                        

SHAREHOLDER'S EQUITY                                                                                               

Common stock, $1.25 par value, 2.0 million shares authorized, issued                                               
  and outstanding...........................................................            2.5                  2.5   
Capital in excess of par value..............................................        4,723.8              3,557.2   
Retained earnings...........................................................        3,706.2              2,600.7   
Accumulated other comprehensive income (loss)...............................           12.8               (392.9)  
                                                                             -----------------    -----------------
      Total shareholder's equity............................................        8,445.3              5,767.5   
                                                                             -----------------    -----------------

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY..................................  $   105,326.5        $    99,795.5   
                                                                             =================    =================

 See Notes to Consolidated Financial Statements.

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 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
 CONSOLIDATED STATEMENTS OF EARNINGS
YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

                                                        [Enlarge/Download Table]

                                                                     2000               1999               1998       
                                                               -----------------  -----------------  -----------------
                                                                                   (IN MILLIONS)                      
                                                                                                                      
REVENUES                                                                                                              

Universal life and investment-type product policy fee                                                                 
  income......................................................  $    1,413.3       $     1,257.5      $     1,056.2   
Premiums......................................................         579.9               558.2              588.1   
Net investment income.........................................       2,173.2             2,240.9            2,228.1   
Gain on sale of equity investee...............................       1,962.0                 -                  -     
Investment (losses) gains, net................................        (756.0)              (96.9)             100.2   
Commissions, fees and other income............................       2,731.1             2,177.9            1,503.0   
Contribution from the Closed Block............................          92.7                86.4               87.1   
                                                               -----------------  -----------------  -----------------

      Total revenues..........................................       8,196.2             6,224.0            5,562.7   
                                                               -----------------  -----------------  -----------------

BENEFITS AND OTHER DEDUCTIONS                                                                                         

Interest credited to policyholders' account balances..........       1,034.3             1,078.2            1,153.0   
Policyholders' benefits.......................................       1,049.3             1,038.6            1,024.7   
Compensation and benefits.....................................       1,081.2             1,010.6              772.0   
Commissions...................................................         779.2               549.5              478.1   
Distribution plan payments....................................         476.0               346.6              266.4   
Amortization of deferred sales commissions....................         219.7               163.9              108.9   
Interest expense..............................................         116.3                93.0              110.7   
Amortization of deferred policy acquisition costs.............         294.5               314.5              292.7   
Capitalization of deferred policy acquisition costs...........        (778.1)             (709.9)            (609.1)  
Writedown of deferred policy acquisition costs................           -                 131.7                -     
Rent expense..................................................         146.4               113.9              100.0   
Expenses related to AXA's minority interest acquisition                                                               
   of the Holding Company.....................................         493.9                 -                  -     
Other operating costs and expenses............................         698.0               783.5              681.5   
                                                               -----------------  -----------------  -----------------

      Total benefits and other deductions.....................       5,610.7             4,914.1            4,378.9   
                                                               -----------------  -----------------  -----------------

Earnings from continuing operations before Federal                                                                    
  income taxes and minority interest..........................       2,585.5             1,309.9            1,183.8   
Federal income taxes..........................................        (958.3)             (332.0)            (353.1)  
Minority interest in net income of consolidated subsidiaries..        (330.3)             (199.4)            (125.2)  
                                                               -----------------  -----------------  -----------------
Earnings from continuing operations...........................       1,296.9               778.5              705.5   
Earnings from discontinued operations, net of Federal                                                                 
   income taxes...............................................          58.6                28.1                2.7   
                                                               -----------------  -----------------  -----------------

Net Earnings..................................................  $    1,355.5       $       806.6      $       708.2   
                                                               =================  =================  =================

 See Notes to Consolidated Financial Statements.

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 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

                                                        [Enlarge/Download Table]


                                                                     2000               1999               1998       
                                                               -----------------  -----------------  -----------------
                                                                                   (IN MILLIONS)                      

                                                                                                                      
Common stock, at par value, beginning and end of year.........  $        2.5       $         2.5      $         2.5   
                                                               -----------------  -----------------  -----------------

Capital in excess of par value, beginning of year.............       3,557.2             3,110.2            3,105.8   
Capital contributions.........................................       1,166.6               447.0                4.4   
                                                               -----------------  -----------------  -----------------
Capital in excess of par value, end of year...................       4,723.8             3,557.2            3,110.2   
                                                               -----------------  -----------------  -----------------

Retained earnings, beginning of year..........................       2,600.7             1,944.1            1,235.9   
Net earnings..................................................       1,355.5               806.6              708.2   
Dividends paid to AXA Financial...............................        (250.0)             (150.0)               -     
                                                               -----------------  -----------------  -----------------
Retained earnings, end of year................................       3,706.2             2,600.7            1,944.1   
                                                               -----------------  -----------------  -----------------

Accumulated other comprehensive (loss) income,                                                                        
  beginning of year...........................................        (392.9)              355.8              516.3   
Other comprehensive income (loss).............................         405.7              (748.7)            (160.5)  
                                                               -----------------  -----------------  -----------------
Accumulated other comprehensive income (loss), end of year....          12.8              (392.9)             355.8   
                                                               -----------------  -----------------  -----------------

Total Shareholder's Equity, End of Year.......................  $    8,445.3       $     5,767.5      $     5,412.6   
                                                               =================  =================  =================

COMPREHENSIVE INCOME                                                                                                  

Net earnings..................................................  $    1,355.5       $       806.6      $       708.2   
                                                               -----------------  -----------------  -----------------
Change in unrealized gains (losses), net of reclassification                                                          
   adjustments................................................         405.7              (776.9)            (149.5)  
Minimum pension liability adjustment..........................           -                  28.2              (11.0)  
                                                               -----------------  -----------------  -----------------
Other comprehensive income (loss).............................         405.7              (748.7)            (160.5)  
                                                               -----------------  -----------------  -----------------
Comprehensive Income..........................................  $    1,761.2       $        57.9      $       547.7   
                                                               =================  =================  =================


 See Notes to Consolidated Financial Statements.

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 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
 CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

                                                        [Enlarge/Download Table]


                                                                     2000               1999               1998       
                                                               -----------------  -----------------  -----------------
                                                                                   (IN MILLIONS)                      

                                                                                                                      
Net earnings..................................................  $    1,355.5       $       806.6      $       708.2   
Adjustments to reconcile net earnings to net cash                                                                     
  provided by operating activities:                                                                                   
  Interest credited to policyholders' account balances........       1,034.3             1,078.2            1,153.0   
  Universal life and investment-type product                                                                          
    policy fee income.........................................      (1,413.3)           (1,257.5)          (1,056.2)  
  Investment losses (gains)...................................         756.0                96.9             (100.2)  
  Net change in broker-dealer and customer related                                                                    
    receivables/payables......................................        (422.9)             (119.9)             (17.5)  
  Gain on sale of equity investee.............................      (1,962.0)                -                  -     
  Change in Federal income tax payable........................       2,078.4               157.4              123.1   
  Change in future policy benefits............................        (850.6)               22.8               66.8   
  Change in property and equipment............................        (321.0)             (256.3)             (81.8)  
  Change in deferred acquisition costs........................        (476.9)             (260.7)            (314.0)  
  Expenses related to AXA's acquisition                                                                               
    of the Holding Company's minority interest................         493.9                 -                  -     
  Purchase of segregated cash and securities, net.............        (610.4)                -                  -     
  Other, net..................................................        (560.8)              (71.7)              21.6   
                                                               -----------------  -----------------  -----------------

Net cash (used) provided by operating activities..............         (54.0)              195.8              503.0   
                                                               -----------------  -----------------  -----------------

Cash flows from investing activities:                                                                                 

  Maturities and repayments...................................       2,091.0             2,019.0            2,289.0   
  Sales.......................................................       7,810.2             7,572.9           16,972.1   
  Purchases...................................................      (8,895.1)          (10,737.3)         (18,578.5)  
  Decrease (increase) in short-term investments...............         142.6              (178.3)             102.4   
  Decrease in loans to discontinued operations................           -                   -                660.0   
  Sale of equity investee.....................................       1,580.6                 -                  -     
  Subsidiary acquisition .....................................      (1,480.0)                -                  -     
  Other, net..................................................        (164.5)             (134.8)            (341.8)  
                                                               -----------------  -----------------  -----------------

Net cash provided (used) by investing activities..............       1,084.8            (1,458.5)           1,103.2   
                                                               -----------------  -----------------  -----------------

Cash flows from financing activities:                                                                                 
  Policyholders' account balances:                                                                                    
    Deposits..................................................       2,659.9             2,366.2            1,508.1   
    Withdrawals and transfers to Separate Accounts............      (3,887.7)           (1,765.8)          (1,724.6)  
  Net increase (decrease) in short-term financings............         225.2               378.2             (243.5)  
  Repayments of long-term debt................................           -                 (41.3)             (24.5)  
  Payment of obligation to fund accumulated deficit of                                                                
    discontinued operations...................................           -                   -                (87.2)  
  Proceeds from newly issued Alliance Units...................       1,600.0                 -                  -     
  Dividends paid to AXA Financial.............................        (250.0)             (150.0)               -     
  Other, net..................................................          15.9              (142.1)             (89.5)  
                                                               -----------------  -----------------  -----------------

Net cash provided (used) by financing activities..............         363.3               645.2             (661.2)  
                                                               -----------------  -----------------  -----------------

Change in cash and cash equivalents...........................       1,394.1              (617.5)             945.0   
Cash and cash equivalents, beginning of year..................         628.0             1,245.5              300.5   
                                                               -----------------  -----------------  -----------------

Cash and Cash Equivalents, End of Year........................  $    2,022.1       $       628.0      $     1,245.5   
                                                               =================  =================  =================

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 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
 CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
 CONTINUED

                                                        [Enlarge/Download Table]

                                                                     2000               1999               1998       
                                                               -----------------  -----------------  -----------------
                                                                                   (IN MILLIONS)                      

                                                                                                                      
Supplemental cash flow information                                                                                    
  Interest Paid...............................................  $       97.0       $        92.2      $       130.7   
                                                               =================  =================  =================
  Income Taxes Paid...........................................  $      358.2       $       116.5      $       254.3   
                                                               =================  =================  =================


 See Notes to Consolidated Financial Statements.

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 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1)     ORGANIZATION                                                           

     The Equitable Life Assurance Society of the United States ("Equitable
     Life") is an indirect, wholly owned subsidiary of AXA Financial, Inc.
(the "Holding Company," and collectively with its consolidated  
      subsidiaries, "AXA Financial"). Equitable Life's insurance business is
 conducted principally by Equitable Life and its wholly owned life
     insurance subsidiary, Equitable of Colorado ("EOC"). Equitable Life's
       investment management business, which comprises the Investment Services
     segment, is principally conducted by Alliance Capital Management L.P.
("Alliance"), and, through November 3, 2000, Donaldson, Lufkin &
     Jenrette, Inc. ("DLJ"), an investment banking and brokerage affiliate
 which was sold. On September 20, 1999, as part of AXA Financial's
  "branding" strategic initiative, EQ Financial Consultants, Inc., a
 broker-dealer subsidiary of Equitable Life, was merged into a new
   company, AXA Advisors, LLC ("AXA Advisors"). Also, on September 21,
        1999, AXA Advisors was transferred by Equitable Life to AXA Distribution
 Holding Corporation ("AXA Distribution"), a wholly owned indirect
       subsidiary of the Holding Company, for $15.3 million. The excess of the
        sales price over AXA Advisors' book value has been recorded in Equitable
   Life's books as a capital contribution. Equitable Life continues to
      develop and market the "Equitable" brand of life and annuity products,
      while AXA Distribution and its subsidiaries provide financial planning
   services, distribute products and manage customer relationships. In
February 2000, Equitable Life transferred AXA Network, LLC ("AXA
     Network") to AXA Distribution, an indirect wholly owned subsidiary of
        the Holding Company for $8.7 million. The excess of sales price over AXA
    Network's book value has been recorded in Equitable Life's financial
statements as a capital contribution.                           

      In October 2000, Alliance acquired substantially all of the assets and
       liabilities of Sanford C. Bernstein Inc. ("Bernstein") for an aggregate
       current value of approximately $3.50 billion ($1.48 billion in cash and
       40.8 million newly issued Alliance units). The Holding Company provided
 Alliance with the cash portion of the consideration by purchasing
        approximately 32.6 million newly issued Alliance Units for $1.60 billion
    in June 2000. Equitable Life and, collectively with its consolidated
        subsidiaries (the "Company"), recorded a non-cash gain of $416.2 million
    (net of related Federal income tax of $224.1 million) related to the
     Holding Company's purchase of Alliance Units which is reflected as an
addition to capital in excess of par value. The acquisition was 
     accounted for under the purchase method with the results of Bernstein
      included in the consolidated financial statements from the acquisition
        date. The excess of the purchase price over the fair value of net assets
      acquired resulted in the recognition of goodwill and intangible assets
       of approximately $3.40 billion and is being amortized over an estimated
       overall 20 year life. In connection with the issuance of Alliance Units
      to former Bernstein shareholders, the Company recorded a non-cash gain
       of $393.5 million (net of related Federal income tax of $211.9 million)
        which is reflected as an addition to capital in excess of par value. The
  Company's consolidated economic interest in Alliance was 39.43% at
      December 31, 2000. In 1999, Alliance reorganized into Alliance Capital
   Management Holding L.P. ("Alliance Holding") and Alliance. Alliance
      Holding's principal asset is its interest in Alliance and it functions
      as a holding entity through which holders of its publicly traded units
    own an indirect interest in Alliance, the operating partnership. The
     Company exchanged substantially all of its Alliance Holding units for
units in Alliance ("Alliance Units").                           

     AXA, a French holding company for an international group of insurance
        and related financial services companies, has been the Holding Company's
       largest shareholder since 1992. In October 2000, the Board of Directors
   of the Holding Company, acting upon a unanimous recommendation of a
      special committee of independent directors, approved an agreement with
       AXA for the acquisition of the approximately 40% of outstanding Holding
   Company common stock ("Common Stock") it did not already own. Under
        terms of the agreement, the minority shareholders of the Holding Company
    would receive $35.75 in cash and 0.295 of an AXA American Depositary
   Share ("ADS") for each Holding Company share. When the tender offer
   expired on December 29, 2000, approximately 148.1 million shares of
      Common Stock had been acquired by AXA and its wholly owned subsidiary,
     AXA Merger Corp. On January 2, 2001, AXA Merger Corp. was merged with
       and into the Holding Company, resulting in the Holding Company becoming
a wholly owned subsidiary of AXA.                               

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2)     SIGNIFICANT ACCOUNTING POLICIES                                        

Basis of Presentation and Principles of Consolidation           
-----------------------------------------------------           

  The accompanying consolidated financial statements are prepared in
       conformity with generally accepted accounting principles ("GAAP") which
    require management to make estimates and assumptions that affect the
       reported amounts of assets and liabilities and disclosure of contingent
      assets and liabilities at the date of the financial statements and the
      reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.               

       The accompanying consolidated financial statements include the accounts
 of Equitable Life and its subsidiary engaged in insurance related
     businesses (collectively, the "Insurance Group"); other subsidiaries,
        principally Alliance; and those partnerships and joint ventures in which
     Equitable Life or its subsidiaries has control or a majority economic
    interest. The Company's investment in DLJ was reported on the equity
    basis of accounting. Closed Block assets, liabilities and results of
    operations are presented in the consolidated financial statements as
     single line items (see Note 7). Unless specifically stated, all other
      footnote disclosures contained herein exclude the Closed Block related
amounts.                                                        

        All significant intercompany transactions and balances except those with
        the Closed Block, DLJ and discontinued operations (see Note 8) have been
      eliminated in consolidation. The years "2000," "1999" and "1998" refer
  to the years ended December 31, 2000, 1999 and 1998, respectively.
     Certain reclassifications have been made in the amounts presented for
  prior periods to conform these periods with the 2000 presentation.

Closed Block                                                    
------------                                                    

   When it demutualized on July 22, 1992, Equitable Life established a
Closed Block for the benefit of certain individual participating
      policies which were in force on that date. The assets allocated to the
       Closed Block, together with anticipated revenues from policies included
 in the Closed Block, were reasonably expected to be sufficient to
     support such business, including provision for the payment of claims,
   certain expenses and taxes, and for continuation of dividend scales
payable in 1991, assuming the experience underlying such scales 
continues.                                                      

       Assets allocated to the Closed Block inure solely to the benefit of the
    Closed Block policyholders and will not revert to the benefit of the
   Holding Company. No reallocation, transfer, borrowing or lending of
 assets can be made between the Closed Block and other portions of
     Equitable Life's General Account, any of its Separate Accounts or any
affiliate of Equitable Life without the approval of the New York
       Superintendent of Insurance (the "Superintendent"). Closed Block assets
   and liabilities are carried on the same basis as similar assets and
   liabilities held in the General Account. The excess of Closed Block
   liabilities over Closed Block assets represents the expected future
        post-tax contribution from the Closed Block which would be recognized in
     income over the period the policies and contracts in the Closed Block
remain in force.                                                

Discontinued Operations                                         
-----------------------                                         

In 1991, management discontinued the business of certain pension
  operations ("Discontinued Operations"). Discontinued Operations at
     December 31, 2000 principally consists of the Group Non-Participating
       Wind-Up Annuities ("Wind-Up Annuities"), for which a premium deficiency
    reserve has been established. Management reviews the adequacy of the
   allowance for future losses each quarter and makes adjustments when
 necessary. Management believes the allowance for future losses at
        December 31, 2000 is adequate to provide for all future losses; however,
      the quarterly allowance review continues to involve numerous estimates
       and subjective judgments regarding the expected performance of invested
assets ("Discontinued Operations Investment Assets") held by    
      Discontinued Operations. There can be no assurance the losses provided
      for will not differ from the losses ultimately realized. To the extent
      actual results or future projections of discontinued operations differ
       from management's current best estimates and assumptions underlying the
     allowance for future losses, the difference would be reflected in the
  consolidated statements of earnings in discontinued operations. In
        particular, to the extent income, sales proceeds and holding periods for
 equity real estate differ from management's previous assumptions,
        periodic adjustments to the allowance are likely to result (see Note 8).

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New Accounting Pronouncements                                   
-----------------------------                                   

       As required beginning January 1, 2001, the Company adopted Statement of
Financial Accounting Standards ("SFAS") No. 133, "Accounting for
Derivative Instruments and Hedging Activities", as amended, that
     establishes new accounting and reporting standards for all derivative
       instruments, including certain derivatives embedded in other contracts,
       and for hedging activities. As further described and quantified in Note
   13, the only free-standing derivative instruments maintained by the
      Company at January 1, 2001 were interest rate caps, floors and collars
  intended to hedge crediting rates on interest-sensitive individual
    annuities contracts. However, based upon guidance from the Financial
      Accounting Standards Board ("FASB") and the Derivatives Implementation
   Group ("DIG"), these contracts cannot be designated in a qualifying
hedging relationship under FAS 133 and, consequently, require   
    mark-to-market accounting through earnings for changes in their fair
 values beginning January 1, 2001. With respect to adoption of the
      requirements on embedded derivatives, the Company elected a January 1,
   1999 transition date, thereby effectively "grandfathering" existing
   accounting for derivatives embedded in hybrid instruments acquired,
issued, or substantively modified on or before that date. As a  
       consequence of this election, coupled with recent interpretive guidance
        from the FASB and the DIG with respect to issues specifically related to
      insurance contracts and features, adoption of the new requirements for
    embedded derivatives did not have a material impact on the Company's
consolidated financial position or earnings.                    

In September 2000, the FASB issued SFAS No. 140, "Accounting for
  Transfers and Servicing of Financial Assets and Extinguishments of
       Liabilities, a replacement of SFAS No. 125". SFAS No. 140 specifies the
   accounting and reporting requirements for securitizations and other
 transfers of financial assets and collateral, the recognition and
      measurement of servicing assets and liabilities and the extinguishment
        of liabilities. SFAS No. 140 is effective for transfers and servicing of
   financial assets and extinguishments of liabilities occurring after
March 31, 2001 and is to be applied prospectively with certain  
exceptions. This statement is effective for recognition and     
reclassification of collateral and for disclosures relating to  
        securitization transactions and collateral for fiscal years ending after
      December 15, 2000. Adoption of the new requirements is not expected to
 have a significant impact on the Company's consolidated financial
position or earnings.                                           

        In December 2000, the American Institute of Certified Public Accountants
       (the "AICPA") issued Statement of Position ("SOP") 00-3, "Accounting by
   Insurance Enterprises for Demutualizations and Formations of Mutual
       Insurance Holding Companies and for Certain Long-Duration Participating
     Contracts". Since Equitable Life's July 1992 demutualization occurred
  before December 31, 2000, SOP 00-3 should be applied retroactively
through restatement or reclassification, as appropriate, of all 
   previously issued financial statements no later than the end of the
fiscal year that begins after December 15, 2000. However, if    
    implementation is impracticable because the demutualization occurred
 many years prior to January 1, 2001 no retroactive restatement is
        required. The Company has determined it is not practicable to produce an
actuarial calculation as of the July 1992 demutualization date. 
       Therefore, SOP 00-3 will be adopted prospectively as of January 1, 2001
    with no financial impact associated with its initial implementation.
     However, future earnings will be affected to the extent actual Closed
     Block earnings exceed those assumed at January 1, 2001. Additionally,
      the presentation of all previously issued financial statements will be
        revised to include Closed Block assets and liabilities on a line-by-line
basis as required by SOP 00-3.                                  

     In December 1999, the staff of the Securities and Exchange Commission
      (the "SEC") issued Staff Accounting Bulletin ("SAB") No. 101, "Revenue
        Recognition in Financial Statements," which was effective fourth quarter
2000. SAB No. 101 addresses revenue recognition issues; its     
implementation did not have a material impact on the Company's  
consolidated financial position or earnings.                    

Investments                                                     
-----------                                                     

 Fixed maturities identified as available for sale are reported at
       estimated fair value. Those fixed maturities which the Company has both
      the ability and the intent to hold to maturity, are stated principally
     at amortized cost. The amortized cost of fixed maturities is adjusted
for impairments in value deemed to be other than temporary.     

      Mortgage loans on real estate are stated at unpaid principal balances,
net of unamortized discounts and valuation allowances. Valuation
       allowances are based on the present value of expected future cash flows
   discounted at the loan's original effective interest rate or on its
 collateral value if the loan is collateral dependent. However, if
    foreclosure is or becomes probable, the collateral value measurement
method is used.                                                 

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        Impaired mortgage loans without provision for losses are loans where the
     fair value of the collateral or the net present value of the expected
    future cash flows related to the loan equals or exceeds the recorded
      investment. Interest income earned on loans where the collateral value
   is used to measure impairment is recorded on a cash basis. Interest
 income on loans where the present value method is used to measure
     impairment is accrued on the net carrying value amount of the loan at
 the interest rate used to discount the cash flows. Changes in the
present value attributable to changes in the amount or timing of
expected cash flows are reported as investment gains or losses. 

       Real estate, including real estate acquired in satisfaction of debt, is
    stated at depreciated cost less valuation allowances. At the date of
      foreclosure (including in-substance foreclosure), real estate acquired
        in satisfaction of debt is valued at estimated fair value. Impaired real
   estate is written down to fair value with the impairment loss being
        included in investment gains (losses), net. Valuation allowances on real
        estate held for sale are computed using the lower of depreciated cost or
       current estimated fair value, net of disposition costs. Depreciation is
discontinued on real estate held for sale.                      

     Depreciation of real estate held for production of income is computed
     using the straight-line method over the estimated useful lives of the
properties, which generally range from 40 to 50 years.          

     Valuation allowances are netted against the asset categories to which
they apply.                                                     

Policy loans are stated at unpaid principal balances.           

 Partnerships and joint venture interests in which the Company has
     control or a majority economic interest (that is, greater than 50% of
       the economic return generated by the entity) are consolidated; those in
       which the Company does not have control or a majority economic interest
      are reported on the equity basis of accounting and are included either
    with equity real estate or other equity investments, as appropriate.

      Equity securities includes common stock classified as both trading and
      available for sale securities and non-redeemable preferred stock; they
    are carried at estimated fair value and are included in other equity
investments.                                                    

      Short-term investments are stated at amortized cost which approximates
fair value and are included with other invested assets.         

       Cash and cash equivalents includes cash on hand, amounts due from banks
      and highly liquid debt instruments purchased with an original maturity
of three months or less.                                        

   All securities owned as well as United States government and agency
securities, mortgage-backed securities, futures and forwards    
       transactions are recorded in the consolidated financial statements on a
trade date basis.                                               

Net Investment Income, Investment Gains (Losses), Net           
and Unrealized Investment Gains (Losses)                        
------------------------------------------------------          

       Net investment income and realized investment gains (losses) related to
      certain participating group annuity contracts which are passed through
to the contractholders are reflected as interest credited to    
policyholders' account balances.                                

        Realized investment gains (losses) are determined by identification with
       the specific asset and are presented as a component of revenue. Changes
       in the valuation allowances are included in investment gains or losses.

        Realized and unrealized holding gains (losses) on trading securities are
reflected in net investment income.                             

     Unrealized investment gains and losses on fixed maturities and equity
        securities available for sale held by the Company are accounted for as a
      separate component of accumulated comprehensive income, net of related
   deferred Federal income taxes, amounts attributable to Discontinued
     Operations, participating group annuity contracts and deferred policy
       acquisition costs ("DAC") related to universal life and investment-type
products and participating traditional life contracts.          

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   Net investment income and investment gains (losses), net related to
       investment assets are collectively referred to as "investment results."

Recognition of Insurance Income and Related Expenses            
----------------------------------------------------            

       Premiums from universal life and investment-type contracts are reported
   as deposits to policyholders' account balances. Revenues from these
contracts consist of amounts assessed during the period against 
policyholders' account balances for mortality charges, policy   
        administration charges and surrender charges. Policy benefits and claims
  that are charged to expense include benefit claims incurred in the
period in excess of related policyholders' account balances.    

      Premiums from participating and non-participating traditional life and
    annuity policies with life contingencies generally are recognized as
      income when due. Benefits and expenses are matched with such income so
as to result in the recognition of profits over the life of the 
   contracts. This match is accomplished by means of the provision for
      liabilities for future policy benefits and the deferral and subsequent
amortization of policy acquisition costs.                       

  For contracts with a single premium or a limited number of premium
      payments due over a significantly shorter period than the total period
      over which benefits are provided, premiums are recorded as income when
 due with any excess profit deferred and recognized in income in a
  constant relationship to insurance in force or, for annuities, the
amount of expected future benefit payments.                     

       Premiums from individual health contracts are recognized as income over
      the period to which the premiums relate in proportion to the amount of
insurance protection provided.                                  

      The Insurance Group assumes and cedes reinsurance with other insurance
       companies. The Insurance Group evaluates the financial condition of its
        reinsurers to minimize its exposure to significant losses from reinsurer
        insolvencies. Ceded reinsurance does not relieve the originating insurer
of liability.                                                   

Deferred Policy Acquisition Costs                               
---------------------------------                               

  Acquisition costs, including commissions, underwriting, agency and
       policy issue expenses, all of which vary with and primarily are related
       to new business, are deferred. DAC is subject to recoverability testing
      at the time of policy issue and loss recognition testing at the end of
each accounting period.                                         

For universal life products and investment-type products, DAC is
 amortized over the expected total life of the contract group as a
       constant percentage of estimated gross profits arising principally from
       investment results, mortality and expense margins and surrender charges
     based on historical and anticipated future experience, updated at the
       end of each accounting period. The effect on the amortization of DAC of
    revisions to estimated gross profits is reflected in earnings in the
      period such estimated gross profits are revised. The effect on the DAC
        asset that would result from realization of unrealized gains (losses) is
recognized with an offset to accumulated comprehensive income in
consolidated shareholder's equity as of the balance sheet date. 

       For participating traditional life policies (substantially all of which
       are in the Closed Block), DAC is amortized over the expected total life
   of the contract group as a constant percentage based on the present
        value of the estimated gross margin amounts expected to be realized over
 the life of the contracts using the expected investment yield. At
  December 31, 2000, the expected investment yield, excluding policy
      loans, was 7.6% over a 40 year period. Estimated gross margin includes
anticipated premiums and investment results less claims and     
     administrative expenses, changes in the net level premium reserve and
      expected annual policyholder dividends. The effect on the amortization
       of DAC of revisions to estimated gross margins is reflected in earnings
     in the period such estimated gross margins are revised. The effect on
    the DAC asset that would result from realization of unrealized gains
  (losses) is recognized with an offset to accumulated comprehensive
   income in consolidated shareholder's equity as of the balance sheet
date.                                                           

    For non-participating traditional life policies, DAC is amortized in
 proportion to anticipated premiums. Assumptions as to anticipated
premiums are estimated at the date of policy issue and are      
      consistently applied during the life of the contracts. Deviations from
 estimated experience are reflected in earnings in the period such
deviations occur. For these contracts, the amortization periods 
generally are for the total life of the policy.                 

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      In second quarter 1999, management completed a study of the cash flows
        and liability characteristics of its insurance product lines as compared
  to the expected cash flows of the underlying assets. That analysis
        reflected an assessment of the potential impact on future operating cash
   flows from current economic conditions and trends, including rising
 interest rates and securities market volatility and the impact of
       increasing competitiveness within the insurance marketplace (evidenced,
        for example, by the proliferation of bonus annuity products) on in-force
        business. The review indicated that changes to the then-current invested
 asset allocation strategy were required to reposition assets with
 greater price volatility away from products with demand liquidity
        characteristics to support those products with lower liquidity needs. To
implement these findings, the existing investment portfolio was 
        reallocated, and prospective investment allocation targets were revised.
      The reallocation of the assets impacted investment results by product,
   thereby impacting the future gross margin estimates utilized in the
        amortization of DAC for universal life and investment-type products. The
    revisions to estimated future gross profits resulted in an after-tax
      writedown of DAC of $85.6 million (net of a Federal income tax benefit
of $46.1 million) in 1999.                                      

Policyholders' Account Balances and Future Policy Benefits      

      Policyholders' account balances for universal life and investment-type
    contracts are equal to the policy account values. The policy account
        values represent an accumulation of gross premium payments plus credited
interest less expense and mortality charges and withdrawals.    

  For participating traditional life policies, future policy benefit
        liabilities are calculated using a net level premium method on the basis
        of actuarial assumptions equal to guaranteed mortality and dividend fund
 interest rates. The liability for annual dividends represents the
     accrual of annual dividends earned. Terminal dividends are accrued in
proportion to gross margins over the life of the contract.      

        For non-participating traditional life insurance policies, future policy
     benefit liabilities are estimated using a net level premium method on
   the basis of actuarial assumptions as to mortality, persistency and
       interest established at policy issue. Assumptions established at policy
        issue as to mortality and persistency are based on the Insurance Group's
 experience which, together with interest and expense assumptions,
        includes a margin for adverse deviation. When the liabilities for future
        policy benefits plus the present value of expected future gross premiums
    for a product are insufficient to provide for expected future policy
benefits and expenses for that product, DAC is written off and  
       thereafter, if required, a premium deficiency reserve is established by
   a charge to earnings. Benefit liabilities for traditional annuities
        during the accumulation period are equal to accumulated contractholders'
       fund balances and after annuitization are equal to the present value of
  expected future payments. Interest rates used in establishing such
        liabilities range from 2.25% to 10.9% for life insurance liabilities and
from 2.25% to 8.15% for annuity liabilities.                    

    Individual health benefit liabilities for active lives are estimated
using the net level premium method and assumptions as to future 
     morbidity, withdrawals and interest. Benefit liabilities for disabled
  lives are estimated using the present value of benefits method and
       experience assumptions as to claim terminations, expenses and interest.
    While management believes its disability income ("DI") reserves have
       been calculated on a reasonable basis and are adequate, there can be no
        assurance reserves will be sufficient to provide for future liabilities.

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     Claim reserves and associated liabilities for individual DI and major
       medical policies were $120.3 million and $948.4 million at December 31,
      2000 and 1999, respectively. At December 31, 2000, $1,046.5 million of
      DI reserves and associated liabilities were ceded through an indemnity
     reinsurance agreement (see Note 14). Incurred benefits (benefits paid
       plus changes in claim reserves) and benefits paid for individual DI and
major medical are summarized as follows:                        

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Incurred benefits related to current year..........  $        56.1      $      150.7      $      140.1    
Incurred benefits related to prior years...........           15.0              64.7              84.2    
                                                    -----------------  ----------------  -----------------
Total Incurred Benefits............................  $        71.1      $      215.4      $      224.3    
                                                    =================  ================  =================

Benefits paid related to current year..............  $        14.8      $       28.9      $       17.0    
Benefits paid related to prior years...............          106.0             189.8             155.4    
                                                    -----------------  ----------------  -----------------
Total Benefits Paid................................  $       120.8      $      218.7      $      172.4    
                                                    =================  ================  =================

Policyholders' Dividends                                        
------------------------                                        

      The amount of policyholders' dividends to be paid (including dividends
   on policies included in the Closed Block) is determined annually by
Equitable Life's board of directors. The aggregate amount of    
  policyholders' dividends is related to actual interest, mortality,
    morbidity and expense experience for the year and judgment as to the
        appropriate level of statutory surplus to be retained by Equitable Life.

    At December 31, 2000, participating policies, including those in the
       Closed Block, represent approximately 20.8% ($41.1 billion) of directly
written life insurance in force, net of amounts ceded.          

Separate Accounts                                               
-----------------                                               

Separate Accounts established under New York State Insurance Law
       generally are not chargeable with liabilities that arise from any other
        business of the Insurance Group. Separate Accounts assets are subject to
  General Account claims only to the extent Separate Accounts assets
exceed Separate Accounts liabilities.                           

 Assets and liabilities of the Separate Accounts represent the net
deposits and accumulated net investment earnings less fees, held
primarily for the benefit of contractholders, and for which the 
    Insurance Group does not bear the investment risk. They are shown as
      separate lines in the consolidated balance sheets. The Insurance Group
 bears the investment risk on assets held in one Separate Account;
      therefore, such assets are carried on the same basis as similar assets
        held in the General Account portfolio. Assets held in the other Separate
        Accounts are carried at quoted market values or, where quoted values are
      not available, at estimated fair values as determined by the Insurance
Group.                                                          

        The investment results of Separate Accounts on which the Insurance Group
    does not bear the investment risk are reflected directly in Separate
    Accounts liabilities. For 2000, 1999 and 1998, investment results of
  such Separate Accounts were $8,051.7 million, $6,045.5 million and
$4,591.0 million, respectively.                                 

   Deposits to Separate Accounts are reported as increases in Separate
        Accounts liabilities and are not reported in revenues. Mortality, policy
 administration and surrender charges on all Separate Accounts are
included in revenues.                                           

Other Accounting Policies                                       
-------------------------                                       

       In accordance with regulations of the SEC, securities with a fair value
       of $1.31 billion have been segregated in a special reserve bank custody
    account for the exclusive benefit of customers under Rule 15c-3-3 at
December 31, 2000.                                              

Intangible assets consist principally of goodwill resulting from
    acquisitions and costs assigned to contracts of businesses acquired.
   Goodwill is being amortized on a straight-line basis over estimated
  useful lives ranging from twenty to forty years. Costs assigned to
    investment contracts of businesses acquired are being amortized on a
straight-line basis over estimated useful lives of twenty years.
Impairment of intangible assets is evaluated by comparing the   
     undiscounted cash flows expected to be realized from those intangible

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      assets to their recorded values, pursuant to SFAS No. 121, "Accounting
       for the Impairment of Long-Lived Assets and for Long-Lived Assets to be
 Disposed Of". If the expected future cash flows are less than the
     carrying value of intangible assets, an impairment loss is recognized
     for the difference between the carrying amount and the estimated fair
value of those intangible assets.                               

       Capitalized internal-use software is amortized on a straight-line basis
over the estimated useful life of the software.                 

   The Company files a consolidated Federal income tax return with the
  Holding Company and its consolidated subsidiaries. Current Federal
     income taxes are charged or credited to operations based upon amounts
        estimated to be payable or recoverable as a result of taxable operations
    for the current year. Deferred income tax assets and liabilities are
       recognized based on the difference between financial statement carrying
    amounts and income tax bases of assets and liabilities using enacted
income tax rates and laws.                                      

  Minority interest subject to redemption rights represents the 40.8
      million private Alliance Units issued to former Bernstein shareholders
   in connection with Alliance's acquisition of Bernstein. The Holding
 Company has agreed to provide liquidity to these former Bernstein
 shareholders after a two-year period by allowing the 40.8 million
    Alliance Units to be sold to the Holding Company over the subsequent
    eight years but generally not more than 20% of such Units in any one
annual period.                                                  

 Commissions, fees and other income principally include Investment
        Management advisory and service fees. Investment Management advisory and
service fees are recorded as revenue as the related services are
performed. Certain investment advisory contracts provide for a  
 performance fee, in addition to or in lieu of a base fee, that is
   calculated as a percentage of the related investment results over a
     specified period of time. Performance fees are recorded as revenue at
the end of the measurement period.                              

     Sales commissions paid to financial intermediaries in connection with
   the sale of shares of open-end Alliance mutual funds sold without a
     front-end sales charge are capitalized and amortized over periods not
  exceeding five and one-half years, the period of time during which
deferred sales commissions are expected to be recovered from    
        distribution plan payments received from those funds upon the redemption
     of their shares. Contingent deferred sales charges reduce unamortized
        deferred sales commissions when received. At December 31, 2000 and 1999,
   respectively, deferred sales commissions totaled $715.7 million and
$604.7 million and are included with other assets.              

      The Company accounts for its stock option plans in accordance with the
 provisions of Accounting Principles Board Opinion ("APB") No. 25,
        "Accounting for Stock Issued to Employees," and related interpretations.
       In accordance with the opinion, compensation expense is recorded on the
      date of grant only if the current market price of the underlying stock
      exceeds the option strike price at the grant date. See Note 20 for the
pro forma disclosures required by SFAS No. 123, "Accounting for 
Stock-Based Compensation".                                      

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3)     INVESTMENTS                                                            

     The following tables provide additional information relating to fixed
maturities and equity securities:                               

                                                        [Enlarge/Download Table]


                                                                GROSS               GROSS                         
                                           AMORTIZED          UNREALIZED         UNREALIZED         ESTIMATED     
                                              COST              GAINS              LOSSES           FAIR VALUE    
                                        -----------------  -----------------   ----------------  -----------------
                                                                      (IN MILLIONS)                               
                                                                                                                  

DECEMBER 31, 2000                                                                                                 
Fixed Maturities:                                                                                                 

  Available for Sale:                                                                                             
    Corporate..........................  $    12,481.0      $       241.5       $      298.9      $    12,423.6   
    Mortgage-backed....................        2,215.1               19.2                7.8            2,226.5   
    U.S. Treasury, government and                                                                                 
      agency securities................          938.1               40.2                 .5              977.8   
    States and political subdivisions..          110.4                4.5                1.0              113.9   
    Foreign governments................          177.4               17.3                5.2              189.5   
    Redeemable preferred stock.........          315.5               13.4                8.7              320.1   
                                        -----------------  -----------------   ----------------  -----------------
Total Available for Sale...............  $    16,237.5      $       336.1       $      322.1      $    16,251.4   
                                        =================  =================   ================  =================

  Held to Maturity:  Corporate.........  $       204.6      $         6.0       $         .1      $       210.5   
                                        =================  =================   ================  =================

Equity Securities:                                                                                                
  Available for sale...................  $        22.0      $         1.7       $        4.7      $        19.0   
  Trading securities...................        1,606.3                1.8               46.2            1,561.9   
                                        -----------------  -----------------   ----------------  -----------------
Total Equity Securities................  $     1,628.3      $         3.5       $       50.9      $     1,580.9   
                                        =================  =================   ================  =================

December 31, 1999                                                                                                 
Fixed Maturities:                                                                                                 

  Available for Sale:                                                                                             
    Corporate..........................  $    14,866.8      $       139.5       $      787.0      $    14,219.3   
    Mortgage-backed....................        2,554.5                2.3               87.8            2,469.0   
    U.S. Treasury, government and                                                                                 
      agency securities................        1,194.1               18.9               23.4            1,189.6   
    States and political subdivisions..          110.0                1.4                4.9              106.5   
    Foreign governments................          361.8               16.2               14.8              363.2   
    Redeemable preferred stock.........          286.4                1.7               36.0              252.1   
                                        -----------------  -----------------   ----------------  -----------------
Total Available for Sale...............  $    19,373.6      $       180.0       $      953.9      $    18,599.7   
                                        =================  =================   ================  =================

  Held to Maturity:  Corporate.........  $       133.2      $         -         $        -        $       133.2   
                                        =================  =================   ================  =================

Equity Securities:                                                                                                
  Available for sale...................  $        25.5      $         1.5       $       17.8      $         9.2   
  Trading securities...................            7.2                9.1                2.2               14.1   
                                        -----------------  -----------------   ----------------  -----------------
Total Equity Securities................  $        32.7      $        10.6       $       20.0      $        23.3   
                                        =================  =================   ================  =================


     For publicly-traded fixed maturities and equity securities, estimated
fair value is determined using quoted market prices. For fixed  
    maturities without a readily ascertainable market value, the Company
       determines estimated fair values using a discounted cash flow approach,
       including provisions for credit risk, generally based on the assumption
       such securities will be held to maturity. Such estimated fair values do
     not necessarily represent the values for which these securities could
  have been sold at the dates of the consolidated balance sheets. At
      December 31, 2000 and 1999, securities without a readily ascertainable
      market value having an amortized cost of $2,820.2 million and $3,322.2
        million, respectively, had estimated fair values of $2,838.2 million and
$3,177.7 million, respectively.                                 

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      The contractual maturity of bonds at December 31, 2000 is shown below:

                                                        [Enlarge/Download Table]


                                                                                AVAILABLE FOR SALE          
                                                                        ------------------------------------
                                                                           AMORTIZED          ESTIMATED     
                                                                             COST             FAIR VALUE    

                                                                        ----------------   -----------------
                                                                                   (IN MILLIONS)            

                                                                                                            
Due in one year or less................................................  $      568.2       $      568.2    
Due in years two through five..........................................       2,850.0            2,848.1    
Due in years six through ten...........................................       5,277.2            5,239.9    
Due after ten years....................................................       5,011.6            5,048.6    
Mortgage-backed securities.............................................       2,215.1            2,226.5    
                                                                        ----------------   -----------------
Total..................................................................  $   15,922.1       $   15,931.3    
                                                                        ================   =================

     Corporate bonds held to maturity with an amortized cost and estimated
fair value of $142.4 million are due from one to five years.    

       Bonds not due at a single maturity date have been included in the above
       table in the year of final maturity. Actual maturities will differ from
      contractual maturities because borrowers may have the right to call or
prepay obligations with or without call or prepayment penalties.

  The Insurance Group's fixed maturity investment portfolio includes
      corporate high yield securities consisting of public high yield bonds,
     redeemable preferred stocks and directly negotiated debt in leveraged
     buyout transactions. The Insurance Group seeks to minimize the higher
      than normal credit risks associated with such securities by monitoring
   concentrations in any single issuer or a particular industry group.
        Certain of these corporate high yield securities are classified as other
    than investment grade by the various rating agencies, i.e., a rating
     below Baa or National Association of Insurance Commissioners ("NAIC")
     designation of 3 (medium grade), 4 or 5 (below investment grade) or 6
    (in or near default). At December 31, 2000, approximately 12% of the
       $16,126.6 million aggregate amortized cost of bonds held by the Company
was considered to be other than investment grade.               

       The Insurance Group holds equity in limited partnership interests which
     primarily invest in securities considered to be other than investment
    grade. The carrying values at December 31, 2000 and 1999 were $811.9
million and $647.9 million, respectively.                       

      At December 31, 2000, the carrying value of fixed maturities which are
     non-income producing for the twelve months preceding the consolidated
balance sheet date was $60.3 million.                           

        The payment terms of mortgage loans on real estate may from time to time
    be restructured or modified. The investment in restructured mortgage
        loans on real estate, based on amortized cost, amounted to $92.9 million
     and $106.0 million at December 31, 2000 and 1999, respectively. Gross
interest income on these loans included in net investment income
        aggregated $7.8 million, $8.2 million and $8.3 million in 2000, 1999 and
        1998, respectively. Gross interest income on restructured mortgage loans
   on real estate that would have been recorded in accordance with the
       original terms of such loans amounted to $8.7 million, $9.5 million and
$10.3 million in 2000, 1999 and 1998, respectively.             

        Impaired mortgage loans along with the related provision for losses were
as follows:                                                                     

                                                        [Enlarge/Download Table]

                                                                                 DECEMBER 31,               
                                                                    ----------------------------------------
                                                                           2000                 1999        
                                                                    -------------------  -------------------
                                                                                 (IN MILLIONS)              

                                                                                                            
Impaired mortgage loans with provision for losses..................  $        144.2       $        142.4    
Impaired mortgage loans without provision for losses...............             1.8                  2.2    
                                                                    -------------------  -------------------
Recorded investment in impaired mortgage loans.....................           146.0                144.6    
Provision for losses...............................................           (37.0)               (23.0)   
                                                                    -------------------  -------------------
Net Impaired Mortgage Loans........................................  $        109.0       $        121.6    
                                                                    ===================  ===================

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        During 2000, 1999 and 1998, respectively, the Company's average recorded
        investment in impaired mortgage loans was $138.8 million, $141.7 million
and $161.3 million. Interest income recognized on these impaired
     mortgage loans totaled $10.4 million, $12.0 million and $12.3 million
     ($.5 million, $.0 million and $.9 million recognized on a cash basis)
for 2000, 1999 and 1998, respectively.                          

        The Insurance Group's investment in equity real estate is through direct
   ownership and through investments in real estate joint ventures. At
    December 31, 2000 and 1999, the carrying value of equity real estate
held for sale amounted to $526.3 million and $382.2 million,    
       respectively. For 2000, 1999 and 1998, respectively, real estate of $.3
       million, $20.5 million and $7.1 million was acquired in satisfaction of
     debt. At December 31, 2000 and 1999, the Company owned $322.3 million
and $443.9 million, respectively, of real estate acquired in    
satisfaction of debt.                                           

     Accumulated depreciation on real estate was $208.8 million and $251.6
 million at December 31, 2000 and 1999, respectively. Depreciation
     expense on real estate totaled $21.7 million, $21.8 million and $30.5
million for 2000, 1999 and 1998, respectively.                  

    Investment valuation allowances and changes thereto are shown below:

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Balances, beginning of year........................  $       148.6      $      230.6      $      384.5    
Additions charged to income........................           53.7              68.2              86.2    
Deductions for writedowns and                                                                             
  asset dispositions...............................         (102.4)           (150.2)           (240.1)   
                                                    -----------------  ----------------  -----------------
Balances, End of Year..............................  $        99.9      $      148.6      $      230.6    
                                                    =================  ================  =================

Balances, end of year comprise:                                                                           
  Mortgage loans on real estate....................  $        41.4      $       27.5      $       34.3    
  Equity real estate...............................           58.5             121.1             196.3    
                                                    -----------------  ----------------  -----------------
Total..............................................  $        99.9      $      148.6      $      230.6    
                                                    =================  ================  =================

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4)     JOINT VENTURES AND PARTNERSHIPS                                        

        Summarized combined financial information for unconsolidated real estate
    joint ventures (14 individual ventures at both December 31, 2000 and
   1999) and for limited partnership interests accounted for under the
      equity method, in which the Company has an investment of $10.0 million
or greater and an equity interest of 10% or greater, follows:   

                                                        [Enlarge/Download Table]

                                                                                   DECEMBER 31,             
                                                                        ------------------------------------
                                                                             2000                1999       
                                                                        ----------------   -----------------
                                                                                   (IN MILLIONS)            

                                                                                                            
BALANCE SHEETS                                                                                              
Investments in real estate, at depreciated cost........................  $       730.1      $       861.1   
Investments in securities, generally at estimated fair value...........          226.6              262.0   
Cash and cash equivalents..............................................           43.9               68.4   
Other assets...........................................................           65.5              232.5   
                                                                        ----------------   -----------------
Total Assets...........................................................  $     1,066.1      $     1,424.0   
                                                                        ================   =================

Borrowed funds - third party...........................................  $       249.9      $       354.2   
Borrowed funds - AXA Financial.........................................           12.9               28.9   
Other liabilities......................................................           26.3              191.2   
                                                                        ----------------   -----------------
Total liabilities......................................................          289.1              574.3   
                                                                        ----------------   -----------------

Partners' capital......................................................          777.0              849.7   
                                                                        ----------------   -----------------
Total Liabilities and Partners' Capital................................  $     1,066.1      $     1,424.0   
                                                                        ================   =================

Equity in partners' capital included above.............................  $       272.3      $       298.5   
Equity in limited partnership interests not included above and other...          720.7              542.1   
                                                                        ----------------   -----------------
Carrying Value.........................................................  $       993.0      $       840.6   
                                                                        ================   =================

                                                        [Enlarge/Download Table]


                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     
                                                                                                          
STATEMENTS OF EARNINGS                                                                                    
Revenues of real estate joint ventures.............  $       187.1      $      180.5      $      246.1    
Revenues of other limited partnership interests....           16.5              85.0             128.9    
Interest expense - third party.....................          (32.5)            (26.6)            (33.3)   
Interest expense - AXA Financial...................           (2.0)             (2.5)             (2.6)   
Other expenses.....................................         (126.4)           (133.0)           (197.0)   
                                                    -----------------  ----------------  -----------------
Net Earnings.......................................  $        42.7      $      103.4      $      142.1    
                                                    =================  ================  =================

Equity in net earnings included above..............  $        17.7      $        9.4      $       44.4    
Equity in net earnings of limited partnership                                                             
  interests not included above.....................          216.3              77.1              37.9    
                                                    -----------------  ----------------  -----------------
Total Equity in Net Earnings.......................  $       234.0      $       86.5      $       82.3    
                                                    =================  ================  =================

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5)     NET INVESTMENT INCOME AND INVESTMENT GAINS (LOSSES)                    

The sources of net investment income follows:                   

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Fixed maturities...................................  $     1,439.2      $    1,499.8      $    1,489.0    
Mortgage loans on real estate......................          257.3             253.4             235.4    
Equity real estate.................................          191.6             250.2             356.1    
Other equity investments...........................          129.8             165.1              83.8    
Policy loans.......................................          156.7             143.8             144.9    
Other investment income............................          199.3             161.3             185.7    
                                                    -----------------  ----------------  -----------------

  Gross investment income..........................        2,373.9           2,473.6           2,494.9    

  Investment expenses..............................         (200.7)           (232.7)           (266.8)   
                                                    -----------------  ----------------  -----------------

Net Investment Income..............................  $     2,173.2      $    2,240.9      $    2,228.1    
                                                    =================  ================  =================

  Investment (losses) gains, net, including changes in the valuation
allowances, follow:                                             

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Fixed maturities...................................  $      (766.1)     $     (290.9)     $      (24.3)   
Mortgage loans on real estate......................          (15.1)             (3.3)            (10.9)   
Equity real estate.................................            4.8              (2.4)             74.5    
Other equity investments...........................          (22.6)             88.1              29.9    
Sale of subsidiaries...............................            -                 -                (2.6)   
Issuance and sales of Alliance Units...............            3.9               5.5              19.8    
Issuance and sales of DLJ common stock.............           38.8             106.0              18.2    
Other..............................................             .3                .1              (4.4)   
                                                    -----------------  ----------------  -----------------
Investment (Losses) Gains, Net.....................  $      (756.0)     $      (96.9)     $      100.2    
                                                    =================  ================  =================

 Writedowns of fixed maturities amounted to $607.8 million, $223.2
 million and $101.6 million for 2000, 1999 and 1998, respectively,
including $472.2 million in fourth quarter 2000.                

    For 2000, 1999 and 1998, respectively, proceeds received on sales of
      fixed maturities classified as available for sale amounted to $7,361.5
     million, $7,138.6 million and $15,961.0 million. Gross gains of $78.7
    million, $74.7 million and $149.3 million and gross losses of $215.4
      million, $214.3 million and $95.1 million, respectively, were realized
  on these sales. The change in unrealized investment gains (losses)
      related to fixed maturities classified as available for sale for 2000,
1999 and 1998 amounted to $789.1 million, $(1,313.8) million and
$(331.7) million, respectively.                                 

   On November 3, 2000, the Company sold its interest in DLJ to Credit
    Suisse Group ("CSG"). The Company received $1.05 billion in cash and
       $2.19 billion (or 11.4 million shares) in CSG common stock, 2.8 million
       shares of which were immediately repurchased by CSG at closing. The CSG
        shares have been designated as trading account securities. The remaining
    8.2 million shares held by the Company had a carrying value of $1.56
billion at December 31, 2000 and were sold in January 2001. Net 
      investment income for 2000 included holding losses of $43.2 million on
the CSG shares.                                                 

On January 1, 1999, investments in publicly-traded common equity
securities in the General Account portfolio within other equity 
       investments amounting to $102.3 million were transferred from available
        for sale securities to trading securities. As a result of this transfer,
  unrealized investment gains of $83.3 million ($43.2 million net of
 related DAC and Federal income taxes) were recognized as realized
        investment gains in the consolidated statements of earnings. In 2000 and
    1999, respectively, net unrealized holding (losses) gains of $(44.4)
      million and $6.9 million were included in net investment income in the

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   consolidated statements of earnings. These trading securities had a
 carrying value of $1,561.9 million and $14.1 million and costs of
$1,606.3 million and $7.2 million at December 31, 2000 and 1999,
respectively.                                                   

     For 2000, 1999 and 1998, investment results passed through to certain
participating group annuity contracts as interest credited to   
  policyholders' account balances amounted to $110.6 million, $131.5
million and $136.9 million, respectively.                       

      Net unrealized investment gains (losses), included in the consolidated
     balance sheets as a component of accumulated comprehensive income and
  the changes for the corresponding years including Closed Block and
Discontinued Operations on a line-by-line basis, follow:        

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Balance, beginning of year.........................  $      (392.8)     $      384.1      $      533.6    
Changes in unrealized investment (losses) gains....          979.7          (1,821.3)           (168.7)   
Changes in unrealized investment losses                                                                   
  (gains) attributable to:                                                                                
    Participating group annuity contracts                                                                 
    and other......................................          (18.3)             25.0              (5.4)   
    DAC............................................         (262.1)            493.1             (28.8)   
    Deferred Federal income taxes..................         (293.6)            526.3              53.4    
                                                    -----------------  ----------------  -----------------
Balance, End of Year...............................  $        12.9      $     (392.8)     $      384.1    
                                                    =================  ================  =================

Balance, end of year comprises:                                                                           
  Unrealized investment gains (losses) on:                                                                
    Fixed maturities...............................  $        65.9      $     (904.6)     $      766.0    
    Other equity investments.......................           (2.3)            (22.2)             86.5    
    Other..........................................           (1.2)              9.4              51.6    
                                                    -----------------  ----------------  -----------------
      Total........................................           62.4            (917.4)            904.1    
  Amounts of unrealized investment (losses) gains                                                         
    attributable to:                                                                                      
      Participating group annuity contracts                                                               
      and other....................................          (15.3)              3.0             (22.0)   
      DAC..........................................          (28.3)            233.8            (259.3)   
      Deferred Federal income taxes................           (5.9)            287.8            (238.7)   
                                                    -----------------  ----------------  -----------------
Total..............................................  $        12.9      $     (392.8)     $      384.1    
                                                    =================  ================  =================

     Changes in unrealized gains (losses) reflect changes in fair value of
only those fixed maturities and equity securities classified as 
  available for sale and do not reflect any changes in fair value of
policyholders' account balances and future policy benefits.     

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6)     ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)                          

   Accumulated other comprehensive income (loss) represents cumulative
 gains and losses on items that are not reflected in earnings. The
balances for the past three years follow:                       

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Unrealized gains (losses) on investments...........  $        12.9      $     (392.8)     $      384.1    
Minimum pension liability..........................            (.1)              (.1)            (28.3)   
                                                    -----------------  ----------------  -----------------
Total Accumulated Other                                                                                   

  Comprehensive Income (Loss)......................  $        12.8      $     (392.9)     $      355.8    
                                                    =================  ================  =================

      The components of other comprehensive income (loss) for the past three
years follow:                                                   

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Net unrealized gains (losses) on investments:                                                             
  Net unrealized gains (losses) arising during                                                            
    the period.....................................  $       191.0      $    (1,625.6)    $     (112.4)   
  Losses (gains) reclassified into net earnings                                                           
    during the period..............................          788.7             (195.7)           (56.3)   
                                                    -----------------  ----------------  -----------------
Net unrealized gains (losses) on investments.......          979.7           (1,821.3)          (168.7)   
Adjustments for policyholders liabilities,                                                                
    DAC and deferred Federal income taxes..........         (574.0)           1,044.4             19.2    
                                                    -----------------  ----------------  -----------------

Change in unrealized gains (losses), net of                                                               
    adjustments....................................          405.7             (776.9)          (149.5)   
Change in minimum pension liability................            -                 28.2            (11.0)   
                                                    -----------------  ----------------  -----------------
Total Other Comprehensive Income (Loss)............  $       405.7      $      (748.7)    $     (160.5)   
                                                    =================  ================  =================

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7)     CLOSED BLOCK                                                           

Summarized financial information for the Closed Block follows:  

                                                        [Enlarge/Download Table]

                                                                                  DECEMBER 31,              
                                                                      --------------------------------------
                                                                            2000                 1999       
                                                                      -----------------    -----------------
                                                                                  (IN MILLIONS)             

                                                                                                            
BALANCE SHEETS                                                                                              
Fixed Maturities:                                                                                           
  Available for sale, at estimated fair value (amortized cost,                                              
    $4,373.5 and $4,144.8)...........................................  $    4,408.0         $    4,014.0    
Mortgage loans on real estate........................................       1,581.8              1,704.2    
Policy loans.........................................................       1,557.7              1,593.9    
Cash and other invested assets.......................................         174.7                194.4    
Deferred policy acquisitions costs...................................         699.7                895.5    
Other assets.........................................................         237.1                205.3    
                                                                      -----------------    -----------------
Total Assets.........................................................  $    8,659.0         $    8,607.3    
                                                                      =================    =================

Future policy benefits and policyholders' account balances...........  $    9,026.4         $    9,011.7    
Other liabilities....................................................          23.8                 13.3    
                                                                      -----------------    -----------------
Total Liabilities....................................................  $    9,050.2         $    9,025.0    
                                                                      =================    =================

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     
                                                                                                          

STATEMENTS OF EARNINGS                                                                                    
Premiums and other revenue.........................  $       594.7      $      619.1      $      661.7    
Investment income (net of investment                                                                      
  expenses of $8.1, $15.8 and $15.5)...............          578.7             574.2             569.7    
Investment (losses) gains, net.....................          (35.8)            (11.3)               .5    
                                                    -----------------  ----------------  -----------------
      Total revenues...............................        1,137.6           1,182.0           1,231.9    
                                                    -----------------  ----------------  -----------------

Policyholders' benefits and dividends..............        1,025.2           1,024.7           1,082.0    
Other operating costs and expenses.................           19.7              70.9              62.8    
                                                    -----------------  ----------------  -----------------
      Total benefits and other deductions..........        1,044.9           1,095.6           1,144.8    
                                                    -----------------  ----------------  -----------------

Contribution from the Closed Block.................  $        92.7      $       86.4      $       87.1    
                                                    =================  ================  =================

   Impaired mortgage loans along with the related provision for losses
follows:                                                        

                                                        [Enlarge/Download Table]

                                                                                   DECEMBER 31,             
                                                                        ------------------------------------
                                                                             2000                1999       
                                                                        ----------------   -----------------
                                                                                   (IN MILLIONS)            
                                                                                                            
Impaired mortgage loans with provision for losses......................  $        26.7      $        26.8   
Impaired mortgage loans without provision for losses...................            4.0                4.5   
                                                                        ----------------   -----------------
Recorded investment in impaired mortgages..............................           30.7               31.3   
Provision for losses...................................................           (8.7)              (4.1)  
                                                                        ----------------   -----------------
Net Impaired Mortgage Loans............................................  $        22.0      $        27.2   
                                                                        ================   =================

During 2000, 1999 and 1998, the Closed Block's average recorded 
      investment in impaired mortgage loans was $31.0 million, $37.0 million
    and $85.5 million, respectively. Interest income recognized on these
   impaired mortgage loans totaled $2.0 million, $3.3 million and $4.7
       million ($.1 million, $.3 million and $1.5 million recognized on a cash
basis) for 2000, 1999 and 1998, respectively.                   

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 Valuation allowances amounted to $9.1 million and $4.6 million on
    mortgage loans on real estate and $17.2 million and $24.7 million on
equity real estate at December 31, 2000 and 1999, respectively. 
        Writedowns of fixed maturities amounted to $27.7 million and 3.3 million
  for 2000 and 1999, respectively, including $20.0 million in fourth
quarter 2000.                                                   

Many expenses related to Closed Block operations are charged to 
     operations outside of the Closed Block; accordingly, the contribution
        from the Closed Block does not represent the actual profitability of the
    Closed Block operations. Operating costs and expenses outside of the
        Closed Block are, therefore, disproportionate to the business outside of
the Closed Block.                                               

8)       DISCONTINUED OPERATIONS                                                

     Summarized financial information for Discontinued Operations follows:

                                                        [Enlarge/Download Table]

                                                                                  DECEMBER 31,              
                                                                      --------------------------------------
                                                                            2000                 1999       
                                                                      -----------------    -----------------
                                                                                  (IN MILLIONS)             

                                                                                                            
BALANCE SHEETS                                                                                              
Mortgage loans on real estate........................................  $      330.9         $      454.6    
Equity real estate...................................................         350.9                426.6    
Fixed maturities, available for sale, at estimated fair value                                               
  (amortized cost of $321.5 and $85.3)...............................         336.5                 85.5    
Other equity investments.............................................          43.1                 55.8    
Other invested assets................................................           1.9                  1.6    
                                                                      -----------------    -----------------
  Total investments..................................................       1,063.3              1,024.1    
Cash and cash equivalents............................................          84.3                164.5    
Other assets.........................................................         148.8                213.0    
                                                                      -----------------    -----------------
Total Assets.........................................................  $    1,296.4         $    1,401.6    
                                                                      =================    =================

Policyholder liabilities.............................................  $      966.8         $      993.3    
Allowance for future losses..........................................         159.8                242.2    
Other liabilities....................................................         169.8                166.1    
                                                                      -----------------    -----------------
Total Liabilities....................................................  $    1,296.4         $    1,401.6    
                                                                      =================    =================

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
STATEMENTS OF EARNINGS                                                                                    
Investment income (net of investment                                                                      
  expenses of $37.0, $49.3 and $63.3)..............  $       102.2      $       98.7      $      160.4    
Investment (losses) gains, net.....................           (6.6)            (13.4)             35.7    
Policy fees, premiums and other income.............             .7                .2              (4.3)   
                                                    -----------------  ----------------  -----------------
Total revenues.....................................           96.3              85.5             191.8    

Benefits and other deductions......................          106.9             104.8             141.5    
(Losses charged) earnings credited to allowance                                                           
  for future losses................................          (10.6)            (19.3)             50.3    
                                                    -----------------  ----------------  -----------------
Pre-tax loss from operations.......................            -                 -                 -      
Pre-tax earnings from releasing the allowance                                                             
  for future losses................................           90.2              43.3               4.2    
Federal income tax expense.........................          (31.6)            (15.2)             (1.5)   
                                                    -----------------  ----------------  -----------------
Earnings from                                                                                             
  Discontinued Operations..........................  $        58.6      $       28.1      $        2.7    
                                                    =================  ================  =================

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       The Company's quarterly process for evaluating the allowance for future
      losses applies the current period's results of discontinued operations
 against the allowance, re-estimates future losses and adjusts the
        allowance, if appropriate. Additionally, as part of the Company's annual
      planning process which takes place in the fourth quarter of each year,
        investment and benefit cash flow projections are prepared. These updated
       assumptions and estimates resulted in a release of allowance in each of
the three years presented.                                      

        Benefits and other deductions included $26.6 million of interest expense
related to amounts borrowed from continuing operations in 1998. 

       Valuation allowances of $2.9 million and $1.9 million on mortgage loans
        on real estate and $11.4 million and $54.8 million on equity real estate
        were held at December 31, 2000 and 1999, respectively. During 2000, 1999
       and 1998, other discontinued operations' average recorded investment in
  impaired mortgage loans was $11.3 million, $13.8 million and $73.3
   million, respectively. Interest income recognized on these impaired
      mortgage loans totaled $.9 million, $1.7 million and $4.7 million ($.5
     million, $.0 million and $3.4 million recognized on a cash basis) for
2000, 1999 and 1998, respectively.                              

      At December 31, 2000 and 1999, Discontinued Operations had real estate
     acquired in satisfaction of debt with carrying values of $4.5 million
and $24.1 million, respectively.                                

9)      SHORT-TERM AND LONG-TERM DEBT                                           

Short-term and long-term debt consists of the following:        

                                                        [Enlarge/Download Table]

                                                                                  DECEMBER 31,              
                                                                      --------------------------------------
                                                                            2000                 1999       
                                                                      -----------------    -----------------
                                                                                  (IN MILLIONS)             

                                                                                                            
Short-term debt......................................................  $      782.2         $      557.0    
                                                                      -----------------    -----------------
Long-term debt:                                                                                             
Equitable Life:                                                                                             
  Surplus notes, 6.95% due 2005......................................         399.6                399.5    
  Surplus notes, 7.70% due 2015......................................         199.7                199.7    
  Other..............................................................            .3                   .4    
                                                                      -----------------    -----------------
      Total Equitable Life...........................................         599.6                599.6    
                                                                      -----------------    -----------------
Wholly Owned and Joint Venture Real Estate:                                                                 
  Mortgage notes, 5.43% - 9.5%, due through 2017.....................         248.3                251.3    
                                                                      -----------------    -----------------
Total long-term debt.................................................         847.9                850.9    
                                                                      -----------------    -----------------

Total Short-term and Long-term Debt..................................  $    1,630.1         $    1,407.9    
                                                                      =================    =================

Short-term Debt                                                 
---------------                                                 

     Equitable Life has a $350.0 million 5-year bank credit facility and a
       $350.0 million 364-day credit facility. The interest rates are based on
      external indices dependent on the type of borrowing ranging from 6.93%
      to 6.97%. No amounts were outstanding under these credit facilities at
December 31, 2000.                                              

    Equitable Life has a commercial paper program with an issue limit of
      $1.0 billion. This program is available for general corporate purposes
    used to support Equitable Life's liquidity needs and is supported by
   Equitable Life's existing $700.0 million bank credit facilities. At
        December 31, 2000, there were no amounts outstanding under this program.

       Alliance has a $425.0 million five-year revolving credit facility and a
   $200.0 million three-year revolving credit facility with a group of
       commercial banks. Borrowings from the revolving credit facility and the
      original commercial paper program may not exceed $425.0 million in the
    aggregate. Under the facilities, the interest rate, at the option of
       Alliance, is a floating rate generally based upon a defined prime rate,
    a rate related to the London Interbank Offered Rate ("LIBOR") or the
       Federal Funds Rate. A facility fee is payable on the total facility. In
       October 2000, Alliance entered into a $250.0 million two-year revolving
       credit facility using terms substantially similar to the $425.0 million
    and $200.0 million revolving credit facilities. The revolving credit
  facilities will be used to provide backup liquidity for Alliance's

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commercial program, to fund commission payments to financial    
   intermediaries for the sale of certain mutual funds and for general
 working capital purposes. The revolving credit facilities contain
    covenants that require Alliance to, among other things, meet certain
     financial ratios. At December 31, 2000, Alliance had commercial paper
    outstanding totaling $396.9 million at an effective interest rate of
 6.7%; and $284.0 million at an effective interest rate of 7.0% in
    borrowings outstanding under Alliance's revolving credit facilities.

  In December 1999, Alliance established a $100.0 million extendible
   commercial notes ("ECN") program to supplement its commercial paper
      program. ECN's are short-term debt instruments that do not require any
  back-up liquidity support. At December 31, 2000, $98.2 million was
    outstanding under the ECN program with an effective interest rate of
6.8%.                                                           

Long-term Debt                                                  
--------------                                                  

   Several of the long-term debt agreements have restrictive covenants
  related to the total amount of debt, net tangible assets and other
    matters. At December 31, 2000, the Company is in compliance with all
debt covenants.                                                 

    At December 31, 2000 and 1999, respectively, the Company has pledged
  real estate of $298.8 million and $323.6 million as collateral for
certain long-term debt.                                         

      At December 31, 2000, aggregate maturities of the long-term debt based
      on required principal payments at maturity is $248.6 million for 2001,
   $400.0 million for 2005 and $200.0 million for 2006 and thereafter.

10)     FEDERAL INCOME TAXES                                                    

A summary of the Federal income tax expense in the consolidated 
statements of earnings follows:                                 

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Federal income tax expense:                                                                               
  Current..........................................  $       820.6      $      174.0      $      283.3    
  Deferred.........................................          137.7             158.0              69.8    
                                                    -----------------  ----------------  -----------------
Total..............................................  $       958.3      $      332.0      $      353.1    
                                                    =================  ================  =================

    The Federal income taxes attributable to consolidated operations are
        different from the amounts determined by multiplying the earnings before
  Federal income taxes and minority interest by the expected Federal
   income tax rate of 35%. The sources of the difference and their tax
effects follow:                                                 

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Expected Federal income tax expense................  $       904.9      $      458.4      $      414.3    
Minority interest..................................         (117.9)            (47.8)            (33.2)   
Non deductible stock option compensation                                                                  
  expense..........................................           34.4               -                 -      
Subsidiary gains...................................          161.4             (37.1)             (6.4)   
Adjustment of tax audit reserves...................           17.9              27.8              16.0    
Equity in unconsolidated subsidiaries..............          (48.7)            (64.0)            (39.3)   
Other..............................................            6.3              (5.3)              1.7    
                                                    -----------------  ----------------  -----------------
Federal Income Tax Expense.........................  $       958.3      $      332.0      $      353.1    
                                                    =================  ================  =================

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       The components of the net deferred Federal income taxes are as follows:

                                                        [Enlarge/Download Table]

                                               DECEMBER 31, 2000                  DECEMBER 31, 1999         
                                        ---------------------------------  ---------------------------------
                                            ASSETS         LIABILITIES         ASSETS         LIABILITIES   
                                        ---------------  ----------------  ---------------   ---------------
                                                                   (IN MILLIONS)                            

                                                                                                            
Compensation and related benefits......  $       -        $       79.7      $        -        $      37.7   
Other..................................          4.9               -                 -               20.6   
DAC, reserves and reinsurance..........          -               733.0               -              329.7   
Investments............................          -               229.2             115.1              -     
                                        ---------------  ----------------  ---------------   ---------------
Total..................................  $       4.9      $    1,041.9      $      115.1      $     388.0   
                                        ===============  ================  ===============   ===============

At December 31, 1999, $236.8 million in deferred tax assets were
        transferred to the Holding Company in conjunction with its assumption of
the non-qualified employee benefit liabilities. See Note 12 for 
discussion of the benefit plans transferred.                    

      The deferred Federal income taxes impacting operations reflect the net
    tax effects of temporary differences between the carrying amounts of
       assets and liabilities for financial reporting purposes and the amounts
        used for income tax purposes. The sources of these temporary differences
and their tax effects follow:                                   

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
DAC, reserves and reinsurance......................  $       403.3      $       83.2      $       (7.7)   
Investments........................................         (140.7)              3.2              46.8    
Compensation and related benefits..................          (96.4)             21.0              28.6    
Other..............................................          (28.5)             50.6               2.1    
                                                    -----------------  ----------------  -----------------
Deferred Federal Income Tax                                                                               
  Expense..........................................  $       137.7      $      158.0      $       69.8    
                                                    =================  ================  =================

 Federal income taxes payable at December 31, 2000 included $858.2
million of taxes related to the gain on disposal of DLJ.        

       The Internal Revenue Service (the "IRS") is in the process of examining
     the Holding Company's consolidated Federal income tax returns for the
      years 1992 through 1996. Management believes these audits will have no
material adverse effect on the Company's results of operations. 

11)     REINSURANCE AGREEMENTS                                                  

The effect of reinsurance (excluding group life and health) is  
summarized as follows:                                          

                                                        [Enlarge/Download Table]


                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Direct premiums....................................  $       508.6      $      420.6      $      438.8    
Reinsurance assumed................................          194.2             206.7             203.6    
Reinsurance ceded..................................         (122.9)            (69.1)            (54.3)   
                                                    -----------------  ----------------  -----------------
Premiums...........................................  $       579.9      $      558.2      $      588.1    
                                                    =================  ================  =================
Universal Life and Investment-type Product                                                                
  Policy Fee Income Ceded..........................  $        92.1      $       69.7      $       75.7    
                                                    =================  ================  =================
Policyholders' Benefits Ceded......................  $       202.6      $       99.6      $       85.9    
                                                    =================  ================  =================
Interest Credited to Policyholders' Account                                                               
  Balances Ceded...................................  $        46.5      $       38.5      $       39.5    
                                                    =================  ================  =================

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       Since 1997, the Company reinsures on a yearly renewal term basis 90% of
        the mortality risk on new issues of certain term, universal and variable
  life products. The Company's retention limit on joint survivorship
 policies is $15.0 million. All other in force business above $5.0
        million is reinsured. The Insurance Group also reinsures the entire risk
     on certain substandard underwriting risks and in certain other cases.

     During July 2000, Equitable Life transferred, at no gain or loss, all
     the risk of its directly written DI business for years 1993 and prior
      through an indemnity reinsurance contract. The cost of the arrangement
        will be amortized over the expected lives of the contracts reinsured and
      will not have a significant impact on the results of operations in any
specific period.                                                

     At December 31, 2000 and 1999, respectively, reinsurance recoverables
       related to insurance contracts outside of the Closed Block amounting to
    $1,989.2 million and $881.5 million are included in the consolidated
  balance sheets in other assets and reinsurance payables related to
   insurance contracts outside of the Closed Block amounting to $730.3
million and $682.5 million are included in other liabilities.   

       The Insurance Group cedes 100% of its group life and health business to
 a third party insurer. Insurance liabilities ceded totaled $487.7
       million and $510.5 million at December 31, 2000 and 1999, respectively.

12)     EMPLOYEE BENEFIT PLANS                                                  

      The Company sponsors qualified and non-qualified defined benefit plans
 covering substantially all employees (including certain qualified
        part-time employees), managers and certain agents. The pension plans are
       non-contributory. Equitable Life's benefits are based on a cash balance
   formula or years of service and final average earnings, if greater,
        under certain grandfathering rules in the plans. Alliance's benefits are
 based on years of credited service, average final base salary and
    primary social security benefits. The Company's funding policy is to
        make the minimum contribution required by the Employee Retirement Income
Security Act of 1974 ("ERISA").                                 

        Effective December 31, 1999, the Holding Company legally assumed primary
       liability from Equitable Life for all current and future obligations of
      its Excess Retirement Plan, Supplemental Executive Retirement Plan and
   certain other employee benefit plans that provide participants with
      medical, life insurance, and deferred compensation benefits; Equitable
       Life remains secondarily liable. The amount of the liability associated
       with employee benefits transferred was $676.5 million, including $183.0
       million of non-qualified pension benefit obligations and $394.1 million
 of postretirement benefits obligations at December 31, 1999. This
     transfer was recorded as a non-cash capital contribution to Equitable
Life.                                                           

Components of net periodic pension credit for the qualified and 
non-qualified plans follow:                                     

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Service cost.......................................  $        29.5      $       36.7      $       33.2    
Interest cost on projected benefit obligations.....          124.2             131.6             129.2    
Actual return on assets............................         (223.2)           (189.8)           (175.6)   
Net amortization and deferrals.....................            (.6)              7.5               6.1    
                                                    -----------------  ----------------  -----------------
Net Periodic Pension Credit........................  $       (70.1)     $      (14.0)     $       (7.1)   
                                                    =================  ================  =================

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       The projected benefit obligations under the qualified and non-qualified
pension plans were comprised of:                                

                                                        [Enlarge/Download Table]

                                                                                   DECEMBER 31,             
                                                                        ------------------------------------
                                                                             2000                1999       
                                                                        ----------------   -----------------
                                                                                   (IN MILLIONS)            

                                                                                                            
Benefit obligations, beginning of year.................................  $    1,659.6       $    1,933.4    
Service cost...........................................................          29.5               36.7    
Interest cost..........................................................         124.2              131.6    
Actuarial losses (gains)...............................................           6.5              (53.3)   
Benefits paid..........................................................        (110.0)            (123.1)   
                                                                        ----------------   -----------------
Subtotal before transfer...............................................       1,709.8            1,925.3    
Transfer of Non-qualified Pension Benefit Obligation                                                        
  to the Holding Company...............................................           -               (265.7)   
                                                                        ----------------   -----------------
Benefit Obligation, End of Year........................................  $    1,709.8       $    1,659.6    
                                                                        ================   =================

      The funded status of the qualified and non-qualified pension plans was
as follows:                                                     

                                                        [Enlarge/Download Table]

                                                                                   DECEMBER 31,             
                                                                        ------------------------------------
                                                                             2000                1999       
                                                                        ----------------   -----------------
                                                                                   (IN MILLIONS)            

                                                                                                            
Plan assets at fair value, beginning of year...........................  $    2,341.6       $    2,083.1    
Actual return on plan assets...........................................        (107.7)             369.0    
Contributions..........................................................           -                   .1    
Benefits paid and fees.................................................        (114.6)            (108.5)   
                                                                        ----------------   -----------------
Plan assets at fair value, end of year.................................       2,119.3            2,343.7    
Projected benefit obligations..........................................       1,709.8            1,925.3    
                                                                        ----------------   -----------------
Excess of plan assets over projected benefit obligations...............         409.5              418.4    
Unrecognized prior service cost........................................           1.2               (5.2)   
Unrecognized net gain (loss) from past experience different                                                 
  from that assumed....................................................          61.2             (197.3)   
Unrecognized net asset at transition...................................          (1.9)               (.1)   
                                                                                           -----------------
                                                                        ----------------                    
Subtotal before transfer...............................................         470.0              215.8    
Transfer of Accrued Non-qualified Pension Benefit Obligation                                                
  to the Holding Company...............................................           -                184.3    
                                                                        ----------------   -----------------
Prepaid Pension Cost, Net..............................................  $      470.0       $      400.1    
                                                                        ================   =================

   The prepaid pension cost for pension plans with assets in excess of
       projected benefit obligations was $483.5 million and $412.2 million and
the accrued liability for pension plans with projected benefit  
        obligations in excess of plan assets was $13.5 million and $12.2 million
at December 31, 2000 and 1999, respectively.                    

The pension plan assets include corporate and government debt   
     securities, equity securities, equity real estate and shares of group
     trusts managed by Alliance. The discount rate and rate of increase in
    future compensation levels used in determining the actuarial present
value of projected benefit obligations were 7.75% and 7.19%,    
       respectively, at December 31, 2000 and 8.0% and 6.38%, respectively, at
December 31, 1999. As of January 1, 2000 and 1999, the expected 
        long-term rate of return on assets for the retirement plan was 10.5% and
10.0%, respectively.                                            

The Company recorded, as a reduction of shareholder's equity, an
    additional minimum pension liability of $.1 million, $.1 million and
      $28.3 million, net of Federal income taxes, at December 31, 2000, 1999
and 1998, respectively, primarily representing the excess of the
     accumulated benefit obligation of the non-qualified pension plan over
       the accrued liability. The aggregate accumulated benefit obligation and
    fair value of plan assets for pension plans with accumulated benefit
  obligations in excess of plan assets were $333.5 million and $42.1
        million, respectively, at December 31, 2000 and $325.7 million and $36.3
million, respectively, at December 31, 1999.                    

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       Prior to 1987, the qualified plan funded participants' benefits through
        the purchase of non-participating annuity contracts from Equitable Life.
        Benefit payments under these contracts were approximately $28.7 million,
      $30.2 million and $31.8 million for 2000, 1999 and 1998, respectively.

The Company provides certain medical and life insurance benefits
   (collectively, "postretirement benefits") for qualifying employees,
       managers and agents retiring from the Company (i) on or after attaining
age 55 who have at least 10 years of service or (ii) on or after
     attaining age 65 or (iii) whose jobs have been abolished and who have
     attained age 50 with 20 years of service. The life insurance benefits
        are related to age and salary at retirement. The costs of postretirement
     benefits are recognized in accordance with the provisions of SFAS No.
     106. The Company continues to fund postretirement benefits costs on a
  pay-as-you-go basis and, for 2000, 1999 and 1998, the Company made
        estimated postretirement benefits payments of $.9 million, $29.5 million
and $28.4 million, respectively.                                

 The following table sets forth the postretirement benefits plan's
      status, reconciled to amounts recognized in the Company's consolidated
financial statements:                                           

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     

                                                                                                          
Service cost.......................................  $         -        $        4.7      $        4.6    
Interest cost on accumulated postretirement                                                               
  benefits obligation..............................             .7              34.4              33.6    
Unrecognized prior service costs...................            -                (7.0)              -      
Net amortization and deferrals.....................            (.2)              8.4                .5    
                                                    -----------------  ----------------  -----------------
Net Periodic Postretirement Benefits Costs.........  $          .5      $       40.5      $       38.7    
                                                    =================  ================  =================

                                                        [Enlarge/Download Table]

                                                                                   DECEMBER 31,             
                                                                        ------------------------------------
                                                                             2000                1999       
                                                                        ----------------   -----------------
                                                                                   (IN MILLIONS)            

                                                                                                            
Accumulated postretirement benefits obligation, beginning                                                   
  of year..............................................................  $       17.8       $      490.4    
Service cost...........................................................           -                  4.7    
Interest cost..........................................................            .5               34.4    
Contributions and benefits paid........................................           (.9)             (29.5)   
Actuarial gains........................................................           -                (29.0)   
                                                                        ----------------   -----------------
Accumulated postretirement benefits obligation, end of year............          17.4              471.0    
Unrecognized prior service cost........................................           -                 26.9    
Unrecognized net gain from past experience different                                                        
  from that assumed and from changes in assumptions....................           -                (86.0)   
                                                                        ----------------   -----------------
Subtotal before transfer...............................................          17.4              411.9    
Transfer to the Holding Company........................................           -               (394.1)   
                                                                        ----------------   -----------------
Accrued Postretirement Benefits Cost...................................  $       17.4       $       17.8    
                                                                        ================   =================

       Since January 1, 1994, costs to the Company for providing these medical
 benefits available to retirees under age 65 are the same as those
        offered to active employees and medical benefits will be limited to 200%
of 1993 costs for all participants.                             

The assumed health care cost trend rate used in measuring the   
accumulated postretirement benefits obligation was 7.0% in 2000,
    gradually declining to 4.25% in the year 2010, and in 1999 was 7.5%,
        gradually declining to 4.75% in the year 2009. The discount rate used in
        determining the accumulated postretirement benefits obligation was 7.75%
and 8.0% at December 31, 2000 and 1999, respectively.           

        If the health care cost trend rate assumptions were increased by 1%, the
      accumulated postretirement benefits obligation as of December 31, 2000
    would be increased 3.5%. The effect of this change on the sum of the
   service cost and interest cost would be an increase of 3.5%. If the
health care cost trend rate assumptions were decreased by 1% the
      accumulated postretirement benefits obligation as of December 31, 2000
       would be decreased by 4.4%. The effect of this change on the sum of the
service cost and interest cost would be a decrease of 4.4%.     

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13)     DERIVATIVES AND FAIR VALUE OF FINANCIAL INSTRUMENTS                     

       The Insurance Group primarily uses derivatives for asset/liability risk
        management and for hedging individual securities. Derivatives mainly are
  utilized to reduce the Insurance Group's exposure to interest rate
     fluctuations. Accounting for interest rate swap transactions is on an
accrual basis. Gains and losses related to interest rate swap   
       transactions are amortized as yield adjustments over the remaining life
    of the underlying hedged security. Income and expense resulting from
     interest rate swap activities are reflected in net investment income.
     There were no swaps outstanding as of December 31, 2000. The notional
      amount of matched interest rate swaps outstanding at December 31, 1999
 was $797.3 million. Equitable Life maintains an interest rate cap
program designed to offset crediting rate increases on          
  interest-sensitive individual annuities contracts. The outstanding
     notional amounts at December 31, 2000 of contracts purchased and sold
       were $6,775.0 million and $375.0 million, respectively. The net premium
        paid by Equitable Life on these contracts was $46.7 million and is being
      amortized ratably over the contract periods ranging from 1 to 3 years.
  Income and expense resulting from this program are reflected as an
   adjustment to interest credited to policyholders' account balances.

Fair Value of Financial Instruments                             
-----------------------------------                             

    The Company defines fair value as the quoted market prices for those
   instruments that are actively traded in financial markets. In cases
       where quoted market prices are not available, fair values are estimated
 using present value or other valuation techniques. The fair value
  estimates are made at a specific point in time, based on available
market information and judgments about the financial instrument,
    including estimates of the timing and amount of expected future cash
      flows and the credit standing of counterparties. Such estimates do not
        reflect any premium or discount that could result from offering for sale
   at one time the Company's entire holdings of a particular financial
     instrument, nor do they consider the tax impact of the realization of
   unrealized gains or losses. In many cases, the fair value estimates
     cannot be substantiated by comparison to independent markets, nor can
the disclosed value be realized in immediate settlement of the  
instrument.                                                     

  Certain financial instruments are excluded, particularly insurance
     liabilities other than financial guarantees and investment contracts.
   Fair market value of off-balance-sheet financial instruments of the
Insurance Group was not material at December 31, 2000 and 1999. 

Fair values for mortgage loans on real estate are estimated by  
       discounting future contractual cash flows using interest rates at which
    loans with similar characteristics and credit quality would be made.
        Fair values for foreclosed mortgage loans and problem mortgage loans are
   limited to the estimated fair value of the underlying collateral if
lower.                                                          

       Fair values of policy loans are estimated by discounting the face value
  of the loans from the time of the next interest rate review to the
      present, at a rate equal to the excess of the current estimated market
rates over the current interest rate charged on the loan.       

       The estimated fair values for the Company's association plan contracts,
       supplementary contracts not involving life contingencies ("SCNILC") and
annuities certain, which are included in policyholders' account 
balances, and guaranteed interest contracts are estimated using 
    projected cash flows discounted at rates reflecting expected current
offering rates.                                                 

    The estimated fair values for variable deferred annuities and single
        premium deferred annuities, which are included in policyholders' account
      balances, are estimated by discounting the account value back from the
      time of the next crediting rate review to the present, at a rate equal
       to the excess of current estimated market rates offered on new policies
over the current crediting rates.                               

    Fair values for long-term debt are determined using published market
       values, where available, or contractual cash flows discounted at market
        interest rates. The estimated fair values for non-recourse mortgage debt
    are determined by discounting contractual cash flows at a rate which
 takes into account the level of current market interest rates and
     collateral risk. The estimated fair values for recourse mortgage debt
    are determined by discounting contractual cash flows at a rate based
  upon current interest rates of other companies with credit ratings
  similar to the Company. The Company's carrying value of short-term
borrowings approximates their estimated fair value.             

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     The carrying value and estimated fair value for financial instruments
not previously disclosed in Notes 3, 7 and 8:                   

                                                        [Enlarge/Download Table]

                                                                   DECEMBER 31,                             
                                        --------------------------------------------------------------------
                                                      2000                               1999               
                                        ---------------------------------  ---------------------------------
                                           CARRYING         ESTIMATED         Carrying         Estimated    
                                            VALUE          FAIR VALUE          Value           Fair Value   
                                        ---------------  ----------------  ---------------   ---------------
                                                                   (IN MILLIONS)                            

                                                                                                            
Consolidated:                                                                                               
------------                                                                                                
Mortgage loans on real estate..........  $    3,130.8     $     3,184.4     $     3,270.0     $    3,239.3  
Other limited partnership interests....         811.9             811.9             647.9            647.9  
Policy loans...........................       2,476.9           2,622.4           2,257.3          2,359.5  
Policyholders' account balances -                                                                           
  investment contracts.................      11,468.6          11,643.7          12,740.4         12,800.5  
Long-term debt.........................         847.9             847.5             850.9            834.9  

Closed Block:                                                                                               
------------                                                                                                

Mortgage loans on real estate..........  $    1,581.8     $     1,582.6     $     1,704.2     $    1,650.3  
Other equity investments...............          34.4              34.4              36.3             36.3  
Policy loans...........................       1,557.7           1,667.6           1,593.9          1,712.0  
SCNILC liability.......................          20.2              20.1              22.8             22.5  

Discontinued Operations:                                                                                    
-----------------------                                                                                     
Mortgage loans on real estate..........  $      330.9     $       347.7     $       454.6     $      467.0  
Fixed maturities.......................         336.5             336.5              85.5             85.5  
Other equity investments...............          43.1              43.1              55.8             55.8  
Guaranteed interest contracts..........          26.4              23.4              33.2             27.5  
Long-term debt.........................         101.8             101.7             101.9            101.9  

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14)     COMMITMENTS AND CONTINGENT LIABILITIES                                  

 From time to time, the Company has provided certain guarantees or
      commitments to affiliates, investors and others. At December 31, 2000,
    these arrangements include commitments by the Company, under certain
  conditions: to make capital contributions of up to $9.3 million to
      affiliated real estate joint ventures; and to provide equity financing
        to certain limited partnerships of $303.1 million under existing loan or
    loan commitment agreements. Management believes the Company will not
incur any material losses as a result of these commitments.     

 Equitable Life is the obligor under certain structured settlement
agreements which it had entered into with unaffiliated insurance
   companies and beneficiaries. To satisfy its obligations under these
  agreements, Equitable Life owns single premium annuities issued by
       previously wholly owned life insurance subsidiaries. Equitable Life has
 directed payment under these annuities to be made directly to the
      beneficiaries under the structured settlement agreements. A contingent
       liability exists with respect to these agreements should the previously
wholly owned subsidiaries be unable to meet their obligations.  
Management believes the need for Equitable Life to satisfy those
obligations is remote.                                          

      The Insurance Group had $14.9 million of letters of credit outstanding
at December 31, 2000.                                           

The Holding Company has entered into continuity agreements with 
       forty-three executives of the Company in connection with AXA's minority
      interest acquisition. The continuity agreements generally provide cash
        severance payments ranging from 1.5 times to 3 times an executive's base
       salary plus bonus and other benefits. Such cash severance payments will
        generally be made if an executive's employment is terminated at any time
     within two years from December 27, 2000 for any reason other than the
 executive's death, disability, retirement or for cause, or if the
executive resigns for good reason as defined in the agreements. 

15)     LITIGATION                                                              

Life Insurance and Annuity Sales Cases                          

   A number of lawsuits are pending as individual claims and purported
      class actions against Equitable Life, its subsidiary insurance company
     and a former insurance subsidiary. These actions involve, among other
        things, sales of life and annuity products for varying periods from 1980
  to the present, and allege, among other things, (i) sales practice
     misrepresentation primarily involving: the number of premium payments
  required; the propriety of a product as an investment vehicle; the
  propriety of a product as a replacement of an existing policy; and
    failure to disclose a product as life insurance; and (ii) the use of
       fraudulent and deceptive practices in connection with the marketing and
    sale of deferred annuity products to fund tax-qualified contributory
    retirement plans. Some actions are in state courts and others are in
   U.S. District Courts in different jurisdictions, and are in varying
stages of discovery and motions for class certification.        

    In general, the plaintiffs request an unspecified amount of damages,
compensatory and punitive damages, recession of the contracts,  
enjoinment from the described practices, prohibition against    
      cancellation of policies for non-payment of premium or other remedies,
        as well as attorneys' fees and expenses. Similar actions have been filed
        against other life and health insurers and have resulted in the award of
      substantial judgments, including material amounts of punitive damages,
or in substantial settlements.                                  

Annuity Contract Case                                           

      In October 2000, an action was commenced in the United States District
       Court for the Northern District of Illinois. The complaint alleges that
 the defendants (i) in connection with certain annuities issued by
      Equitable Life breached an agreement with the plaintiffs involving the
execution of mutual fund transfers and (ii) wrongfully withheld 
        withdrawal charges in connection with the termination of such annuities.
        Plaintiffs seek unspecified lost profits and injunctive relief, punitive
   damages and attorneys' fees. The plaintiffs also seek return of the
        withdrawal charges. In February 2001, the District Court granted in part
       and denied in part defendants' motion to dismiss the complaint, without
       prejudice to the plaintiffs to seek leave to file an amended complaint.

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Discrimination Case                                             

       Equitable Life is a defendant in an action, certified as a class action
       in September 1997, in the United States District Court for the Northern
        District of Alabama, Southern Division, involving alleged discrimination
      on the basis of race against African-American applicants and potential
   applicants in hiring individuals as sales agents. Plaintiffs seek a
    declaratory judgment and affirmative and negative injunctive relief,
      including the payment of back-pay, pension and other compensation. The
    court referred the case to mediation, which has been successful. The
     parties have reached a tentative agreement for the settlement of this
  case as a nationwide class action. In connection with the proposed
    settlement, the case will be dismissed in the United States District
      Court for the Northern District of Alabama, Southern Division and will
   be refiled in the United States District Court for Georgia, Atlanta
      Division. The final settlement requires notice to class members and is
     subject to court approval. The Company's management believes that the
        settlement of this matter will not have a material adverse effect on the
        consolidated financial position or results of operations of the Company.

Agent Health Benefits Case                                      

       Equitable Life is a defendant in an action, certified as a class action
   in March 1999, in the United States District Court for the Northern
    District of California, alleging, among other things, that Equitable
   Life violated ERISA by eliminating certain alternatives pursuant to
      which agents of Equitable Life could qualify for health care coverage.
  The class consists of "[a]ll current, former and retired Equitable
agents, who while associated with Equitable satisfied [certain  
     alternatives] to qualify for health coverage or contributions thereto
   under applicable plans." Plaintiffs allege various causes of action
 under ERISA, including claims for enforcement of alleged promises
   contained in plan documents and for enforcement of agent bulletins,
        breach of a unilateral contract, breach of fiduciary duty and promissory
       estoppel. The parties are currently engaged in discovery. In June 2000,
 plaintiffs appealed to the Court of Appeals for the Ninth Circuit
  contesting the District Court's award of legal fees to plaintiffs'
      counsel in connection with a previously settled count of the complaint
       unrelated to the health benefit claims. In that appeal, plaintiffs have
    challenged the District Court's subject matter jurisdiction over the
      health benefit claims. Briefing has been completed, but the appeal has
not yet been decided.                                           

Prime Property Fund Case                                        

     In January 2000, the California Supreme Court denied Equitable Life's
 petition for review of an October 1999 decision by the California
     Superior Court of Appeal. Such decision reversed the dismissal by the
 Supreme Court of Orange County, California of an action which was
 commenced in 1995 by a real estate developer in connection with a
   limited partnership formed in 1991 with Equitable Life on behalf of
        Prime Property Fund ("PPF"). Equitable Life serves as investment manager
for PPF, an open-end, commingled real estate separate account of
Equitable Life for pension clients. Plaintiff alleges breach of 
    fiduciary duty and other claims principally in connection with PPF's
       1995 purchase and subsequent foreclosure of the loan which financed the
 partnership's property. Plaintiff seeks compensatory and punitive
       damages. In reversing the Superior Court's dismissal of the plaintiff's
      claims, the Court of Appeal held that a general partner who acquires a
    partnership obligation breaches its fiduciary duty by foreclosing on
   partnership assets. The case was remanded to the Superior Court for
      further proceedings. In August 2000, Equitable Life filed a motion for
     summary adjudication on plaintiff's claims, based on the purchase and
   subsequent foreclosure of the loan which financed the partnership's
    property, for punitive damages. In November 2000, the Superior Court
granted Equitable Life's motion as to one of plaintiff's claims,
    dismissing the claim for punitive damages sought in conjunction with
   plaintiff's claim for breach of the covenant of good faith and fair
       dealing. The Superior Court denied Equitable Life's motion with respect
        to plaintiff's claim for punitive damages sought in conjunction with its
        claim for breach of fiduciary duty. In December 2000, the Superior Court
        granted plaintiff's motion for leave to file a supplemental complaint to
    add allegations relating to the post-foreclosure transfer of certain
        funds from the partnership to Equitable Life. The supplemental complaint
       alleges, among other things, that such conduct constitutes self-dealing
 and breach of fiduciary duty, and seeks compensatory and punitive
    damages based on such conduct. A jury trial previously scheduled for
February 2001 tentatively has been rescheduled for May 2001.    

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Alliance Reorganization Case                                    

       In September 1999, an action was brought on behalf of a purported class
      of owners of limited partnership units of Alliance Holding challenging
      the then-proposed reorganization of Alliance Holding. Named defendants
        include Alliance Holding, Alliance, four Alliance Holding executives and
       the general partner of Alliance Holding and Alliance. Equitable Life is
     obligated to indemnify the defendants for losses and expenses arising
  out of the litigation. Plaintiffs allege inadequate and misleading
       disclosures, breaches of fiduciary duties, and the improper adoption of
        an amended partnership agreement by Alliance Holding and seek payment of
      unspecified money damages and an accounting of all benefits alleged to
have been improperly obtained by the defendants. In August 2000,
plaintiffs filed a first amended and supplemental class action  
complaint. The amended complaint alleges in connection with the 
     reorganization that the partnership agreement of Alliance Holding was
   not validly amended, the reorganization of Alliance Holding was not
     validly effected, the information disseminated to holders of units of
      limited partnership interests in Alliance Holding was materially false
     and misleading, and the defendants breached their fiduciary duties by
     structuring the reorganization in a manner that was grossly unfair to
       plaintiffs. Plaintiffs seek declaratory, monetary and injunctive relief
  relating to the allegations contained in the amended complaint. In
      September 2000, all defendants, except one Alliance Holding executive,
filed an answer to the amended complaint denying the material   
      allegations contained therein; in lieu of joining in the answer to the
   amended complaint, the Alliance Holding executive filed a motion to
     dismiss in September 2000. In November 2000, the remaining defendants
  filed a motion to dismiss the amended complaint. In December 2000,
        plaintiffs filed a motion for partial summary judgment on the claim that
        the Alliance Holding partnership agreement was not validly amended. Oral
argument of the motions was held in January 2001.               

Disposal of DLJ                                                 

      Subsequent to the August 30, 2000 announcement of the proposed sale of
        DLJ, four putative class action lawsuits have been filed in the Delaware
   Court of Chancery naming AXA Financial as one of the defendants and
       challenging the sale of DLJ because the transaction did not include the
       sale of DLJdirect tracking stock. The plaintiffs in these cases purport
    to represent a class consisting of the holders of DLJdirect tracking
        stock and their successors in interest, excluding the defendants and any
     person or entity related to or affiliated with any of the defendants.
     AXA Financial, DLJ and the DLJ directors are named as defendants. The
      complaints assert claims for breaches of fiduciary duties, and seek an
  unspecified amount of compensatory damages and costs and expenses,
    including attorneys' fees. The parties in these cases have agreed to
extend the time for defendants to respond to the complaints.    

      Subsequent to the August 30, 2000 announcement of the proposed sale of
      DLJ, a putative class action lawsuit was filed in New York challenging
    the sale of DLJ (for omitting the DLJdirect tracking stock) and also
    alleges Federal securities law claims relating to the initial public
      offering of the DLJdirect tracking stock. The complaint alleges claims
       for violations of the securities laws, breaches of the fiduciary duties
       of loyalty, good faith and due care, aiding and abetting such breaches,
   and breach of contract. The plaintiff purports to represent a class
        consisting of: all purchasers of DLJdirect tracking stock in the initial
  public offering and thereafter (with respect to the securities law
      claims); and all owners of DLJdirect tracking stock who allegedly have
        been or will be injured by the proposed sale of DLJ (with respect to all
  other claims). AXA Financial, Equitable Life, AXA, DLJ, Donaldson,
  Lufkin & Jenrette Securities Corporation, CSG, Diamond Acquisition
       Corp., and DLJ's directors are named as defendants. The complaint seeks
        declaratory and injunctive relief, an unspecified amount of damages, and
    costs and expenses, including attorney's fees. Defendants have until
February 28, 2001 to respond to plaintiffs' complaint.          

AXA's Purchase of Holding Company Minority Interest             

   Subsequent to the August 30, 2000 announcement of AXA's proposal to
       purchase the outstanding shares of Holding Company Common Stock that it
 did not already own, fourteen putative class action lawsuits were
      commenced in the Delaware Court of Chancery. The Holding Company, AXA,
 and directors and/or officers of the Holding Company are named as
 defendants in each of these lawsuits. The various plaintiffs each
    purport to represent a class consisting of owners of Holding Company
       Common Stock and their successors in interest, excluding the defendants
 and any person or entity related to or affiliated with any of the
     defendants. They challenge the adequacy of the offer announced by AXA
    and allege that the defendants have engaged or will engage in unfair
   dealing, overreaching and/or have breached or will breach fiduciary
    duties owed to the minority shareholders of the Holding Company. The
complaints seek declaratory and                                 

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       injunctive relief, an accounting, and unspecified compensatory damages,
    costs and expenses, including attorneys' fees. A similar lawsuit was
        filed in the Supreme Court of the State of New York, County of New York,
    after the filing of the first Delaware action. In December 2000, the
parties to the Delaware suits reached a tentative agreement for 
settlement and executed a Memorandum of Understanding. Shortly  
    thereafter, agreement was reached with the plaintiff in the New York
       suit to stay proceedings in New York and to participate in and be bound
     by the terms of the settlement of the Delaware suits. The settlement,
        which does not involve any payment by the Holding Company, is subject to
a number of conditions, including confirmatory discovery, the   
    preparation of definitive documentation and approval by the Delaware
Court of Chancery after a hearing.                              

Outcome of Litigation                                           

      Although the outcome of litigation cannot be predicted with certainty,
       particularly in the early stages of an action, the Company's management
    believes that the ultimate resolution of the matters described above
       should not have a material adverse effect on the consolidated financial
position of the Company. The Company's management cannot make an
       estimate of loss, if any, or predict whether or not any such litigation
 will have a material adverse effect on the Company's consolidated
results of operations in any particular period.                 

Other Matters                                                   

In addition to the matters described above, the Company and its 
     subsidiaries are involved in various legal actions and proceedings in
     connection with their businesses. Some of the actions and proceedings
       have been brought on behalf of various alleged classes of claimants and
     certain of these claimants seek damages of unspecified amounts. While
        the ultimate outcome of such matters cannot be predicted with certainty,
        in the opinion of management no such matter is likely to have a material
  adverse effect on the Company's consolidated financial position or
results of operations.                                          

16)     LEASES                                                                  

  The Company has entered into operating leases for office space and
      certain other assets, principally information technology equipment and
office furniture and equipment. Future minimum payments under   
      noncancelable leases for 2001 and the four successive years are $123.9
      million, $110.8 million, $101.6 million, $108.5 million, $97.4 million
       and $896.5 million thereafter. Minimum future sublease rental income on
    these noncancelable leases for 2001 and the four successive years is
        $5.2 million, $4.3 million, $5.1 million, $3.3 million, $2.9 million and
$22.0 million thereafter.                                       

        At December 31, 2000, the minimum future rental income on non-cancelable
     operating leases for wholly owned investments in real estate for 2001
    and the four successive years is $95.2 million, $61.4 million, $72.9
   million, $66.2 million, $59.2 million and $76.6 million thereafter.

17)     INSURANCE GROUP STATUTORY FINANCIAL INFORMATION                         

      Equitable Life is restricted as to the amounts it may pay as dividends
to the Holding Company. Under the New York Insurance Law, the   
      Superintendent has broad discretion to determine whether the financial
        condition of a stock life insurance company would support the payment of
     dividends to its shareholders. For 2000, 1999 and 1998, statutory net
 income (loss) totaled $1,068.6 million, $547.0 million and $384.4
 million, respectively. Statutory surplus, capital stock and Asset
       Valuation Reserve ("AVR") totaled $6,226.5 million and $5,570.6 million
at December 31, 2000 and 1999, respectively. In 2000 and 1999,  
      respectively, $250.0 million and $150.0 million in dividends were paid
to the Holding Company by Equitable Life.                       

     At December 31, 2000, the Insurance Group, in accordance with various
 government and state regulations, had $26.4 million of securities
deposited with such government or state agencies.               

  In 1998, the NAIC adopted the Codification of Statutory Accounting
 Principles ("Codification"). Codification provides regulators and
insurers with uniform statutory guidance, addressing areas where
        statutory accounting was previously silent and changing certain existing
       statutory positions. The New York Insurance Department recently adopted
      Regulation 172 concerning Codification, effective January 1, 2001, but
        did not adopt several key provisions of Codification, including deferred
income taxes and the establishment of goodwill as an asset. The 
      application of the codification rules as adopted by New York currently
 is estimated to have no significant effect on Equitable Life. The
  Insurance Group expects that statutory surplus after adoption will
continue to be in excess of the regulatory risk-based capital   
requirements.                                                   

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      The differences between statutory surplus and capital stock determined
    in accordance with Statutory Accounting Principles ("SAP") and total
       shareholders' equity under GAAP are primarily: (a) the inclusion in SAP
      of an AVR intended to stabilize surplus from fluctuations in the value
of the investment portfolio; (b) future policy benefits and     
 policyholders' account balances under SAP differ from GAAP due to
      differences between actuarial assumptions and reserving methodologies;
        (c) certain policy acquisition costs are expensed under SAP but deferred
     under GAAP and amortized over future periods to achieve a matching of
       revenues and expenses; (d) external and certain internal costs incurred
to obtain or develop internal use computer software during the  
    application development stage is capitalized under GAAP but expensed
   under SAP; (e) Federal income taxes are generally accrued under SAP
       based upon revenues and expenses in the Federal income tax return while
under GAAP deferred taxes provide for timing differences between
       recognition of revenues and expenses for financial reporting and income
       tax purposes; (f) the valuation of assets under SAP and GAAP differ due
    to different investment valuation and depreciation methodologies, as
   well as the deferral of interest-related realized capital gains and
      losses on fixed income investments; and (g) differences in the accrual
methodologies for post-employment and retirement benefit plans. 

       Accounting practices used to prepare statutory financial statements for
      regulatory filings of stock life insurance companies differ in certain
   instances from GAAP. The following reconciles the Insurance Group's
       statutory change in surplus and capital stock and statutory surplus and
capital stock determined in accordance with accounting practices
     prescribed by the New York Insurance Department with net earnings and
equity on a GAAP basis.                                         

                                                        [Enlarge/Download Table]

                                                          2000              1999               1998       
                                                    -----------------  ----------------  -----------------
                                                                        (IN MILLIONS)                     
                                                                                                          
Net change in statutory surplus and                                                                       
  capital stock....................................  $     1,321.4      $      848.8      $      709.2    
Change in asset valuation reserves.................         (665.5)             (6.3)            111.8    
                                                    -----------------  ----------------  -----------------
Net change in statutory surplus, capital stock                                                            
  and asset valuation reserves.....................          655.9             842.5             821.0    
Adjustments:                                                                                              
  Future policy benefits and policyholders'                                                               
    account balances...............................          259.0             (85.0)           (189.9)   
  DAC..............................................          483.6             263.6             316.5    
  Deferred Federal income taxes....................         (128.3)           (161.4)            (67.6)   
  Valuation of investments.........................         (126.2)             23.2              83.6    
  Valuation of investment subsidiary...............          (29.2)           (133.6)           (419.5)   
  Limited risk reinsurance.........................            -               128.4              83.7    
  Dividends paid to the Holding                                                                           
    Company........................................          250.0             150.0               -      
  Capital contribution.............................            -              (470.8)              -      
  Postretirement benefits..........................            -                 -                54.8    
  Stock option expense related to AXA's minority                                                          
    Interest acquisition...........................         (493.9)              -                 -      
  Other, net.......................................          443.7             248.2             134.7    
  GAAP adjustments of Closed Block.................          (13.4)            (49.8)            (27.1)   
  GAAP adjustments of discontinued                                                                        
    operations.....................................           54.3              51.3             (82.0)   
                                                    -----------------  ----------------  -----------------
Net Earnings of the Insurance Group................  $     1,355.5      $      806.6      $      708.2    
                                                    =================  ================  =================

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                                                        [Enlarge/Download Table]


                                                                         DECEMBER 31,                       
                                                    --------------------------------------------------------
                                                          2000               1999                1998       
                                                    -----------------   ----------------   -----------------
                                                                         (IN MILLIONS)                      

                                                                                                            
Statutory surplus and capital stock................  $     5,341.9       $    4,020.5       $    3,171.7    
Asset valuation reserves...........................          884.6            1,550.1            1,556.4    
                                                    -----------------   ----------------   -----------------
Statutory surplus, capital stock and asset                                                                  
  valuation reserves...............................        6,226.5            5,570.6            4,728.1    
Adjustments:                                                                                                
  Future policy benefits and policyholders'                                                                 
    account balances...............................       (1,363.0)          (1,622.0)          (1,526.0)   
  DAC..............................................        4,429.1            4,033.0            3,563.8    
  Deferred Federal income taxes....................         (681.9)            (283.9)            (346.9)   
  Valuation of investments.........................           99.7             (568.2)             626.9    
  Valuation of investment subsidiary...............       (1,082.9)          (1,891.7)          (1,758.1)   
  Limited risk reinsurance.........................            -                (39.6)            (168.0)   
  Issuance of surplus notes........................         (539.1)            (539.1)            (539.1)   
  Postretirement benefits..........................            -                  -               (262.7)   
  Other, net.......................................          844.1              544.8              313.4    
  GAAP adjustments of Closed Block.................          677.1              723.6              795.4    
  GAAP adjustments of discontinued operations......         (164.3)            (160.0)             (14.2)   
                                                    -----------------   ----------------   -----------------
Equity of the Insurance Group......................  $     8,445.3       $    5,767.5       $    5,412.6    
                                                    =================   ================   =================

18)       BUSINESS SEGMENT INFORMATION                          

      The Company's operations consist of Insurance and Investment Services.
   The Company's management evaluates the performance of each of these
   segments independently and allocates resources based on current and
future requirements of each segment. Management evaluates the   
    performance of each segment based upon operating results adjusted to
      exclude the effect of unusual or non-recurring events and transactions
  and certain revenue and expense categories not related to the base
     operations of the particular business net of minority interest. AXA's
       acquisition of the Company's minority interest shares has resulted in a
change in the measurement of the Company's reportable operating 
       segments. Discontinued Operations, discontinued by the Company in 1991,
     are included in the Life Insurance segment results reported by AXA in
   their French GAAP financial statements. To more closely conform the
  Company's management reporting to that of its parent, Discontinued
 Operations is now reported together with continuing operations in
      measuring profits or losses for the Company's Insurance segment. Prior
  period amounts have been restated to conform to this presentation.

   The Insurance segment offers a variety of traditional, variable and
      interest-sensitive life insurance products, disability income, annuity
      products, mutual fund and other investment products to individuals and
 small groups. It also administers traditional participating group
   annuity contracts with conversion features, generally for corporate
 qualified pension plans, and association plans which provide full
        service retirement programs for individuals affiliated with professional
   and trade associations. This segment includes Separate Accounts for
individual insurance and annuity products.                      

        The Investment Services segment includes Alliance and the results of DLJ
which are accounted for on an equity basis. In 1999, Alliance   
    reorganized into Alliance Capital Management Holding L.P. ("Alliance
 Holding") and Alliance (the "Reorganization"). Alliance Holding's
 principal asset is its interest in Alliance and it functions as a
        holding entity through which holders of its publicly traded units own an
     indirect interest in the operating partnership. The Company exchanged
     substantially all of its Alliance Holding units for units in Alliance
      ("Alliance Units"). As a result of the reorganization, the Company was
       the beneficial owner of approximately 2% of Alliance Holding and 37% of
  Alliance. Alliance provides diversified investment fund management
        services to a variety of institutional clients, including pension funds,
        endowments, and foreign financial institutions, as well as to individual
 investors, principally through a broad line of mutual funds. This
      segment includes institutional Separate Accounts which provide various
      investment options for large group pension clients, primarily deferred
    benefit contribution plans, through pooled or single group accounts.

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       Intersegment investment advisory and other fees of approximately $153.2
 million, $75.6 million and $61.8 million for 2000, 1999 and 1998,
       respectively, are included in total revenues of the Investment Services
segment.                                                        

        The following tables reconcile segment revenues and adjusted earnings to
    consolidated revenues and earnings from continuing operations before
  Federal income taxes as reported on the consolidated statements of
     earnings and the segments' assets to total assets on the consolidated
balance sheets, respectively.                                   

                                                        [Enlarge/Download Table]

                                                2000                  1999                  1998          
                                         --------------------  -------------------  ----------------------
                                                                 (IN MILLIONS)                            
                                                                                                          
Segment revenues:                                                                                         
Insurance...............................  $     5,662.4         $     5,488.8               5,330.2       
Investment Services.....................        2,667.7               2,052.7               1,438.4       
Consolidation/elimination...............         (113.1)                (23.8)                 (5.7)      
                                         --------------------  -------------------  ----------------------
Total segment revenues..................        8,217.0               7,517.7               6,762.9       
Loss on CSG shares......................          (43.2)                  -                     -         
Investment (losses) gains, net of other                                                                   
   charges..............................         (798.4)               (112.6)                136.4       
Gain on sale of equity investee.........        1,962.0                   -                     -         
Closed Block............................       (1,044.9)             (1,095.6)             (1,144.8)      
Discontinued Operations.................          (96.3)                (85.5)               (191.8)      
                                         --------------------  -------------------  ----------------------
Total Consolidated Revenues.............  $     8,196.2         $     6,224.0        $      5,562.7       
                                         ====================  ===================  ======================

Pre-tax adjusted earnings:                                                                                
Insurance...............................  $     1,198.9         $       950.8        $        656.9       
Investment Services.....................          480.6                 430.2                 287.7       
                                         --------------------  -------------------  ----------------------
Total pre-tax adjusted earnings.........        1,679.5               1,381.0                 944.6       
Loss on CSG shares......................          (43.2)                  -                     -         
Investment (losses) gains, net of                                                                         
   related DAC and other charges........         (731.9)               (109.7)                105.3       
Gain on sale of equity investee.........        1,962.0                   -                     -         
Amortization of acquisition related                                                                       
   goodwill and intangible assets.......          (34.6)                 (3.2)                 (3.4)      
Minority purchase transaction                                                                             
   related expenses.....................         (493.9)                  -                     -         
Discontinued Operations.................          (90.2)                (43.3)                 (4.2)      
Pre-tax subsidiary minority interest....          337.8                 216.8                 141.5       
Non-recurring DAC adjustments...........            -                  (131.7)                  -         
                                         --------------------  -------------------  ----------------------
Earnings from Continuing                                                                                  
   Operations before Federal Income                                                                       
    Taxes and Minority Interest.........  $     2,585.5         $     1,309.9        $      1,183.8       
                                         ====================  ===================  ======================
Assets:                                                                                                   
Insurance...............................  $    88,576.4         $    86,842.7        $     75,626.0       
Investment Services.....................       16,807.2              12,961.7              12,379.2       
Consolidation/elimination...............          (57.1)                 (8.9)                (64.4)      
                                         --------------------  -------------------  ----------------------
Total Assets............................  $   105,326.5         $    99,795.5        $     87,940.8       
                                         ====================  ===================  ======================

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19)     QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)                             

    The quarterly results of operations for 2000 and 1999 are summarized
below:                                                          

                                                        [Enlarge/Download Table]

                                                            THREE MONTHS ENDED                               
                               ------------------------------------------------------------------------------
                                   MARCH 31           JUNE 30           SEPTEMBER 30          DECEMBER 31    
                               -----------------  -----------------   ------------------   ------------------
                                                               (IN MILLIONS)                                 

                                                                                                             
2000                                                                                                         
Total Revenues................  $     1,622.5      $     1,684.7       $    1,728.3         $    3,160.7     
                               =================  =================   ==================   ==================

Earnings from Continuing                                                                                     
  Operations..................  $       226.6      $       256.9       $       70.5         $      742.9     
                               =================  =================   ==================   ==================

Net Earnings..................  $       221.7      $       255.4       $       70.5         $      807.9     
                               =================  =================   ==================   ==================

1999                                                                                                         
Total Revenues................  $     1,489.0      $     1,615.6       $    1,512.1         $    1,607.3     
                               =================  =================   ==================   ==================

Earnings from Continuing                                                                                     
  Operations..................  $       187.3      $       222.6       $      186.5         $      182.1     
                               =================  =================   ==================   ==================

Net Earnings..................  $       182.0      $       221.3       $      183.1         $      220.2     
                               =================  =================   ==================   ==================


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20)     ACCOUNTING FOR STOCK-BASED COMPENSATION                                 

    The Holding Company sponsors a stock incentive plan for employees of
        Equitable Life. Alliance sponsors its own stock option plans for certain
employees. The Company has elected to continue to account for   
       stock-based compensation using the intrinsic value method prescribed in
APB No. 25. Had compensation expense for the Holding Company and
     Alliance Stock Option Incentive Plan options been determined based on
   SFAS No. 123's fair value based method, the Company's pro forma net
  earnings for 2000, 1999 and 1998 would have been $1,627.3 million,
$757.1 million and $678.4 million, respectively.                

      In conjunction with approval of the agreement for AXA's acquisition of
      the minority interest in the Holding Company's Common Stock, generally
       all outstanding options awarded under the 1997 and 1991 Stock Incentive
       Plans were amended to become immediately and fully exercisable pursuant
        to their terms upon expiration of the initial tender offer. In addition,
    the agreement provided that at the effective time of the merger, the
   terms of all outstanding options granted under those Plans would be
        further amended and converted into options of equivalent intrinsic value
  to acquire a number of AXA ordinary shares in the form of American
    Depository Shares (ADSs). Also pursuant to the agreement, holders of
non-qualified options were provided with an alternative to elect
    cancellation of those options at the effective time of the merger in
        exchange for a cash payment from the Holding Company. For the year ended
        December 31, 2000, the Company recognized compensation expense of $493.9
million, representing the cost of these Plan amendments and     
      modifications offset by an addition to capital in excess of par value.

     The fair values of options granted after December 31, 1994, used as a
   basis for the pro forma disclosures above, were estimated as of the
    grant dates using the Black-Scholes option pricing model. The option
pricing assumptions for 2000, 1999 and 1998 follow:             

                                                        [Enlarge/Download Table]

                               HOLDING COMPANY                           ALLIANCE            
                   -----------------------------------------  -------------------------------
                       2000           1999         1998          2000      1999       1998   
                   -------------  ------------- ------------  --------------------- ---------

                                                                                             
Dividend yield....        0.32%          0.31%        0.32%        7.20%     8.70%     6.50% 

Expected                                                                                     
  volatility......          28%            28%          28%          30%       29%       29% 

Risk-free interest                                                                           
  rate............        6.24%          5.46%        5.48%        5.90%     5.70%     4.40% 

Expected life                                                                                
  in years........          5              5            5           7.4         7       7.2  

Weighted average                                                                             
  fair value per                                                                             
  option at                                                                                  
  grant-date......     $11.08         $10.78        $11.32       $8.32      $3.88     $3.86  

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     A summary of the Holding Company and Alliance's option plans follows:

                                                        [Enlarge/Download Table]

                                HOLDING COMPANY                       ALLIANCE              
                          -----------------------------  -----------------------------------
                                           Weighted                            Weighted     
                                            Average                            Average      
                                           Exercise                            Exercise     
                                           Price of                            Price of     
                              Shares        Options           Units            Options      
                          (In Millions)   Outstanding    (In Millions)       Outstanding    
                          -------------   -----------    -------------       -----------    

                                                                                            
Balance as of                                                                               
  January 1, 1998........      15.8          $14.53           10.6             $11.41       
  Granted................       8.6          $33.13            2.8             $26.28       
  Exercised..............      (2.2)         $10.59            (.9)            $ 8.91       
  Forfeited..............       (.8)         $23.51            (.2)            $13.14       
                          ---------------                ----------------                   

Balance as of                                                                               
  December 31, 1998......      21.4          $22.00           12.3             $14.92       
  Granted................       4.3          $31.70            2.0             $30.18       
  Exercised..............      (2.4)         $13.26           (1.5)            $ 9.51       
  Forfeited..............       (.6)         $24.29            (.3)            $17.79       
                          ---------------                ----------------                   

Balance as of                                                                               
  December 31, 1999......      22.7          $24.60           12.5             $17.95       
  Granted................       6.5          $31.06            4.7             $50.93       
  Exercised..............      (4.5)         $18.57           (1.7)            $10.90       
  Forfeited..............      (1.2)         $26.15            (.1)            $26.62       
                          ---------------                ----------------                   

Balance as of                                                                               
  December 31, 2000......      23.5          $27.20           15.4             $17.95       
                          ===============                ================                   

     Information about options outstanding and exercisable at December 31,
2000 follows:                                                   

                                                        [Enlarge/Download Table]

                                    OPTIONS OUTSTANDING                           OPTIONS EXERCISABLE          
                     ---------------------------------------------------  -------------------------------------
                                           Weighted                                                            
                                            Average         Weighted                              Weighted     
      Range of             Number          Remaining        Average            Number              Average     
      Exercise          Outstanding       Contractual       Exercise         Exercisable          Exercise     
       Prices          (In Millions)     Life (Years)        Price          (In Millions)           Price      
--------------------------------------- ---------------- ---------------  ------------------   ----------------

       Holding                                                                                                 
       Company                                                                                                 

----------------------                                                                                         
                                                                                                               
$ 9.06   -$13.88             3.4               3.3            $10.58            22.7                $27.14     
$14.25   -$22.63             3.9               6.7            $20.81             -                    -        
$25.32   -$34.59            13.0               8.4            $29.76             -                    -        
$40.97   -$41.28             3.2               7.6            $41.28             -                    -        
$52.25   -$52.25              .1               9.7            $52.25             -                    -        
                      -----------------                                   ------------------                   
$ 9.06   -$41.28            23.5               7.3            $27.20            22.7                $27.14     
                      ================= ================ ===============  ==================   ================

      Alliance                                                                                                 

----------------------                                                                                         
$ 6.63    -$11.13            3.6               3.6            $ 9.60             3.6                $ 9.60     
$12.44    -$26.31            5.2               7.3            $21.29             2.6                $19.85     
$27.31    -$30.94            1.9               8.9            $30.24              .4                $30.24     
$48.50    -$53.75            2.5               9.5            $48.50             -                    -        
$48.50    -$53.75            2.2              10.0            $53.75             -                    -        
                      -----------------                                   ------------------                   
$ 6.63    -$53.75           15.4               7.4            $28.73             6.6                $14.87     
                      ================= ================ ===============  ==================   ================

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21)     RELATED PARTY TRANSACTIONS                                              

     Beginning January 1, 2000, the Company reimbursed the Holding Company
 for expenses relating to the Excess Retirement Plan, Supplemental
       Executive Retirement Plan and certain other employee benefit plans that
provide participants with medical, life insurance, and deferred 
      compensation benefits. Such reimbursement was based on the cost to the
        Holding Company of the benefits provided which totaled $16.0 million for
      2000. Also in 2000, the Company paid $678.9 million of commissions and
    fees to AXA Distribution and its subsidiaries for sales of insurance
     products in 2000. The Company charged AXA Distribution's subsidiaries
       $395.0 million for their applicable share of operating expenses in 2000
pursuant to the Agreements for Services.                        

22)     PRO FORMA FINANCIAL INFORMATION (UNAUDITED)                             

   Assuming the Bernstein acquisition had occurred on January 1, 1999,
        revenues for the Company would have been $8.79 billion and $7.05 billion
        for 2000 and 1999, respectively, on a pro forma basis. The impact of the
    acquisition on net earnings on a pro-forma basis would not have been
material.                                                       

     This pro forma financial information does not necessarily reflect the
results of operations that would have resulted had the Bernstein
      acquisition actually occurred on January 1, 1999, nor is the pro forma
financial information necessarily indicative of the results of  
operations that may be achieved for any future period.          

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PART C  

OTHER INFORMATION 

Item 24. Financial Statements and Exhibits.                                     

(a) Financial Statements included in Part B.                  

1. Separate Account No. 45:                                   

         - Report of Independent Accountants - PricewaterhouseCoopers LLP;
 - Statements of Assets and Liabilities for the Year Ended
December 31, 2000                                   
        - Statements of Operations for the Year Ended December 31, 2000;
          - Statements of Changes in Net Assets for the Years Ended December
31, 2000 and 1999; and                              
- Notes to Financial Statements.                        

2. The Equitable Life Assurance Society of the United States: 

         - Report of Independent Accountants - PricewaterhouseCoopers LLP;
 - Consolidated Balance Sheets as of December 31, 2000 and
1999;                                               
- Consolidated Statements of Earnings for Years Ended   
December 31, 2000, 1999 and 1998;                   
- Consolidated Statements of Equity for Years Ended     
December 31, 2000, 1999 and 1998;                   
- Consolidated Statements of Cash Flows for Years Ended 
December 31, 2000, 1999 and 1998; and               
- Notes to Consolidated Financial Statements.           

(b) Exhibits.                                                 

The following exhibits are filed herewith:                    

1. Resolutions of the Board of Directors of The Equitable Life
Assurance Society of the United States ("Equitable")    
           authorizing the establishment of the Registrant, previously refiled
           with this Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                                      

2. Not applicable.                                            

3. (a) Form of Distribution Agreement among Equitable         
         Distributors, Inc., Separate Account No. 45 and Equitable
               Life Assurance Society of the United States, previously refiled
           electronically with this Registration Statement on Form N-4
(File No. 33-83750) on February 27, 1998.       

         (b) Distribution and Servicing Agreement among Equico Securities,
          Inc. (now AXA Advisors, LLC), The Equitable Life Assurance
        Society of the United States and Equitable Variable Life
               Insurance Company, dated as of May 1, 1994, incorporated herein
             by reference to Exhibit 3(c) to the Registration Statement on
 Form N-4 (File No. 2-30070) on February 14, 1995.

    (c) Letter of Agreement for Distribution Agreement among The
            Equitable Life Assurance Society of the United States and EQ
                Financial Consultants, Inc. (now AXA Advisors, LLC), dated April
            20, 1998, previously filed with this Registration Statement,
File No. 33-83750 on May 1, 1998.               

     (d) Distribution Agreement for services by The Equitable Life
              Assurance Society of the United States to AXA Network, LLC and
its subsidiaries dated January 1, 2000.         

           (e) Distribution Agreement for services by AXA Network, LLC and its
           subsidiaries to The Equitable Life Assurance Society of the
United States dated January 1, 2000.            

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 4. (a) Form of group annuity contract no. 1050-94IC, previously
          refiled electronically with this Registration Statement on
  Form N-4 (File No. 33-83750) on February 27, 1998.

(b) Forms of group annuity certificate nos. 94ICA and   
  94ICB, previously refiled electronically with this
         Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

(c) Forms of endorsement nos. 94ENIRAI, 94ENNQI and     
 94ENMVAI to contract no. 1050-94IC and data pages
 nos. 94ICA/BIM and 94ICA/BMVA, previously refiled
           electronically with this Registration Statement on Form N-4
(File No. 33-83750) on February 27, 1998.       

(d) Forms of data pages no. 94ICA/BIM (IRA) and (NQ),   
previously refiled electronically with this     
         Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

          (e) Form of endorsement no. 95ENLCAI to contract no. 1050-94IC and
            data pages no. 94ICA/BLCA, previously refiled electronically
                with this Registration Statement on Form N-4 (File No. 33-83750)
on February 27, 1998.                           

(f) Forms of data pages for Rollover IRA, IRA Assured   
Payment Option, IRA Assured Payment Option Plus,
Accumulator, Assured Growth Plan, Assured Growth
Plan (Flexible Income Program), Assured Payment 
Plan (Period Certain) and Assured Payment Plan  
   (Life with a Period Certain), previously filed with
  this Registration Statement No. 33-83750 on August
31, 1995.                                       

(g) Forms of data pages for Rollover IRA, IRA Assured   
Payment Option Plus and Accumulator, previously 
   filed with this Registration Statement No. 33-83750
on April 23, 1996.                              

(h) Form of Guaranteed Minimum Income Benefit           
   Endorsement to Contract Form No. 10-50-94IC and the
 Certificates under the Contract, previously filed
with this Registration Statement No. 33-83750 on
April 23, 1996.                                 

(i) Form of data pages for Accumulator and Rollover     
IRA, previously filed with this Registration    
Statement No. 33-83750 on October 15, 1996.     

(j) Forms of data pages for Accumulator and Rollover    
      IRA, previously filed with this Registration Statement
No. 33-83750 on April 30, 1997.                 

            (k) Forms of data pages for Accumulator and Rollover IRA, previously
      filed with this Registration Statement No. 33-83750 on
December 31, 1997.                              

         (l) Form of endorsement No. 98Roth to Contract Form No. 1050-94IC
   and the Certificates under the Contract, previously
      filed with this Registration Statement No. 33-83750 on
December 31, 1997.                              

   (m) Form of data pages No. 94ICB and 94ICBMVA for Equitable
          Accumulator (IRA) Certificates, previously filed with this
         Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

   (n) Form of data pages No. 94ICB and 94ICBMVA for Equitable
         Accumulator (NQ) Certificates, previously filed with this
         Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

   (o) Form of data pages No. 94ICB and 94ICBMVA for Equitable
         Accumulator (QP) Certificates, previously filed with this
         Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

           (p) Form of data pages No. 94ICB, 94ICBMVA and 94ICBLCA for Assured
       Payment Option Certificates, previously filed with this
         Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

            (q) Form of data pages No. 94ICB, 94ICBMVA and 94ICBLCA for APO Plus
               Certificates, previously filed with this Registration Statement
     on Form N-4 (File No. 33-83750) on February 27, 1998.

            (r) Form of Endorsement applicable to Defined Benefit Qualified Plan
     Certificates No. 98ENDQPI, previously filed with this
        Registration Statement File No. 33-83750 on May 1, 1998.

            (s) Form of Endorsement applicable to Non-Qualified Certificates No.
               98ENJONQI, previously filed with this Registration Statement on
  Form N-4 (File No. 33-83750) on February 27, 1998.

         (t) Form of Endorsement applicable to Charitable Remainder Trusts
               No. 97ENCRTI, previously filed with this Registration Statement
     on Form N-4 (File No. 33-83750) on February 27, 1998.

           (u) Form of Guaranteed Interest Account endorsement no. 98ENGAIAII,
           and data pages 94ICA/B, incorporated herein by reference to
                Exhibit No. 4(r) to the Registration Statement on Form N-4 (File
No. 333-05593) filed on May 1, 1998.            

          (v) Form of Equitable Accumulator TSA Data pages, previously filed
             with this Registration Statement File No. 33-83750 on May 22,
1998.                                           

    (w) Form of Endorsement Applicable to TSA Data Certificates,
             incorporated by reference to Exhibit 4(t) to the Registration
           Statement on Form N-4 (File No. 333-05593) filed on May 22,
1998.                                           

          (x) Form of data pages for Equitable Accumulator (IRA, NQ, QP, and
                TSA), previously filed with this Registration Statement File No.
33-83750 on November 30, 1998.                  

           (y) Form of data pages (as revised) for Equitable Accumulator (IRA,
         NQ, QP, and TSA), previously filed with this Registration
 Statement File No. 33-83750 on December 28, 1998.

         (z) Form of Endorsement No. 98ENIRAI-IM to Contract No. 1050-94IC
              and the Certificates under the Contract, previously filed with
             this Registration Statement File No. 33-83750 on December 28,
1998.                                           

        (a)(a)(i)  Form of Data Pages for Equitable Accumulator Flexible
                  Premium IRA, previously filed with this Registration
            Statement File No. 33-83750 on April 30, 1999.

        (a)(a)(ii) Form of data pages for Equitable Accumulator Flexible
                       Premium Roth IRA, previously filed with this Registration
            Statement File No. 33-83750 on April 30, 1999.

           (b)(b) Form of data pages for Equitable Accumulator NQ, QP and TSA,
            previously filed with this Registration Statement File
No. 33-83750 on April 30, 1999.           

           (c)(c) Form of data pages for new version of Equitable Accumulator,
            previously filed with this Registration Statement File
   No. 33-83750 on Form N-4 on December 3, 1999.

           (d)(d) Form of endorsement (Form No. 2000ENIRAI-IM) to be used with
              IRA certificates previously filed with this Registration
                Statement File No. 33-83750 on Form N-4 on April 25, 2000.

         (e)(e) Form of Endorsement applicable to Roth IRA Contracts, Form
No. IM-ROTHBCO-1.                         

          (f)(f) Revised Form of Endorsement applicable to IRA Certificates,
Form No. 2000ENIRAI-IM.                   

(g)(g) Form of Endorsement applicable to Non-Qualified  
Certificates, Form No 99ENNQ-G.           

        (h)(h) Form of Optional Death Benefit Rider, Form No. 2000 PPDB.

   (i)(i) Revised Form of Data Pages for Equitable Accumulator
                  (Rollover IRA, Roth Conversion, NQ, QP-Defined Contribution,
QP-Defined Benefit, TSA).                 

        (j)(j) Form of Amendment to Certificate Form No. 94ICB, Form No.
2000 BENE-G.                              

            (k)(k) Form of Endorsement applicable to Non-Qualified Certificates.

5. (a) Forms of application used with the IRA, NQ and Fixed   
            Annuity Markets, previously refiled electronically with this
         Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

 (b)(i)  Forms of Enrollment Form/Application for Rollover
           IRA, Choice Income Plan and Accumulator, previously
           filed with this Registration Statement No. 33-83750
on April 23, 1996.                      

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 (b)(ii) Form of Enrollment Form/Application for Equitable
            Accumulator (IRA, NQ and QP), incorporated herein by
                   reference to Exhibit No. 5(e) to the Registration Statement
              on Form N-4 (File No. 333-05593) filed on May 1, 1998.

    (c) Forms of Enrollment Form/Application for Accumulator and
     Rollover IRA, previously filed with this Registration
Statement No. 33-83750 on April 30, 1997.       

    (d) Forms of Enrollment Form/Application for Accumulator and
               Rollover IRA, previously filed with this Registration Statement
No. 33-83750 on December 31, 1997.              

     (e) Form of Enrollment Form/Application No. 126737 (5/98) for
             Equitable Accumulator (IRA, NQ and QP), previously filed with
              this Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

         (f) Form of Enrollment Form/Application for Equitable Accumulator
  (IRA, NQ, QP, and TSA), previously filed with this
         Registration Statement File No. 33-83750 on May 22, 1998.

         (g) Form of Enrollment Form/Application for Equitable Accumulator
               (IRA, NQ, QP, and TSA), previously filed with this Registration
 Statement File No. 33-83750 on November 30, 1998.

         (h) Form of Enrollment Form/Application for Equitable Accumulator
              (as revised) for (IRA, NQ, QP, and TSA), previously filed with
this Registration Statement File No. 33-83750 on
December 28, 1998.                              

          (i) Form of Enrollment Form/Application for Equitable Accumulator,
      previously filed with this Registration Statement File
No. 33-83750 on Form N-4 on April 30, 1999.     

6. (a) Restated Charter of Equitable, as amended January 1,   
       1997, previously filed with this Registration Statement
No. 33-83750 on March 6, 1997.                  

(b) By-Laws of Equitable, as amended November 21, 1996, 
 previously filed with this Registration Statement
No. 33-83750 on March 6, 1997.                  

      7. Form of Reinsurance Agreement between Reinsurance Company and the
Equitable Life Assurance Society of the United States.  

8. Form of Participation Agreement among EQ Advisors Trust,   
  The Equitable Life Assurance Society of the United States,
       Equitable Distributors, Inc. and EQ Financial Consultants, Inc.
          (now AXA Advisors, LLC) dated as of the 14th day of April 1, 1997,
   incorporated by  reference to the Registration Statement of
           EQ Advisors Trust (File Nos. 333-17217 and 811-07953) on Form N-1A.
Filed August 28, 1997.                                  

         9. (a) Opinion and Consent of Jonathan Gaines, Esq., Vice President and
             Associate General Counsel of Equitable, as to the legality of
        the securities being offered, previously filed with this
      Registration Statement No. 33-83750 on April 29, 1997.

          (b) Opinion and Consent of Mary P. Breen, Esq., Vice President and
             Associate General Counsel of Equitable, as to the legality of
           the securities being registered, previously filed with this
         Registration Statement No. 33-83750 on February 27, 1998.

         (c) Opinion and Consent of Robin Wagner, Esq., Vice President and
                Counsel of Equitable, as to the legality of the securities being
              registered, previously filed with this Registration Statement,
File No. 33-83750 on December 3, 1999.          

10. (a) Consent of PricewaterhouseCoopers LLP.                  

      (b) Powers of Attorney previously filed with this Registration
Statement, File No. 33-83750 on April 25, 2000. 

(c) Power of Attorney for Claus-Michael Dill.           

11. Not applicable.                                             

12. Not applicable.                                             

13. (a) Formulae for Determining Money Market Fund Yield for a  
                Seven-Day Period for the INCOME MANAGER, previously refiled with
              this Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

(b) Formulae for Determining Cumulative and Annualized  
               Rates of Return for the INCOME MANAGER, previously refiled with
              this Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

(c) Formulae for Determining Standardized Performance   
  Value and Annualized Average Performance Ratio for
    INCOME MANAGER Certificates, previously refiled with
              this Registration Statement on Form N-4 (File No. 33-83750) on
February 27, 1998.                              

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Item 25: Directors and Officers of Equitable.                                   

      Set forth below is information regarding the directors and principal
        officers of Equitable. Equitable's address is 1290 Avenue of Americas,
     New York, New York 10104. The business address of the persons whose
names are preceded by an asterisk is that of Equitable.       

                     POSITIONS AND
NAME AND PRINCIPAL                          OFFICES WITH                        
BUSINESS ADDRESS                            EQUITABLE                           
----------------                            ---------                           

DIRECTORS                                                                       

Francoise Colloc'h                          Director                            
AXA                                                                             
25, Avenue Matignon                                                             
75008 Paris, France                                                             

Henri de Castries                           Director                            
AXA                                                                             
25, Avenue Matignon                                                             
75008 Paris, France                                                             

Claus-Michael Dill                          Director                            
Gereonsdriesch 9-11                                                             
50670 Cologne                                                                   

Joseph L. Dionne                            Director                            
198 North Wilton Rd.                                                            
New Canaan, Ct 06840                                                            

Denis Duverne                               Director                            
AXA                                                                             
25, Avenue Matignon                                                             
75008 Paris, France                                                             

Jean-Rene Fourtou                           Director                            
Aventis                                                                         
45 quai de la Rapee                                                             
75601 Paris Cedex12                                                             
France                                                                          

Norman C. Francis                           Director                            
Xavier University of Louisiana                                                  
7325 Palmetto Street                                                            
New Orleans, LA 70125                                                           

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                     POSITIONS AND
NAME AND PRINCIPAL                          OFFICES WITH                        
BUSINESS ADDRESS                            EQUITABLE                           
----------------                            ---------                           

Donald J. Greene                            Director                            
LeBouef, Lamb, Greene & MacRae                                                  
125 West 55th Street                                                            
New York, NY 10019-4513                                                         

John T. Hartley                             Director                            
Harris Corporation                                                              
1025 NASA Boulevard                                                             
Melbourne, FL 32919                                                             

John H.F. Haskell, Jr.                      Director                            
SBC Warburg Dillon Read LLC                                                     
299 Park Ave 40th Floor                                                         
New York, NY 10171                                                              

Mary R. (Nina) Henderson                    Director                            
425 East 86th Street                                                            
Apt. 12-C                                                                       
New York, NY  10028                                                             

W. Edwin Jarmain                            Director                            
77 King Street West                                                             
Toronto, M5K 1K2                                                                
Canada                                                                          

George T. Lowy                              Director                            
Cravath, Swaine & Moore                                                         
825 Eighth Avenue                                                               
New York, NY 10019                                                              

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                     POSITIONS AND
NAME AND PRINCIPAL                          OFFICES WITH                        
BUSINESS ADDRESS                            EQUITABLE                           
----------------                            ---------                           

Didier Pineau-Valencienne                   Director                            
Credit Suisse First Boston                                                      
64, rue de Miromesmil                                                           
75008 Paris, France                                                             

George J. Sella, Jr.                        Director                            
P.O. Box 397                                                                    
Newton, NJ 07860                                                                

Peter J. Tobin                              Director                            
St. John's University                                                           
8000 Utopia Parkway                                                             
Jamaica, NY  11439                                                              

Dave H. Williams                            Director                            
Alliance Capital Management Corporation                                         
1345 Avenue of the Americas                                                     
New York, NY 10105                                                              

OFFICER-DIRECTORS                                                               
-----------------                                                               

*Michael Hegarty                            President, Chief Operating          
                            Officer and Director

*Edward D. Miller                           Chairman of the Board,              
                               Chief Executive Officer
                    and Director

*Stanley B. Tulin                           Vice Chairman of the Board,         
                                            Chief Financial Officer and Director

OTHER OFFICERS                                                                  
--------------                                                                  

*Leon Billis                                Executive Vice President            
                                  and AXA Group Deputy Chief
                           Information Officer

*Derry Bishop                               Executive Vice President and        
                                 Managing Director, Retail
                    Distribution

*Harvey Blitz                               Senior Vice President               

*Kevin R. Byrne                             Senior Vice President and Treasurer 

*John A. Caroselli                          Principal Officer                   

*Selig Ehrlich                              Senior Vice President and           
                              Deputy General Manager

*Stuart L. Faust                            Senior Vice President and Deputy    
                       General Counsel

*Alvin H. Fenichel                          Senior Vice President and           
                              Deputy General Manager
C-6 

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                     POSITIONS AND
NAME AND PRINCIPAL                          OFFICES WITH                        
BUSINESS ADDRESS                            EQUITABLE                           
----------------                            ---------                           

*Paul J. Flora                              Senior Vice President and Auditor   

*Robert E. Garber                           Executive Vice President and        
                           Chief Legal Officer

*James D. Goodwin                           Senior Vice President               

*Edward J. Hayes                            Senior Vice President               

*Craig Junkens                              Senior Vice President               

*Donald R. Kaplan                           Senior Vice President and Chief     
                                        Compliance Officer and Associate
                       General Counsel

*William Levine                             Executive Vice President and Chief  
                           Information Officer

*Michael S. Martin                          Executive Vice President and        
                                 Managing Director, Retail
                    Distribution

*Richard J. Matteis                         Executive Vice President            

*Peter D. Noris                             Executive Vice President and Chief  
                          Investment Officer

*Brian S. O'Neil                            Executive Vice President            

*Anthony C. Pasquale                        Senior Vice President               

*Pauline Sherman                            Senior Vice President, Secretary    
                                     and Associate General Counsel

*Richard V. Silver                          Senior Vice President and           
                       General Counsel

*Jose Suquet                                Senior Executive Vice President and 
                                  Chief Distribution Officer

*Naomi J. Weinstein                         Vice President                      

*Gregory Wilcox                             Executive Vice President            

*R. Lee Wilson                              Executive Vice President            

*Maureen K. Wolfson                         Vice President                      

C-7 

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Item 26. Persons Controlled by or Under Common Control with the Insurance       
Company or Registrant.                                        

        Separate Account No. 45 of The Equitable Life Assurance Society of the
United States (the "Separate Account") is a separate account of Equitable.      
Equitable, a New York stock life insurance company, is a wholly owned subsidiary
of AXA Financial, Inc. (the "Holding Company").                                 

        AXA owns 100% of the Holding Company's  outstanding  common stock. AXA
is able to  exercise  significant  influence  over the  operations  and  capital
structure of the Holding Company and its subsidiaries, including Equitable. AXA,
a French company, is the holding company for an international group of insurance
and related financial services companies.                                       

C-8 

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ORGANIZATION CHART OF EQUITABLE'S AFFILIATES

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                 SOVEREIGN                                                                                           % OF VOTING   
 PRINCIPAL      POWER UNDER                                                             NAME OF                       SECURITIES   
 BUSINESS     WHICH ORGANIZED             NAME OF COMPANY                         CONTROLLING ENTITY                    OWNED      
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
                  DE           AXA Financial, Inc.                             The Axa Group                                       
                  ND           Frontier Trust Company, FSB                     AXA Financial, Inc.                       100.00%   
                  DE           AXA Client Solutions, LLC                       AXA Financial, Inc.                       100.00%   
                  DE           AXA Distribution Holding Corporation            AXA Client Solutions, LLC                 100.00%   
                  DE           AXA Advisors, LLC                               AXA Distribution Holding Corporation      100.00%   
Operating         DE           AXA Network, LLC                                AXA Distribution Holding Corporation      100.00%   
Operating         AL           AXA Network of Alabama, LLC                     AXA Network, LLC                          100.00%   
Operating         DE           AXA Network of Connecticut, Maine               AXA Network, LLC                          100.00%   
                                 and New York, LLC                                                                                 
Operating         MA           AXA Network Insurance Agency of                 AXA Network, LLC                          100.00%   
                                 Massachusetts, LLC                                                                                
Operating         NV           AXA Network of Nevada, Inc.                     AXA Network, LLC                             -      
Operating         P.R.         AXA Network of Puerto Rico, Inc.                AXA Network, LLC                             -      
Operating         TX           AXA Network Insurance Agency of of Texas, Inc.  AXA Network, LLC                             -      
Insurance         NY           The Equitable Life Assurance Society            AXAeClient Solutions, LLC                 100.00%   
                                 of the United States                                                                              
Insurance         CO           The Equitable of Colorado, Inc.                 The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        DE           Equitable Deal Flow Fund, L.P.                  The Equitable Life Assurance Society         -      
                                                                                 of the United States                              
Investment        DE           Equitable Managed Assets, L.P.                  Equitable Deal Flow Fund, L.P.               -      
Investment        **           Real Estate Partnership Equities (various)      The Equitable Life Assurance Society         -      
                                                                                 of the United States                              
HCO               NY           Equitable Holdings, LLC                         The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Real Estate       NY           EREIM LP Associates (L.P.)                      The Equitable Life Assurance Society         -      
                                                                                 of the United States                              
Investment        NY           EML Associates, L.P.                            EREIM LP Associates (L.P.)                   -      
                               ACMC, Inc.                                      The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        PA           Wil-Gro, Inc.                                   The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        DE           STCS, Inc.                                      The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        MA           Fox Run, Inc.                                   The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        MD           FTM Corp.                                       The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        DE           EVSA, Inc.                                      The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        CA           Equitable BJVS, Inc.                            The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        MA           Equitable Rowes Wharf, Inc.                     The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        TX           GP/EQ Southwest, Inc.                           The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Operating         DE           Equitable Structured Settlement Corp.           The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        DE           ELAS Realty, Inc.                               The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Real Estate       DE           Prime Property Funding II, Inc.                 The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        FL           Sarasota Prime Hotels, LLC                      The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              
Investment        MI           ECLL, Inc.                                      The Equitable Life Assurance Society      100.00%   
                                                                                 of the United States                              

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LISTING A -- EQUITABLE HOLDINGS, LLC

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                 SOVEREIGN                                                                                           % OF VOTING   
 PRINCIPAL      POWER UNDER                                                             NAME OF                       SECURITIES   
 BUSINESS     WHICH ORGANIZED             NAME OF COMPANY                         CONTROLLING ENTITY                    OWNED      
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
                               AXA Financial, Inc.                             The AXA Group                                -      
                               AXA Client Solutions, LLC                       AXA Financial, Inc.                          -      
                               The Equitable Life Assurance Society            AXA Client Solutions, LLC                    -      
                                 of the United States                                                                              
                               Equitable Holdings, LLC                         The Equitable Life Assurance Society         -      
                                                                                 of the United States                              
Operating           DE         ELAS Securities Acquisition Corporation         Equitable Holdings, LLC                   100.00%   
Operating           MA         100 Federal Street Realty Corporation           Equitable Holdings, LLC                   100.00%   
Operating           MA         100 Federal Street Funding Corporation          Equitable Holdings, LLC                   100.00%   
Operating           VT         Equitable Casualty Insurance Company *          Equitable Holdings, LLC                   100.00%   
Operating           DE         EREIM LP Corporation                            Equitable Holdings, LLC                   100.00%   
Operating           NY         EREIM LP Associates (L.P.)                      EREIM LP Corporation                         -      
Investment          NY         EML Associates, L.P.                            EREIM LP Associates (L.P.)                   -      
Operating           DE         ECMC, LLC                                       Equitable Holdings, LLC                   100.00%   
Investment          DE         Equitable Capital Private Income &              EMC, LLC                                     -      
                                 Equity Partnership II, L.P.                                                                       
Operating           DE         Alliance Capital Management Corporation         Equitable Holdings, LLC                   100.00%   
Operating           DE         Equitable JV Holding Corp.                      Equitable Holdings, LLC                   100.00%   
Operating           DE         EQ Services, Inc.                               Equitable Holdings, LLC                   100.00%   
Operating           DE         EREIM Managers Corporation                      Equitable Holdings, LLC                   100.00%   
Investment          DE         ML/EQ Real Estate Portfolio, L.P.               EREIM Managers Corporation                   -      
Investment          NY         EML Associates, L.P.                            ML/EQ Real Estate Portfolio                  -      
Investment          DE         Equitable JVS, Inc.                             Equitable Holdings, LLC                   100.00%   
Investment          NY         Astor Times Square Corp.                        Equitable JVS, Inc.                       100.00%   
Investment          NY         Astor/Broadway Acquisition Corp.                Equitable JVS, Inc.                       100.00%   
Investment          TX         PC Landmark, Inc.                               Equitable JVS, Inc.                       100.00%   
Investment          DE         EJSVS, Inc.                                     Equitable JVS, Inc.                       100.00%   
Investment          MD         Equitable JVS II, Inc.                          Equitable Holdings, LLC                   100.00%   
Investment          GA         Six-Pac G.P., Inc.                              Equitable Holdings, LLC                   100.00%   
Operating           DE         Equitable Distributors, Inc.                    Equitable Holdings, LLC                   100.00%   
Operating           DE         Equitable Distributors, LLC                     Equitable Holdings, LLC                   100.00%   
Operating           AL         Equitable Distributors Insurance                Equitable Distributors, LLC               100.00%   
                                 Agency of Alabama, LLC                                                                            
Operating           DE         Equitable Distriburors Insurance Agency of      Equitable Distributors, LLC               100.00%   
                                 Connecticut, Maine and New York, LLC                                                              
Operating           DE         J.M.R. Realty Services, Inc.                    Equitable Holdings, LLC                   100.00%   


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          LISTING B -- ALLIANCE CAPITAL MANAGEMENT CORP.

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                 SOVEREIGN                                                                                           % OF VOTING   
 PRINCIPAL      POWER UNDER                                                             NAME OF                       SECURITIES   
 BUSINESS     WHICH ORGANIZED             NAME OF COMPANY                         CONTROLLING ENTITY                    OWNED      
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
                               AXA Financial, Inc.                             The AXA Group                                 -     
                               AXA Client Solutions, LLC                       AXA Financial, Inc.                           -     
                               The Equitable Life Assurance Society            AXA Client Solutions, LLC                     -     
                                 of the United States                                                                              
                               Equitable Holdings, LLC                         The Equitable Life Assurance Society          -     
                                                                                  of the United States                             
                               Alliance Capital Management Corporation         Equitable Holdings, LLC                       -     
Operating       DE             Alliance Capital Management Holding L.P.        Alliance Capital Management                   -     
Operating       DE             Alliance Capital Management L.P.                Alliance Capital Management                   -     
Operating       DE             Albion Alliance LLC                             Alliance Capital Management, L.P.           37.60%  
HCO             DE             Cursitor Alliance LLC                           Alliance Capital Management, L.P.           93.00%  
Operating       U.K.           Cursitor Alliance Holdings Ltd.                 Cursitor Alliance LLC                      100.00%  
Operating       MA             Draycott Partners. Ltd.                         Cursitor Alliance Holdings, Ltd.           100.00%  
Operating       U.K.           Cursitor Alliance Services Ltd.                 Cursitor Alliance Holdings, Ltd.           100.00%  
Operating       Lux.           Cursitor Management Co. S.A.                    Cursitor Alliance Holdings, Ltd.           100.00%  
Operating       U.K.           Alliance Asset Allocation Ltd.                  Cursitor Alliance Holdings, Ltd.           100.00%  
Operating       NY             Cursitor Eaton Asset Management Co.             Alliance Asset Allocation, Ltd.             50.00%  
Operating       France         Alliance Cecogest                               Alliance Asset Allocation, Ltd.             75.00%  
HCO             DE             Alliance Capital Management LLC                 Alliance Capital Management, L.P.          100.00%  
HCO             DE             Sanford C. Bernstein & Co., LLC                 Alliance Capital Management, LLC           100.00%  
HCO             DE             Alliance Capital Management Corp. of Delaware   Alliance Capital Management, L.P.          100.00%  
Operating       U.K.           Sanford C. Bernstein Ltd.                       Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       Aust.          Sanford C. Bernstein Proprietary Ltd.           Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       DE             Alliance Fund Services, Inc.                    Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       DE             Alliance Fund Distributors, Inc.                Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       DE             Alliance Capital Oceanic Corp.                  Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       Brazil         Alliance Capital Management (Brazil) Ltd.       Alliance Capital Management Corp.           99.00%  
                                                                                 of Delaware                                       
Operating       Aust.          Alliance Capital Management Australia Limited   Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       DE             Meiji - Alliance Capital Corp.                  Alliance Capital Management Corp.           50.00%  
                                                                                 of Delaware                                       
Operating       Lux.           Alliance Capital (Luxembourg) S.A.              Alliance Capital Management Corp.           99.98%  
                                                                                 of Delaware                                       
Operating       DE             Alliance Barra Research Institute, Inc.         Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       DE             Alliance Capital Management Canada, Inc.        Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       DE             Alliance Capital Global Derivatives Corp.       Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       Lux.           ACM Global Investor Services S.A.               Alliance Capital Management Corp.           99.00%  
                                                                                 of Delaware                                       
Operating       Spain          ACM Fund Services (Espana) S.L.                 ACM Global Investor Services S.A.          100.00%  
Operating       Singapore      Alliance Capital Management (Singapore) Ltd.    Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating       Cayman Isl.    ACM CIIC Investment Management Ltd.             Alliance Capital Management Corp.           54.00%  
                                                                                 of Delaware                                       
Operating       DE             ACM Software Services Ltd.                      Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       


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          LISTING B -- ALLIANCE CAPITAL MANAGEMENT CORP.

                                                        [Enlarge/Download Table]


                 SOVEREIGN                                                                                           % OF VOTING   
 PRINCIPAL      POWER UNDER                                                             NAME OF                       SECURITIES   
 BUSINESS     WHICH ORGANIZED              NAME OF COMPANY                        CONTROLLING ENTITY                    OWNED      
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
                               AXA Financial, Inc.                             The AXA Group                                 -     
                               AXA Client Solutions, LLC                       AXA Financial, Inc.                        100.00%  
                               The Equitable Life Assurance Society            AXA Client Solutions, LLC                     -     
                                 of the United States                                                                              
                               Equitable Holdings, LLC                         The Equitable Life Assurance Society          -     
                                                                                 of the United States                              
                               Alliance Capital Management Corporation         Equitable Holdings, LLC                       -     
                               Alliance Capital Management L.P.                Alliance Capital Management                   -     
                                                                                 Corporation                                       
                               Alliance Capital Management Corp.               Alliance Capital Management L.P.              -     
                                 of Delaware (Cont'd)                                                                              
Operating      Austria         East Fund Managementberatung GmbH.              Alliance Capital Management Corp. of        51.00%  
                                                                                 of Delaware                                       
Operating      Czech           Albion Alliance EFM                             East Fund Managementberatung GmbH           49.00%  
Operating      Cyprus          East Fund Management (Cyprus) Ltd.              East Fund Managementberatung GmbH          100.00%  
Operating      Romania         EFM Consultanta Financiara Bucuresti SRL        East Fund Management (Cyprus) Ltd.         100.00%  
Operating      Mauritius       Alliance Capital (Mauritius) Private Ltd.       Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      India           Alliance Capital Asset Management               Alliance Capital (Mauritius)                75.00%  
                                (India) Private Ltd.                             Private Ltd.                                      
Operating      India           ACSYS Software India Private Ltd.               Alliance Capital (Mauritius)                51.00%  
                                                                                 Private Ltd.                                      
Operating      India           ACAM Trust Company Private Ltd.                 Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      DE              Alliance Eastern Europe, Inc.                   Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      DE              Alliance Capital Management (Asia) Ltd.         Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      Turkey          Alliance Capital Management (Turkey) Ltd.       Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      Japan           Alliance Capital Asset Management (Japan) Ltd.  Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      U.K.            Alliance Capital Limited                        Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      U.K.            Alliance Capital Services Ltd.                  Alliance Capital Limited                   100.00%  
Operating      U.K.            Dimensional Trust Management Ltd.               Alliance Capital Services Ltd.             100.00%  
Operating      DE              Alliance Corporate Finance Group Inc.           Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      Brazil          BCN Alliance Capital Management SA              Alliance Capital Management Corp.           50.00%  
                                                                                 of Delaware                                       
Operating      Poland          Przymierze Trust Fund Co.                       Alliance Capital Management Corp.           49.00%  
                                                                                 of Delaware                                       
Operating      Russia          Alliance SBS-AGRO Capital Management Co.        Alliance Capital Management Corp.           49.00%  
                                                                                 of Delaware                                       
Operating      Poland          Pekao/Alliance PTE S.A.                         Alliance Capital Management Corp.           49.00%  
                                                                                 of Delaware                                       
Operating      U.K.            Whittingdale Holdings Ltd.                      Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      U.K.            Alliance Capital Whittingdale Ltd.              Whittingdale Holdings Ltd.                 100.00%  
Operating      U.K.            ACM Investments Ltd.                            Whittingdale Holdings Ltd.                 100.00%  
Operating      U.K.            Whittingdale Nominees Ltd.                      Whittingdale Holdings Ltd.                 100.00%  
Operating      So Korea        Hanwha Investment Trust Mgmt. Co., Ltd          Alliance Capital Management Corp.           20.00%  
                                                                                 of Delaware                                       
Operating      H.K.            New Alliance Asset Management (Asia) Ltd        Alliance Capital Management Corp.           50.00%  
                                                                                 of Delaware                                       
Operating      Lux.            ACM New-Alliance (Luxembourg) S.A.              Alliance Capital Management Corp.          100.00%  
                                                                                 of Delaware                                       
Operating      So Africa       Alliance Capital Mgmt. (Proprietary) Ltd.       Alliance Capital Management Corp.           80.00%  
                                                                                 of Delaware                                       
Operating      Zimbabwe        Alliance-MBCA Capital (Private) Ltd.            Alliance Capital Mgmt.                      50.00%  
                                                                                 (Proprietary) Ltd.                                
Operating      Namibia         Alliance Odyssey Capital Mgmt. (Nambia)         Alliance Capital Mgmt.                     100.00%  
                                 (Proprietary) Ltd.                              (Proprietary) Ltd.                                


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AXA GROUP CHART 

                                                        [Enlarge/Download Table]

                                    SOVEREIGN POWER                                                                      % OF VOTING
                                      UNDER WHICH                                                                         SECURITIES
PRINCIPAL BUSINESS                     ORGANIZED               NAME OF COMPANY             NAME OF CONTROLLING ENTITY       OWNED   
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
FINANCIAL SERVICES & REAL ESTATE       AUSTRALIA         NATIONAL MUTUAL FUND MANAGEMENT AXA ASIA PACIFIC HOLDINGS LIMITED    100.00
FINANCIAL SERVICES & REAL ESTATE       BELGIUM           AXA INVESTMENT MANAGERS         AXA INVESTMENT MANAGERS              100.00
                                                           BRUXELLES                                                                
FINANCIAL SERVICES & REAL ESTATE       BELGIUM           AXA BANK BELGIUM                AXA HOLDINGS BELGIUM                 100.00
FINANCIAL SERVICES & REAL ESTATE       BELGIUM           IPPA VASTGOED                   AXA HOLDINGS BELGIUM                 100.00
FINANCIAL SERVICES & REAL ESTATE       BELGIUM           ROYALE BELGE INVESTISSEMENT     AXA ROYALE BELGE                      33.03
FINANCIAL SERVICES & REAL ESTATE       BELGIUM           ROYALE BELGE INVESTISSEMENT     AXA ROYALE BELGE                      66.97
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA ROYALE BELGE                       1.89
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA ROYALE BELGE                       2.32
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA                                   45.04
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA CORPORATE SOLUTIONS                0.81
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA ASSURANCES IARD                   15.11
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA COLONIA KONZERN AG                 5.93
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         DIRECT ASSURANCES IARD                 0.20
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA LEVEN NV                           2.10
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         NATIONAL MUTUAL FUND MANAGEMENT        4.07
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA UK PLC                            18.40
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA COURTAGE IARD                      1.62
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA GRANDE ARMEE                AXA INVESTMENT MANAGERS               99.99
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA GESTION FCP                 AXA INVESTMENT MANAGERS PARIS         99.99
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA INVESTMENT MANAGERS PRIVATE      100.00
                                                           PRIVATE EQUITY EUROPE SA        EQUITY                                   
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS         AXA INVESTMENT MANAGERS              100.00
                                                           PRIVATE EQUITY                                                           
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS PARIS   AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA CREDIT                      COMPAGNIE FINANCIERE DE PARIS         65.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA MILLESIMES                  AXA                                   10.10
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA MILLESIMES                  AXA CORPORATE SOLUTIONS               11.95
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA MILLESIMES                  SOCIETE BEAUJON                        7.26
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA MILLESIMES                  JOUR FINANCE                           6.87
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE SURESNES                AXA ASSURANCES IARD                   21.19
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE SURESNES                SOCIETE BEAUJON                        0.92
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE SURESNES                COMPAGNIE FINANCIERE DE PARIS         51.07
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE SURESNES                JOUR FINANCE                          20.63
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE SURESNES                AXA COURTAGE IARD                      2.53
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA BANQUE                      COMPAGNIE FINANCIERE DE PARIS        100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            BANQUE DE MARCHES ET            AXA                                   19.51
                                                           D'ARBITRAGE                                                              
FINANCIAL SERVICES & REAL ESTATE       FRANCE            BANQUE DE MARCHES ET            AXA COURTAGE IARD                      8.20
                                                           D'ARBITRAGE                                                              
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COMPAGNIE FINANCIERE DE PARIS   AXA                                  100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE 21 MATIGNON             AXA                                    0.55
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE 21 MATIGNON             SGCI                                  99.44
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COLISEE VICTOIRE                SGCI                                  99.74
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA ASSET MANAG CONSULTANT      AXA INVESTMENT MANAGERS               99.95
FINANCIAL SERVICES & REAL ESTATE       FRANCE            COMPAGNIE PARISIENNE DE         SOFINAD                              100.00
                                                           PARTICIPATIONS                                                           
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA GESTION INTERESSEMENT       AXA INVESTMENT MANAGERS PARIS        100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            BANQUE DES TUILERIES            COMPAGNIE FINANCIERE DE PARIS        100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS FUNDS   AXA INVESTMENT MANAGERS               98.84
                                                           MANAGEMENT                                                               
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA INVESTMENT MANAGERS FUNDS   AXA INVESTMENT MANAGERS PARIS          1.16
                                                           MANAGEMENT                                                               
FINANCIAL SERVICES & REAL ESTATE       FRANCE            AXA ASSET MANAGEMENT            AXA INVESTMENT MANAGERS               50.48
                                                           PRIVATE EQUITY EUROPE SA        PRIVATE EQUITY                           

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                                    SOVEREIGN POWER                                                                      % OF VOTING
                                      UNDER WHICH                                                                         SECURITIES
PRINCIPAL BUSINESS                     ORGANIZED               NAME OF COMPANY             NAME OF CONTROLLING ENTITY       OWNED   
------------------------------------------------------------------------------------------------------------------------------------

FINANCIAL SERVICES & REAL ESTATE       FRANCE            MONTE SCOPETO                   COMPAGNIE PARISIENNE DE               99.99
                                                                                           PARTICIPATIONS                           
FINANCIAL SERVICES & REAL ESTATE       FRANCE            SGCI                            AXA                                  100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            SOFAPI                          COMPAGNIE FINANCIERE DE PARIS        100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            HOLDING SOFFIM                  COMPAGNIE FINANCIERE DE PARIS        100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            SOFINAD                         COMPAGNIE FINANCIERE DE PARIS        100.00
FINANCIAL SERVICES & REAL ESTATE       FRANCE            TRANSAXIM                       COMPAGNIE PARISIENNE DE              100.00
                                                                                           PARTICIPATIONS                           
FINANCIAL SERVICES & REAL ESTATE       FRANCE            BANQUE WORMS                    COMPAGNIE FINANCIERE DE PARIS        100.00
FINANCIAL SERVICES & REAL ESTATE       GERMANY           AXA COLONIA ASSET MANAGEMENT    AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       GERMANY           AXA COLONIA KAG                 AXA INVESTMENT MANAGERS               85.00
FINANCIAL SERVICES & REAL ESTATE       GERMANY           AXA FUNDS GMBH                  AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       GERMANY           AXA VORSORGEBANK                AXA COLONIA KONZERN AG               100.00
FINANCIAL SERVICES & REAL ESTATE       GERMANY           AXA COLONIA BAUSPARKASSE AG     AXA COLONIA KONZERN AG                66.67
FINANCIAL SERVICES & REAL ESTATE       GERMANY           AXA COLONIA BAUSPARKASSE AG     AXA COLONIA LEBEN                     32.98
FINANCIAL SERVICES & REAL ESTATE       GREAT BRITAIN     AXA ASSET MANAGEMENT LTD        AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       GREAT BRITAIN     AXA INVESTMENT MANAGERS GS      AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       GREAT BRITAIN     AXA INVESTMENT MANAGERS LIMITED AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       GREAT BRITAIN     AXA MULTIMANAGER LIMITED        AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       GREAT BRITAIN     AXA INVESTMENT MANAGERS UK      AXA INVESTMENT MANAGERS               66.67
FINANCIAL SERVICES & REAL ESTATE       GREAT BRITAIN     AXA INVESTMENT MANAGERS UK      AXA ASSET MANAGEMENT LTD              33.33
FINANCIAL SERVICES & REAL ESTATE       HONG KONG         AXA INVESTMENT MANAGERS HK SAR  AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       HONG KONG         AXA INVESTMENT MANAGERS HONG    AXA INVESTMENT MANAGERS              100.00
                                                           KONG                                                                     
FINANCIAL SERVICES & REAL ESTATE       ITALY             AXA INVESTMENT MANAGERS MILAN   AXA INVESTMENT MANAGERS               99.00
FINANCIAL SERVICES & REAL ESTATE       ITALY             AXA INVESTMENT MANAGERS MILAN   AXA ASSICURAZIONI (VIE)                1.00
FINANCIAL SERVICES & REAL ESTATE       JAPAN             AXA INVESTMENT MANAGERS TOKYO   AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       THE NETHERLANDS   AXA INVESTMENT MANAGERS DEN     AXA INVESTMENT MANAGERS              100.00
                                                           HAAG                                                                     
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     AXA GLOBAL STRUCTURED PRODUCT   AXA INVESTMENT MANAGERS              100.00
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     AXA INVESTMENT MANAGERS         AXA INVESTMENT MANAGERS              100.00
                                                           HOLDING INC.                                                             
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     AXA INVESTMENT MANAGERS NEW     AXA INVESTMENT MANAGERS              100.00
                                                           YORK                                                                     
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     AXA INVESTMENT MANAGERS         AXA INVESTMENT MANAGERS PRIVATE      100.00
                                                           PRIVATE EQUITY FUND             EQUITY                                   
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     AXA INVESTMENT MANAGERS ROSE    AXA INVESTMENT MANAGERS               90.00
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     AXA INVESTMENT MANAGERS ROSE    AXA INVESTMENT MANAGERS HOLDING       10.00
                                                                                           INC.                                     
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     AXA ROSENBERG LLC               AXA INVESTMENT MANAGERS ROSE          50.00
FINANCIAL SERVICES & REAL ESTATE       UNITED STATES     ALLIANCE CAPITAL MANGEMENT      THE EQUITABLE LIFE ASSURANCE         100.00
                                                           CORP.                           SOCIETY                                  
HOLDINGS & MISC. BUSINESSES            AUSTRALIA         AXA ASIA PACIFIC HOLDINGS       AXA EQUITY & LAW LIFE ASSURANCE        8.90
                                                           LIMITED                         SOCIETY                                  
HOLDINGS & MISC. BUSINESSES            AUSTRALIA         AXA ASIA PACIFIC HOLDINGS       AXA                                   42.10
                                                           LIMITED                                                                  
HOLDINGS & MISC. BUSINESSES            BELGIUM           FINAXA BELGIUM                  AXA                                   99.99
HOLDINGS & MISC. BUSINESSES            BELGIUM           ROYALE BELGE INTERNATIONAL      ROYALE BELGE INVESTISSEMENT          100.00
HOLDINGS & MISC. BUSINESSES            BELGIUM           AXA HOLDINGS BELGIUM            AXA CORPORATE SOLUTIONS ASSURANCE      3.02
HOLDINGS & MISC. BUSINESSES            BELGIUM           AXA HOLDINGS BELGIUM            AXA                                   43.75
HOLDINGS & MISC. BUSINESSES            BELGIUM           AXA HOLDINGS BELGIUM            AXA PARTICIPATONS BELGIUM             49.10
HOLDINGS & MISC. BUSINESSES            BELGIUM           AXA HOLDINGS BELGIUM            VINCI BV                               4.11
HOLDINGS & MISC. BUSINESSES            BELGIUM           AXA PARTICIPATONS BELGIUM       AXA CORPORATE SOLUTIONS ASSURANCE     12.63
HOLDINGS & MISC. BUSINESSES            BELGIUM           AXA PARTICIPATONS BELGIUM       AXA                                   79.57
HOLDINGS & MISC. BUSINESSES            BELGIUM           AXA PARTICIPATONS BELGIUM       AXA COURTAGE IARD                      7.79
HOLDINGS & MISC. BUSINESSES            FRANCE            AXA CHINA                       AXA CHINA REGION LIMITED              49.00
HOLDINGS & MISC. BUSINESSES            FRANCE            AXA CHINA                       AXA                                   51.00
HOLDINGS & MISC. BUSINESSES            FRANCE            SOCIETE BEAUJON                 AXA                                   99.78

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                                      UNDER WHICH                                                                         SECURITIES
PRINCIPAL BUSINESS                     ORGANIZED               NAME OF COMPANY             NAME OF CONTROLLING ENTITY       OWNED   
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HOLDINGS & MISC. BUSINESSES            FRANCE            SOCIETE BEAUJON                 AXA ASSURANCES IARD                    0.22
HOLDINGS & MISC. BUSINESSES            FRANCE            COLISEE EXCELLENCE              FINANCIERE MERMOZ                    100.00
HOLDINGS & MISC. BUSINESSES            FRANCE            AXA DIRECT                      AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            FRANCE            FINANCIERE 45                   AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            FRANCE            JOUR FINANCE                    AXA CONSEIL VIE                       60.47
HOLDINGS & MISC. BUSINESSES            FRANCE            JOUR FINANCE                    AXA ASSURANCES IARD                   39.53
HOLDINGS & MISC. BUSINESSES            FRANCE            LOR FINANCE                     AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            FRANCE            MOFIPAR                         AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            FRANCE            FINANCIERE MERMOZ               AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            FRANCE            AXA FRANCE ASSURANCE            AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            GERMANY           AXA COLONIA KONZERN AG          AXA                                   25.49
HOLDINGS & MISC. BUSINESSES            GERMANY           AXA COLONIA KONZERN AG          KOLNISCHE VERWALTUNGS                 25.63
HOLDINGS & MISC. BUSINESSES            GERMANY           AXA COLONIA KONZERN AG          VINCI BV                              39.73
HOLDINGS & MISC. BUSINESSES            GERMANY           GRE CONTINENTAL EUROPE HOLDING  AXA COLONIA KONZERN AG               100.00
                                                           GMBH                                                                     
HOLDINGS & MISC. BUSINESSES            GERMANY           KOLNISCHE VERWALTUNGS           AXA                                    8.83
HOLDINGS & MISC. BUSINESSES            GERMANY           KOLNISCHE VERWALTUNGS           AXA COLONIA KONZERN AG                23.02
HOLDINGS & MISC. BUSINESSES            GERMANY           KOLNISCHE VERWALTUNGS           VINCI BV                              67.72
HOLDINGS & MISC. BUSINESSES            GREAT BRITAIN     AXA EQUITY & LAW PLC            AXA                                   99.94
HOLDINGS & MISC. BUSINESSES            GREAT BRITAIN     GUARDIAN ROYAL EXCHANGE PLC     AXA UK PLC                           100.00
HOLDINGS & MISC. BUSINESSES            GREAT BRITAIN     AXA UK PLC                      AXA EQUITY & LAW PLC                  21.74
HOLDINGS & MISC. BUSINESSES            GREAT BRITAIN     AXA UK PLC                      AXA                                   78.26
HOLDINGS & MISC. BUSINESSES            ITALY             AXA ITALIA S.P.A                AXA                                   96.99
HOLDINGS & MISC. BUSINESSES            ITALY             AXA ITALIA S.P.A                AXA COLLECTIVES                        3.01
HOLDINGS & MISC. BUSINESSES            JAPAN             AXA NICHIDAN INSURANCE HOLDING  AXA                                   96.39
HOLDINGS & MISC. BUSINESSES            LUXEMBOURG        AXA LUXEMBOURG SA               AXA HOLDINGS BELGIUM                 100.00
HOLDINGS & MISC. BUSINESSES            MOROCCO           AXA ONA                         AXA                                   51.00
HOLDINGS & MISC. BUSINESSES            SINGAPORE         AXA INSURANCE INVESTMENT        AXA                                  100.00
                                                           HOLDING                                                                  
HOLDINGS & MISC. BUSINESSES            SPAIN             AXA AURORA                      AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   GELDERLAND                      AXA HOLDINGS BELGIUM                 100.00
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   AXA NEDERLAND BV                AXA ROYALE BELGE NON VIE              17.29
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   AXA NEDERLAND BV                AXA ROYALE BELGE                      21.24
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   AXA NEDERLAND BV                GELDERLAND                            38.94
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   AXA NEDERLAND BV                ROYALE BELGE INTERNATIONAL            12.77
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   AXA NEDERLAND BV                AXA HOLDINGS BELGIUM                   4.11
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   AXA VERZEKERINGEN               AXA NEDERLAND BV                     100.00
HOLDINGS & MISC. BUSINESSES            THE NETHERLANDS   VINCI BV                        AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            TURKEY            AXA OYAK HOLDING AS             AXA                                   50.00
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA MERGER                      AXA                                  100.00
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              AXA EQUITY & LAW LIFE ASSURANCE        4.09
                                                                                           SOCIETY                                  
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              AXA                                   70.62
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              AXA MERGER                            12.24
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              AXA CORPORATE SOLUTIONS                2.95
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              SOCIETE BEAUJON                        0.44
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              FINANCIERE 45                          3.20
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              LOR FINANCE                            6.42
HOLDINGS & MISC. BUSINESSES            UNITED STATES     AXA FINANCIAL INC.              AXA CORPORATE SOLUTIONS                0.03
                                                                                           REINSURANCE CY                           
INSURANCE & REINSURANCE                AUSTRALIA         AUSTRALIAN CASUALTY INSUR PTY   AXA ASIA PACIFIC HOLDINGS LIMITED    100.00
                                                           LTD                                                                      

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                                      UNDER WHICH                                                                         SECURITIES
PRINCIPAL BUSINESS                     ORGANIZED               NAME OF COMPANY             NAME OF CONTROLLING ENTITY       OWNED   
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INSURANCE & REINSURANCE                AUSTRALIA         NATIONAL MUTUAL HEALTH INSUR    AXA ASIA PACIFIC HOLDINGS LIMITED    100.00
                                                           PY LIMITED                                                               
INSURANCE & REINSURANCE                AUSTRALIA         NATIONAL MUTUAL INTERNATIONAL   NATIONAL MUTUAL FINANCIAL SERVICES   100.00
INSURANCE & REINSURANCE                AUSTRALIA         NATIONAL MUTUAL FINANCIAL       AXA ASIA PACIFIC HOLDINGS LIMITED    100.00
                                                           SERVICES                                                                 
INSURANCE & REINSURANCE                AUSTRIA           AXA NORDSTERN COLONIA           AXA COLONIA LEBEN                     10.05
                                                           VERSICHERUNG                                                             
INSURANCE & REINSURANCE                AUSTRIA           AXA NORDSTERN COLONIA           AXA COLONIA VERSICHERUNG              89.95
                                                           VERSICHERUNG                                                             
INSURANCE & REINSURANCE                AUSTRIA           AXA NORDSTERN COLONIA LEBEN     AXA NORDSTERN COLONIA VERSICHERUNG   100.00
INSURANCE & REINSURANCE                BELGIUM           AXA ROYALE BELGE                AXA HOLDINGS BELGIUM                  99.58
INSURANCE & REINSURANCE                BELGIUM           AXA ROYALE BELGE                UAB NON VIE                            0.04
INSURANCE & REINSURANCE                BELGIUM           AXA ROYALE BELGE                UAB                                    0.38
INSURANCE & REINSURANCE                BELGIUM           ARDENNE PREVOYANTE              AXA HOLDINGS BELGIUM                 100.00
INSURANCE & REINSURANCE                BELGIUM           ASSURANCES LA POSTE             AXA HOLDINGS BELGIUM                  50.00
INSURANCE & REINSURANCE                BELGIUM           ASSURANCES LA POSTE VIE         AXA HOLDINGS BELGIUM                  50.00
INSURANCE & REINSURANCE                BELGIUM           UAB NON VIE                     AXA HOLDINGS BELGIUM                 100.00
INSURANCE & REINSURANCE                CANADA            AXA CANADA                      AXA                                  100.00
INSURANCE & REINSURANCE                CANADA            AXA CANADA ADP                  AXA CANADA                           100.00
INSURANCE & REINSURANCE                CHINA             AXA MINMETALS ASSURANCE CO LTD  AXA CHINA                             51.00
INSURANCE & REINSURANCE                FRANCE            CORPORATE SOLUTIONS ASSURANCE   AXA CORPORATE SOLUTIONS               98.49
INSURANCE & REINSURANCE                FRANCE            AXA CONSEIL VIE                 AXA FRANCE ASSURANCE                 100.00
INSURANCE & REINSURANCE                FRANCE            ARGOVIE                         AXA COLLECTIVES                       94.03
INSURANCE & REINSURANCE                FRANCE            AXA CORPORATE SOLUTIONS         AXA CORPORATE SOLUTIONS ASSURANCE      1.54
INSURANCE & REINSURANCE                FRANCE            AXA CORPORATE SOLUTIONS         AXA                                   89.98
INSURANCE & REINSURANCE                FRANCE            AXA CORPORATE SOLUTIONS         AXA ASSURANCES IARD                    6.03
INSURANCE & REINSURANCE                FRANCE            AXA CORPORATE SOLUTIONS         AXA COURTAGE IARD                      2.17
INSURANCE & REINSURANCE                FRANCE            AXA CORPORATE SOLUTIONS         AXA COLLECTIVES                        0.02
INSURANCE & REINSURANCE                FRANCE            AXA ASSURANCES IARD             AXA FRANCE ASSURANCE                 100.00
INSURANCE & REINSURANCE                FRANCE            AXA RE FINANCE                  AXA CORPORATE SOLUTIONS               65.83
INSURANCE & REINSURANCE                FRANCE            AXA RE FINANCE                  AXA CESSIONS                          13.17
INSURANCE & REINSURANCE                FRANCE            AXA ASSURANCES VIE              AXA FRANCE ASSURANCE                  88.87
INSURANCE & REINSURANCE                FRANCE            AXA ASSURANCES VIE              AXA COLLECTIVES                       11.13
INSURANCE & REINSURANCE                FRANCE            C.G.R.M. MONTE-CARLO            AXA CORPORATE SOLUTIONS               99.99
INSURANCE & REINSURANCE                FRANCE            JURIDICA                        AXA FRANCE ASSURANCE                  98.51
INSURANCE & REINSURANCE                FRANCE            DIRECT ASSURANCES IARD          AXA DIRECT                           100.00
INSURANCE & REINSURANCE                FRANCE            DIRECT ASSURANCES VIE           AXA DIRECT                           100.00
INSURANCE & REINSURANCE                FRANCE            NATIO ASSURANCES                AXA ASSURANCES IARD                   50.00
INSURANCE & REINSURANCE                FRANCE            NSM VIE                         AXA FRANCE ASSURANCE                  35.64
INSURANCE & REINSURANCE                FRANCE            NSM VIE                         AXA COLLECTIVES                        4.46
INSURANCE & REINSURANCE                FRANCE            AXA ASSISTANCE                  AXA                                  100.00
INSURANCE & REINSURANCE                FRANCE            SPS RE                          AXA CORPORATE SOLUTIONS               69.94
INSURANCE & REINSURANCE                FRANCE            AXA CESSIONS                    AXA CORPORATE SOLUTIONS              100.00
INSURANCE & REINSURANCE                FRANCE            SAINT GEORGES RE                AXA                                   99.40
INSURANCE & REINSURANCE                FRANCE            SAINT GEORGES RE                AXA FRANCE ASSURANCE                   0.60
INSURANCE & REINSURANCE                FRANCE            AXA CONSEIL IARD                AXA FRANCE ASSURANCE                 100.00
INSURANCE & REINSURANCE                FRANCE            AXA COURTAGE IARD               AXA FRANCE ASSURANCE                  99.65
INSURANCE & REINSURANCE                FRANCE            AXA COLLECTIVES                 AXA ASSURANCES IARD                    3.69
INSURANCE & REINSURANCE                FRANCE            AXA COLLECTIVES                 AXA FRANCE ASSURANCE                  95.71
INSURANCE & REINSURANCE                GERMANY           SICHER DIRECT                   AXA COLONIA VERSICHERUNG             100.00
INSURANCE & REINSURANCE                GERMANY           AXA COLONIA LEBEN               AXA COLONIA KONZERN AG                47.81

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                                    SOVEREIGN POWER                                                                      % OF VOTING
                                      UNDER WHICH                                                                         SECURITIES
PRINCIPAL BUSINESS                     ORGANIZED               NAME OF COMPANY             NAME OF CONTROLLING ENTITY       OWNED   
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INSURANCE & REINSURANCE                GERMANY           AXA COLONIA LEBEN               AXA COLONIA VERSICHERUNG              52.19
INSURANCE & REINSURANCE                GERMANY           AXA COLONIA VERSICHERUNG        AXA COLONIA KONZERN AG                74.41
INSURANCE & REINSURANCE                GERMANY           AXA COLONIA VERSICHERUNG        GRE CONTINENTAL EUROPE HOLDING GMBH   25.59
INSURANCE & REINSURANCE                GERMANY           AXA COLONIA KRANKEN             AXA COLONIA KONZERN AG                51.00
                                                           VERSICHERUNG                                                             
INSURANCE & REINSURANCE                GERMANY           AXA COLONIA KRANKEN             AXA COLONIA LEBEN                     48.36
                                                           VERSICHERUNG                                                             
INSURANCE & REINSURANCE                GERMANY           AXA NORDSTERN ART               AXA COLONIA KONZERN AG               100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA EQUITY & LAW LIFE           AXA SUN LIFE                         100.00
                                                           ASSURANCE SOCIETY                                                        
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA INSURANCE UK                GUARDIAN ROYAL EXCHANGE PLC          100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA SUN LIFE                    AXA UK PLC                           100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA UK HOLDING PLC              AXA CORPORATE SOLUTIONS              100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA INSURANCE PLC               GUARDIAN ROYAL EXCHANGE PLC          100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA GLOBAL RISKS (U.K.) LTD     AXA CORPORATE SOLUTIONS              100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA UK                          AXA                                  100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     PPP GROUP PLC                   GUARDIAN ROYAL EXCHANGE PLC          100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     PPP HEALTHCARE LTD              AXA INSURANCE UK                     100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     PPP LIFETIMECARE                GUARDIAN ROYAL EXCHANGE PLC          100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     AXA REINSURANCE UK PLC          AXA UK HOLDING PLC                   100.00
INSURANCE & REINSURANCE                GREAT BRITAIN     ENGLISH & SCOTTISH              AXA UK                               100.00
INSURANCE & REINSURANCE                HONG KONG         AXA CHINA REGION LIMITED        NATIONAL MUTUAL FINANCIAL SERVICES   100.00
INSURANCE & REINSURANCE                HONG KONG         AXA INSURANCE HONG-KONG         AXA                                   17.50
INSURANCE & REINSURANCE                HONG KONG         AXA INSURANCE HONG-KONG         AXA INSURANCE INVESTMENT HOLDING      82.50
INSURANCE & REINSURANCE                HONG KONG         AXA GENERAL INSURANCE HK        AXA                                  100.00
INSURANCE & REINSURANCE                HUNGARY           AXA COLONIA BIZTOSITO DOMMAGES  AXA NORDSTERN COLONIA VERSICHERUNG   100.00
INSURANCE & REINSURANCE                HUNGARY           AXA COLONIA BIZTOSITO VIE       AXA NORDSTERN COLONIA VERSICHERUNG   100.00
INSURANCE & REINSURANCE                IRELAND           GUARDIAN DUBLIN DOCKS           GUARDIAN PMPA GROUP LTD              100.00
INSURANCE & REINSURANCE                IRELAND           GUARDIAN PMPA GROUP LTD         GUARDIAN ROYAL EXCHANGE PLC          100.00
INSURANCE & REINSURANCE                ITALY             AXA INTERLIFE                   AXA                                  100.00
INSURANCE & REINSURANCE                ITALY             AXA ASSICURAZIONI               AXA CONSEIL VIE                        1.84
INSURANCE & REINSURANCE                ITALY             AXA ASSICURAZIONI               AXA                                   85.87
INSURANCE & REINSURANCE                ITALY             AXA ASSICURAZIONI               AXA ITALIA S.P.A                      10.40
INSURANCE & REINSURANCE                ITALY             AXA ASSICURAZIONI               AXA COLLECTIVES                        1.88
INSURANCE & REINSURANCE                ITALY             UAP VITA                        AXA CONSEIL VIE                       18.70
INSURANCE & REINSURANCE                ITALY             UAP VITA                        AXA                                   62.21
INSURANCE & REINSURANCE                ITALY             UAP VITA                        AXA COLLECTIVES                       19.08
INSURANCE & REINSURANCE                JAPAN             AXA NICHIDAN LIFE               AXA NICHIDAN INSURANCE HOLDING       100.00
INSURANCE & REINSURANCE                JAPAN             AXA NON LIFE INSURANCE CO LTD   AXA                                  100.00
INSURANCE & REINSURANCE                JAPAN             NICHIDAN LIFE                   AXA NICHIDAN INSURANCE HOLDING       100.00
INSURANCE & REINSURANCE                LUXEMBOURG        AXA ASSURANCES LUXEMBOURG       AXA LUXEMBOURG SA                    100.00
INSURANCE & REINSURANCE                LUXEMBOURG        AXA ASSUR. VIE LUXEMBOURG       AXA LUXEMBOURG SA                    100.00
INSURANCE & REINSURANCE                LUXEMBOURG        CREALUX                         AXA HOLDINGS BELGIUM                 100.00
INSURANCE & REINSURANCE                LUXEMBOURG        FUTUR RE                        CORPORATE SOLUTIONS ASSURANCE        100.00
INSURANCE & REINSURANCE                LUXEMBOURG        PANEURORE                       AXA INSURANCE UK                      20.00
INSURANCE & REINSURANCE                LUXEMBOURG        PANEURORE                       AXA PORTUGAL COMPANHIA DE SEGUROS      5.00
INSURANCE & REINSURANCE                LUXEMBOURG        PANEURORE                       AXA COLONIA VERSICHERUNG              20.00
INSURANCE & REINSURANCE                LUXEMBOURG        PANEURORE                       AXA ASSICURAZIONI                      5.00
INSURANCE & REINSURANCE                LUXEMBOURG        PANEURORE                       AURORA IBERICA SA DE SEGUROS Y        10.00
                                                                                           REAS.                                    
INSURANCE & REINSURANCE                LUXEMBOURG        PANEURORE                       ROYALE BELGE INVESTISSEMENT           20.00

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                                    SOVEREIGN POWER                                                                      % OF VOTING
                                      UNDER WHICH                                                                         SECURITIES
PRINCIPAL BUSINESS                     ORGANIZED               NAME OF COMPANY             NAME OF CONTROLLING ENTITY       OWNED   
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INSURANCE & REINSURANCE                LUXEMBOURG        PANEURORE                       SAINT GEORGES RE                      20.00
INSURANCE & REINSURANCE                MOROCCO           AXA ASSURANCE MAROC             AXA ONA                               99.99
INSURANCE & REINSURANCE                MOROCCO           EPARGNE CROISSANCE              AXA ASSURANCE MAROC                   99.59
INSURANCE & REINSURANCE                PORTUGAL          AXA PORTUGAL COMPANHIA DE       AXA CORPORATE SOLUTIONS ASSURANCE      9.07
                                                           SEGUROS                                                                  
INSURANCE & REINSURANCE                PORTUGAL          AXA PORTUGAL COMPANHIA DE       AXA PORTUGAL SEGUROS VIDA              2.15
                                                           SEGUROS                                                                  
INSURANCE & REINSURANCE                PORTUGAL          AXA PORTUGAL COMPANHIA DE       AXA CONSEIL VIE                        5.37
                                                           SEGUROS                                                                  
INSURANCE & REINSURANCE                PORTUGAL          AXA PORTUGAL COMPANHIA DE       AXA                                   82.98
                                                           SEGUROS                                                                  
INSURANCE & REINSURANCE                PORTUGAL          AXA PORTUGAL SEGUROS VIDA       AXA CONSEIL VIE                       87.63
INSURANCE & REINSURANCE                PORTUGAL          AXA PORTUGAL SEGUROS VIDA       AXA                                    7.46
INSURANCE & REINSURANCE                SINGAPORE         AXA INSURANCE SINGAPORE         AXA                                   25.77
INSURANCE & REINSURANCE                SINGAPORE         AXA INSURANCE SINGAPORE         AXA INSURANCE INVESTMENT HOLDING      74.23
INSURANCE & REINSURANCE                SINGAPORE         AXA LIFE SINGAPOUR              NATIONAL MUTUAL INTERNATIONAL        100.00
INSURANCE & REINSURANCE                SINGAPORE         AXA CORPORATE SOLUTIONS ASIA    AXA CORPORATE SOLUTIONS              100.00
                                                           PACIFIC PRIVATE LTD                                                      
INSURANCE & REINSURANCE                SPAIN             AXA AURORA IBERICA              AXA AURORA                            99.68
INSURANCE & REINSURANCE                SPAIN             AXA AURORA VIDA DE SEGUROS Y    AXA                                    1.45
                                                           REASEGUROS                                                               
INSURANCE & REINSURANCE                SPAIN             AXA AURORA VIDA DE SEGUROS Y    AURORA IBERICA SA DE SEGUROS Y        98.51
                                                           REASEGUROS                      REAS.                                    
INSURANCE & REINSURANCE                SPAIN             AYUDA LEGAL SA DE SEGUROS Y     AXA AURORA VIDA DE SEGUROS Y          12.00
                                                           REASEGUROS                      REASEGUROS                               
INSURANCE & REINSURANCE                SPAIN             AYUDA LEGAL SA DE SEGUROS Y     AURORA IBERICA SA DE SEGUROS Y        88.00
                                                           REASEGUROS                      REAS.                                    
INSURANCE & REINSURANCE                SPAIN             HILO DIRECT SA DE SEGUROS Y     AXA AURORA                            50.00
                                                           REASEGUROS                                                               
INSURANCE & REINSURANCE                SPAIN             AURORA IBERICA SA DE SEGUROS Y  AXA AURORA                            99.68
                                                           REAS.                                                                    
INSURANCE & REINSURANCE                SWITZERLAND       AXA COMPAGNIE D'ASSURANCES      AXA                                   99.95
INSURANCE & REINSURANCE                SWITZERLAND       AXA COMPAGNIE D'ASSURANCE SUR   AXA                                   94.99
                                                           LA VIE                                                                   
INSURANCE & REINSURANCE                SWITZERLAND       AXA COMPAGNIE D'ASSURANCE SUR   AXA COMPAGNIE D'ASSURANCES             5.00
                                                           LA VIE                                                                   
INSURANCE & REINSURANCE                THE NETHERLANDS   AXA LEVEN NV                    AXA VERZEKERINGEN                    100.00
INSURANCE & REINSURANCE                THE NETHERLANDS   UNIROBE GROEP                   AXA NEDERLAND BV                     100.00
INSURANCE & REINSURANCE                THE NETHERLANDS   AXA SCHADE                      AXA VERZEKERINGEN                    100.00
INSURANCE & REINSURANCE                THE NETHERLANDS   AXA ZORG NV                     AXA VERZEKERINGEN                    100.00
INSURANCE & REINSURANCE                TURKEY            AXA OYAK HAYAT SIGORTA          AXA OYAK HOLDING AS                  100.00
INSURANCE & REINSURANCE                TURKEY            AXA OYAK SIGORTA                AXA OYAK HAYAT SIGORTA                 0.70
INSURANCE & REINSURANCE                TURKEY            AXA OYAK SIGORTA                AXA OYAK HOLDING AS                   70.32
INSURANCE & REINSURANCE                UNITED STATES     AXA CORPORATE SOLUTIONS         AXA CORPORATE SOLUTIONS              100.00
                                                           INSURANCE CO                                                             
INSURANCE & REINSURANCE                UNITED STATES     AXA AMERICA CORPORATE           AXA CORPORATE SOLUTIONS              100.00
                                                           SOLUTIONS, INC                                                           
INSURANCE & REINSURANCE                UNITED STATES     THE EQUITABLE LIFE ASSURANCE    AXA FINANCIAL INC.                   100.00
                                                           SOCIETY                                                                  
INSURANCE & REINSURANCE                UNITED STATES     AXA CORPORATE SOLUTIONS         AXA AMERICA CORPORATE SOLUTIONS,     100.00
                                                           REINSURANCE CY                  INC                                      
INSURANCE & REINSURANCE                UNITED STATES     AXA CORPORATE SOLUTIONS         AXA CORPORATE SOLUTIONS              100.00
                                                           AMERICA INS. CY                 REINSURANCE CY                           
INSURANCE & REINSURANCE                UNITED STATES     AXA CORPORATE SOLUTIONS LIFE    AXA AMERICA CORPORATE SOLUTIONS,       0.21
                                                           REINSURANCE COMPANY             INC                                      
INSURANCE & REINSURANCE                UNITED STATES     AXA CORPORATE SOLUTIONS LIFE    AXA CORPORATE SOLUTIONS               99.79
                                                           REINSURANCE COMPANY             REINSURANCE CY                           

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Item 27. Number of Contractowners                                               

    As of February 28, 2001, there were 50,281 owners of Equitable Accumulator
contracts offered by the registrant under this Registration Statement.          

Item 28. Indemnification                                                        

(a) Indemnification of Directors and Officers                         

   The By-Laws of The Equitable Life Assurance Society of the United
States ("Equitable Life") provide, in Article VII, as follows:                  

       7.4  Indemnification of Directors, Officers and Employees. (a) To the
            extent permitted by the law of the State of New York and subject
to all applicable requirements thereof:             

              (i) any person made or threatened to be made a party to any action
              or proceeding, whether civil or criminal, by reason of the
                fact that he or she, or his or her testator or intestate, is
                  or was a director, officer or employee of the Company shall be
indemnified by the Company;                 

      (ii) any person made or threatened to be made a party to any
                 action or proceeding, whether civil or criminal, by reason of
                the fact that he or she, or his or her testator or intestate
                  serves or served any other organization in any capacity at the
                 request of the Company may be indemnified by the Company; and

    (iii) the related expenses of any such person in any of said
categories may be advanced by the Company.  

            (b) To the extent permitted by the law of the State of New York,
              the Company may provide for further indemnification or advancement
           of expenses by resolution of shareholders of the Company or the
    Board of Directors, by amendment of these By-Laws, or by
          agreement. (Business Corporation Law ss.721-726; Insurance Law
ss.1216)                                            

         The directors and officers of Equitable Life are insured under policies
issued by Lloyd's of London, X.L. Insurance Company and ACE Insurance Company.  
The annual limit on such policies is $150 million, and the policies insure the  
officers and directors against certain liabilities arising out of their conduct 
in such capacities.                                                             

(b) Indemnification of Principal Underwriter                          

        To the extent permitted by law of the State of New York and subject to
all applicable requirements thereof, AXA Advisors, LLC has undertaken to        
indemnify each of its directors and officers who is made or threatened to be    
made a party to any action or proceeding, whether civil or criminal, by reason  
of the fact the director or officer, or his or her testator or intestate, is or 
was a director or officer of AXA Advisors, LLC.                                 

(c) Undertaking                                                       

       Insofar as indemnification for liability arising under the Securities
Act of 1933 ("Act") may be permitted to directors, officers and controlling     
persons of the registrant pursuant to the foregoing provisions, or otherwise,   
the registrant has been advised that in the opinion of the Securities and       
Exchange Commission such indemnification is against public policy as expressed  
in the Act and is, therefore, unenforceable. In the event that a claim for      
indemnification against such liabilities (other than the payment by the         
registrant of expenses incurred or paid by a director, officer or controlling   
person of the registrant in the successful defense of any action, suit or       
proceeding) is asserted by such director, officer or controlling person in      
connection with the securities being registered, the registrant will, unless    
in the opinion of its counsel the matter has been settled by controlling        
precedent, submit to a court of appropriate jurisdiction the question whether   
such indemnification by it is against public policy as expressed in the Act     
and will be governed by the final adjudication of such issue.                   

Item 29. Principal Underwriters                                                 

         (a) AXA  Advisors,  LLC, an affiliate of  Equitable,  is the  principal
underwriter for Separate  Account No. 45. The principal  business address of AXA
Advisors, LLC is 1290 Avenue of the Americas, NY, NY 10104.                     

        (b) Set forth below is certain information regarding the directors and
principal officers of AXA Advisors, LLC. The business address of the persons    
whose names are preceded by an asterisk is that of AXA Advisors, LLC.           

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NAME AND PRINCIPAL                    POSITIONS AND OFFICES WITH UNDERWRITER    
BUSINESS ADDRESS                      (AXA ADVISORS LLC)                        
----------------                      --------------------------------------    
*Michael S. Martin                    Chairman of the Board and Chief           
                           Executive Officer, and Director

*Derry E. Bishop                      Executive Vice President and Director     

*Harvey E. Blitz                      Executive Vice President and Director     

*G. Patrick McGunagle                 Executive Vice President and Director     

*Richard V. Silver                    Director                                  

*Mark R. Wutt                         Director                                  

Richard Davies                       Director                                 
1345 Avenue of the Americas                                                   
39th Floor                                                                    
New York, NY 10105                                                            

Edward J. Hayes                      Executive Vice President                 
200 Plaza Drive                                                               
Secaucus, NJ  07096                                                           

*Craig A. Junkins                     Executive Vice President                  

*Peter D. Noris                       Executive Vice President                  

*Nik Malvania                         Executive Vice President                  

*James Bodowitz                       Senior Vice President and General Counsel 

*Mark A. Silberman                    Senior Vice President and Chief           
             Financial Officer

Stephen T. Burnthall                 Senior Vice President                    
6435 Shiloh Road                                                              
Suite A                                                                       
Alpharetta, GA  30005                                                         

*Catherine P. Earl                    Senior Vice President                     

Richard Magaldi                      Senior Vice President                    
6435 Shiloh Road                                                              
Suite A                                                                       
Alpharetta, GA  30005                                                         

*Robert Schmidt                       Senior Vice President                     

*Cindy Schreiner                      Senior Vice President                     

*Jill Cooley                          Senior Vice President                     

*Donna M. Dazzo                       First Vice President                      

*Amy Francesscheni                    First Vice President                      

*Anne Nussbaum                        First Vice President                      

*Philomena Scamardella                First Vice President                      

*John Bratten                         First Vice President                      

*Michael Brzozowski                   Vice President                            

*Mark D. Godolsky                     Vice President and Controller             

*David Mahler                         Vice President and Compliance Officer     

*Linda J. Galasso                     Secretary                                 

*Francesca Divore                     Assistant Secretary                       

    (c) The information under "Distribution of the Contracts" in the
Prospectus and Statement of Additional Information forming a part of this       
Registration Statement is incorporated herein by reference.                     

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Item 30.  Location of Accounts and Records                                      

The records required to be maintained by Section 31(a) of the Investment Company
Act of 1940 and Rules 31a-1 to 31a-3 thereunder are maintaned by Equitable at   
1290 Avenue of the Americas, New York.                                          

Item 31. Management Services                                                    

Not applicable.                                               

Item 32. Undertakings                                                           

The Registrant hereby undertakes:                                               

  (a)      to file a post-effective amendment to this registration
              statement as frequently as is necessary to ensure that the
              audited financial statements in the registration statement
             are never more than 16 months old for so long as payments
         under the variable annuity contracts may be accepted;

       (b)      to include either (1) as part of any application to purchase
         a contract offered by the prospectus, a space that an
            applicant can check to request a Statement of Additional
     Information, or (2) a postcard or similar written
               communication affixed to or included in the prospectus that
       the applicant can remove to send for a Statement of
Additional Information;                     

     (c)      to deliver any Statement of Additional Information and any
            financial statements required to be made available under
    this Form promptly upon written or oral request.

Equitable represents that the fees and charges deducted under the Certificates  
described in this Registration Statement, in the aggregate, in each case, are   
reasonable in relation to the services rendered, the expenses to be incurred,   
and the risks assumed by Equitable under the respective Certificates. Equitable 
bases its representation on its assessment of all of the facts and              
circumstances, including such relevant factors as: the nature and extent of     
such services, expenses and risks, the need for Equitable to earn a profit, the 
degree to which the Certificates include innovative features, and regulatory    
standards for the grant of exemptive relief under the Investment Company Act of 
1940 used prior to October 1996, including the range of industry practice. This 
representation applies to all certificates sold pursuant to this Registration   
Statement, including those sold on the terms specifically described in the      
prospectuses contained herein, or any variations therein, based on supplements, 
endorsements, data pages, or riders to any certificate or prospectus, or        
otherwise.                                                                      

The Registrant hereby represents that it is relying on the November 28, 1988    
no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts      
offered as funding vehicles for retirement plans meeting the requirements of    
Section 403(b) of the Internal Revenue Code. Registrant further represents that 
it will comply with the provisions of paragraphs (1)-(4) of that letter.        

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SIGNATURES  

        As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Registrant certifies that it meets the requirements of         
Securities Act Rule 485(b) for effectiveness of this Registration Statement and 
has caused this amendment to the Registration Statement to be signed on its     
behalf, in the City and State of New York, on this 25th day of April, 2001.     

                            SEPARATE ACCOUNT No. 45 OF
                                      THE EQUITABLE LIFE ASSURANCE SOCIETY
                      OF THE UNITED STATES
                                      (Registrant)

                                  By: The Equitable Life Assurance
                                      Society of the United States

                      By: /s/ Robin Wagner
                                         ---------------------------------
                      Robin Wagner
                                    Vice President and Counsel
                                      The Equitable Life Assurance
                                      Society of the United States

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SIGNATURES

     As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Depositor certifies that it has duly caused this amendment to the     
Registration Statement to be signed on its behalf, in the City and State of New 
York, on this 25th day of April, 2001.                                          

                                      THE EQUITABLE LIFE ASSURANCE SOCIETY
                                      OF THE UNITED STATES
                                       (Depositor)

                      By: /s/ Robin Wagner
                                         ---------------------------------
                      Robin Wagner
                                    Vice President and Counsel
                                      The Equitable Life Assurance
                                      Society of the United States

As required by the Securities Act of 1933, this amendment to the      
Registration Statement has been signed by the following persons in the          
capacities and on the date indicated:                                           

PRINCIPAL EXECUTIVE OFFICERS:                                                 
Edward D. Miller               Chairman of the Board, Chief Executive Officer 
and Director    

*Michael Hegarty                President, Chief Operating Officer and Director 

PRINCIPAL FINANCIAL OFFICER:                                                  

*Stanley B. Tulin               Vice Chairman of the Board, Chief Financial     
    Officer and Director

PRINCIPAL ACCOUNTING OFFICER:                                                 

*Alvin H. Fenichel              Senior Vice President and Controller            

*DIRECTORS:                                                                     
Francoise Colloc'h      Donald J. Greene           Edward D. Miller           
Henri de Castries       John T. Hartley            Didier Pineau-Valencienne  
Claus-Michael Dill      John H.F. Haskell, Jr.     George J. Sella, Jr.       
Joseph L. Dionne        Michael Hegarty            Peter J. Tobin             
Denis Duverne           Mary R. (Nina) Henderson   Stanley B. Tulin           
Jean-Rene Fourtou       W. Edwin Jarmain           Dave H. Williams           
Norman C. Francis       George T. Lowy                                        

*By: /s/ Robin Wagner                                                           
------------------------                                                
Robin Wagner                                                  
Attorney-in-Fact                                              
April 25, 2001                                                

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EXHIBIT INDEX 

EXHIBIT NO.                                                      TAG VALUE      
-----------                                                      ---------      

3(d)        Distribution Agreement                             EX-99.3d     

3(e)        Distribution Agreement                             EX-99.3e     

4(e)(e)     Form of Endorsement - Roth IRA Contracts           EX-99.4(e)(e)

4(f)(f)     Form of Endorsement - IRA Certificates             EX-99.4(f)(f)

4(g)(g)     Form of Endorsement - Non-Qualified                             
            Certificates                                       EX-99.4(g)(g)

4(h)(h)     Form of Optional Death Benefit Rider               EX-99.4(h)(h)

4(i)(i)     Form of data pages for Equitable Accumulator       EX-99.4(i)(i)

4(j)(j)     Form of Amendment                                  EX-99.4(j)(j)

4(k)(k)     Form of Endorsement - Non-Qualified                             
            Certificates                                       EX-99.4(k)(k)

7           Form of Reinsurance Agreement                      EX-99.7      

10.(a)       Consent of PricewaterhouseCoopers LLP.             EX-99.10a     

10.(c)       Power of Attorney for Claus-Michael Dill           EX-99.10c     

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