<PAGE> 1
2 0 0 0 S E M I - A N N U A L R E P O R T
MONY SERIES FUND, INC.
ENTERPRISE ACCUMULATION TRUST
OCC ACCUMULATION TRUST
DREYFUS STOCK INDEX FUND
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
FIDELITY VARIABLE INSURANCE PRODUCTS FUND
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II
FIDELITY VARIABLE INSURANCE PRODUCTS FUND III
JANUS ASPEN SERIES
PRODUCTS:
MONY CUSTOM MASTER
-------------------------------------------------
MONYMASTER
-------------------------------------------------
MONY CUSTOM EQUITY MASTER
-------------------------------------------------
MONYEQUITY MASTER
-------------------------------------------------
MONY CUSTOM ESTATE MASTER
-------------------------------------------------
VALUEMASTER
-------------------------------------------------
MONYVESTOR
-------------------------------------------------
STRATEGIST
-------------------------------------------------
[THE MONY GROUP LOGO]
<PAGE> 2
The historical returns for the Portfolios take into account expenses including
investment management fees incurred by the Portfolios, but not other charges
imposed by the Variable Accounts. An investor may not invest directly into the
MONY Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund,
The Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series Portfolios. Actual returns
for the variable product you own would therefore be lower. Of course, past
performance does not guarantee future results.
This report is not to be construed as an offering for sale of any contracts
participating in the MONY Series Fund, Inc., Enterprise Accumulation Trust, OCC
Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Fund, Fidelity Variable
Insurance Products Fund II, Fidelity Variable Insurance Products Fund III, or
Janus Aspen Series, or as a solicitation as an offer to buy any such contracts
unless preceded by or accompanied by the most recent calendar quarter MONY
Custom Master, MONYMaster, MONY Custom Equity Master, MONYEquity Master or MONY
Custom Estate Master performance and a current MONY Custom Master, MONYMaster,
MONY Custom Equity Master, MONYEquity Master or MONY Custom Estate Master
prospectus which contains more complete information of charges and expenses.
The information provided on the ValueMaster, MONYVestor and Strategist are for
those contracts that are inforce. These products are no longer available to the
general public.
<PAGE> 3
MONY SERIES FUND, INC.
Dear Shareholder,
The economy finally began to show some signs of slower growth during the
second quarter. The combination of higher interest rates, particularly for
mortgages; rising energy costs, especially at the gas pump; and stock market
weakness; notably in popular technology names, all served to impact consumer
spending. Retail sales and auto sales were weaker, housing activity slowed and
permits declined. The economy is still strong and is a long way from recession,
but this slower growth is what the Federal Reserve ("Fed") had in mind when they
began to tighten.
The signs of deceleration are just beginning, and it is too early to tell
whether the monetary activity thus far has been sufficient to bring about the
desired soft landing. If the slowdown is not real, and stronger growth resumes,
then more tightening will occur until the transition to a slower growth path is
achieved. This is not just happening in the U.S. Central banks around the world
have been pursuing a tighter monetary policy to try to ward off inflation. This
is good news for the long-term sustainability of the economic and stock market
expansions, but will likely cause some problems for both in the short run.
The question of whether and when economic activity has slowed enough to
suit the Fed creates uncertainty for businesses and investors. Soft landings are
difficult to engineer and create the risk of a harder fall than desired. We
expect continued earnings growth in 2000, but at a lower level than in 1999.
These uncertainties: timing of further tightening, extent of deceleration and
impact on earnings create a difficult environment for stocks. Some of this has
already been discounted, as many individual stocks have already had twenty
percent plus declines. The popular averages have not yet experienced this degree
of weakness due to the rotational nature of the declines, and the continued
popularity of big cap growth stocks.
The outlook therefore is not great, but neither is it all negative. Stocks
will be supported by still growing earnings and improved valuations for most
companies, but will be constrained by concern about the Fed and still rich
valuations for the biggest growth names. The economic slowdown, worldwide
central bank concern about inflation and the growing Federal budget surplus
provide strong support for the bond market and some help for stocks.
All in all the best outcome, and the one that the Fed would like, would be
for most stocks to mark time for awhile, and for some of the most overvalued
names to sell off a bit. If the market surges upward, and investors move right
back into the same big cap technology names, the Fed would probably lean toward
a tighter policy.
Sincerely,
/s/ Kenneth M. Levine
Chairman
1
<PAGE> 4
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
VARIABLE ACCOUNT L
MONY America (Strategist and MONYEquity Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 5
Statement of Operations for the periods ended June
30, 2000........................................... 9
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 14
Notes to Financial Statements..................... 21
MONY America (MONY Custom Equity Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 24
Statement of Operations for the six months ended
June 30, 2000...................................... 28
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 32
Notes to Financial Statements..................... 41
MONY America (MONY Custom Estate Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 44
Statement of Operations for the periods ended June
30, 2000........................................... 47
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 50
Notes to Financial Statements..................... 55
MONY (Strategist and MONYEquity Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 58
Statement of Operations for the periods ended June
30, 2000........................................... 63
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 68
Notes to Financial Statements..................... 75
MONY (MONY Custom Equity Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 78
Statement of Operations for the periods ended June
30, 2000........................................... 84
Statement of Changes in Net Assets for the periods
ended June 30, 2000................................ 90
Notes to Financial Statements..................... 95
MONY (MONY Custom Estate Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 98
Statement of Operations for the periods ended June
30, 2000........................................... 100
Statement of Changes in Net Assets for the periods
ended June 30, 2000................................ 102
Notes to Financial Statements..................... 104
VARIABLE ACCOUNT S
MONY America (MONYVestor)
Statement of Assets and Liabilities as of June 30,
2000............................................... 106
Statement of Operations for the six months ended
June 30, 2000...................................... 107
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 108
Notes to Financial Statements..................... 109
MONY (MONYVestor)
Statement of Assets and Liabilities as of June 30,
2000............................................... 111
Statement of Operations for the six months ended
June 30, 2000...................................... 112
</TABLE>
2
<PAGE> 5
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 113
Notes to Financial Statements..................... 114
VARIABLE ACCOUNT A
MONY America (MONYMaster and ValueMaster)
Statement of Assets and Liabilities as of June 30,
2000............................................... 116
Statement of Operations for the six months ended
June 30, 2000...................................... 119
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 122
Notes to Financial Statements..................... 126
MONY America (MONY Custom Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 129
Statement of Operations for the six months ended
June 30, 2000...................................... 133
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 138
Notes to Financial Statements..................... 145
MONY (MONYMaster and ValueMaster)
Statement of Assets and Liabilities as of June 30,
2000............................................... 148
Statement of Operations for the six months ended
June 30, 2000...................................... 151
Statement of Changes in Net Assets for the periods
ended June 30, 2000 and December 31, 1999.......... 154
Notes to Financial Statements..................... 158
MONY (MONY Custom Master)
Statement of Assets and Liabilities as of June 30,
2000............................................... 162
Statement of Operations for the periods ended June
30, 2000........................................... 168
Statement of Changes in Net Assets for the periods
ended June 30, 2000................................ 174
Notes to Financial Statements..................... 178
MONY SERIES FUND, INC.................................. I
Equity Growth Portfolio........................... 1
Equity Income Portfolio........................... 3
Intermediate Term Bond Portfolio.................. 6
Long Term Bond Portfolio.......................... 9
Diversified Portfolio............................. 12
Government Securities Portfolio................... 15
Money Market Portfolio............................ 17
Statements of Assets and Liabilities as of June
30, 2000........................................... 20
Statements of Operations for the six months ended
June 30, 2000...................................... 22
Statements of Changes in Net Assets for the
periods ended June 30, 2000 and December 31,
1999............................................... 24
Financial Highlights.............................. 26
Notes to Financial Statements..................... 30
ENTERPRISE ACCUMULATION TRUST.......................... II
Multi-Cap Growth Portfolio........................ 1
Small Company Growth Portfolio.................... 5
Small Company Value Portfolio..................... 8
Growth Portfolio.................................. 13
Capital Appreciation Portfolio.................... 15
</TABLE>
3
<PAGE> 6
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Equity Portfolio.................................. 19
Growth and Income Portfolio....................... 22
Equity Income Portfolio........................... 25
International Growth Portfolio.................... 28
Managed Portfolio................................. 31
Balanced Portfolio................................ 36
High Yield Bond Portfolio......................... 40
Statements of Assets and Liabilities as of June
30, 2000........................................... 48
Statements of Operations for the six months ended
June 30, 2000...................................... 50
Statements of Changes in Net Assets for the
periods ended June 30, 2000 and December 31,
1999............................................... 52
Financial Highlights.............................. 56
Notes to Financial Statements..................... 62
OCC ACCUMULATION TRUST................................. III
Equity Portfolio.................................. 3
Small Cap Portfolio............................... 5
Managed Portfolio................................. 8
U.S. Government Income Portfolio.................. 9
Equity Portfolio Schedule of Investments.......... 10
Small Cap Portfolio Schedule of Investments....... 13
Managed Portfolio Schedule of Investments......... 16
U.S. Government Income Portfolio Schedule of
Investments........................................ 21
Statements of Assets and Liabilities as of June
30, 2000........................................... 22
Statements of Operations for the six months ended
June 30, 2000...................................... 23
Statements of Changes in Net Assets for the
periods ended June 30, 2000 and December 31,
1999............................................... 24
Notes to Financial Statements..................... 26
Financial Highlights.............................. 30
DREYFUS STOCK INDEX FUND.................................... IV
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC. ......... V
FIDELITY VARIABLE INSURANCE PRODUCTS FUND................... VI
VIP Growth Portfolio
FIDELITY VARIABLE INSURANCE PRODUCTS FUND................... VII
VIP II Contrafund Portfolio
FIDELITY VARIABLE INSURANCE PRODUCTS FUND................... VIII
VIP III Growth Opportunities Portfolio
JANUS ASPEN SERIES.......................................... IX
Aggressive Growth Portfolio
Capital Appreciation Portfolio
Worldwide Growth Portfolio
Balanced Portfolio
</TABLE>
4
<PAGE> 7
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds.......................... 33,833 35,188 13,561 4,372 73,893 57,471
========== ========= ======== ======== ========== ========
Investments at cost in respective
Funds.......................... $1,101,302 $ 764,814 $143,406 $ 55,230 $1,363,715 $ 57,470
========== ========= ======== ======== ========== ========
Investments in respective Funds
at net asset value............. $1,316,776 $ 663,288 $140,219 $ 52,905 $1,434,997 $ 57,470
Amount due from MONY America..... 760 7 0 0 84 0
Amount due from respective
Funds.......................... 195 411 391 0 793 175
---------- --------- -------- -------- ---------- --------
Total assets........... 1,317,731 663,706 140,610 52,905 1,435,874 57,645
---------- --------- -------- -------- ---------- --------
LIABILITIES
Amount due to MONY America....... 501 566 423 12 1,127 188
Amount due to respective Funds... 760 7 0 0 84 0
---------- --------- -------- -------- ---------- --------
Total liabilities...... 1,261 573 423 12 1,211 188
---------- --------- -------- -------- ---------- --------
Net assets....................... $1,316,470 $ 663,133 $140,187 $ 52,893 $1,434,663 $ 57,457
========== ========= ======== ======== ========== ========
Net assets consist of:
Contractholders' net
payments.................... $ 104,315 $(192,337) $(37,835) $(70,325) $ (273,618) $(27,281)
Undistributed net investment
income...................... 663,483 688,059 185,356 110,732 1,186,177 84,738
Accumulated net realized gain
(loss) on investments....... 333,198 268,937 (4,147) 14,811 450,822 0
Net unrealized appreciation
(depreciation) of
investments................. 215,474 (101,526) (3,187) (2,325) 71,282 0
---------- --------- -------- -------- ---------- --------
Net assets....................... $1,316,470 $ 663,133 $140,187 $ 52,893 $1,434,663 $ 57,457
========== ========= ======== ======== ========== ========
Number of units outstanding*..... 13,825 10,012 5,508 1,633 22,671 2,857
---------- --------- -------- -------- ---------- --------
Net asset value per unit
outstanding*................... $ 95.22 $ 66.23 $ 25.45 $ 32.38 $ 63.28 $ 20.11
========== ========= ======== ======== ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes
See notes to financial statements.
5
<PAGE> 8
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds................. 70,346 137,421 86,318 3,716,197
======== ========== ======== ==========
Investments at cost in respective Funds......... $772,916 $1,760,877 $941,773 $3,716,197
======== ========== ======== ==========
Investments in respective Funds at net asset
value......................................... $727,377 $1,662,796 $914,971 $3,716,197
Amount due from MONY America.................... 809 774 19 9,250
Amount due from respective Funds................ 275 526 83 75,190
-------- ---------- -------- ----------
Total assets.......................... 728,461 1,664,096 915,073 3,800,637
-------- ---------- -------- ----------
LIABILITIES
Amount due to MONY America...................... 487 1,003 345 76,285
Amount due to respective Funds.................. 809 774 19 9,250
-------- ---------- -------- ----------
Total liabilities..................... 1,296 1,777 364 85,535
-------- ---------- -------- ----------
Net assets...................................... $727,165 $1,662,319 $914,709 $3,715,102
======== ========== ======== ==========
Net assets consist of:
Contractholders' net payments................. $687,674 $1,491,544 $824,355 $3,049,098
Undistributed net investment income (loss).... 92,037 280,077 95,139 666,004
Accumulated net realized gain (loss) on
investments................................ (7,007) (11,221) 22,017 0
Net unrealized appreciation (depreciation) of
investments................................ (45,539) (98,081) (26,802) 0
-------- ---------- -------- ----------
Net assets...................................... $727,165 $1,662,319 $914,709 $3,715,102
======== ========== ======== ==========
Number of units outstanding*.................... 56,687 116,206 71,593 293,476
-------- ---------- -------- ----------
Net asset value per unit outstanding*........... $ 12.83 $ 14.30 $ 12.78 $ 12.66
======== ========== ======== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes
See notes to financial statements.
6
<PAGE> 9
<TABLE>
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD GROWTH AND CAPITAL
EQUITY VALUE MANAGED GROWTH BOND GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------- ------------ ------------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1,170,045 940,133 2,968,880 1,672,544 846,391 216,717 137,492 101,046
=========== =========== ============ =========== ========== ========== ======== ========
$43,781,958 $27,193,959 $116,043,864 $12,347,217 $4,416,246 $1,362,640 $868,364 $778,597
=========== =========== ============ =========== ========== ========== ======== ========
$53,143,426 $29,604,786 $104,831,140 $13,748,315 $4,071,139 $1,378,319 $870,327 $814,428
7,364 5,796 16,283 2,862 3,070 0 0 0
194,073 6,536 241,406 4,371 1,131 0 0 0
----------- ----------- ------------ ----------- ---------- ---------- -------- --------
53,344,863 29,617,118 105,088,829 13,755,548 4,075,340 1,378,319 870,327 814,428
----------- ----------- ------------ ----------- ---------- ---------- -------- --------
209,437 15,155 272,354 8,365 2,309 295 221 201
7,364 5,796 16,283 2,862 3,070 0 0 0
----------- ----------- ------------ ----------- ---------- ---------- -------- --------
216,801 20,951 288,637 11,227 5,379 295 221 201
----------- ----------- ------------ ----------- ---------- ---------- -------- --------
$53,128,062 $29,596,167 $104,800,192 $13,744,321 $4,069,961 $1,378,024 $870,106 $814,227
=========== =========== ============ =========== ========== ========== ======== ========
$35,121,967 $22,094,332 $ 83,152,148 $10,738,854 $3,669,358 $1,362,867 $868,403 $778,838
4,444,442 3,082,903 26,680,475 600,453 933,522 (630) (465) (433)
4,200,185 2,008,105 6,180,293 1,003,916 (187,812) 108 205 (9)
9,361,468 2,410,827 (11,212,724) 1,401,098 (345,107) 15,679 1,963 35,831
----------- ----------- ------------ ----------- ---------- ---------- -------- --------
$53,128,062 $29,596,167 $104,800,192 $13,744,321 $4,069,961 $1,378,024 $870,106 $814,227
=========== =========== ============ =========== ========== ========== ======== ========
1,804,101 1,216,188 4,579,322 690,468 275,535 137,511 86,273 81,099
----------- ----------- ------------ ----------- ---------- ---------- -------- --------
$ 29.45 $ 24.34 $ 22.89 $ 19.91 $ 14.77 $ 10.02 $ 10.09 $ 10.04
=========== =========== ============ =========== ========== ========== ======== ========
</TABLE>
See notes to financial statements.
7
<PAGE> 10
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
---------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
DREYFUS --------------------------- --------------------------
STOCK VIP VIP II CAPITAL WORLDWIDE
INDEX GROWTH CONTRAFUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds........... 31,723 15,480 38,200 77,813 45,810
========== ========= ======== ========== ==========
Investments at cost....................... $1,206,682 $ 758,279 $944,313 $2,457,410 $2,180,596
========== ========= ======== ========== ==========
Investments in respective Funds at net
asset value............................. $1,206,099 $ 795,501 $956,154 $2,469,002 $2,200,232
Amount due from MONY...................... 0 0 0 0 0
Amount due from respective Funds.......... 0 0 0 0 0
---------- --------- -------- ---------- ----------
Total assets.................... 1,206,099 795,501 956,154 2,469,002 2,200,232
---------- --------- -------- ---------- ----------
LIABILITIES
Amount due to MONY........................ 228 204 183 567 516
Amount due to respective Funds............ 0 0 0 0 0
---------- --------- -------- ---------- ----------
Total liabilities............... 228 204 183 567 516
---------- --------- -------- ---------- ----------
Net assets................................ $1,205,871 $ 795,297 $955,971 $2,468,435 $2,199,716
========== ========= ======== ========== ==========
Net assets consist of:
Contractholders' net payments........... $1,203,784 $ 758,166 $944,555 $2,450,649 $2,150,677
Undistributed net investment income
(loss)............................... 2,366 (421) (397) 7,179 29,680
Accumulated net realized gain (loss) on
investments.......................... 304 330 (28) (985) (277)
Net unrealized appreciation
(depreciation) of investments........ (583) 37,222 11,841 11,592 19,636
---------- --------- -------- ---------- ----------
Net assets................................ $1,205,871 $ 795,297 $955,971 $2,468,435 $2,199,716
========== ========= ======== ========== ==========
Number of units outstanding*.............. 121,658 78,902 95,425 256,602 225,225
========== ========= ======== ========== ==========
Net asset value per unit outstanding*..... $ 9.91 $ 10.08 $ 10.02 $ 9.62 $ 9.77
========== ========= ======== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
8
<PAGE> 11
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income................ $ 0 $ 12,376 $ 8,648 $ 4,061 $ 5,766 $1,667
Distribution from capital
gains........................ 286,539 102,023 0 0 241,549 0
Mortality and expense risk
charges...................... (3,922) (2,077) (421) (170) (4,332) (178)
--------- --------- ------- ------- --------- ------
Net investment income.......... 282,617 112,322 8,227 3,891 242,983 1,489
--------- --------- ------- ------- --------- ------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............... 48,816 11,816 108 (367) 39,876 0
Net change in unrealized
depreciation of
investments............... (314,914) (156,168) (6,309) (795) (267,453) 0
--------- --------- ------- ------- --------- ------
Net realized and unrealized
loss on investments.......... (266,098) (144,352) (6,201) (1,162) (227,577) 0
--------- --------- ------- ------- --------- ------
Net increase (decrease) in net
assets resulting from
operations................... $ 16,519 $ (32,030) $ 2,026 $ 2,729 $ 15,406 $1,489
========= ========= ======= ======= ========= ======
</TABLE>
See notes to financial statements.
9
<PAGE> 12
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------ ------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2000 2000 2000 2000
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend income............................... $ 44,152 $113,998 $ 50,260 $119,859
Distribution from capital gains............... 0 0 13 0
Mortality and expense risk charges............ (2,771) (6,116) (3,374) (15,965)
-------- -------- -------- --------
Net investment income (loss).................. 41,381 107,882 46,899 103,894
-------- -------- -------- --------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments..... (9,401) (56,755) (1,510) 0
Net change in unrealized appreciation
(depreciation) of investments............ (22,323) 27,168 (22,669) 0
-------- -------- -------- --------
Net realized and unrealized gain (loss) on
investments................................. (31,724) (29,587) (24,179) 0
-------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations................... $ 9,657 $ 78,295 $ 22,720 $103,894
======== ======== ======== ========
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
10
<PAGE> 13
<TABLE>
<CAPTION>
MONY EQUITY MASTER
---------------------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD GROWTH AND CAPITAL
EQUITY VALUE MANAGED GROWTH BOND GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ------------ ------------- ------------ -------------- -------------- --------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MAY 02, 2000** MAY 03, 2000** MAY 03, 2000**
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30, THROUGH THROUGH THROUGH
2000 2000 2000 2000 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------ ------------- ------------ ------------- ------------ -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $ 0 $ 193,908 $ 0 $ 0 $ 0
0 0 0 0 0 0 0 0
(184,192) (109,036) (411,872) (53,318) (15,218) (630) (465) (433)
---------- --------- ----------- ----------- --------- ------- ------ -------
(184,192) (109,036) (411,872) (53,318) 178,690 (630) (465) (433)
---------- --------- ----------- ----------- --------- ------- ------ -------
1,140,475 211,412 (3,535,403) 553,568 (138,572) 108 205 (9)
6,872,694 (149,250) 539,825 (2,299,682) (66,898) 15,679 1,963 35,831
---------- --------- ----------- ----------- --------- ------- ------ -------
8,013,169 62,162 (2,995,578) (1,746,114) (205,470) 15,787 2,168 35,822
---------- --------- ----------- ----------- --------- ------- ------ -------
$7,828,977 $ (46,874) $(3,407,450) $(1,799,432) $ (26,780) $15,157 $1,703 $35,389
========== ========= =========== =========== ========= ======= ====== =======
</TABLE>
See notes to financial statements.
11
<PAGE> 14
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE JANUS ASPEN
INSURANCE PRODUCTS FUNDS SERIES FUND
------------------------------------------------ -------------------------------
DREYFUS
STOCK VIP VIP II CAPITAL WORLDWIDE
INDEX GROWTH CONTRAFUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 02, 2000** MAY 02, 2000** MAY 03, 2000** MAY 03, 2000** MAY 02, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend income............. $2,806 $ 0 $ 0 $ 7,447 $ 7,740
Distribution from capital
gains..................... 0 0 0 958 23,080
Mortality and expense risk
charges................... (440) (421) (397) (1,226) (1,140)
------ ------- ------- ------- -------
Net investment income
(loss).................... 2,366 (421) (397) 7,179 29,680
------ ------- ------- ------- -------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss)
on investments......... 304 330 (28) (985) (277)
Net change in unrealized
appreciation
(depreciation) of
investments............ (583) 37,222 11,841 11,592 19,636
------ ------- ------- ------- -------
Net realized and unrealized
gain (loss) on
investments............... (279) 37,552 11,813 10,607 19,359
------ ------- ------- ------- -------
Net increase in net assets
resulting from
operations................ $2,087 $37,131 $11,416 $17,786 $49,039
====== ======= ======= ======= =======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
12
<PAGE> 15
(This page intentionally left blank)
13
<PAGE> 16
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------
EQUITY EQUITY
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
---------------------------- ----------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income............................ $ 282,617 $ 79,557 $ 112,322 $ 134,056
Net realized gain (loss) on investments.......... 48,816 28,326 11,816 31,610
Net change in unrealized appreciation
(depreciation) of investments.................. (314,914) 251,887 (156,168) (108,424)
---------- ---------- --------- ---------
Net increase (decrease) in net assets resulting
from operations................................ 16,519 359,770 (32,030) 57,242
---------- ---------- --------- ---------
From unit transactions:
Net proceeds from the issuance of units........ 64,931 51,062 10,127 33,394
Net asset value of units redeemed or used to
meet contract obligations................... (88,175) (48,972) (71,254) (93,401)
---------- ---------- --------- ---------
Net increase (decrease) from unit transactions... (23,244) 2,090 (61,127) (60,007)
---------- ---------- --------- ---------
Net increase (decrease) in net assets............ (6,725) 361,860 (93,157) (2,765)
Net assets beginning of period................... 1,323,195 961,335 756,290 759,055
---------- ---------- --------- ---------
Net assets end of period*........................ $1,316,470 $1,323,195 $ 663,133 $ 756,290
========== ========== ========= =========
Unit transactions:
Units outstanding beginning of period............ 14,055 14,007 10,955 11,808
Units issued during the period................... 709 670 155 497
Units redeemed during the period................. (939) (622) (1,098) (1,350)
---------- ---------- --------- ---------
Units outstanding end of period.................. 13,825 14,055 10,012 10,955
========== ========== ========= =========
---------------
*Includes undistributed net investment income of: $ 663,483 $ 380,866 $ 688,059 $ 575,737
========== ========== ========= =========
</TABLE>
See notes to financial statements.
14
<PAGE> 17
<TABLE>
<CAPTION>
STRATEGIST
---------------------------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM MONEY
TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 8,227 $ 6,098 $ 3,891 $ 3,252 $ 242,983 $ 155,350 $ 1,489 $ 2,772
108 613 (367) 2,745 39,876 81,348 0 0
(6,309) (7,233) (795) (11,228) (267,453) 118,209 0 0
-------- -------- -------- -------- ---------- ---------- ------- --------
2,026 (522) 2,729 (5,231) 15,406 354,907 1,489 2,772
-------- -------- -------- -------- ---------- ---------- ------- --------
5,378 10,042 679 5,202 36,152 67,724 3,561 7,498
(9,908) (17,325) (8,560) (12,760) (95,781) (178,570) (8,690) (18,290)
-------- -------- -------- -------- ---------- ---------- ------- --------
(4,530) (7,283) (7,881) (7,558) (59,629) (110,846) (5,129) (10,792)
-------- -------- -------- -------- ---------- ---------- ------- --------
(2,504) (7,805) (5,152) (12,789) (44,223) 244,061 (3,640) (8,020)
142,691 150,496 58,045 70,834 1,478,886 1,234,825 61,097 69,117
-------- -------- -------- -------- ---------- ---------- ------- --------
$140,187 $142,691 $ 52,893 $ 58,045 $1,434,663 $1,478,886 $57,457 $ 61,097
======== ======== ======== ======== ========== ========== ======= ========
5,687 5,977 1,884 2,112 23,596 25,565 3,115 3,678
214 400 21 163 586 1,275 180 392
(393) (690) (272) (391) (1,511) (3,244) (438) (955)
-------- -------- -------- -------- ---------- ---------- ------- --------
5,508 5,687 1,633 1,884 22,671 23,596 2,857 3,115
======== ======== ======== ======== ========== ========== ======= ========
$185,356 $177,129 $110,732 $106,841 $1,186,177 $ 943,194 $84,738 $ 83,249
======== ======== ======== ======== ========== ========== ======= ========
</TABLE>
See notes to financial statements.
15
<PAGE> 18
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT
BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income.............. $ 41,381 $ 32,622 $ 107,882 $ 80,387 $ 46,899 $ 19,304
Net realized gain (loss) on
investments...................... (9,401) (3,347) (56,755) (16,422) (1,510) 6,761
Net change in unrealized
appreciation (depreciation) of
investments...................... (22,323) (33,665) 27,168 (209,021) (22,669) (26,058)
--------- --------- ---------- ---------- --------- ---------
Net increase (decrease) in net assets
resulting from operations.......... 9,657 (4,390) 78,295 (145,056) 22,720 7
--------- --------- ---------- ---------- --------- ---------
From unit transactions:
Net proceeds from the issuance of
units............................ 88,440 259,097 344,161 939,989 142,276 486,563
Net asset value of units redeemed
or used to meet contract
obligations...................... (150,314) (127,346) (340,227) (770,619) (223,881) (232,350)
--------- --------- ---------- ---------- --------- ---------
Net increase (decrease) from unit
transactions....................... (61,874) 131,751 3,934 169,370 (81,605) 254,213
--------- --------- ---------- ---------- --------- ---------
Net increase (decrease) in net
assets............................. (52,217) 127,361 82,229 24,314 (58,885) 254,220
Net assets beginning of period....... 779,382 652,021 1,580,090 1,555,776 973,594 719,374
--------- --------- ---------- ---------- --------- ---------
Net assets end of period*............ $ 727,165 $ 779,382 $1,662,319 $1,580,090 $ 914,709 $ 973,594
========= ========= ========== ========== ========= =========
Unit transactions:
Units outstanding beginning of
period............................. 61,590 51,260 116,016 104,745 78,201 57,728
Units issued during the period....... 6,968 20,763 24,597 69,177 11,297 39,507
Units redeemed during the period..... (11,871) (10,433) (24,407) (57,906) (17,905) (19,034)
--------- --------- ---------- ---------- --------- ---------
Units outstanding end of period...... 56,687 61,590 116,206 116,016 71,593 78,201
========= ========= ========== ========== ========= =========
---------------
*Includes undistributed net
investment income of: $ 92,037 $ 50,656 $ 280,077 $ 172,195 $ 95,126 $ 48,240
========= ========= ========== ========== ========= =========
<CAPTION>
MONYEQUITY MASTER
----------------------------
MONY SERIES FUND, INC.
----------------------------
MONEY
MARKET
SUBACCOUNT
----------------------------
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
2000 1999
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income.............. $ 103,894 $ 196,409
Net realized gain (loss) on
investments...................... 0 0
Net change in unrealized
appreciation (depreciation) of
investments...................... 0 0
----------- -----------
Net increase (decrease) in net assets
resulting from operations.......... 103,894 196,409
----------- -----------
From unit transactions:
Net proceeds from the issuance of
units............................ 815,691 6,472,419
Net asset value of units redeemed
or used to meet contract
obligations...................... (3,648,660) (5,555,147)
----------- -----------
Net increase (decrease) from unit
transactions....................... (2,832,969) 917,272
----------- -----------
Net increase (decrease) in net
assets............................. (2,729,075) 1,113,681
Net assets beginning of period....... 6,444,177 5,330,496
----------- -----------
Net assets end of period*............ $ 3,715,102 $ 6,444,177
=========== ===========
Unit transactions:
Units outstanding beginning of
period............................. 521,637 449,645
Units issued during the period....... 64,448 686,519
Units redeemed during the period..... (292,609) (614,527)
----------- -----------
Units outstanding end of period...... 293,476 521,637
=========== ===========
---------------
*Includes undistributed net
investment income of: $ 666,004 $ 562,110
=========== ===========
</TABLE>
See notes to financial statements.
16
<PAGE> 19
(This page intentionally left blank)
17
<PAGE> 20
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
---------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------
SMALL COMPANY
EQUITY VALUE
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)............................ $ (184,192) $ 2,957,349 $ (109,036) $ 1,542,856
Net realized gain (loss) on investments................. 1,140,475 816,091 211,412 533,338
Net change in unrealized appreciation (depreciation) of
investments........................................... 6,872,694 1,678,484 (149,250) 2,698,994
----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting from
operations............................................ 7,828,977 5,451,924 (46,874) 4,775,188
----------- ----------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of units............... 8,886,562 14,814,850 5,794,992 10,495,593
Net asset value of units redeemed or used to meet
contract obligations................................ (6,539,279) (7,392,370) (3,853,804) (4,895,495)
----------- ----------- ----------- -----------
Net increase (decrease) from unit transactions.......... 2,347,283 7,422,480 1,941,188 5,600,098
----------- ----------- ----------- -----------
Net increase (decrease) in net assets................... 10,176,260 12,874,404 1,894,314 10,375,286
Net assets beginning of period.......................... 42,951,802 30,077,398 27,701,853 17,326,567
----------- ----------- ----------- -----------
Net assets end of period*............................... $53,128,062 $42,951,802 $29,596,167 $27,701,853
=========== =========== =========== ===========
Unit transactions:
Units outstanding beginning of period................... 1,709,190 1,373,480 1,135,497 874,371
Units issued during the period.......................... 332,244 697,369 240,974 509,273
Units redeemed during the period........................ (237,333) (361,659) (160,283) (248,147)
----------- ----------- ----------- -----------
Units outstanding end of period......................... 1,804,101 1,709,190 1,216,188 1,135,497
=========== =========== =========== ===========
---------------
* Includes undistributed net investment income (loss)
of: $ 4,444,442 $ 4,628,634 $ 3,082,903 $ 3,191,939
=========== =========== =========== ===========
** Commencement of operations
</TABLE>
See notes to financial statements.
18
<PAGE> 21
<TABLE>
<CAPTION>
MONY EQUITY MASTER
--------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
MANAGED GROWTH BOND GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- --------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE PERIOD
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED MAY 02, 2000**
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, THROUGH
2000 1999 2000 1999 2000 1999 JUNE 30, 2000
------------ ------------ ------------ ------------ ------------ ------------ --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ (411,872) $ 17,912,515 $ (53,318) $ 228,208 $ 178,690 $ 350,028 $ (630)
(3,535,403) 1,708,506 553,568 137,455 (138,572) (101,361) 108
539,825 (11,119,070) (2,299,682) 3,547,935 (66,898) (132,000) 15,679
------------ ------------ ----------- ----------- ---------- ----------- ----------
(3,407,450) 8,501,951 (1,799,432) 3,913,598 (26,780) 116,667 15,157
------------ ------------ ----------- ----------- ---------- ----------- ----------
13,749,420 32,930,266 3,409,416 4,118,010 655,224 1,520,826 1,370,300
(18,968,995) (19,858,472) (1,793,246) (1,722,826) (690,713) (1,041,034) (7,433)
------------ ------------ ----------- ----------- ---------- ----------- ----------
(5,219,575) 13,071,794 1,616,170 2,395,184 (35,489) 479,792 1,362,867
------------ ------------ ----------- ----------- ---------- ----------- ----------
(8,627,025) 21,573,745 (183,262) 6,308,782 (62,269) 596,459 1,378,024
113,427,217 91,853,472 13,927,583 7,618,801 4,132,230 3,535,771 0
------------ ------------ ----------- ----------- ---------- ----------- ----------
$104,800,192 $113,427,217 $13,744,321 $13,927,583 $4,069,961 $ 4,132,230 $1,378,024
============ ============ =========== =========== ========== =========== ==========
4,803,230 4,216,748 616,656 475,982 277,914 245,156 0
602,100 1,506,274 160,889 251,798 44,678 104,613 138,266
(826,008) (919,792) (87,077) (111,124) (47,057) (71,855) (755)
------------ ------------ ----------- ----------- ---------- ----------- ----------
4,579,322 4,803,230 690,468 616,656 275,535 277,914 137,511
============ ============ =========== =========== ========== =========== ==========
$ 26,680,475 $ 27,092,347 $ 600,453 $ 653,771 $ 933,522 $ 754,832 $ (630)
============ ============ =========== =========== ========== =========== ==========
<CAPTION>
MONY EQUITY MASTER
-------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------
--- --------------
GROWTH AND CAPITAL
INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 03, 2000** MAY 03, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ (465) $ (433)
205 (9)
1,963 35,831
-------- --------
1,703 35,389
-------- --------
879,094 785,493
(10,691) (6,655)
-------- --------
868,403 778,838
-------- --------
870,106 814,227
0 0
-------- --------
$870,106 $814,227
======== ========
0 0
87,330 81,781
(1,057) (682)
-------- --------
86,273 81,099
======== ========
$ (465) $ (433)
======== ========
</TABLE>
See notes to financial statements.
19
<PAGE> 22
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
DREYFUS ------------------------------- -------------------------------
STOCK VIP VIP II CAPITAL WORLDWIDE
INDEX GROWTH CONTRAFUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 02, 2000** MAY 02, 2000** MAY 03, 2000** MAY 03, 2000** MAY 02, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss).................... $ 2,366 $ (421) $ (397) $ 7,179 $ 29,680
Net realized gain (loss) on
investments............... 304 330 (28) (985) (277)
Net change in unrealized
appreciation
(depreciation) of
investments............... (583) 37,222 11,841 11,592 19,636
---------- -------- -------- ---------- ----------
Net increase in net assets
resulting from
operations................ 2,087 37,131 11,416 17,786 49,039
---------- -------- -------- ---------- ----------
From unit transactions:
Net proceeds from the
issuance of units......... 1,208,108 769,312 948,753 2,476,116 2,169,333
Net asset value of units
redeemed or used to meet
contract obligations...... (4,324) (11,146) (4,198) (25,467) (18,656)
---------- -------- -------- ---------- ----------
Net increase from unit
transactions................. 1,203,784 758,166 944,555 2,450,649 2,150,677
---------- -------- -------- ---------- ----------
Net increase in net assets..... 1,205,871 795,297 955,971 2,468,435 2,199,716
Net assets beginning of
period....................... 0 0 0 0 0
---------- -------- -------- ---------- ----------
Net assets end of period*...... $1,205,871 $795,297 $955,971 $2,468,435 $2,199,716
========== ======== ======== ========== ==========
Unit transactions:
Units outstanding beginning
of period................. 0 0 0 0 0
Units issued during the
period.................... 122,092 80,033 95,847 259,259 227,146
Units redeemed during the
period.................... (434) (1,131) (422) (2,657) (1,921)
---------- -------- -------- ---------- ----------
Units outstanding end of
period....................... 121,658 78,902 95,425 256,602 225,225
========== ======== ======== ========== ==========
---------------
* Includes undistributed net
investment income (loss) of: $ 2,366 $ (421) $ (397) $ 7,179 $ 29,680
========== ======== ======== ========== ==========
** Commencement of operations
</TABLE>
See notes to financial statements.
20
<PAGE> 23
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist) and Variable Universal Life (MONYEquity
Master, MONYCustom Equity Master and MONY Custom Estate Master) and Corporate
Sponsored Variable Life Insurance policies. These policies are issued by MONY
America, which is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). For presentation purposes, the information related to the Variable
Life (Strategist) and Variable Universal Life (MONYEquity Master) Insurance
policies is presented here.
There are currently six Strategist Subaccounts and seventeen MONYEquity
Master Subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund"), the
Enterprise Accumulation Trust ("Enterprise"), Dreyfus Stock Index Fund, Fidelity
Variable Insurance Products, or Janus Aspen Series (collectively, the "Funds").
The subaccounts of Strategist commenced operation in 1985 and the subaccounts of
MONY Equity Master commenced operations in 1995 and 2000. The Funds are
registered under the 1940 Act as open end, diversified, management investment
companies and are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolio is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the Money Market Portfolio, the net asset value is based on amortized
cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on ex-dividend date. Investment income includes distributions
of dividends and net realized capital gains received from the respective
portfolios of the Funds. Investment income received is reinvested in additional
shares of the respective portfolios of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based on current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for Federal income tax purposes.
21
<PAGE> 24
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY America. A
surrender charge may be imposed when a full or partial surrender is requested by
the policyholders. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for the Strategist and MONY Equity
Master Subaccounts for the six months ended June 30, 2000 aggregated
$14,652,799.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.60% (for each of the
Strategist Subaccounts) and 0.75% (for each of the MONYEquity Master
Subaccounts) of the average daily net assets of the respective subaccounts. As
investment adviser to the Fund, it receives amounts paid by the Fund for those
services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
STRATEGIST SUBACCOUNTS ACQUIRED SHARES REDEEMED
---------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio................................. $ 78,651 $ 105,852
Equity Income Portfolio................................. 12,274 75,519
Intermediate Term Bond Portfolio........................ 6,004 10,961
Long Term Bond Portfolio................................ 1,773 9,827
Diversified Portfolio................................... 57,743 121,753
Money Market Portfolio.................................. 7,632 12,941
MONYEQUITY MASTER SUBACCOUNTS
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio........................ 101,721 166,414
Long Term Bond Portfolio................................ 352,332 354,564
Government Securities Portfolio......................... 146,003 231,041
Money Market Portfolio.................................. 3,246,358 6,096,247
</TABLE>
22
<PAGE> 25
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENTS TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONYEQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
----------------------------- -------------- ---------------
<S> <C> <C>
Enterprise Accumulation Trust
Equity Portfolio........................................ $10,139,273 $ 7,974,535
Small Company Value Portfolio........................... 6,237,844 4,405,937
Managed Portfolio....................................... 14,977,862 20,615,227
International Growth Portfolio.......................... 3,811,698 2,249,200
High Yield Bond Portfolio............................... 680,474 731,362
Growth & Income......................................... 879,288 11,130
Growth Portfolio........................................ 1,376,274 13,742
Capital Appreciation.................................... 787,416 8,811
Dreyfus
Dreyfus Stock Index Fund................................ 1,215,533 11,961
Insurance Products Funds
VIP Growth Portfolio.................................... 769,412 11,463
VIP II Contra Fund Portfolio............................ 949,808 5,466
Janus Aspen Series
Capital Appreciation Portfolio.......................... 2,480,385 30,395
Worldwide Growth Portfolio.............................. 2,169,864 19,811
</TABLE>
23
<PAGE> 26
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds......................... 39,639 54,644 51,816 2,452,256 84,475 110,225 180,171
======== ======== ======== ========== ========== ========== ==========
Investments at cost............. $422,563 $672,081 $552,333 $2,452,256 $3,227,291 $3,342,930 $6,456,720
======== ======== ======== ========== ========== ========== ==========
Investments in respective Funds,
at net asset value............ $409,866 $661,198 $549,246 $2,452,256 $3,836,856 $3,470,972 $6,361,831
Amount due from respective
Funds......................... 249 864 1,772 267,931 4,292 4,799 8,292
Amount due from MONY America.... 788 545 790 613 6,867 2,178 6,556
-------- -------- -------- ---------- ---------- ---------- ----------
Total assets.......... 410,903 662,607 551,808 2,720,800 3,848,015 3,477,949 6,376,679
-------- -------- -------- ---------- ---------- ---------- ----------
LIABILITIES
Amount due to respective
Funds......................... 788 545 790 613 6,867 2,178 6,556
Amount due to MONY America...... 303 950 1,844 268,227 4,796 5,266 9,150
-------- -------- -------- ---------- ---------- ---------- ----------
Total liabilities..... 1,091 1,495 2,634 268,840 11,663 7,444 15,706
-------- -------- -------- ---------- ---------- ---------- ----------
Net assets...................... $409,812 $661,112 $549,174 $2,451,960 $3,836,352 $3,470,505 $6,360,973
======== ======== ======== ========== ========== ========== ==========
Net assets consist of:
Contractholders' net
payments................. $403,274 $649,046 $536,479 $2,371,685 $3,067,558 $3,196,358 $6,276,048
Undistributed net
investment income........ 27,387 39,002 18,260 80,275 139,418 111,897 665,224
Accumulated net realized
gain (loss) on
investments.............. (8,152) (16,053) (2,478) 0 19,811 34,208 (485,410)
Net unrealized appreciation
(depreciation) of
investments.............. (12,697) (10,883) (3,087) 0 609,565 128,042 (94,889)
-------- -------- -------- ---------- ---------- ---------- ----------
Net assets...................... $409,812 $661,112 $549,174 $2,451,960 $3,836,352 $3,470,505 $6,360,973
======== ======== ======== ========== ========== ========== ==========
Number of units outstanding*.... 40,288 68,468 53,262 228,179 280,113 268,017 592,004
-------- -------- -------- ---------- ---------- ---------- ----------
Net asset value per unit
outstanding*.................. $ 10.17 $ 9.66 $ 10.31 $ 10.75 $ 13.70 $ 12.95 $ 10.74
======== ======== ======== ========== ========== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
24
<PAGE> 27
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY CAPITAL
GROWTH BOND GROWTH INCOME GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ----------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds..................... 228,076 147,239 2,149,536 600,360 289,522 210,880 389,044
========== ======== =========== ========== ========== ========== ==========
Investments at cost......... $1,881,670 $732,870 $13,151,622 $3,585,356 $2,470,383 $1,101,150 $2,923,204
========== ======== =========== ========== ========== ========== ==========
Investments in respective
Funds, at net asset
value..................... $1,874,788 $708,219 $13,671,051 $3,800,280 $2,536,208 $1,092,360 $3,135,698
Amount due from respective
Funds..................... 6,219 1,451 30,669 15,600 8,146 2,723 3,411
Amount due from MONY
America................... 1,019 865 8,991 4,326 1,529 1,086 1,622
---------- -------- ----------- ---------- ---------- ---------- ----------
Total assets...... 1,882,026 710,535 13,710,711 3,820,206 2,545,883 1,096,169 3,140,731
---------- -------- ----------- ---------- ---------- ---------- ----------
LIABILITIES
Amount due to respective
Funds..................... 1,019 865 8,991 4,326 1,529 1,086 1,622
Amount due to MONY America.. 6,469 1,545 32,447 16,105 8,480 2,871 3,821
---------- -------- ----------- ---------- ---------- ---------- ----------
Total
liabilities..... 7,488 2,410 41,438 20,431 10,009 3,957 5,443
---------- -------- ----------- ---------- ---------- ---------- ----------
Net assets.................. $1,874,538 $708,125 $13,669,273 $3,799,775 $2,535,874 $1,092,212 $3,135,288
========== ======== =========== ========== ========== ========== ==========
Net assets consist of:
Contractholders' net
payments............. $1,734,335 $698,662 $12,795,581 $3,527,124 $2,266,840 $1,114,923 $2,741,606
Undistributed net
investment income
(loss)............... 19,374 54,565 (34,687) (8,839) (4,812) (2,337) (6,604)
Accumulated net
realized gain (loss)
on investments....... 127,711 (20,451) 388,950 66,566 208,021 (11,584) 187,792
Net unrealized
appreciation
(depreciation) of
investments.......... (6,882) (24,651) 519,429 214,924 65,825 (8,790) 212,494
---------- -------- ----------- ---------- ---------- ---------- ----------
Net assets.................. $1,874,538 $708,125 $13,669,273 $3,799,775 $2,535,874 $1,092,212 $3,135,288
========== ======== =========== ========== ========== ========== ==========
Number of units
outstanding*.............. 144,561 68,715 1,101,126 307,715 153,729 105,089 199,311
---------- -------- ----------- ---------- ---------- ---------- ----------
Net asset value per unit
outstanding*.............. $ 12.97 $ 10.31 $ 12.41 $ 12.35 $ 16.50 $ 10.39 $ 15.73
========== ======== =========== ========== ========== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
25
<PAGE> 28
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION
TRUST FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
----------------------- DREYFUS -------------------------------------------
DREYFUS SOCIALLY VIP III
MULTI-CAP STOCK RESPONSIBLE VIP VIP II GROWTH
GROWTH BALANCED INDEX GROWTH GROWTH CONTRA-FUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ----------- ----------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds........................ 289,616 23,558 33,428 5,138 14,824 41,624 11,005
========== ======== ========== ======== ======== ========== ========
Investments at cost............ $4,211,890 $120,042 $1,253,003 $198,258 $745,716 $1,056,534 $228,275
========== ======== ========== ======== ======== ========== ========
Investments in respective
Funds, at net asset value.... $3,898,234 $122,029 $1,270,927 $205,835 $761,793 $1,041,860 $226,491
Amount due from respective
Funds........................ 2,366 115 878 109 378 3,947 628
Amount due from MONY America... 2,039 156 597 20 381 7,049 73
---------- -------- ---------- -------- -------- ---------- --------
Total assets......... 3,902,639 122,300 1,272,402 205,964 762,552 1,052,856 227,192
---------- -------- ---------- -------- -------- ---------- --------
LIABILITIES
Amount due to respective
Funds........................ 2,039 156 597 20 381 7,049 73
Amount due to MONY America..... 2,883 131 1,042 136 474 4,077 657
---------- -------- ---------- -------- -------- ---------- --------
Total liabilities.... 4,922 287 1,639 156 855 11,126 730
---------- -------- ---------- -------- -------- ---------- --------
Net assets..................... $3,897,717 $122,013 $1,270,763 $205,808 $761,697 $1,041,730 $226,462
========== ======== ========== ======== ======== ========== ========
Net assets consist of:
Contractholders' net
payments................ $4,190,215 $120,111 $1,246,467 $195,080 $738,792 $1,040,035 $227,061
Undistributed net
investment income
(loss).................. (3,920) (96) 5,301 2,711 13,924 29,443 5,201
Accumulated net realized
gain (loss) on
investments............. 25,078 11 1,071 440 (7,096) (13,074) (4,016)
Net unrealized
appreciation
(depreciation) of
investments............. (313,656) 1,987 17,924 7,577 16,077 (14,674) (1,784)
---------- -------- ---------- -------- -------- ---------- --------
Net assets..................... $3,897,717 $122,013 $1,270,763 $205,808 $761,697 $1,041,730 $226,462
========== ======== ========== ======== ======== ========== ========
Number of units outstanding*... 312,615 11,916 118,867 18,207 63,602 92,790 23,254
---------- -------- ---------- -------- -------- ---------- --------
Net asset value per unit
outstanding*................. $ 12.47 $ 10.24 $ 10.69 $ 11.30 $ 11.98 $ 11.23 $ 9.74
========== ======== ========== ======== ======== ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
26
<PAGE> 29
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------------------------------
JANUS ASPEN SERIES
-----------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 50,602 19,941 50,662 39,282
========== ======== ========== ==========
Investments at cost......................................... $3,082,184 $554,472 $1,678,470 $1,941,656
========== ======== ========== ==========
Investments in respective Funds, at net asset value......... $2,823,599 $524,845 $1,607,514 $1,886,711
Amount due from respective Funds............................ 17,790 1,540 13,902 5,650
Amount due from MONY America................................ 7,386 248 7,522 538
---------- -------- ---------- ----------
Total assets...................................... 2,848,775 526,633 1,628,938 1,892,899
---------- -------- ---------- ----------
LIABILITIES
Amount due to respective Funds.............................. 7,386 248 7,522 538
Amount due to MONY America.................................. 18,164 1,606 14,113 5,897
---------- -------- ---------- ----------
Total liabilities................................. 25,550 1,854 21,635 6,435
---------- -------- ---------- ----------
Net assets.................................................. $2,823,225 $524,779 $1,607,303 $1,886,464
========== ======== ========== ==========
Net assets consist of:
Contractholders' net payments.......................... $2,822,150 $520,275 $1,644,581 $1,891,868
Undistributed net investment income.................... 213,956 32,576 4,427 24,756
Accumulated net realized gain (loss) on investments.... 45,704 1,555 29,251 24,785
Net unrealized appreciation (depreciation) of
investments.......................................... (258,585) (29,627) (70,956) (54,945)
---------- -------- ---------- ----------
Net assets.................................................. $2,823,225 $524,779 $1,607,303 $1,886,464
========== ======== ========== ==========
Number of units outstanding*................................ 199,556 49,071 127,238 141,104
---------- -------- ---------- ----------
Net asset value per unit outstanding*....................... $ 14.15 $ 10.69 $ 12.63 $ 13.37
========== ======== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
27
<PAGE> 30
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income................... $ 21,080 $33,822 $16,961 $53,015 $ 0 $ 0 $ 0
Distribution from capital gains... 0 0 4 0 0 0 0
Mortality and expense risk
charges......................... (717) (925) (656) (3,274) (5,406) (5,218) (10,158)
-------- ------- ------- ------- -------- ------- ----------
Net investment income (loss)...... 20,363 32,897 16,309 49,741 (5,406) (5,218) (10,158)
-------- ------- ------- ------- -------- ------- ----------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments.................. (511) (3,809) (563) 0 27,553 471 (371,141)
Net change in unrealized
appreciation (depreciation)
of investments............... (13,308) (3,808) (4,052) 0 477,324 17,419 209,552
-------- ------- ------- ------- -------- ------- ----------
Net realized and unrealized gain
(loss) on investments........... (13,819) (7,617) (4,615) 0 504,877 17,890 (161,589)
-------- ------- ------- ------- -------- ------- ----------
Net increase (decrease) in net
assets resulting from
operations...................... $ 6,544 $25,280 $11,694 $49,741 $499,471 $12,672 $ (171,747)
======== ======= ======= ======= ======== ======= ==========
</TABLE>
See notes to financial statements.
28
<PAGE> 31
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY CAPITAL
GROWTH BOND GROWTH INCOME GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income................ $ 0 $ 30,567 $ 0 $ 0 $ 0 $ 0 $ 0
Distribution from capital
gains........................ 0 0 0 0 0 0 0
Mortality and expense risk
charges...................... (2,869) (1,119) (20,005) (5,644) (3,458) (1,746) (4,407)
--------- -------- --------- -------- --------- -------- ---------
Net investment income (loss)... (2,869) 29,448 (20,005) (5,644) (3,458) (1,746) (4,407)
--------- -------- --------- -------- --------- -------- ---------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............... 91,832 (12,357) 229,822 36,620 168,581 (29,057) 142,840
Net change in unrealized
appreciation
(depreciation) of
investments............... (281,053) (18,133) (486,144) 69,135 (183,970) (1,960) (290,542)
--------- -------- --------- -------- --------- -------- ---------
Net realized and unrealized
gain (loss) on investments... (189,221) (30,490) (256,322) 105,755 (15,389) (31,017) (147,702)
--------- -------- --------- -------- --------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations................... $(192,090) $ (1,042) $(276,327) $100,111 $ (18,847) $(32,763) $(152,109)
========= ======== ========= ======== ========= ======== =========
</TABLE>
See notes to financial statements.
29
<PAGE> 32
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------
ENTERPRISE ACCUMULATION
TRUST
------------------------
DREYFUS DREYFUS
MULTI-CAP STOCK SOCIALLY
GROWTH BALANCED INDEX RESPONSIBLE GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------------
<S> <C> <C> <C> <C>
Dividend income............................... $ 0 $ 0 $ 4,939 $ 22
Distribution from capital gains............... 0 0 910 0
Mortality and expense risk charges............ (3,793) (96) (1,360) (248)
--------- ------ ------- ------
Net investment income (loss).................. (3,793) (96) 4,489 (226)
--------- ------ ------- ------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments..... 19,844 11 666 430
Net change in unrealized appreciation
(depreciation) of investments............ (371,675) 1,967 14,752 5,734
--------- ------ ------- ------
Net realized and unrealized gain (loss) on
investments................................. (351,831) 1,978 15,418 6,164
--------- ------ ------- ------
Net increase (decrease) in net assets
resulting from operations................... $(355,624) $1,882 $19,907 $5,938
========= ====== ======= ======
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
------------------------------------------
VIP III
VIP VIP II GROWTH
GROWTH CONTRA FUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- -------------
<S> <C> <C> <C>
Dividend income............................... $ 121 $ 814 $ 870
Distribution from capital gains............... 14,478 29,542 4,576
Mortality and expense risk charges............ (662) (884) (233)
------- -------- -------
Net investment income (loss).................. 13,937 29,472 5,213
------- -------- -------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments..... (7,630) (13,320) (4,027)
Net change in unrealized appreciation
(depreciation) of investments............ 13,069 (21,740) (2,159)
------- -------- -------
Net realized and unrealized gain (loss) on
investments................................. 5,439 (35,060) (6,186)
------- -------- -------
Net increase (decrease) in net assets
resulting from operations................... $19,376 $ (5,588) $ (973)
======= ======== =======
</TABLE>
See notes to financial statements.
30
<PAGE> 33
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------
JANUS ASPEN SERIES
---------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------
<S> <C> <C> <C> <C>
Dividend income............................................. $ 147,856 $ 8,612 $ 4,979 $ 6,681
Distribution from capital gains............................. 68,874 24,116 641 19,925
Mortality and expense risk charges.......................... (2,666) (419) (1,514) (1,794)
--------- -------- --------- --------
Net investment income....................................... 214,064 32,309 4,106 24,812
--------- -------- --------- --------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments.......................... 43,795 1,525 28,350 23,437
Net change in unrealized depreciation of investments...... (317,124) (30,452) (102,642) (77,875)
--------- -------- --------- --------
Net realized and unrealized gain (loss) on investments...... (273,329) (28,927) (74,292) (54,438)
--------- -------- --------- --------
Net increase (decrease) in net assets resulting from
operations................................................ $ (59,265) $ 3,382 $ (70,186) $(29,626)
========= ======== ========= ========
</TABLE>
See notes to financial statements.
31
<PAGE> 34
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT
TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $ 20,363 $ 7,024 $ 32,897 $ 6,105 $ 16,309 $ 1,951
Net realized loss on
investments................... (511) (7,641) (3,809) (12,244) (563) (1,915)
Net change in unrealized
appreciation (depreciation) of
investments................... (13,308) 609 (3,808) (7,080) (4,052) 965
--------- --------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... 6,544 (8) 25,280 (13,219) 11,694 1,001
--------- --------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units......................... 123,365 711,966 307,368 534,080 326,619 305,134
Net asset value of units redeemed
or used to meet contract
obligations................... (205,217) (228,769) (96,378) (97,560) (44,067) (51,936)
--------- --------- -------- -------- -------- --------
Net increase (decrease) from unit
transactions..................... (81,852) 483,197 210,990 436,520 282,552 253,198
--------- --------- -------- -------- -------- --------
Net increase (decrease) in net
assets........................... (75,308) 483,189 236,270 423,301 294,246 254,199
Net assets beginning of period..... 485,120 1,931 424,842 1,541 254,928 729
--------- --------- -------- -------- -------- --------
Net assets end of period*.......... $ 409,812 $ 485,120 $661,112 $424,842 $549,174 $254,928
========= ========= ======== ======== ======== ========
Unit transactions:
Units outstanding beginning of
period........................... 48,440 193 46,303 155 25,422 73
Units issued during the period..... 12,275 71,100 32,426 56,509 32,190 30,541
Units redeemed during the period... (20,427) (22,853) (10,261) (10,361) (4,350) (5,192)
--------- --------- -------- -------- -------- --------
Units outstanding end of period.... 40,288 48,440 68,468 46,303 53,262 25,422
========= ========= ======== ======== ======== ========
---------------
* Includes undistributed net
investment income of: $ 27,387 $ 7,024 $ 39,002 $ 6,105 $ 18,260 $ 1,951
========= ========= ======== ======== ======== ========
</TABLE>
See notes to financial statements.
32
<PAGE> 35
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
---------------------------- ------------------------------------------------------------
MONEY SMALL COMPANY
MARKET EQUITY VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 49,741 $ 30,534 $ (5,406) $ 144,825 $ (5,218) $ 117,115
Net realized gain (loss) on
investments................... 0 0 27,553 (7,750) 471 33,735
Net change in unrealized
appreciation of investments... 0 0 477,324 131,997 17,419 110,343
----------- ----------- ---------- ---------- ---------- ----------
Net increase in net assets
resulting from operations........ 49,741 30,534 499,471 269,072 12,672 261,193
----------- ----------- ---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units......................... 3,719,615 3,691,838 1,396,432 2,705,850 1,705,619 2,882,501
Net asset value of units redeemed
or used to meet contract
obligations................... (2,845,436) (2,258,987) (537,080) (516,750) (790,538) (609,029)
----------- ----------- ---------- ---------- ---------- ----------
Net increase from unit
transactions..................... 874,179 1,432,851 859,352 2,189,100 915,081 2,273,472
----------- ----------- ---------- ---------- ---------- ----------
Net increase in net assets......... 923,920 1,463,385 1,358,823 2,458,172 927,753 2,534,665
Net assets beginning of period..... 1,528,040 64,655 2,477,529 19,357 2,542,752 8,087
----------- ----------- ---------- ---------- ---------- ----------
Net assets end of the period*...... $ 2,451,960 $ 1,528,040 $3,836,352 $2,477,529 $3,470,505 $2,542,752
=========== =========== ========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of
period........................... 146,000 6,463 212,392 1,912 196,273 772
Units issued during the period..... 350,880 359,906 110,070 260,034 133,037 247,197
Units redeemed during the period... (268,701) (220,369) (42,349) (49,554) (61,293) (51,696)
----------- ----------- ---------- ---------- ---------- ----------
Units outstanding end of period.... 228,179 146,000 280,113 212,392 268,017 196,273
=========== =========== ========== ========== ========== ==========
---------------
* Includes undistributed net
investment income of: $ 80,275 $ 30,534 $ 139,418 $ 144,824 $ 111,897 $ 117,115
=========== =========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements.
33
<PAGE> 36
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ (10,158) $ 675,383 $ (2,869) $ 22,243 $ 29,448 $ 25,115
Net realized gain (loss) on
investments................... (371,141) (114,285) 91,832 35,877 (12,357) (8,094)
Net change in unrealized
appreciation (depreciation) of
investments................... 209,552 (304,672) (281,053) 274,153 (18,133) (6,521)
----------- ----------- ---------- ---------- --------- ---------
Net increase (decrease) in net
assets resulting from
operations....................... (171,747) 256,426 (192,090) 332,273 (1,042) 10,500
----------- ----------- ---------- ---------- --------- ---------
From unit transactions:
Net proceeds from the issuance of
units......................... 2,520,005 6,547,247 1,127,012 1,275,028 302,209 680,017
Net asset value of units redeemed
or used to meet contract
obligations................... (1,403,025) (1,414,906) (416,407) (252,640) (176,354) (110,651)
----------- ----------- ---------- ---------- --------- ---------
Net increase from unit
transactions..................... 1,116,980 5,132,341 710,605 1,022,388 125,855 569,366
----------- ----------- ---------- ---------- --------- ---------
Net increase in net assets......... 945,233 5,388,767 518,515 1,354,661 124,813 579,866
Net assets beginning of period..... 5,415,740 26,973 1,356,023 1,362 583,312 3,446
----------- ----------- ---------- ---------- --------- ---------
Net assets end of period*.......... $ 6,360,973 $ 5,415,740 $1,874,538 $1,356,023 $ 708,125 $ 583,312
=========== =========== ========== ========== ========= =========
Unit transactions:
Units outstanding beginning of
period........................... 489,437 2,653 92,361 131 56,344 345
Units issued during the period..... 232,369 620,235 82,533 114,415 29,502 66,875
Units redeemed during the period... (129,802) (133,451) (30,333) (22,185) (17,131) (10,876)
----------- ----------- ---------- ---------- --------- ---------
Units outstanding end of period.... 592,004 489,437 144,561 92,361 68,715 56,344
=========== =========== ========== ========== ========= =========
---------------
* Includes undistributed net
investment income of: $ 665,224 $ 675,382 $ 19,374 $ 22,243 $ 54,565 $ 25,117
=========== =========== ========== ========== ========= =========
</TABLE>
See notes to financial statements.
34
<PAGE> 37
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------
GROWTH AND SMALL COMPANY
GROWTH INCOME GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment loss.............. $ (20,005) $ (14,681) $ (5,644) $ (3,195) $ (3,458) $ (1,354)
Net realized gain on
investments................... 229,822 159,102 36,620 29,946 168,581 39,439
Net change in unrealized
appreciation (depreciation) of
investments................... (486,144) 1,005,449 69,135 145,726 (183,970) 249,744
----------- ----------- ---------- ---------- ---------- ----------
Net increase (decrease) in net
assets resulting from
operations....................... (276,327) 1,149,870 100,111 172,477 (18,847) 287,829
----------- ----------- ---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units......................... 6,654,491 10,743,825 1,936,094 3,055,454 1,831,291 1,122,121
Net asset value of units redeemed
or used to meet contract
obligations................... (2,490,669) (2,164,169) (881,379) (593,120) (515,553) (172,414)
----------- ----------- ---------- ---------- ---------- ----------
Net increase from unit
transactions..................... 4,163,822 8,579,656 1,054,715 2,462,334 1,315,738 949,707
----------- ----------- ---------- ---------- ---------- ----------
Net increase in net assets......... 3,887,495 9,729,526 1,154,826 2,634,811 1,296,891 1,237,536
Net assets beginning of period..... 9,781,778 52,252 2,644,949 10,138 1,238,983 1,447
----------- ----------- ---------- ---------- ---------- ----------
Net assets end of period*.......... $13,669,273 $ 9,781,778 $3,799,775 $2,644,949 $2,535,874 $1,238,983
=========== =========== ========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of
period........................... 762,612 5,053 219,728 1,012 77,266 140
Units issued during the period..... 541,968 943,048 162,591 271,176 107,450 91,095
Units redeemed during the period... (203,454) (185,489) (74,604) (52,460) (30,987) (13,969)
----------- ----------- ---------- ---------- ---------- ----------
Units outstanding end of period.... 1,101,126 762,612 307,715 219,728 153,729 77,266
=========== =========== ========== ========== ========== ==========
---------------
* Includes undistributed net
investment loss of: $ (34,687) $ (14,682) $ (8,839) $ (3,195) $ (4,812) $ (1,354)
=========== =========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements.
35
<PAGE> 38
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------------------
EQUITY CAPITAL MULTI-CAP MULTI-CAP
INCOME APPRECIATION GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ------------ -------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE PERIOD
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED NOVEMBER 2, 1999**
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, THROUGH
2000 1999 2000 1999 2000 DECEMBER 31, 1999
------------ ------------ ------------ ------------ ------------ -------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment loss....... $ (1,746) $ (591) $ (4,407) $ (2,197) $ (3,793) $ (127)
Net realized gain (loss)
on investments......... (29,057) 17,473 142,840 44,949 19,844 5,234
Net change in unrealized
appreciation
(depreciation) of
investments............ (1,960) (6,848) (290,542) 503,012 (371,675) 58,019
---------- ---------- ---------- ---------- ---------- --------
Net increase (decrease) in
net assets resulting from
operations................ (32,763) 10,034 (152,109) 545,764 (355,624) 63,126
---------- ---------- ---------- ---------- ---------- --------
From unit transactions:
Net proceeds from the
issuance of units...... 530,180 1,095,411 1,718,448 1,762,597 4,298,066 423,841
Net asset value of units
redeemed or used to
meet contract
obligations............ (271,472) (250,359) (471,020) (276,515) (485,052) (46,640)
---------- ---------- ---------- ---------- ---------- --------
Net increase from unit
transactions.............. 258,708 845,052 1,247,428 1,486,082 3,813,014 377,201
---------- ---------- ---------- ---------- ---------- --------
Net increase in net
assets.................... 225,945 855,086 1,095,319 2,031,846 3,457,390 440,327
Net assets beginning of
period.................... 866,267 11,181 2,039,969 8,123 440,327 0
---------- ---------- ---------- ---------- ---------- --------
Net assets end of period*... $1,092,212 $ 866,267 $3,135,288 $2,039,969 $3,897,717 $440,327
========== ========== ========== ========== ========== ========
Unit transactions:
Units outstanding beginning
of period................. 80,262 1,091 120,616 743 32,431 0
Units issued during the
period.................... 51,278 101,978 107,938 141,549 317,658 36,551
Units redeemed during the
period.................... (26,451) (22,807) (29,243) (21,676) (37,474) (4,120)
---------- ---------- ---------- ---------- ---------- --------
Units outstanding end of
period.................... 105,089 80,262 199,311 120,616 312,615 32,431
========== ========== ========== ========== ========== ========
---------------
* Includes undistributed
net investment loss of: $ (2,337) $ (591) $ (6,604) $ (2,197) $ (3,920) $ (127)
========== ========== ========== ========== ========== ========
** Commencement of
operations
</TABLE>
See notes to financial statements.
36
<PAGE> 39
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------ DREYFUS STOCK DREYFUS STOCK
BALANCED BALANCED INDEX INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ -------------------- ------------- ------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 15, 1999** MONTHS ENDED NOVEMBER 9, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ -------------------- ------------- ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)...... $ (96) $ 0 $ 4,489 $ 812
Net realized gain on
investments..................... 11 0 666 405
Net change in unrealized
appreciation (depreciation) of
investments..................... 1,967 20 14,752 3,172
-------- ------ ---------- --------
Net increase in net assets resulting
from operations................... 1,882 20 19,907 4,389
-------- ------ ---------- --------
From unit transactions:
Net proceeds from the issuance of
units........................... 135,669 2,295 1,247,850 136,922
Net asset value of units redeemed
or used to meet contract
obligations..................... (17,812) (41) (133,345) (4,960)
-------- ------ ---------- --------
Net increase from unit
transactions...................... 117,857 2,254 1,114,505 131,962
-------- ------ ---------- --------
Net increase in net assets.......... 119,739 2,274 1,134,412 136,351
Net assets beginning of period...... 2,274 0 136,351 0
-------- ------ ---------- --------
Net assets end of period*........... $122,013 $2,274 $1,270,763 $136,351
======== ====== ========== ========
Unit transactions:
Units outstanding beginning of
period............................ 221 0 12,662 0
Units issued during the period...... 13,459 225 118,856 13,142
Units redeemed during the period.... (1,764) (4) (12,651) (480)
-------- ------ ---------- --------
Units outstanding end of period..... 11,916 221 118,867 12,662
======== ====== ========== ========
---------------
* Includes undistributed net
investment income (loss) of: $ (96) $ 0 $ 5,301 $ 812
======== ====== ========== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------
DREYFUS SOCIALLY DREYFUS SOCIALLY
RESPONSIBLE RESPONSIBLE
SUBACCOUNT SUBACCOUNT
---------------- -------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 10, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
---------------- -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)...... $ (226) $ 2,937
Net realized gain on
investments..................... 430 10
Net change in unrealized
appreciation (depreciation) of
investments..................... 5,734 1,843
-------- -------
Net increase in net assets resulting
from operations................... 5,938 4,790
-------- -------
From unit transactions:
Net proceeds from the issuance of
units........................... 126,520 86,547
Net asset value of units redeemed
or used to meet contract
obligations..................... (17,667) (320)
-------- -------
Net increase from unit
transactions...................... 108,853 86,227
-------- -------
Net increase in net assets.......... 114,791 91,017
Net assets beginning of period...... 91,017 0
-------- -------
Net assets end of period*........... $205,808 $91,017
======== =======
Unit transactions:
Units outstanding beginning of
period............................ 8,243 0
Units issued during the period...... 11,759 8,273
Units redeemed during the period.... (1,795) (30)
-------- -------
Units outstanding end of period..... 18,207 8,243
======== =======
---------------
* Includes undistributed net
investment income (loss) of: $ 2,711 $ 2,937
======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
37
<PAGE> 40
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
-------------------------------------------------
VIP VIP VIP II
GROWTH GROWTH CONTRA-FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------------- ------------
FOR THE SIX FOR THE PERIOD FOR THE SIX
MONTHS ENDED NOVEMBER 9, 1999** MONTHS ENDED
JUNE 30, THROUGH JUNE 30,
2000 DECEMBER 31, 1999 2000
------------ ------------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss).................. $ 13,937 $ (13) $ 29,472
Net realized gain (loss) on investments....... (7,630) 534 (13,320)
Net change in unrealized appreciation
(depreciation) of investments............... 13,069 3,008 (21,740)
-------- ------- ----------
Net increase (decrease) in net assets resulting
from operations............................... 19,376 3,529 (5,588)
-------- ------- ----------
From unit transactions:
Net proceeds from the issuance of units....... 770,717 56,705 1,037,318
Net asset value of units redeemed or used to
meet contract obligations................... (85,724) (2,906) (106,709)
-------- ------- ----------
Net increase from unit transactions............. 684,993 53,799 930,609
-------- ------- ----------
Net increase in net assets...................... 704,369 57,328 925,021
Net assets beginning of period.................. 57,328 0 116,709
-------- ------- ----------
Net assets end of period*....................... $761,697 $57,328 $1,041,730
======== ======= ==========
Unit transactions:
Units outstanding beginning of period........... 5,021 0 10,237
Units issued during the period.................. 65,969 5,291 91,960
Units redeemed during the period................ (7,388) (270) (9,407)
-------- ------- ----------
Units outstanding end of period................. 63,602 5,021 92,790
======== ======= ==========
---------------
* Includes undistributed net investment income
(loss) of: $ 13,924 $ (13) $ 29,443
======== ======= ==========
** Commencement of operations
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
---------------------------------------------------------
VIP III VIP III
VIP II GROWTH GROWTH
CONTRA-FUND OPPORTUNITIES OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ------------- -------------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD
NOVEMBER 9, 1999** MONTHS ENDED NOVEMBER 9, 1999**
THROUGH JUNE 30, THROUGH
DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------------- ------------- -------------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss).................. $ (29) $ 5,213 $ (12)
Net realized gain (loss) on investments....... 246 (4,027) 11
Net change in unrealized appreciation
(depreciation) of investments............... 7,066 (2,159) 375
-------- -------- -------
Net increase (decrease) in net assets resulting
from operations............................... 7,283 (973) 374
-------- -------- -------
From unit transactions:
Net proceeds from the issuance of units....... 111,883 219,176 33,785
Net asset value of units redeemed or used to
meet contract obligations................... (2,457) (25,373) (527)
-------- -------- -------
Net increase from unit transactions............. 109,426 193,803 33,258
-------- -------- -------
Net increase in net assets...................... 116,709 192,830 33,632
Net assets beginning of period.................. 0 33,632 0
-------- -------- -------
Net assets end of period*....................... $116,709 $226,462 $33,632
======== ======== =======
Unit transactions:
Units outstanding beginning of period........... 0 3,320 0
Units issued during the period.................. 10,466 22,579 3,373
Units redeemed during the period................ (229) (2,645) (53)
-------- -------- -------
Units outstanding end of period................. 10,237 23,254 3,320
======== ======== =======
---------------
* Includes undistributed net investment income
(loss) of: $ (29) $ 5,201 $ (12)
======== ======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
38
<PAGE> 41
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------
JANUS ASPEN SERIES
------------------------------------------------------------------------
AGGRESSIVE AGGRESSIVE
GROWTH GROWTH BALANCED BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------------- ------------ --------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 2, 1999** MONTHS ENDED NOVEMBER 15, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ ------------------- ------------ --------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)................. $ 214,064 $ (108) $ 32,309 $ 267
Net realized gain on investments............. 43,795 1,909 1,525 30
Net change in unrealized appreciation
(depreciation) of investments.............. (317,124) 58,539 (30,452) 825
---------- -------- -------- -------
Net increase (decrease) in net assets resulting
from operations.............................. (59,265) 60,340 3,382 1,122
---------- -------- -------- -------
From unit transactions:
Net proceeds from the issuance of units...... 2,736,601 355,366 538,798 30,519
Net asset value of units redeemed or used to
meet contract obligations.................. (259,374) (10,443) (48,057) (985)
---------- -------- -------- -------
Net increase from unit transactions............ 2,477,227 344,923 490,741 29,534
---------- -------- -------- -------
Net increase in net assets..................... 2,417,962 405,263 494,123 30,656
Net assets beginning of period................. 405,263 0 30,656 0
---------- -------- -------- -------
Net assets end of period*...................... $2,823,225 $405,263 $524,779 $30,656
========== ======== ======== =======
Unit transactions:
Units outstanding beginning of period.......... 29,042 0 2,882 0
Units issued during the period................. 190,030 29,886 50,692 2,978
Units redeemed during the period............... (19,516) (844) (4,503) (96)
---------- -------- -------- -------
Units outstanding end of period................ 199,556 29,042 49,071 2,882
========== ======== ======== =======
---------------
* Includes undistributed net investment income
(loss) of: $ 213,956 $ (108) $ 32,576 $ 267
========== ======== ======== =======
** Commencement of operations
<CAPTION>
MONY CUSTOM EQUITY MASTER
----------------------------------
JANUS ASPEN SERIES
----------------------------------
CAPITAL CAPITAL
APPRECIATION APPRECIATION
SUBACCOUNT SUBACCOUNT
------------ -------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 2, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
------------ -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)................. $ 4,106 $ 321
Net realized gain on investments............. 28,350 901
Net change in unrealized appreciation
(depreciation) of investments.............. (102,642) 31,686
---------- --------
Net increase (decrease) in net assets resulting
from operations.............................. (70,186) 32,908
---------- --------
From unit transactions:
Net proceeds from the issuance of units...... 1,568,413 192,015
Net asset value of units redeemed or used to
meet contract obligations.................. (110,820) (5,027)
---------- --------
Net increase from unit transactions............ 1,457,593 186,988
---------- --------
Net increase in net assets..................... 1,387,407 219,896
Net assets beginning of period................. 219,896 0
---------- --------
Net assets end of period*...................... $1,607,303 $219,896
========== ========
Unit transactions:
Units outstanding beginning of period.......... 16,682 0
Units issued during the period................. 118,982 17,128
Units redeemed during the period............... (8,426) (446)
---------- --------
Units outstanding end of period................ 127,238 16,682
========== ========
---------------
* Includes undistributed net investment income
(loss) of: $ 4,427 $ 321
========== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
39
<PAGE> 42
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------------
JANUS ASPEN SERIES
-----------------------------------
WORLDWIDE WORLDWIDE
GROWTH GROWTH
SUBACCOUNT SUBACCOUNT
------------ -------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 3, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
------------ -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss).............................. $ 24,812 $ (56)
Net realized gain on investments.......................... 23,437 1,348
Net change in unrealized appreciation (depreciation) of
investments............................................ (77,875) 22,930
---------- --------
Net increase (decrease) in net assets resulting from
operations................................................ (29,626) 24,222
---------- --------
From unit transactions:
Net proceeds from the issuance of units................... 1,813,445 201,994
Net asset value of units redeemed or used to meet contract
obligations............................................ (116,773) (6,798)
---------- --------
Net increase from unit transactions......................... 1,696,672 195,196
---------- --------
Net increase in net assets.................................. 1,667,046 219,418
Net assets beginning of period.............................. 219,418 0
---------- --------
Net assets end of period*................................... $1,886,464 $219,418
========== ========
Unit transactions:
Units outstanding beginning of period....................... 16,721 0
Units issued during the period.............................. 133,077 17,285
Units redeemed during the period............................ (8,694) (564)
---------- --------
Units outstanding end of period............................. 141,104 16,721
========== ========
---------------
* Includes undistributed net investment income (loss) of: $ 24,756 $ (56)
========== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
40
<PAGE> 43
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist), Variable Universal Life (MONY Equity
Master, MONY Custom Equity Master and MONY Custom Estate Master) and Corporate
Sponsored Variable Life Insurance policies. These policies are issued by MONY
America, which is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). For presentation purposes, the information related only to the
Variable Universal Life Insurance policies (MONY Custom Equity Master) is
presented here.
There are twenty-five MONY Custom Equity Master subaccounts within the
Variable Account, each of which invests only in a corresponding portfolio of the
MONY Series Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust
("Enterprise"), Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen
Series (collectively, the "Funds"). The Funds are registered under the 1940 Act
as open end, diversified, management investment companies. The Fund and
Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with accordance with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates.
Investment:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio, as
reported by such portfolio. Net asset value is based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on the
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based on current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
41
<PAGE> 44
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY America. A
surrender charge may be imposed by MONY America when a full or partial surrender
is requested by the policyholders. These deductions are treated as
contractholder redemptions by the Variable Account. The amount deducted for the
MONY Custom Equity Master Subaccounts for the six months ended June 30, 2000
aggregated $5,360,861.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.35% of average daily net
assets of each of the MONY Custom Estate Master subaccounts. As investment
adviser to the Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and the proceeds from redemption of shares by each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Funds, Inc.
Intermediate Term Bond Portfolio............................ $ 135,831 $ 218,416
Long Term Bond Portfolio.................................... 325,573 115,487
Government Securities Portfolio............................. 360,564 78,633
Money Market Portfolio...................................... 4,677,798 2,635,297
Enterprise Accumulation Trust
Equity Portfolio............................................ 1,480,381 626,291
Small Company Value Portfolio............................... 1,826,553 916,594
Managed Portfolio........................................... 2,669,877 1,562,998
International Growth Portfolio.............................. 1,245,433 537,640
High Yield Bond Portfolio................................... 323,672 198,929
Growth Portfolio............................................ 7,184,971 3,040,820
Growth and Income Portfolio................................. 2,049,153 999,959
Small Company Growth Portfolio.............................. 1,921,889 609,448
Equity Income Portfolio..................................... 559,788 302,803
Capital Appreciation Portfolio.............................. 1,802,247 559,109
Multi-Cap Growth Portfolio.................................. 4,502,650 692,970
Balanced Portfolio.......................................... 145,870 28,093
Dreyfus
Dreyfus Stock Index Fund.................................... 1,290,641 177,347
The Dreyfus Socially Responsible Growth Fund, Inc........... 130,570 21,952
</TABLE>
42
<PAGE> 45
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
Fidelity Variable Insurance Product Funds
VIP Growth Portfolio........................................ $ 841,784 $ 157,362
VIP II Contrafund Portfolio................................. 1,087,467 157,625
VIP III Growth Opportunities Portfolio...................... 237,125 43,530
Janus Aspen Series Fund
Aggressive Growth Portfolio................................. 2,892,364 417,478
Balanced Portfolio.......................................... 548,397 58,012
Capital Appreciation Portfolio.............................. 1,670,267 214,006
World-wide Growth Portfolio................................. 1,855,400 160,302
</TABLE>
43
<PAGE> 46
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds.................... 13,460 14,481 7,926 538,949 8,928 11,644 25,802
======== ======== ======= ======== ======== ======== ========
Investments at cost........ $145,173 $181,479 $85,220 $538,949 $349,141 $357,558 $925,668
======== ======== ======= ======== ======== ======== ========
Investments in respective
Funds, at net asset
value.................... $139,176 $175,218 $84,016 $538,949 $405,516 $366,668 $911,085
Amount due from MONY
America.................. 0 0 0 25,930 1,702 2,349 2,846
Amount due from respective
Funds.................... 90 99 66 12 120 45 197
-------- -------- ------- -------- -------- -------- --------
Total assets..... 139,266 175,317 84,082 564,891 407,338 369,062 914,128
-------- -------- ------- -------- -------- -------- --------
LIABILITIES
Amount due to MONY
America.................. 110 123 77 86 173 93 321
Amount due to respective
Funds.................... 0 0 0 25,930 1,702 2,349 2,846
-------- -------- ------- -------- -------- -------- --------
Total
liabilities.... 110 123 77 26,016 1,875 2,442 3,167
-------- -------- ------- -------- -------- -------- --------
Net assets................. $139,156 $175,194 $84,005 $538,875 $405,463 $366,620 $910,961
======== ======== ======= ======== ======== ======== ========
Net assets consist of:
Contractholders' net
payments.............. $137,316 $172,448 $81,712 $523,133 $336,452 $340,664 $901,507
Undistributed net
investment income..... 11,823 16,134 3,911 15,742 11,223 11,988 70,516
Accumulated net realized
gain (loss) on
investments........... (3,986) (7,127) (414) 0 1,413 4,858 (46,479)
Net unrealized
appreciation
(depreciation) of
investments........... (5,997) (6,261) (1,204) 0 56,375 9,110 (14,583)
-------- -------- ------- -------- -------- -------- --------
Net assets................. $139,156 $175,194 $84,005 $538,875 $405,463 $366,620 $910,961
======== ======== ======= ======== ======== ======== ========
Number of units
outstanding*............. 13,589 17,640 8,119 50,236 29,908 29,982 85,939
-------- -------- ------- -------- -------- -------- --------
Net asset value per unit
outstanding*............. $ 10.24 $ 9.93 $ 10.35 $ 10.73 $ 13.56 $ 12.23 $ 10.60
======== ======== ======= ======== ======== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
44
<PAGE> 47
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY
GROWTH BOND GROWTH INCOME GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 54,200 39,704 319,404 143,049 39,628 76,606
======== ======== ========== ======== ======== ========
Investments at cost................ $470,539 $193,710 $1,959,150 $856,019 $302,541 $409,258
======== ======== ========== ======== ======== ========
Investments in respective Funds, at
net asset value.................. $445,525 $190,976 $2,031,412 $905,499 $347,143 $396,820
Amount due from MONY America....... 2,263 1,616 12,125 4,731 647 2,177
Amount due from respective Funds... 74 42 339 181 2 23
-------- -------- ---------- -------- -------- --------
Total assets............... 447,862 192,634 2,043,876 910,411 347,792 399,020
-------- -------- ---------- -------- -------- --------
LIABILITIES
Amount due to MONY America......... 133 68 601 301 48 77
Amount due to respective Funds..... 2,263 1,616 12,125 4,731 647 2,177
-------- -------- ---------- -------- -------- --------
Total liabilities.......... 2,396 1,684 12,726 5,032 695 2,254
-------- -------- ---------- -------- -------- --------
Net assets......................... $445,466 $190,950 $2,031,150 $905,379 $347,097 $396,766
======== ======== ========== ======== ======== ========
Net assets consist of:
Contractholders' net payments.... $463,560 $189,197 $1,905,526 $842,877 $291,262 $409,374
Undistributed net investment
income (loss).................. 1,476 6,077 (4,380) (1,658) (698) (851)
Accumulated net realized gain
(loss) on investments.......... 5,444 (1,590) 57,742 14,680 11,931 681
Net unrealized appreciation
(depreciation) of
investments.................... (25,014) (2,734) 72,262 49,480 44,602 (12,438)
-------- -------- ---------- -------- -------- --------
Net assets......................... $445,466 $190,950 $2,031,150 $905,379 $347,097 $396,766
======== ======== ========== ======== ======== ========
Number of units outstanding*....... 36,554 18,627 168,217 74,469 21,628 38,963
-------- -------- ---------- -------- -------- --------
Net asset value per unit
outstanding*..................... $ 12.19 $ 10.25 $ 12.07 $ 12.16 $ 16.05 $ 10.18
======== ======== ========== ======== ======== ========
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------
CAPITAL MUTI-CAP
APPRECIATION GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 30,053 14,231 23,469
======== ======== ========
Investments at cost................ $220,189 $209,334 $119,389
======== ======== ========
Investments in respective Funds, at
net asset value.................. $242,225 $191,554 $121,571
Amount due from MONY America....... 2,719 53 0
Amount due from respective Funds... 47 31 17
-------- -------- --------
Total assets............... 244,991 191,638 121,588
-------- -------- --------
LIABILITIES
Amount due to MONY America......... 78 56 33
Amount due to respective Funds..... 2,719 53 0
-------- -------- --------
Total liabilities.......... 2,797 109 33
-------- -------- --------
Net assets......................... $242,194 $191,529 $121,555
======== ======== ========
Net assets consist of:
Contractholders' net payments.... $211,405 $206,608 $119,395
Undistributed net investment
income (loss).................. (540) (211) (27)
Accumulated net realized gain
(loss) on investments.......... 9,293 2,912 5
Net unrealized appreciation
(depreciation) of
investments.................... 22,036 (17,780) 2,182
-------- -------- --------
Net assets......................... $242,194 $191,529 $121,555
======== ======== ========
Number of units outstanding*....... 16,709 16,345 11,881
-------- -------- --------
Net asset value per unit
outstanding*..................... $ 14.50 $ 11.72 $ 10.23
======== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
45
<PAGE> 48
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
DREYFUS ------------------------------------------
DREYFUS SOCIALLY VIP III
STOCK RESPONSIBLE VIP VIP II GROWTH
INDEX GROWTH GROWTH CONTRA OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- ----------- ----------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 5,644 185 2,797 3,107 773
======== ====== ======== ======= =======
Investments at cost................ $208,408 $7,027 $141,970 $79,565 $16,255
======== ====== ======== ======= =======
Investments in respective Funds, at
net asset value.................. $214,593 $7,395 $143,760 $77,767 $15,905
Amount due from MONY America....... 0 0 0 0 0
Amount due from respective Funds... 46 0 32 0 0
-------- ------ -------- ------- -------
Total assets............... 214,639 7,395 143,792 77,767 15,905
-------- ------ -------- ------- -------
LIABILITIES
Amount due to MONY America......... 74 1 49 9 2
Amount due to respective Funds..... 0 0 0 0 0
-------- ------ -------- ------- -------
Total liabilities.......... 74 1 49 9 2
-------- ------ -------- ------- -------
Net assets......................... $214,565 $7,394 $143,743 $77,758 $15,903
======== ====== ======== ======= =======
Net assets consist of:
Contractholders' net payments.... $199,785 $6,968 $120,647 $76,858 $16,170
Undistributed net investment
income (loss).................. 1,006 (9) 19,609 4,639 524
Accumulated net realized gain
(loss) on investments.......... 7,589 67 1,697 (1,941) (441)
Net unrealized appreciation
(depreciation) of
investments.................... 6,185 368 1,790 (1,798) (350)
-------- ------ -------- ------- -------
Net assets......................... $214,565 $7,394 $143,743 $77,758 $15,903
======== ====== ======== ======= =======
Number of units outstanding*....... 20,188 679 12,307 7,448 1,601
-------- ------ -------- ------- -------
Net asset value per unit
outstanding*..................... $ 10.63 $10.88 $ 11.68 $ 10.44 $ 9.93
======== ====== ======== ======= =======
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------
JANUS ASPEN SERIES
---------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 2,325 1,876 5,772 2,508
======== ======= ======== ========
Investments at cost................ $144,484 $51,768 $199,618 $123,422
======== ======= ======== ========
Investments in respective Funds, at
net asset value.................. $129,709 $49,366 $183,135 $120,478
Amount due from MONY America....... 0 0 0 0
Amount due from respective Funds... 15 33 0 24,642
-------- ------- -------- --------
Total assets............... 129,724 49,399 183,135 145,120
-------- ------- -------- --------
LIABILITIES
Amount due to MONY America......... 33 39 22 24,657
Amount due to respective Funds..... 0 0 0 0
-------- ------- -------- --------
Total liabilities.......... 33 39 22 24,657
-------- ------- -------- --------
Net assets......................... $129,691 $49,360 $183,113 $120,463
======== ======= ======== ========
Net assets consist of:
Contractholders' net payments.... $133,960 $48,432 $198,149 $119,080
Undistributed net investment
income (loss).................. 9,944 3,200 461 1,603
Accumulated net realized gain
(loss) on investments.......... 562 130 986 2,724
Net unrealized appreciation
(depreciation) of
investments.................... (14,775) (2,402) (16,483) (2,944)
-------- ------- -------- --------
Net assets......................... $129,691 $49,360 $183,113 $120,463
======== ======= ======== ========
Number of units outstanding*....... 11,059 4,700 15,301 10,234
-------- ------- -------- --------
Net asset value per unit
outstanding*..................... $ 11.73 $ 10.50 $ 11.97 $ 11.77
======== ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
46
<PAGE> 49
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend investment income........ $ 8,535 $11,858 $ 3,812 $11,593 $ 0 $ 0 $ 0
Distribution from capital gains... 0 0 0 0 0 0 0
Mortality and expense risk
charges......................... (218) (273) (118) (719) (498) (531) (1,323)
------- ------- ------- ------- ------- ------ --------
Net investment income (loss)...... 8,317 11,585 3,694 10,874 (498) (531) (1,323)
------- ------- ------- ------- ------- ------ --------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments.................. (3,418) (5,093) (149) 0 2,961 2,205 (40,614)
Net change in unrealized
appreciation (depreciation)
of investments............... (2,780) 1,141 (1,461) 0 44,821 (39) 27,026
------- ------- ------- ------- ------- ------ --------
Net realized and unrealized gain
(loss) on investments........... (6,198) (3,952) (1,610) 0 47,782 2,166 (13,588)
------- ------- ------- ------- ------- ------ --------
Net increase (decrease) in net
assets resulting from
operations...................... $ 2,119 $ 7,633 $ 2,084 $10,874 $47,284 $1,635 $(14,911)
======= ======= ======= ======= ======= ====== ========
</TABLE>
See notes to financial statements.
47
<PAGE> 50
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY
GROWTH BOND GROWTH INCOME GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------ ------------ ------------ -------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2000 2000 2000 2000 2000
------------- ------------ ------------ ------------ -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend investment income............... $ 0 $ 3,740 $ 0 $ 0 $ 0
Distribution from capital gains.......... 0 0 0 0 0
Mortality and expense risk charges....... (531) (136) (2,700) (1,101) (467)
-------- ------- -------- ------- -------
Net investment income (loss)............. (531) 3,604 (2,700) (1,101) (467)
-------- ------- -------- ------- -------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments.......................... 4,479 (1,049) 52,917 1,847 9,320
Net change in unrealized appreciation
(depreciation) of investments........ (51,426) (1,762) (64,021) 27,336 (4,423)
-------- ------- -------- ------- -------
Net realized and unrealized gain (loss)
on investments......................... (46,947) (2,811) (11,104) 29,183 4,897
-------- ------- -------- ------- -------
Net increase (decrease) in net assets
resulting from operations.............. $(47,478) $ 793 $(13,804) $28,082 $ 4,430
======== ======= ======== ======= =======
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------
EQUITY CAPITAL MULTI-CAP
INCOME APPRECIATION GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------ --------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE PERIOD
MONTHS ENDED MONTHS ENDED MONTHS ENDED MAY 4, 2000**
JUNE 30, JUNE 30, JUNE 30, THROUGH
2000 2000 2000 JUNE 30, 2000
------------ ------------ ------------ --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend investment income............... $ 0 $ 0 $ 0 $ 0
Distribution from capital gains.......... 0 0 0 0
Mortality and expense risk charges....... (674) (348) (203) (27)
-------- -------- -------- ------
Net investment income (loss)............. (674) (348) (203) (27)
-------- -------- -------- ------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments.......................... 25 6,951 2,877 5
Net change in unrealized appreciation
(depreciation) of investments........ (12,623) (19,655) (22,629) 2,182
-------- -------- -------- ------
Net realized and unrealized gain (loss)
on investments......................... (12,598) (12,704) (19,752) 2,187
-------- -------- -------- ------
Net increase (decrease) in net assets
resulting from operations.............. $(13,272) $(13,052) $(19,955) $2,160
======== ======== ======== ======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
48
<PAGE> 51
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
DREYFUS -----------------------------------------------
DREYFUS SOCIALLY VIP III
STOCK RESPONSIBLE VIP VIP II GROWTH
INDEX GROWTH GROWTH CONTRA FUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ----------------- ------------ ------------ -----------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 7, 2000** MONTHS ENDED MONTHS ENDED JANUARY 7, 2000**
JUNE 30, THROUGH JUNE 30, JUNE 30, THROUGH
2000 JUNE 30, 2000 2000 2000 JUNE 30, 2000
------------ ----------------- ------------ ------------ -----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend investment income........... $ 862 $ 1 $ 165 $ 127 $ 87
Distribution from capital gains...... 166 0 19,688 4,598 455
Mortality and expense risk charges... (328) (10) (244) (84) (18)
------- ---- ------- ------- -----
Net investment income (loss)......... 700 (9) 19,609 4,641 524
------- ---- ------- ------- -----
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments...................... 7,562 67 1,697 (1,938) (441)
Net change in unrealized
appreciation (depreciation) of
investments...................... 4,948 368 1,627 (2,448) (350)
------- ---- ------- ------- -----
Net realized and unrealized gain
(loss) on investments.............. 12,510 435 3,324 (4,386) (791)
------- ---- ------- ------- -----
Net increase (decrease) in net assets
resulting from operations.......... $13,210 $426 $22,933 $ 255 $(267)
======= ==== ======= ======= =====
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------
JANUS ASPEN SERIES
---------------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------ ------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2000 2000 2000 2000
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend investment income........... $ 6,878 $ 824 $ 575 $ 427
Distribution from capital gains...... 3,203 2,306 74 1,275
Mortality and expense risk charges... (136) (62) (189) (96)
-------- ------- -------- -------
Net investment income (loss)......... 9,945 3,068 460 1,606
-------- ------- -------- -------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments...................... 558 130 985 2,715
Net change in unrealized
appreciation (depreciation) of
investments...................... (15,200) (2,784) (16,742) (4,591)
-------- ------- -------- -------
Net realized and unrealized gain
(loss) on investments.............. (14,642) (2,654) (15,757) (1,876)
-------- ------- -------- -------
Net increase (decrease) in net assets
resulting from operations.......... $ (4,697) $ 414 $(15,297) $ (270)
======== ======= ======== =======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
49
<PAGE> 52
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT
TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------------------- ------------------------------------ -------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JANUARY 11, 1999** FOR THE SIX FEBRUARY 12, 1999** FOR THE SIX
MONTHS ENDED THROUGH MONTHS ENDED THROUGH MONTHS ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000
------------- ------------------- ------------- -------------------- -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ 8,317 $ 3,506 $ 11,585 $ 4,549 $ 3,694
Net realized gain (loss) on
investments................. (3,418) (568) (5,093) (2,034) (149)
Net change in unrealized
appreciation (depreciation)
of investments.............. (2,780) (3,217) 1,141 (7,402) (1,461)
-------- ------- -------- -------- -------
Net increase (decrease) in net
assets resulting from
operations.................... 2,119 (279) 7,633 (4,887) 2,084
-------- ------- -------- -------- -------
From unit transactions:
Net proceeds from the issuance
of units.................... 57,676 97,805 66,174 131,515 35,004
Net asset value of units
redeemed or used to meet
contract obligations........ (10,891) (7,274) (11,909) (13,332) (3,012)
-------- ------- -------- -------- -------
Net increase from unit
transactions.................. 46,785 90,531 54,265 118,183 31,992
-------- ------- -------- -------- -------
Net increase in net assets...... 48,904 90,252 61,898 113,296 34,076
Net assets beginning of
period........................ 90,252 0 113,296 0 49,929
-------- ------- -------- -------- -------
Net assets end of period*....... $139,156 $90,252 $175,194 $113,296 $84,005
======== ======= ======== ======== =======
Unit transactions:
Units outstanding beginning of
period........................ 8,951 0 12,005 0 4,962
Units issued during the
period........................ 5,897 9,671 6,888 13,368 3,454
Units redeemed during the
period........................ (1,259) (720) (1,253) (1,363) (297)
-------- ------- -------- -------- -------
Units outstanding end of
period........................ 13,589 8,951 17,640 12,005 8,119
======== ======= ======== ======== =======
---------------
* Includes undistributed net
investment income of: $ 11,823 $ 3,506 $ 16,134 $ 4,549 $ 3,911
======== ======= ======== ======== =======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------
MONY SERIES FUND, INC.
----------------------------------------------------------
GOVERNMENT MONEY
SECURITIES MARKET
SUBACCOUNT SUBACCOUNT
-------------------- -----------------------------------
FOR THE PERIOD FOR THE PERIOD
FEBRUARY 12, 1999** FOR THE SIX JANUARY 11, 1999**
THROUGH MONTHS ENDED THROUGH
DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
-------------------- ------------- -------------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ 217 $ 10,874 $ 4,868
Net realized gain (loss) on
investments................. (265) 0 0
Net change in unrealized
appreciation (depreciation)
of investments.............. 257 0 0
------- --------- ---------
Net increase (decrease) in net
assets resulting from
operations.................... 209 10,874 4,868
------- --------- ---------
From unit transactions:
Net proceeds from the issuance
of units.................... 57,178 994,358 486,468
Net asset value of units
redeemed or used to meet
contract obligations........ (7,458) (692,751) (264,942)
------- --------- ---------
Net increase from unit
transactions.................. 49,720 301,607 221,526
------- --------- ---------
Net increase in net assets...... 49,929 312,481 226,394
Net assets beginning of
period........................ 0 226,394 0
------- --------- ---------
Net assets end of period*....... $49,929 $ 538,875 $ 226,394
======= ========= =========
Unit transactions:
Units outstanding beginning of
period........................ 0 21,669 0
Units issued during the
period........................ 5,703 94,446 46,291
Units redeemed during the
period........................ (741) (65,879) (24,622)
------- --------- ---------
Units outstanding end of
period........................ 4,962 50,236 21,669
======= ========= =========
---------------
* Includes undistributed net
investment income of: $ 217 $ 15,742 $ 4,868
======= ========= =========
** Commencement of operations
</TABLE>
See notes to financial statements
50
<PAGE> 53
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE
SUBACCOUNT SUBACCOUNT
---------------------------------- ---------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JANUARY 11, 1999** FOR THE SIX JANUARY 7, 1999**
MONTHS ENDED THROUGH MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------- ------------------ ------------- -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)................ $ (498) $ 11,721 $ (531) $ 12,519
Net realized gain (loss) on investments..... 2,961 (1,548) 2,205 2,653
Net change in unrealized appreciation
(depreciation) of investments............. 44,821 11,554 (39) 9,149
-------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations................... 47,284 21,727 1,635 24,321
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units..... 156,049 228,368 144,085 243,690
Net asset value of units redeemed or used to
meet contract obligations................. (20,562) (27,403) (28,008) (19,103)
-------- -------- -------- --------
Net increase from unit transactions.......... 135,487 200,965 116,077 224,587
-------- -------- -------- --------
Net increase in net assets................... 182,771 222,692 117,712 248,908
Net assets beginning of period............... 222,692 0 248,908 0
-------- -------- -------- --------
Net assets end of period*.................... $405,463 $222,692 $366,620 $248,908
======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period........ 19,286 0 20,346 0
Units issued during the period............... 12,276 21,811 11,953 22,000
Units redeemed during the period............. (1,654) (2,525) (2,317) (1,654)
-------- -------- -------- --------
Units outstanding end of period.............. 29,908 19,286 29,982 20,346
======== ======== ======== ========
---------------
* Includes undistributed net investment
income of: $ 11,223 $ 11,721 $ 11,988 $ 12,519
======== ======== ======== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL
MANAGED GROWTH
SUBACCOUNT SUBACCOUNT
--------------------------------- ---------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JANUARY 4, 1999** FOR THE SIX JANUARY 4, 1999**
MONTHS ENDED THROUGH MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------- ----------------- ------------- -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)................ $ (1,323) $ 71,839 $ (531) $ 2,007
Net realized gain (loss) on investments..... (40,614) (5,865) 4,479 965
Net change in unrealized appreciation
(depreciation) of investments............. 27,026 (41,609) (51,426) 26,412
-------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations................... (14,911) 24,365 (47,478) 29,384
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units..... 372,734 677,394 361,654 117,483
Net asset value of units redeemed or used to
meet contract obligations................. (80,415) (68,206) (11,812) (3,765)
-------- -------- -------- --------
Net increase from unit transactions.......... 292,319 609,188 349,842 113,718
-------- -------- -------- --------
Net increase in net assets................... 277,408 633,553 302,364 143,102
Net assets beginning of period............... 633,553 0 143,102 0
-------- -------- -------- --------
Net assets end of period*.................... $910,961 $633,553 $445,466 $143,102
======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period........ 58,038 0 10,372 0
Units issued during the period............... 35,504 64,524 27,117 10,713
Units redeemed during the period............. (7,603) (6,486) (935) (341)
-------- -------- -------- --------
Units outstanding end of period.............. 85,939 58,038 36,554 10,372
======== ======== ======== ========
---------------
* Includes undistributed net investment
income of: $ 70,516 $ 71,839 $ 1,476 $ 2,007
======== ======== ======== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------
HIGH YIELD
BOND
SUBACCOUNT
---------------------------------
FOR THE PERIOD
FOR THE SIX JANUARY 6, 1999**
MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999
------------- -----------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)................ $ 3,604 $ 2,473
Net realized gain (loss) on investments..... (1,049) (541)
Net change in unrealized appreciation
(depreciation) of investments............. (1,762) (972)
-------- -------
Net increase (decrease) in net assets
resulting from operations................... 793 960
-------- -------
From unit transactions:
Net proceeds from the issuance of units..... 147,187 56,495
Net asset value of units redeemed or used to
meet contract obligations................. (7,704) (6,781)
-------- -------
Net increase from unit transactions.......... 139,483 49,714
-------- -------
Net increase in net assets................... 140,276 50,674
Net assets beginning of period............... 50,674 0
-------- -------
Net assets end of period*.................... $190,950 $50,674
======== =======
Unit transactions:
Units outstanding beginning of period........ 4,921 0
Units issued during the period............... 14,463 5,588
Units redeemed during the period............. (757) (667)
-------- -------
Units outstanding end of period.............. 18,627 4,921
======== =======
---------------
* Includes undistributed net investment
income of: $ 6,077 $ 2,473
======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
51
<PAGE> 54
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------
GROWTH AND
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
--------------------------------- ----------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JANUARY 4, 1999** FOR THE SIX JANUARY 11, 1999**
MONTHS ENDED THROUGH MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------- ----------------- ------------- ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).................... $ (2,700) $ (1,680) $ (1,101) $ (557)
Net realized gain (loss) on investments......... 52,917 4,825 1,847 12,833
Net change in unrealized appreciation
(depreciation) of investments................. (64,021) 136,283 27,336 22,144
---------- ---------- -------- ---------
Net increase (decrease) in net assets resulting
from operations................................. (13,804) 139,428 28,082 34,420
---------- ---------- -------- ---------
From unit transactions:
Net proceeds from the issuance of units......... 943,231 1,261,158 483,118 554,185
Net asset value of units redeemed or used to
meet contract obligations..................... (203,713) (95,150) (43,829) (150,597)
---------- ---------- -------- ---------
Net increase from unit transactions.............. 739,518 1,166,008 439,289 403,588
---------- ---------- -------- ---------
Net increase in net assets....................... 725,714 1,305,436 467,371 438,008
Net assets beginning of period................... 1,305,436 0 438,008 0
---------- ---------- -------- ---------
Net assets end of period*........................ $2,031,150 $1,305,436 $905,379 $ 438,008
========== ========== ======== =========
Unit transactions:
Units outstanding beginning of period............ 104,634 0 36,957 0
Units issued during the period................... 80,317 113,122 41,299 49,867
Units redeemed during the period................. (16,734) (8,488) (3,787) (12,910)
---------- ---------- -------- ---------
Units outstanding end of period.................. 168,217 104,634 74,469 36,957
========== ========== ======== =========
---------------
* Includes undistributed net investment income
(loss) of: $ (4,380) $ (1,680) $ (1,658) $ (557)
========== ========== ======== =========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
SMALL COMPANY EQUITY
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
--------------------------------- ---------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JANUARY 4, 1999** FOR THE SIX JANUARY 4, 1999**
MONTHS ENDED THROUGH MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------- ----------------- ------------- -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).................... $ (467) $ (231) $ (674) $ (177)
Net realized gain (loss) on investments......... 9,320 2,611 25 656
Net change in unrealized appreciation
(depreciation) of investments................. (4,423) 49,025 (12,623) 185
-------- -------- -------- --------
Net increase (decrease) in net assets resulting
from operations................................. 4,430 51,405 (13,272) 664
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units......... 151,568 166,044 51,123 396,878
Net asset value of units redeemed or used to
meet contract obligations..................... (12,162) (14,188) (26,340) (12,287)
-------- -------- -------- --------
Net increase from unit transactions.............. 139,406 151,856 24,783 384,591
-------- -------- -------- --------
Net increase in net assets....................... 143,836 203,261 11,511 385,255
Net assets beginning of period................... 203,261 0 385,255 0
-------- -------- -------- --------
Net assets end of period*........................ $347,097 $203,261 $396,766 $385,255
======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period............ 13,029 0 36,431 0
Units issued during the period................... 9,342 14,338 5,104 37,590
Units redeemed during the period................. (743) (1,309) (2,572) (1,159)
-------- -------- -------- --------
Units outstanding end of period.................. 21,628 13,029 38,963 36,431
======== ======== ======== ========
---------------
* Includes undistributed net investment income
(loss) of: $ (698) $ (231) $ (851) $ (177)
======== ======== ======== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------
CAPITAL
APPRECIATION
SUBACCOUNT
----------------------------------
FOR THE PERIOD
FOR THE SIX JANUARY 11, 1999**
MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999
------------- ------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss).................... $ (348) $ (192)
Net realized gain (loss) on investments......... 6,951 2,342
Net change in unrealized appreciation
(depreciation) of investments................. (19,655) 41,691
-------- --------
Net increase (decrease) in net assets resulting
from operations................................. (13,052) 43,841
-------- --------
From unit transactions:
Net proceeds from the issuance of units......... 99,836 131,349
Net asset value of units redeemed or used to
meet contract obligations..................... (11,755) (8,025)
-------- --------
Net increase from unit transactions.............. 88,081 123,324
-------- --------
Net increase in net assets....................... 75,029 167,165
Net assets beginning of period................... 167,165 0
-------- --------
Net assets end of period*........................ $242,194 $167,165
======== ========
Unit transactions:
Units outstanding beginning of period............ 10,726 0
Units issued during the period................... 6,784 11,402
Units redeemed during the period................. (801) (676)
-------- --------
Units outstanding end of period.................. 16,709 10,726
======== ========
---------------
* Includes undistributed net investment income
(loss) of: $ (540) $ (192)
======== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
52
<PAGE> 55
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------
MULTI-CAP DREYFUS
GROWTH BALANCE STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------------------- -------------- -----------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FOR THE SIX NOVEMBER 10, 1999** MAY 4, 2000** FOR THE SIX NOVEMBER 10, 1999**
MONTHS ENDED THROUGH THROUGH MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 JUNE 30, 2000 DECEMBER 31, 1999
------------- ------------------- -------------- ------------- -------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).......... $ (203) $ (8) $ (27) $ 700 $ 306
Net realized gain (loss) on
investments......................... 2,877 35 5 7,562 27
Net change in unrealized appreciation
(depreciation) of investments....... (22,629) 4,849 2,182 4,948 1,237
-------- ------- -------- --------- -------
Net increase (decrease) in net assets
resulting from operations........... (19,955) 4,876 2,160 13,210 1,570
-------- ------- -------- --------- -------
From unit transactions:
Net proceeds from the insurance of
units............................... 176,553 39,067 120,291 283,922 48,446
Net asset value of units redeemed or
used to meet contract obligations... (8,774) (238) (896) (131,671) (912)
-------- ------- -------- --------- -------
Net increase from unit transactions.... 167,779 38,829 119,395 152,251 47,534
-------- ------- -------- --------- -------
Net increase in net assets............. 147,824 43,705 121,555 165,461 49,104
Net assets beginning of period......... 43,705 0 0 49,104 0
-------- ------- -------- --------- -------
Net assets end of period*.............. $191,529 $43,705 $121,555 $ 214,565 $49,104
======== ======= ======== ========= =======
Unit transactions:
Units outstanding beginning of
period................................ 3,425 0 0 4,587 0
Units issued during the period......... 13,640 3,445 11,970 27,512 4,675
Units redeemed during the period....... (720) (20) (89) (11,911) (88)
-------- ------- -------- --------- -------
Units outstanding end of period........ 16,345 3,425 11,881 20,188 4,587
======== ======= ======== ========= =======
---------------
* Includes undistributed net
investment income (loss) of: $ (211) $ (8) $ (27) $ 1,006 $ 306
======== ======= ======== ========= =======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------
DREYFUS
SOCIALLY
RESPONSIBLE
GROWTH
SUBACCOUNT
-----------------
FOR THE PERIOD
JANUARY 7, 2000**
THROUGH
JUNE 30, 2000
-----------------
(UNAUDITED)
<S> <C>
From operations:
Net investment income (loss).......... $ (9)
Net realized gain (loss) on
investments......................... 67
Net change in unrealized appreciation
(depreciation) of investments....... 368
-------
Net increase (decrease) in net assets
resulting from operations........... 426
-------
From unit transactions:
Net proceeds from the insurance of
units............................... 8,689
Net asset value of units redeemed or
used to meet contract obligations... (1,721)
-------
Net increase from unit transactions.... 6,968
-------
Net increase in net assets............. 7,394
Net assets beginning of period......... 0
-------
Net assets end of period*.............. $ 7,394
=======
Unit transactions:
Units outstanding beginning of
period................................ 0
Units issued during the period......... 840
Units redeemed during the period....... (161)
-------
Units outstanding end of period........ 679
=======
---------------
* Includes undistributed net
investment income (loss) of: $ (9)
=======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
------------------------------------------------------------------------
VIP VIP II
GROWTH CONTRA FUND
SUBACCOUNT SUBACCOUNT
----------------------------------- ----------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX NOVEMBER 15, 1999** FOR THE SIX DECEMBER 8, 1999**
MONTHS ENDED THROUGH MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------- ------------------- ------------- ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).......... $ 19,609 $ 0 $ 4,641 $ (2)
Net realized gain (loss) on
investments......................... 1,697 0 (1,938) (3)
Net change in unrealized appreciation
(depreciation) of investments....... 1,627 163 (2,448) 650
--------- ------- ------- -------
Net increase (decrease) in net assets
resulting from operations........... 22,933 163 255 645
--------- ------- ------- -------
From unit transactions:
Net proceeds from the insurance of
units............................... 240,589 9,854 69,858 11,394
Net asset value of units redeemed or
used to meet contract obligations... (129,792) (4) (3,753) (641)
--------- ------- ------- -------
Net increase from unit transactions.... 110,797 9,850 66,105 10,753
--------- ------- ------- -------
Net increase in net assets............. 133,730 10,013 66,360 11,398
Net assets beginning of period......... 10,013 0 11,398 0
--------- ------- ------- -------
Net assets end of period*.............. $ 143,743 $10,013 $77,758 $11,398
========= ======= ======= =======
Unit transactions:
Units outstanding beginning of
period................................ 899 0 1,075 0
Units issued during the period......... 21,886 899 6,733 1,139
Units redeemed during the period....... (10,478) 0 (360) (64)
--------- ------- ------- -------
Units outstanding end of period........ 12,307 899 7,448 1,075
========= ======= ======= =======
---------------
* Includes undistributed net
investment income (loss) of: $ 19,609 $ 0 $ 4,639 $ (2)
========= ======= ======= =======
** Commencement of operations
</TABLE>
See notes to financial statements.
53
<PAGE> 56
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------
FIDELITY VARIABLE
INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
----------------- --------------------------------------------------
VIP III
GROWTH AGGRESSIVE
OPPORTUNITIES GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ---------------------------------- -------------
FOR THE PERIOD FOR THE PERIOD
JANUARY 7, 2000** FOR THE SIX DECEMBER 6, 1999** FOR THE SIX
THROUGH MONTHS ENDED THROUGH MONTHS ENDED
JUNE 30, 2000 JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000
----------------- ------------- ------------------ -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)........................... $ 524 $ 9,945 $ (1) $ 3,068
Net realized gain (loss) on investments................ (441) 558 4 130
Net change in unrealized appreciation (depreciation) of
investments.......................................... (350) (15,200) 425 (2,784)
------- -------- ------- -------
Net increase (decrease) in net assets resulting from
operations........................................... (267) (4,697) 428 414
------- -------- ------- -------
From unit transactions:
Net proceeds from the insurance of units............... 20,033 132,013 10,287 38,700
Net asset value of units redeemed or used to meet
contract obligations................................. (3,863) (8,269) (71) (2,493)
------- -------- ------- -------
Net increase from unit transactions..................... 16,170 123,744 10,216 36,207
------- -------- ------- -------
Net increase in net assets............................. 15,903 119,047 10,644 36,621
Net assets beginning of period......................... 0 10,644 0 12,739
------- -------- ------- -------
Net assets end of period*............................... $15,903 $129,691 $10,644 $49,360
======= ======== ======= =======
Unit transactions:
Units outstanding beginning of period................... 0 920 0 1,220
Units issued during the period.......................... 1,990 10,849 927 3,720
Units redeemed during the period........................ (389) (710) (7) (240)
------- -------- ------- -------
Units outstanding end of period......................... 1,601 11,059 920 4,700
======= ======== ======= =======
---------------
* Includes undistributed net investment income (loss)
of: 524 $ 9,944 $ (1) $ 3,200
======= ======== ======= =======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------------------------
JANUS ASPEN SERIES FUND
--------------------------------------------------------
CAPITAL
BALANCED APPRECIATION
SUBACCOUNT SUBACCOUNT
------------------ -----------------------------------
FOR THE PERIOD FOR THE PERIOD
DECEMBER 6, 1999** FOR THE SIX NOVEMBER 10, 1999**
THROUGH MONTHS ENDED THROUGH
DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ------------- -------------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)........................... $ 132 $ 460 $ 1
Net realized gain (loss) on investments................ 0 985 1
Net change in unrealized appreciation (depreciation) of
investments.......................................... 382 (16,742) 259
------- -------- ------
Net increase (decrease) in net assets resulting from
operations........................................... 514 (15,297) 261
------- -------- ------
From unit transactions:
Net proceeds from the insurance of units............... 12,929 205,761 1,062
Net asset value of units redeemed or used to meet
contract obligations................................. (704) (8,663) (11)
------- -------- ------
Net increase from unit transactions..................... 12,225 197,098 1,051
------- -------- ------
Net increase in net assets............................. 12,739 181,801 1,312
Net assets beginning of period......................... 0 1,312 0
------- -------- ------
Net assets end of period*............................... $12,739 $183,113 $1,312
======= ======== ======
Unit transactions:
Units outstanding beginning of period................... 0 105 0
Units issued during the period.......................... 1,290 15,884 106
Units redeemed during the period........................ (70) (688) (1)
------- -------- ------
Units outstanding end of period......................... 1,220 15,301 105
======= ======== ======
---------------
* Includes undistributed net investment income (loss)
of: $ 132 $ 461 $ 1
======= ======== ======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------------------
JANUS ASPEN SERIES FUND
-----------------------------------
WORLDWIDE
GROWTH
SUBACCOUNT
-----------------------------------
FOR THE PERIOD
FOR THE SIX NOVEMBER 30, 1999**
MONTHS ENDED THROUGH
JUNE 30, 2000 DECEMBER 31, 1999
------------- -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)........................... $ 1,606 $ (3)
Net realized gain (loss) on investments................ 2,715 9
Net change in unrealized appreciation (depreciation) of
investments.......................................... (4,591) 1,647
-------- -------
Net increase (decrease) in net assets resulting from
operations........................................... (270) 1,653
-------- -------
From unit transactions:
Net proceeds from the insurance of units............... 115,659 11,276
Net asset value of units redeemed or used to meet
contract obligations................................. (7,712) (143)
-------- -------
Net increase from unit transactions..................... 107,947 11,133
-------- -------
Net increase in net assets............................. 107,677 12,786
Net assets beginning of period......................... 12,786 0
-------- -------
Net assets end of period*............................... $120,463 $12,786
======== =======
Unit transactions:
Units outstanding beginning of period................... 1,107 0
Units issued during the period.......................... 9,775 1,120
Units redeemed during the period........................ (648) (13)
-------- -------
Units outstanding end of period......................... 10,234 1,107
======== =======
---------------
* Includes undistributed net investment income (loss)
of: $ 1,603 $ (3)
======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
54
<PAGE> 57
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist) Variable Universal Life (MONYEquity
Master, MONY Custom Equity Master and MONY Custom Estate Master) and Corporate
Sponsored Variable Universal Life insurance policies. These policies are issued
by MONY America, which is a wholly-owned subsidiary of MONY Life Insurance
Company ("MONY"). For presentation purposes, the information related only to the
Variable Universal Life Insurance policies (MONY Custom Estate Master) is
presented here.
There are twenty-five MONY Custom Estate Master Subaccounts within the
Variable Account, each of which invests only in a corresponding portfolio of the
MONY Series Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust
("Enterprise"), Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen
Series (collectively, the "Funds"). Twenty-two subaccounts of the MONY Custom
Estate Master commenced operations during 1999. The Funds are registered under
the 1940 Act as an open end, diversified, management investment companies. The
Fund and Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investment:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized capital gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based on current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for Federal income tax purposes.
55
<PAGE> 58
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY America. A
surrender charge may be imposed by MONY America when a full or partial surrender
is requested by the policyholders. These deductions are treated as
contractholder redemptions by the Variable Account. The amount deducted for the
MONY Custom Estate Master subaccounts for the period ended June 30, 2000
aggregated $308,602.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.35% of the average daily net
assets of each of the MONY Custom Estate Master subaccounts. As investment
adviser to the Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the period ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio........................ $ 78,490 $ 31,917
Long Term Bond Portfolio................................ 87,834 33,835
Government Securities Portfolio......................... 40,536 8,658
Money Market Portfolio.................................. 1,306,249 1,005,318
Enterprise Accumulation Trust
Equity Portfolio........................................ 181,112 46,102
Small Company Value Portfolio........................... 154,652 39,095
Managed Portfolio....................................... 476,049 185,021
International Growth Portfolio.......................... 369,597 20,246
High Yield Bond Portfolio............................... 151,022 11,657
Growth Portfolio........................................ 1,279,714 542,818
Growth and Income Portfolio............................. 492,230 53,987
Small Company Growth Portfolio.......................... 160,837 21,880
Equity Income Portfolio................................. 67,099 42,989
Capital Appreciation Portfolio.......................... 110,842 23,102
</TABLE>
56
<PAGE> 59
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
Multi-Cap Growth Subaccount............................. $ 187,879 $ 20,283
Balanced Portfolio...................................... 120,291 907
Dreyfus
Stock Index Portfolio................................... 302,134 150,189
Socially Responsible Growth Portfolio................... 8,650 1,692
Insurance Products Funds
VIP Growth Portfolio.................................... 263,111 152,542
VIP II Contra Fund Portfolio............................ 88,440 22,411
VIP III Growth Opportunities Portfolio.................. 20,149 3,995
Janus Aspen Series
Aggressive Growth Portfolio............................. 135,284 11,660
Balanced Portfolio...................................... 39,728 3,579
Capital Appreciation Portfolio.......................... 236,537 39,606
Worldwide Growth Portfolio.............................. 151,830 43,966
</TABLE>
57
<PAGE> 60
MONY
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds..... 2,978 2,309 694 1,180 6,093 22,529
======== ======== ======= ======== ======== =======
Investments at cost................. $109,170 $ 54,153 $ 7,342 $ 13,969 $104,115 $22,529
======== ======== ======= ======== ======== =======
Investments in respective Funds at
net asset value................... $115,908 $ 43,516 $ 7,174 $ 14,275 $118,334 $22,529
Amount due from MONY................ 7 7 0 7 0 2
Amount due from respective Funds.... 135 98 0 80 0 110
-------- -------- ------- -------- -------- -------
Total assets.............. 116,050 43,621 7,174 14,362 118,334 22,641
======== ======== ======= ======== ======== =======
LIABILITIES
Amount due to MONY.................. 162 108 2 83 27 115
Amount due to respective Funds...... 7 7 0 7 0 2
-------- -------- ------- -------- -------- -------
Total liabilities......... 169 115 2 90 27 117
-------- -------- ------- -------- -------- -------
Net assets.......................... $115,881 $ 43,506 $ 7,172 $ 14,272 $118,307 $22,524
======== ======== ======= ======== ======== =======
Net assets consist of:
Contractholders' net payments..... $ 2,330 $ 6,340 $(4,039) $(20,658) $ 20,674 $(5,654)
Undistributed net investment
income......................... 60,651 35,804 10,191 29,162 73,172 28,178
Accumulated net realized gain
(loss) on investments.......... 46,162 11,999 1,188 5,462 10,242 0
Net unrealized appreciation
(depreciation) of
investments.................... 6,738 (10,637) (168) 306 14,219 0
-------- -------- ------- -------- -------- -------
Net assets.......................... $115,881 $ 43,506 $ 7,172 $ 14,272 $118,307 $22,524
======== ======== ======= ======== ======== =======
Number of units outstanding*........ 1,539 843 311 518 2,158 1,166
======== ======== ======= ======== ======== =======
Net asset value per unit
outstanding*...................... $ 75.32 $ 51.62 $ 23.06 $ 27.54 $ 54.81 $ 19.32
======== ======== ======= ======== ======== =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
58
<PAGE> 61
(This page intentionally left blank)
59
<PAGE> 62
MONY
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.................. 12,799 7,099 15,381 325,476
======== ======= ======== ========
Investments at cost.............................. $137,617 $75,683 $188,947 $325,476
======== ======= ======== ========
Investments in respective Funds at net asset
value.......................................... $135,671 $73,405 $186,106 $325,476
Amount due from MONY............................. 57 264 90 273
Amount due from respective Funds................. 259 1,128 78 25
-------- ------- -------- --------
Total assets........................... 135,987 74,797 186,274 325,774
-------- ------- -------- --------
LIABILITIES
Amount due to MONY............................... 299 1,149 131 127
Amount due to respective Funds................... 57 264 90 273
-------- ------- -------- --------
Total liabilities...................... 356 1,413 221 400
-------- ------- -------- --------
Net assets....................................... $135,631 $73,384 $186,053 $325,374
======== ======= ======== ========
Net assets consist of:
Contractholders' net payments.................. $130,446 $71,413 $180,163 $284,513
Undistributed net investment income (loss)..... 9,560 4,982 22,255 40,861
Accumulated net realized gain (loss) on
investments................................. (2,429) (733) (13,524) 0
Net unrealized appreciation (depreciation) of
investments................................. (1,946) (2,278) (2,841) 0
-------- ------- -------- --------
Net assets....................................... $135,631 $73,384 $186,053 $325,374
======== ======= ======== ========
Number of units outstanding*..................... 11,775 6,383 15,816 27,749
======== ======= ======== ========
Net asset value per unit outstanding*............ $ 11.52 $ 11.50 $ 11.76 $ 11.73
======== ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
60
<PAGE> 63
<TABLE>
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD GROWTH AND CAPITAL
EQUITY VALUE MANAGED GROWTH BOND GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
181,816 107,671 228,365 173,069 101,225 111,863 4,204 6,334
========== ========== ========== ========== ======== ======== ======= =======
$6,758,750 $3,222,026 $8,586,536 $1,366,436 $516,615 $701,943 $26,604 $48,865
========== ========== ========== ========== ======== ======== ======= =======
$8,258,103 $3,390,571 $8,063,575 $1,422,629 $486,890 $711,449 $26,608 $51,051
1,397 766 1,621 296 91 0 0 0
3,477 2,336 5,050 845 89 0 0 0
---------- ---------- ---------- ---------- -------- -------- ------- -------
8,262,977 3,393,673 8,070,246 1,423,770 487,070 711,449 26,608 51,051
---------- ---------- ---------- ---------- -------- -------- ------- -------
5,824 3,311 7,410 1,253 228 198 5 12
1,397 766 1,621 296 91 0 0 0
---------- ---------- ---------- ---------- -------- -------- ------- -------
7,221 4,077 9,031 1,549 319 198 5 12
---------- ---------- ---------- ---------- -------- -------- ------- -------
$8,255,756 $3,389,596 $8,061,215 $1,422,221 $486,751 $711,251 $26,603 $51,039
========== ========== ========== ========== ======== ======== ======= =======
$6,162,081 $2,928,747 $7,399,107 $1,228,790 $468,458 $702,512 $26,605 $48,901
513,965 212,275 1,684,203 41,355 72,185 (693) (13) (32)
80,357 80,029 (499,134) 95,883 (24,167) (74) 7 (16)
1,499,353 168,545 (522,961) 56,193 (29,725) 9,506 4 2,186
---------- ---------- ---------- ---------- -------- -------- ------- -------
$8,255,756 $3,389,596 $8,061,215 $1,422,221 $486,751 $711,251 $26,603 $51,039
========== ========== ========== ========== ======== ======== ======= =======
445,958 170,243 544,623 95,583 40,575 69,069 2,638 5,084
========== ========== ========== ========== ======== ======== ======= =======
$ 18.51 $ 19.91 $ 14.80 $ 14.88 $ 12.00 $ 10.30 $ 10.08 $ 10.04
========== ========== ========== ========== ======== ======== ======= =======
</TABLE>
61
<PAGE> 64
MONY
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
----------------------------------------------------------------
FIDELITY VARIABLE
INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
DREYFUS ----------------------- -------------------------
STOCK VIP VIP II CAPITAL WORLDWIDE
INDEX GROWTH CONTRAFUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............... 1,228 1,163 1,338 3,768 1,550
======= ======= ======= ======== =======
Investments at cost........................... $46,546 $57,099 $33,140 $118,964 $73,657
======= ======= ======= ======== =======
Investments in respective Funds at net asset
value....................................... $46,705 $59,758 $33,481 $119,568 $74,423
Amount due from MONY.......................... 0 0 0 0 0
Amount due from respective Funds.............. 0 0 0 0 0
------- ------- ------- -------- -------
Total assets........................ 46,705 59,758 33,481 119,568 74,423
------- ------- ------- -------- -------
LIABILITIES
Amount due to MONY............................ 12 14 9 22 19
Amount due to respective Funds................ 0 0 0 0 0
------- ------- ------- -------- -------
Total liabilities................... 12 14 9 22 19
------- ------- ------- -------- -------
Net assets.................................... $46,693 $59,744 $33,472 $119,546 $74,404
======= ======= ======= ======== =======
Net assets consist of:
Contractholders' net payments............... $46,443 $57,080 $33,155 $118,558 $72,692
Undistributed net investment income
(loss)................................... 83 (28) (21) 370 987
Accumulated net realized gain (loss) on
investments.............................. 8 33 (3) 14 (41)
Net unrealized appreciation (depreciation)
of investments........................... 159 2,659 341 604 766
------- ------- ------- -------- -------
Net assets.................................... $46,693 $59,744 $33,472 $119,546 $74,404
======= ======= ======= ======== =======
Number of units outstanding*.................. 4,640 5,478 3,341 12,198 7,615
======= ======= ======= ======== =======
Net asset value per unit outstanding*......... $ 10.06 $ 10.91 $ 10.02 $ 9.80 $ 9.77
======= ======= ======= ======== =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes
See notes to financial statements.
62
<PAGE> 65
MONY
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income...................... $ 0 $ 854 $ 436 $ 979 $ 457 $645
Distribution from capital gains...... 26,353 7,037 0 0 19,139 0
Mortality and expense risk charges... (357) (139) (23) (42) (351) (69)
-------- ------- ----- ----- -------- ----
Net investment income................ 25,996 7,752 413 937 19,245 576
-------- ------- ----- ----- -------- ----
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments..................... 3,818 (1,450) 5 4 678 0
Net change in unrealized
depreciation of investments..... (28,444) (8,187) (317) (236) (18,794) 0
-------- ------- ----- ----- -------- ----
Net realized and unrealized loss on
investments........................ (24,626) (9,637) (312) (232) (18,116) 0
-------- ------- ----- ----- -------- ----
Net increase (decrease) in net assets
resulting from operations.......... $ 1,370 $(1,885) $ 101 $ 705 $ 1,129 $576
======== ======= ===== ===== ======== ====
</TABLE>
See notes to financial statements.
63
<PAGE> 66
MONY
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------ ------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2000 2000 2000 2000
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend income................................ $ 7,817 $ 4,041 $ 12,521 $ 9,814
Distribution from capital gains................ 2 0 0 0
Mortality and expense risk charges............. (511) (249) (672) (1,302)
------- ------- -------- -------
Net investment income (loss)................... 7,308 3,792 11,849 8,512
------- ------- -------- -------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments...... (2,830) (1,052) (12,240) 0
Net change in unrealized appreciation
(depreciation) of investments............. (920) (1,808) 9,388 0
------- ------- -------- -------
Net realized and unrealized gain (loss) on
investments.................................. (3,750) (2,860) (2,852) 0
------- ------- -------- -------
Net increase (decrease) in net assets resulting
from operations.............................. $ 3,558 $ 932 $ 8,997 $ 8,512
======= ======= ======== =======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
64
<PAGE> 67
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD GROWTH AND CAPITAL
EQUITY VALUE MANAGED GROWTH BOND GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ------------ ------------- ------------ -------------- -------------- --------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MAY 2, 2000** MAY 2, 2000** MAY 2, 2000**
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30, THROUGH THROUGH THROUGH
2000 2000 2000 2000 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------ ------------- ------------ ------------- ------------ -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $ 0 $ 22,302 $ 0 $ 0 $ 0
0 0 0 0 0 0 0 0
(27,112) (11,581) (31,527) (5,085) (1,750) (693) (13) (32)
---------- -------- --------- --------- -------- ------ ---- ------
(27,112) (11,581) (31,527) (5,085) 20,552 (693) (13) (32)
---------- -------- --------- --------- -------- ------ ---- ------
39,394 62,700 (483,586) 32,938 (15,957) (74) 7 (16)
1,130,817 (51,889) 243,477 (198,830) (7,329) 9,506 4 2,186
---------- -------- --------- --------- -------- ------ ---- ------
1,170,211 10,811 (240,109) (165,892) (23,286) 9,432 11 2,170
---------- -------- --------- --------- -------- ------ ---- ------
$1,143,099 $ (770) $(271,636) $(170,977) $ (2,734) $8,739 $ (2) $2,138
========== ======== ========= ========= ======== ====== ==== ======
</TABLE>
See notes to financial statements.
65
<PAGE> 68
MONY
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------------------------------------------------
FIDELITY VARIABLE JANUS ASPEN
INSURANCE PRODUCTS FUNDS SERIES FUND
DREYFUS -------------------------------- -------------------------------
STOCK VIP VIP II CAPITAL WORLDWIDE
INDEX GROWTH CONTRAFUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- --------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 2, 2000** MAY 11, 2000** MAY 2, 2000** MAY 4, 2000** MAY 2, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- --------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend income................ $110 $ 0 $ 0 $371 $ 258
Distribution from capital
gains........................ 0 0 0 48 770
Mortality and expense risk
charges...................... (27) (28) (21) (49) (41)
---- ------ ---- ---- ------
Net investment income (loss)... 83 (28) (21) 370 987
---- ------ ---- ---- ------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............... 8 33 (3) 14 (41)
Net change in unrealized
appreciation of
investments............... 159 2,659 341 604 766
---- ------ ---- ---- ------
Net realized and unrealized
gain on investments.......... 167 2,692 338 618 725
---- ------ ---- ---- ------
Net increase in net assets
resulting from operations.... $250 $2,664 $317 $988 $1,712
==== ====== ==== ==== ======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
66
<PAGE> 69
(This page intentionally left blank)
67
<PAGE> 70
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
STRATEGIST
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
EQUITY GROWTH EQUITY INCOME
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net Investment income............................... $ 25,996 $ 7,272 $ 7,752 $ 8,201
Net realized gain (loss) on investments............. 3,818 13,987 (1,450) 2,686
Net change in unrealized appreciation (depreciation)
of investments.................................... (28,444) 13,421 (8,187) (7,388)
-------- -------- ------- --------
Net increase (decrease) in net assets resulting from
operations........................................ 1,370 34,680 (1,885) 3,499
-------- -------- ------- --------
From unit transactions:
Net proceeds from the issuance of units........... 4,579 7,933 3,928 7,489
Net asset value of units redeemed or used to meet
contract obligations........................... (11,409) (20,639) (7,995) (10,388)
-------- -------- ------- --------
Net decrease from unit transactions................. (6,830) (12,706) (4,067) (2,899)
-------- -------- ------- --------
Net increase (decrease) in net assets............... (5,460) 21,974 (5,952) 600
Net assets beginning of period...................... 121,341 99,367 49,458 48,858
-------- -------- ------- --------
Net assets end of period*........................... $115,881 $121,341 $43,506 $ 49,458
======== ======== ======= ========
Unit transactions:
Units outstanding beginning of period............... 1,629 1,830 919 975
Units issued during the period...................... 59 140 76 142
Units redeemed during the period.................... (149) (341) (152) (198)
-------- -------- ------- --------
Units outstanding end of period..................... 1,539 1,629 843 919
======== ======== ======= ========
---------------
* Includes undistributed net investment income of: $ 60,651 $ 34,655 $35,804 $ 28,052
======== ======== ======= ========
</TABLE>
See notes to financial statements.
68
<PAGE> 71
<TABLE>
<CAPTION>
STRATEGIST
---------------------------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------
INTERMEDIATE TERM BOND LONG TERM BOND DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 413 $ 301 $ 937 $ 788 $ 19,245 $ 12,288 $ 576 $ 1,030
5 50 4 64 678 3,544 0 0
(317) (379) (236) (2,130) (18,794) 11,962 0 0
------- ------ ------- ------- -------- -------- ------- -------
101 (28) 705 (1,278) 1,129 27,794 576 1,030
------- ------ ------- ------- -------- -------- ------- -------
204 407 331 650 974 1,832 112 183
(323) (630) (631) (1,309) (1,533) (9,349) (1,468) (2,906)
------- ------ ------- ------- -------- -------- ------- -------
(119) (223) (300) (659) (559) (7,517) (1,356) (2,723)
------- ------ ------- ------- -------- -------- ------- -------
(18) (251) 405 (1,937) 570 20,277 (780) (1,693)
7,190 7,441 13,867 15,804 117,737 97,460 23,304 24,997
------- ------ ------- ------- -------- -------- ------- -------
$ 7,172 $7,190 $14,272 $13,867 $118,307 $117,737 $22,524 $23,304
======= ====== ======= ======= ======== ======== ======= =======
316 327 529 554 2,169 2,330 1,237 1,385
9 17 12 24 18 40 6 9
(14) (28) (23) (49) (29) (201) (77) (157)
------- ------ ------- ------- -------- -------- ------- -------
311 316 518 529 2,158 2,169 1,166 1,237
======= ====== ======= ======= ======== ======== ======= =======
$10,191 $9,778 $29,162 $28,225 $ 73,172 $ 53,927 $28,178 $27,602
======= ====== ======= ======= ======== ======== ======= =======
</TABLE>
See notes to financial statements.
69
<PAGE> 72
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE TERM LONG TERM
SECURITIES BOND BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income.... $ 7,308 $ 1,852 $ 3,792 $ 1,106 $ 11,849 $ 7,264
Net realized gain (loss)
on investments......... (2,830) (668) (1,052) 244 (12,240) (5,908)
Net change in unrealized
appreciation
(depreciation) of
investments............ (920) (1,145) (1,808) (1,483) 9,388 (14,627)
-------- -------- -------- ------- -------- --------
Net increase (decrease)
in net assets resulting
from operations........ 3,558 39 932 (133) 8,997 (13,271)
-------- -------- -------- ------- -------- --------
From unit transactions:
Net proceeds from the
issuance of units.... 50,504 108,249 42,905 24,028 29,437 141,202
Net asset value of
units redeemed or
used to meet contract
obligations.......... (43,343) (32,265) (10,927) (7,376) (17,341) (83,258)
-------- -------- -------- ------- -------- --------
Net increase (decrease)
from unit
transactions........... 7,161 75,984 31,978 16,652 12,096 57,944
-------- -------- -------- ------- -------- --------
Net increase (decrease)
in net assets.......... 10,719 76,023 32,910 16,519 21,093 44,673
Net assets beginning of
period................. 124,912 48,889 40,474 23,955 164,960 120,287
-------- -------- -------- ------- -------- --------
Net assets end of
period*................ $135,631 $124,912 $ 73,384 $40,474 $186,053 $164,960
======== ======== ======== ======= ======== ========
Unit transactions:
Units outstanding
beginning of period.... 11,129 4,352 3,569 2,101 14,728 9,848
Units issued during the
period................. 4,477 9,677 3,781 2,195 2,736 12,569
Units redeemed during the
period................. (3,831) (2,900) (967) (727) (1,648) (7,689)
-------- -------- -------- ------- -------- --------
Units outstanding end of
period................. 11,775 11,129 6,383 3,569 15,816 14,728
======== ======== ======== ======= ======== ========
---------------
* Includes undistributed
net investment income
of: $ 9,560 $ 2,252 $ 4,982 $ 1,190 $ 22,255 $ 10,406
======== ======== ======== ======= ======== ========
<CAPTION>
MONYEQUITY MASTER
---------------------------
MONY SERIES FUND, INC.
---------------------------
MONEY
MARKET
SUBACCOUNT
---------------------------
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
2000 1999
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income.... $ 8,512 $ 22,972
Net realized gain (loss)
on investments......... 0 0
Net change in unrealized
appreciation
(depreciation) of
investments............ 0 0
--------- -----------
Net increase (decrease)
in net assets resulting
from operations........ 8,512 22,972
--------- -----------
From unit transactions:
Net proceeds from the
issuance of units.... 714,750 5,475,875
Net asset value of
units redeemed or
used to meet contract
obligations.......... (897,926) (5,355,867)
--------- -----------
Net increase (decrease)
from unit
transactions........... (183,176) 120,008
--------- -----------
Net increase (decrease)
in net assets.......... (174,664) 142,980
Net assets beginning of
period................. 500,038 357,058
--------- -----------
Net assets end of
period*................ $ 325,374 $ 500,038
========= ===========
Unit transactions:
Units outstanding
beginning of period.... 43,698 32,517
Units issued during the
period................. 61,438 495,722
Units redeemed during the
period................. (77,387) (484,541)
--------- -----------
Units outstanding end of
period................. 27,749 43,698
========= ===========
---------------
* Includes undistributed
net investment income
of: $ 40,861 $ 32,349
========= ===========
</TABLE>
See notes to financial statements.
70
<PAGE> 73
(This page intentionally left blank)
71
<PAGE> 74
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE
SUBACCOUNT SUBACCOUNT
---------------------------- ----------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)............................... $ (27,112) $ 402,964 $ (11,581) $ 148,993
Net realized gain (loss) on investments.................... 39,394 (23,765) 62,700 (3,009)
Net change in unrealized appreciation (depreciation) of
investments.............................................. 1,130,817 366,191 (51,889) 243,709
---------- ---------- ---------- ----------
Net increase (decrease) in net assets resulting from
operations............................................... 1,143,099 745,390 (770) 389,693
---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of units.................. 1,477,842 3,422,925 943,523 1,721,346
Net asset value of units redeemed or used to meet
contract obligations................................... (583,135) (620,050) (345,814) (369,876)
---------- ---------- ---------- ----------
Net increase (decrease) from unit transactions............. 894,707 2,802,875 597,709 1,351,470
---------- ---------- ---------- ----------
Net increase (decrease) in net assets...................... 2,037,806 3,548,265 596,939 1,741,163
Net assets beginning of period............................. 6,217,950 2,669,685 2,792,657 1,051,494
---------- ---------- ---------- ----------
Net assets end of period*.................................. $8,255,756 $6,217,950 $3,389,596 $2,792,657
========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of period...................... 393,602 193,933 139,911 64,856
Units issued during the period............................. 86,572 245,553 47,925 96,688
Units redeemed during the period........................... (34,216) (45,884) (17,593) (21,633)
---------- ---------- ---------- ----------
Units outstanding end of period............................ 445,958 393,602 170,243 139,911
========== ========== ========== ==========
---------------
* Includes undistributed net investment income (loss) of: $ 513,965 $ 541,077 $ 212,275 $ 223,856
========== ========== ========== ==========
** Commencement of operations.
</TABLE>
See notes to financial statements.
72
<PAGE> 75
<TABLE>
<CAPTION>
MONY EQUITY MASTER
--------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
MANAGED GROWTH BOND GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- --------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE PERIOD
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED MAY 2, 2000**
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, THROUGH
2000 1999 2000 1999 2000 1999 JUNE 30, 2000
------------ ------------ ------------ ------------ ------------ ------------ --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ (31,527) $ 1,276,731 $ (5,085) $ 27,348 $ 20,552 $ 31,247 $ (693)
(483,586) (157,793) 32,938 57,376 (15,957) (9,879) (74)
243,477 (544,652) (198,830) 246,585 (7,329) (10,694) 9,506
----------- ----------- ---------- ---------- -------- -------- --------
(271,636) 574,286 (170,977) 331,309 (2,734) 10,674 8,739
----------- ----------- ---------- ---------- -------- -------- --------
1,605,073 4,318,874 493,371 1,004,760 126,197 251,285 709,786
(1,844,469) (1,215,083) (162,282) (444,630) (90,147) (67,189) (7,274)
----------- ----------- ---------- ---------- -------- -------- --------
(239,396) 3,103,791 331,089 560,130 36,050 184,096 702,512
----------- ----------- ---------- ---------- -------- -------- --------
(511,032) 3,678,077 160,112 891,439 33,316 194,770 711,251
8,572,247 4,894,170 1,262,109 370,670 453,435 258,665 0
----------- ----------- ---------- ---------- -------- -------- --------
$ 8,061,215 $ 8,572,247 $1,422,221 $1,262,109 $486,751 $453,435 $711,251
=========== =========== ========== ========== ======== ======== ========
561,265 347,392 74,758 30,978 37,549 22,083 0
108,298 301,038 31,282 79,351 10,575 21,652 69,792
(124,940) (87,165) (10,457) (35,571) (7,549) (6,186) (723)
----------- ----------- ---------- ---------- -------- -------- --------
544,623 561,265 95,583 74,758 40,575 37,549 69,069
=========== =========== ========== ========== ======== ======== ========
$ 1,684,203 $ 1,715,730 $ 41,355 $ 46,440 $ 72,185 $ 51,633 $ (693)
=========== =========== ========== ========== ======== ======== ========
<CAPTION>
MONY EQUITY MASTER
-------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------
GROWTH AND CAPITAL
INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 2, 2000** MAY 2, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ (13) $ (32)
7 (16)
4 2,186
------- -------
(2) 2,138
------- -------
27,113 49,738
(508) (837)
------- -------
26,605 48,901
------- -------
26,603 51,039
0 0
------- -------
$26,603 $51,039
======= =======
0 0
2,688 5,169
(50) (85)
------- -------
2,638 5,084
======= =======
$ (13) $ (32)
======= =======
</TABLE>
See notes to financial statements.
73
<PAGE> 76
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
DREYFUS ------------------------------- -------------------------------
STOCK VIP VIP II CAPITAL WORLDWIDE
INDEX GROWTH CONTRA FUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 2, 2000** MAY 11, 2000** MAY 2, 2000** MAY 4, 2000** MAY 2, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ 83 $ (28) $ (21) $ 370 $ 987
Net realized gain (loss) on
investments...................... 8 33 (3) 14 (41)
Net change in unrealized
appreciation of investments...... 159 2,659 341 604 766
------- ------- ------- -------- -------
Net increase in net assets
resulting from operations........ 250 2,664 317 988 1,712
------- ------- ------- -------- -------
From unit transactions:
Net proceeds from the issuance of
units......................... 47,152 57,869 33,560 120,162 73,857
Net asset value of units redeemed
or used to meet contract
obligations................... (709) (789) (405) (1,604) (1,165)
------- ------- ------- -------- -------
Net increase from unit
transactions..................... 46,443 57,080 33,155 118,558 72,692
------- ------- ------- -------- -------
Net increase in net assets......... 46,693 59,744 33,472 119,546 74,404
Net assets beginning of period..... 0 0 0 0 0
------- ------- ------- -------- -------
Net assets end of period*.......... $46,693 $59,744 $33,472 $119,546 $74,404
======= ======= ======= ======== =======
Unit transactions:
Units outstanding beginning of
period........................... 0 0 0 0 0
Units issued during the period..... 4,710 5,552 3,382 12,361 7,735
Units redeemed during the period... (70) (74) (41) (163) (120)
------- ------- ------- -------- -------
Units outstanding end of period.... 4,640 5,478 3,341 12,198 7,615
======= ======= ======= ======== =======
---------------
* Includes undistributed net
investment income (loss) of: $ 83 $ (28) $ (21) $ 370 $ 987
======= ======= ======= ======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
74
<PAGE> 77
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY Variable Account L (the "Variable Account") is a separate investment
account established on November 28, 1990 by MONY Life Insurance Company
("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used only to support Variable Life Insurance policies (Strategist) and Variable
Universal Life Insurance policies (MONYEquity Master). These policies are issued
by MONY.
There are currently six Strategist subaccounts and seventeen MONYEquity
Master subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund"), the
Enterprise Accumulation Trust ("Enterprise"), Dreyfus Stock Index Fund, Fidelity
Variable Insurance Products, or Janus Aspen Series (collectively, the "Funds").
The subaccounts of Strategist commenced operations in 1990 and the subaccounts
of MONYEquity Master commenced operations during 1996, 1997 and 2000. The Funds
are registered under the 1940 Act as open end, diversified, management
investment companies and are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the Money Market Portfolio, the net asset value is based on amortized
cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on the ex-dividend date. Investment income includes
distributions of dividends and net realized capital gains received from the
respective portfolios of the Funds. Investment income received is reinvested in
additional shares of the respective portfolios of the Funds.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based
upon current tax law, to incur any income tax burden upon the earnings or
realized capital gains attributable to the Variable Account. Based on this
expectation, no charges are currently being deducted from the Variable Account
for federal income tax purposes.
75
<PAGE> 78
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY is the legal owner of the assets of the Variable Account.
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY. A surrender
charge may be imposed by MONY when a full or partial surrender is requested by
the policyholders. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for all subaccounts for the period
ended June 30, 2000 aggregated $1,221,076.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.60% (for each of the Strategist
Subaccounts) and 0.75% (for each of the MONYEquity Master Subaccounts) of the
average daily net assets of the respective subaccounts. As MONY America, a
wholly-owned subsidiary of MONY, acts as investment adviser to the Fund, it
receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the period ended June 30, 2000 are as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
STRATEGIST SUBACCOUNTS ACQUIRED SHARES REDEEMED
---------------------- --------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio................................ $ 4,518 $ 11,708
Equity Income Portfolio................................ 3,937 8,146
Intermediate Term Bond Portfolio....................... 204 345
Long Term Bond Portfolio............................... 331 673
Diversified Portfolio.................................. 974 1,887
Money Market Portfolio................................. 112 1,538
MONYEQUITY MASTER
------------------
MONY Series Fund, Inc.
Government Securities Portfolio........................ 61,933 55,281
Intermediate Term Bond Portfolio....................... 44,787 13,049
Long Term Bond Portfolio............................... 80,422 68,999
Money Market Portfolio................................. 1,281,689 1,466,245
Enterprise Accumulation Trust
Equity Portfolio....................................... 1,551,874 683,892
Small Company Value Portfolio.......................... 998,692 412,473
Managed Portfolio...................................... 1,789,453 2,060,785
International Growth Portfolio......................... 538,849 212,813
High Yield Bond Portfolio.............................. 148,617 114,321
Growth Portfolio....................................... 709,786 7,768
</TABLE>
76
<PAGE> 79
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONYEQUITY MASTER ACQUIRED SHARES REDEEMED
----------------- --------------- ---------------
<S> <C> <C>
Growth & Income Portfolio.............................. $ 27,112 $ 516
Capital Appreciation Portfolio......................... 49,768 887
Dreyfus
Dreyfus Stock Index.................................... 47,182 754
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio................................... 57,921 855
VIP II Contra Portfolio................................ 33,559 417
Janus Aspen Series Fund
Capital Appreciation Portfolio......................... 120,214 1,683
Worldwide Growth Portfolio............................. 74,053 1,385
</TABLE>
77
<PAGE> 80
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------
MONY SERIES FUND, INC.
------------------------------------
MONEY LONG TERM GOVERNMENT
MARKET BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 8,720 11 7
====== ===== ======
Investments at cost......................................... $8,720 $ 135 $ 70
====== ===== ======
Investments in respective Funds, at net asset value......... $8,720 $ 135 $ 70
Amount due from MONY........................................ 0 0 0
Amount due from respective Funds............................ 50 0 0
------ ----- ------
Total assets...................................... 8,770 135 70
------ ----- ------
LIABILITIES
Amount due to respective Funds.............................. 0 0 0
Amount due to MONY.......................................... 51 0 0
------ ----- ------
Total liabilities................................. 51 0 0
------ ----- ------
Net assets.................................................. $8,719 $ 135 $ 70
====== ===== ======
Net assets consist of:
Contractholders' net payments............................. $8,689 $ 135 $ 70
Undistributed net investment income (loss)................ 30 0 0
Accumulated net realized gain (loss) on investments....... 0 0 0
Net unrealized appreciation (depreciation) of
investments............................................ 0 0 0
------ ----- ------
Net assets.................................................. $8,719 $ 135 $ 70
====== ===== ======
Number of units outstanding*................................ 869 14 7
------ ----- ------
Net asset value per unit outstanding*....................... $10.03 $9.75 $10.27
====== ===== ======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
78
<PAGE> 81
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL SMALL COMPANY EQUITY EQUITY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH INCOME BALANCED GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ---------- ------------- ---------- ---------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
247 31 81 972 2,673 798 37 101 890
======= ====== ====== ====== ======= ====== ===== ===== ======
$10,917 $ 968 $2,886 $7,996 $16,784 $6,593 $ 191 $ 513 $5,665
======= ====== ====== ====== ======= ====== ===== ===== ======
$11,236 $ 971 $2,846 $7,990 $17,000 $6,988 $ 189 $ 521 $5,637
179 5 27 34 84 12 0 20 54
14 0 1 4 6 0 0 0 5
------- ------ ------ ------ ------- ------ ----- ----- ------
11,429 976 2,874 8,028 17,090 7,000 189 541 5,696
------- ------ ------ ------ ------- ------ ----- ----- ------
179 5 27 34 84 12 0 20 54
15 0 1 5 8 1 0 0 6
------- ------ ------ ------ ------- ------ ----- ----- ------
194 5 28 39 92 13 0 20 60
------- ------ ------ ------ ------- ------ ----- ----- ------
$11,235 $ 971 $2,846 $7,989 $16,998 $6,987 $ 189 $ 521 $5,636
======= ====== ====== ====== ======= ====== ===== ===== ======
$10,894 $ 963 $2,883 $7,995 $16,795 $6,575 $ 191 $ 515 $5,657
(2) 0 (1) (2) (3) (2) 0 0 (1)
24 5 3 2 (10) 18 0 (1) 8
319 3 (39) (6) 216 396 (2) 7 (28)
------- ------ ------ ------ ------- ------ ----- ----- ------
$11,235 $ 971 $2,846 $7,989 $16,998 $6,987 $ 189 $ 521 $5,636
======= ====== ====== ====== ======= ====== ===== ===== ======
1,065 94 286 823 1,661 679 20 52 549
------- ------ ------ ------ ------- ------ ----- ----- ------
$ 10.55 $10.35 $ 9.95 $ 9.70 $ 10.24 $10.29 $9.42 $9.96 $10.27
======= ====== ====== ====== ======= ====== ===== ===== ======
</TABLE>
See notes to financial statements.
79
<PAGE> 82
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
----------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------
CAPITAL HIGH MULTI-CAP
APPRECIATION YIELD GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 1,043 36 1,735
====== ====== =======
Investments at cost......................................... $8,162 $ 173 $22,964
====== ====== =======
Investments in respective Funds, at net asset value......... $8,405 $ 173 $23,356
Amount due from MONY........................................ 26 0 206
Amount due from respective Funds............................ 4 0 14
------ ------ -------
Total assets...................................... 8,435 173 23,576
------ ------ -------
LIABILITIES
Amount due to respective Funds.............................. 26 0 206
Amount due to MONY.......................................... 5 0 17
------ ------ -------
Total liabilities................................. 31 0 223
------ ------ -------
Net assets.................................................. $8,404 $ 173 $23,353
====== ====== =======
Net assets consist of:
Contractholders' net payments............................. $8,144 $ 172 $22,903
Undistributed net investment income (loss)................ (2) 1 (5)
Accumulated net realized gain (loss) on investments....... 20 0 63
Net unrealized appreciation (depreciation) of
investments............................................ 242 0 392
------ ------ -------
Net assets.................................................. $8,404 $ 173 $23,353
====== ====== =======
Number of units outstanding*................................ 813 17 2,275
------ ------ -------
Net asset value per unit outstanding*....................... $10.34 $10.11 $ 10.26
====== ====== =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
80
<PAGE> 83
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
----------------------------------------------- ---------------------------------------------------
VIP VIP II VIP III AGGRESSIVE CAPITAL WORLDWIDE
GROWTH CONTRA FUND GROWTH OPPORTUNITIES GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- -------------------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
98 427 96 367 186 309 342
====== ======= ====== ======= ====== ====== =======
$4,897 $10,621 $1,973 $21,385 $5,170 $9,873 $16,733
====== ======= ====== ======= ====== ====== =======
$5,034 $10,695 $1,979 $20,473 $4,901 $9,792 $16,407
40 106 10 20 126 16 120
5 0 5 14 0 4 10
------ ------- ------ ------- ------ ------ -------
5,079 10,801 1,994 20,507 5,027 9,812 16,537
------ ------- ------ ------- ------ ------ -------
40 106 10 20 126 16 120
6 1 5 17 1 5 12
------ ------- ------ ------- ------ ------ -------
46 107 15 37 127 21 132
------ ------- ------ ------- ------ ------ -------
$5,033 $10,694 $1,979 $20,470 $4,900 $9,791 $16,405
====== ======= ====== ======= ====== ====== =======
$4,860 $10,607 $1,964 $19,773 $4,861 $9,825 $16,460
(1) (2) 0 1,463 304 32 228
37 15 9 147 5 15 43
137 74 6 (913) (270) (81) (326)
------ ------- ------ ------- ------ ------ -------
$5,033 $10,694 $1,979 $20,470 $4,900 $9,791 $16,405
====== ======= ====== ======= ====== ====== =======
475 1,052 183 1,861 481 998 1,636
------ ------- ------ ------- ------ ------ -------
$10.59 $ 10.16 $10.81 $ 11.00 $10.19 $ 9.81 $ 10.03
====== ======= ====== ======= ====== ====== =======
</TABLE>
See notes to financial statements.
81
<PAGE> 84
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-----------------------------
DREYFUS
-----------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
----------- --------------
<S> <C> <C>
ASSETS
Shares held in respective Funds............................. 250 20
====== ======
Investments at cost......................................... $9,554 $ 782
====== ======
Investments in respective Funds, at net asset value......... $9,488 $ 782
Amount due from MONY........................................ 59 54
Amount due from respective Funds............................ 2 10
------ ------
Total assets...................................... 9,549 846
------ ------
LIABILITIES
Amount due to respective Funds.............................. 59 54
Amount due to MONY.......................................... 3 10
------ ------
Total liabilities................................. 62 64
------ ------
Net assets.................................................. $9,487 $ 782
====== ======
Net assets consist of:
Contractholders' net payments............................. $9,515 $ 775
Undistributed net investment income....................... 21 0
Accumulated net realized gain (loss) on investments....... 17 7
Net unrealized appreciation (depreciation) of
investments............................................ (66) 0
------ ------
Net assets.................................................. $9,487 $ 782
====== ======
Number of units outstanding*................................ 920 74
------ ------
Net asset value per unit outstanding*....................... $10.31 $10.54
====== ======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
82
<PAGE> 85
(This page intentionally left blank)
83
<PAGE> 86
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------------------------
MONY SERIES FUND, INC.
----------------------
MONEY LONG TERM GOVERNMENT
MARKET BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JUNE 8, 2000** JUNE 9, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
Dividend income............................................. $32 $ 0 $ 0
Distribution from capital gains............................. 0 0 0
Mortality and expense risk charges.......................... (2) 0 0
--- --- ---
Net investment income (loss)................................ 30 0 0
--- --- ---
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments................... 0 0 0
Net change in unrealized appreciation (depreciation) of
investments............................................ 0 0 0
--- --- ---
Net realized and unrealized gain (loss) on investments...... 0 0 0
--- --- ---
Net increase (decrease) in net assets resulting from
operations................................................ $30 $ 0 $ 0
=== === ===
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
84
<PAGE> 87
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL SMALL COMPANY EQUITY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 5, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000** MAY 3, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
0 0 0 0 0 0 0
(2) 0 (1) (2) (3) (2) 0
---- --- ---- --- ---- ---- ---
(2) 0 (1) (2) (3) (2) 0
---- --- ---- --- ---- ---- ---
24 5 3 2 (10) 18 0
319 3 (39) (6) 216 396 (2)
---- --- ---- --- ---- ---- ---
343 8 (36) (4) 206 414 (2)
---- --- ---- --- ---- ---- ---
$341 $ 8 $(37) $(6) $203 $412 $(2)
==== === ==== === ==== ==== ===
<CAPTION>
MONY CUSTOM EQUITY MASTER
--- --------------------------------
ENTERPRISE ACCUMULATION TRUST
--- --------------------------------
EQUITY EQUITY
BALANCED GROWTH & INCOME
SUBACCOUNT SUBACCOUNT
-------------- ---------------
FOR THE PERIOD FOR THE PERIOD
MAY 16, 2000** MAY 3, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ 0 $ 0
0 0
0 (1)
--- ----
0 (1)
--- ----
(1) 8
7 (28)
--- ----
6 (20)
--- ----
$ 6 $(21)
=== ====
</TABLE>
See notes to financial statements.
85
<PAGE> 88
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
---------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------
CAPITAL HIGH MULTI-CAP
APPRECIATION YIELD GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 4, 2000** JUNE 8, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
Dividend income............................................ $ 0 $1 $ 0
Distribution from capital gains............................ 0 0 0
Mortality and expense risk charges......................... (2) 0 (5)
---- -- ----
Net investment income (loss)............................... (2) 1 (5)
---- -- ----
Realized and unrealized gain (loss) on investments:
Net realized gain on investments......................... 20 0 63
Net change in unrealized appreciation (depreciation) of
investments............................................ 242 0 392
---- -- ----
Net realized and unrealized gain (loss) on investments..... 262 0 455
---- -- ----
Net increase (decrease) in net assets resulting from
operations............................................... $260 $1 $450
==== == ====
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
86
<PAGE> 89
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
---------------------------------------------------------- -----------------------------------------------------------------
VIP VIP II VIP III AGGRESSIVE CAPITAL WORLDWIDE
GROWTH CONTRA FUND GROWTH OPPORTUNITIES GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 17, 2000** MAY 11, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $1,001 $ 80 $ 30 $ 58
0 0 0 467 225 4 174
(1) (2) 0 (5) (1) (2) (4)
---- --- --- ------ ----- ---- -----
(1) (2) 0 1,463 304 32 228
---- --- --- ------ ----- ---- -----
37 15 9 147 5 15 43
137 74 6 (913) (270) (81) (326)
---- --- --- ------ ----- ---- -----
174 89 15 (766) (265) (66) (283)
---- --- --- ------ ----- ---- -----
$173 $87 $15 $ 697 $ 39 $(34) $ (55)
==== === === ====== ===== ==== =====
</TABLE>
See notes to financial statements.
87
<PAGE> 90
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------
DREYFUS
--------------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 11, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
Dividend income............................................. $ 22 $0
Distribution from capital gains............................. 0 0
Mortality and expense risk charges.......................... (1) 0
---- --
Net investment income....................................... 21 0
---- --
Realized and unrealized gain (loss) on investments:
Net realized gain on investments.......................... 17 7
Net change in unrealized depreciation of investments...... (66) 0
---- --
Net realized and unrealized gain (loss) on investments...... (49) 7
---- --
Net increase (decrease) in net assets resulting from
operations................................................ $(28) $7
==== ==
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
88
<PAGE> 91
(This page intentionally left blank)
89
<PAGE> 92
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------
MONEY LONG TERM GOVERNMENT
MARKET BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JUNE 8, 2000** JUNE 9, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss).............................. $ 30 $ 0 $ 0
Net realized gain (loss) on investments................... 0 0 0
Net change in unrealized appreciation (depreciation) of
investments............................................ 0 0 0
------ ---- ---
Net increase (decrease) in net assets resulting from
operations................................................ 30 0 0
------ ---- ---
From unit transactions:
Net proceeds from the issuance of units................... 9,176 147 85
Net asset value of units redeemed or used to meet contract
obligations............................................ (487) (12) (15)
------ ---- ---
Net increase from unit transactions....................... 8,689 135 70
------ ---- ---
Net increase in net assets................................ 8,719 135 70
Net assets beginning of period............................ 0 0 0
------ ---- ---
Net assets end of period*................................... $8,719 $135 $70
====== ==== ===
Unit transactions:
Units outstanding beginning of period..................... 0 0 0
Units issued during the period............................ 918 15 8
Units redeemed during the period.......................... (49) (1) (1)
------ ---- ---
Units outstanding end of period............................. 869 14 7
====== ==== ===
---------------
* Includes undistributed net investment income of: $ 30 $ 0 $ 0
====== ==== ===
** Commencement of operations
</TABLE>
See notes to financial statements.
90
<PAGE> 93
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
--------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------------------
SMALL SMALL
COMPANY INTERNATIONAL COMPANY EQUITY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 5, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000** MAY 3, 2000** MAY 18, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ (2) $ 0 $ (1) $ (2) $ (3) $ (2) $ 0
24 5 3 2 (10) 18 0
319 3 (39) (6) 216 396 (2)
------- ------ ------ ------ ------- ------ ----
341 8 (37) (6) 203 412 (2)
------- ------ ------ ------ ------- ------ ----
11,454 1,112 3,036 8,494 17,589 7,129 227
(560) (149) (153) (499) (794) (554) (36)
------- ------ ------ ------ ------- ------ ----
10,894 963 2,883 7,995 16,795 6,575 191
------- ------ ------ ------ ------- ------ ----
11,235 971 2,846 7,989 16,998 6,987 189
0 0 0 0 0 0 0
------- ------ ------ ------ ------- ------ ----
$11,235 $ 971 $2,846 $7,989 $16,998 $6,987 $189
======= ====== ====== ====== ======= ====== ====
0 0 0 0 0 0 0
1,119 107 296 874 1,738 733 24
(54) (13) (10) (51) (77) (54) (4)
------- ------ ------ ------ ------- ------ ----
1,065 94 286 823 1,661 679 20
======= ====== ====== ====== ======= ====== ====
$ (2) $ 0 $ (1) $ (2) $ (3) $ (2) $ 0
======= ====== ====== ====== ======= ====== ====
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------
EQUITY
EQUITY GROWTH &
BALANCED INCOME
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 16, 2000** MAY 3, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ 0 $ (1)
(1) 8
7 (28)
---- ------
6 (21)
---- ------
583 6,092
(68) (435)
---- ------
515 5,657
---- ------
521 5,636
0 0
---- ------
$521 $5,636
==== ======
0 0
59 588
(7) (39)
---- ------
52 549
==== ======
$ 0 $ (1)
==== ======
</TABLE>
See notes to financial statements.
91
<PAGE> 94
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------
CAPITAL HIGH MULTI-CAP
APPRECIATION YIELD GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 4, 2000** JUNE 8, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss).............................. $ (2) $ 1 $ (5)
Net realized gain on investments.......................... 20 0 63
Net change in unrealized appreciation (depreciation) of
investments............................................ 242 0 392
------ ---- -------
Net increase (decrease) in net assets resulting from
operations................................................ 260 1 450
------ ---- -------
From unit transactions:
Net proceeds from the issuance of units................... 8,622 187 23,956
Net asset value of units redeemed or used to meet contract
obligations............................................ (478) (15) (1,053)
------ ---- -------
Net increase from unit transactions....................... 8,144 172 22,903
------ ---- -------
Net increase in net assets................................ 8,404 173 23,353
Net assets beginning of period............................ 0 0 0
------ ---- -------
Net assets end of period*................................... $8,404 $173 $23,353
====== ==== =======
Unit transactions:
Units outstanding beginning of period..................... 0 0 0
Units issued during the period............................ 859 19 2,375
Units redeemed during the period.......................... (46) (2) (100)
------ ---- -------
Units outstanding end of period............................. 813 17 2,275
====== ==== =======
---------------
* Includes undistributed net investment income (loss) of: $ (2) $ 1 $ (5)
====== ==== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
92
<PAGE> 95
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
------------------------------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
------------------------------------------------ -----------------------------------------------------------------
VIP III
VIP VIP II GROWTH AGGRESSIVE CAPITAL WORLDWIDE
GROWTH CONTRA FUND OPPORTUNITIES GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 17, 2000** MAY 11, 2000** MAY 3, 2000** MAY 5, 2000** MAY 3, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
-------------- -------------- -------------- -------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ (1) $ (2) $ 0 $ 1,463 $ 304 $ 32 $ 228
37 15 9 147 5 15 43
137 74 6 (913) (270) (81) (326)
------ ------- ------ ------- ------ ------- -------
173 87 15 697 39 (34) (55)
------ ------- ------ ------- ------ ------- -------
5,353 10,978 2,081 20,958 5,018 10,376 17,155
(493) (371) (117) (1,185) (157) (551) (695)
------ ------- ------ ------- ------ ------- -------
4,860 10,607 1,964 19,773 4,861 9,825 16,460
------ ------- ------ ------- ------ ------- -------
5,033 10,694 1,979 20,470 4,900 9,791 16,405
0 0 0 0 0 0 0
------ ------- ------ ------- ------ ------- -------
$5,033 $10,694 $1,979 $20,470 $4,900 $ 9,791 $16,405
====== ======= ====== ======= ====== ======= =======
0 0 0 0 0 0 0
520 1,089 194 1,964 495 1,053 1,689
(45) (37) (11) (103) (14) (55) (53)
------ ------- ------ ------- ------ ------- -------
475 1,052 183 1,861 481 998 1,636
====== ======= ====== ======= ====== ======= =======
$ (1) $ (2) $ 0 $ 1,463 $ 304 $ 32 $ 228
====== ======= ====== ======= ====== ======= =======
</TABLE>
See notes to financial statements.
93
<PAGE> 96
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM EQUITY MASTER
-------------------------------
DREYFUS
-------------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 3, 2000** MAY 11, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
-------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
From operations:
Net investment income..................................... $ 21 $ 0
Net realized gain on investments.......................... 17 7
Net change in unrealized depreciation of investments...... (66) 0
------- ----
Net increase (decrease) in net assets resulting from
operations............................................. (28) 7
------- ----
From unit transactions:
Net proceeds from the issuance of units................... 10,129 899
Net asset value of units redeemed or used to meet contract
obligations............................................ (614) (124)
------- ----
Net increase from unit transactions......................... 9,515 775
------- ----
Net increase in net assets.................................. 9,487 782
Net assets beginning of period.............................. 0 0
------- ----
Net assets end of period*................................... $ 9,487 $782
======= ====
Unit transactions:
Units outstanding beginning of period..................... 0 0
Units issued during the period............................ 974 85
Units redeemed during the period.......................... (54) (11)
------- ----
Units outstanding end of period............................. 920 74
======= ====
---------------
* Includes undistributed net investment income (loss) of: $ 9,549 $846
======= ====
** Commencement of operations
</TABLE>
See notes to financial statements.
94
<PAGE> 97
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY Variable Account L (the "Variable Account") is a separate investment
account established on November 28, 1990 by MONY Life Insurance Company
("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used to support Flexible Premium Variable Life Insurance policies, which include
Variable Life (Strategist) Variable Universal Life (MONYEquity Master, MONY
Custom Equity Master and MONY Custom Estate Master). These policies are issued
by MONY. For presentation purposes, the information related only to the Variable
Universal Life Insurance policies (MONY Custom Equity Master) is presented here.
There are twenty-five MONY Custom Equity Master Subaccounts within the
Variable Account, each of which invests only in a corresponding portfolio of the
MONY Series Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust
("Enterprise"), Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen
Series (collectively, the "Funds"). Twenty-four subaccounts of the MONY Custom
Equity Master commenced operations as of June 30, 2000 The Funds are registered
under the 1940 Act as an open end, diversified, management investment companies
The Fund and Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investment:
The investment in shares of each of the respective Funds' portfolio is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized capital gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based on
current tax law, to incur any income tax burden upon the earnings or realized
capital gains attributable to the Variable Account. Based on this expectation,
no charges are currently being deducted from the Variable Account for Federal
income tax purposes.
95
<PAGE> 98
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY. A surrender
charge may be imposed by MONY when a full or partial surrender is requested by
the policyholders. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for the MONY Custom Equity Master
Subaccounts for the six months ended June 30, 2000 aggregated $9,658.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.35% of the average daily net assets of
each of the MONY Custom Estate Master subaccounts. As investment adviser to the
Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the period ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio.................................. $ 9,176 $ 488
Long Term Bond.......................................... 147 11
Government Securities................................... 84 15
Enterprise Accumulation Trust
Equity Portfolio........................................ 11,454 561
Small Company Value Portfolio........................... 1,113 149
Managed Portfolio....................................... 3,036 153
International Growth Portfolio.......................... 8,495 500
Growth Portfolio........................................ 17,589 795
Small Company Growth Portfolio.......................... 7,129 555
Equity Income Portfolio................................. 253 62
Capital Appreciation Portfolio.......................... 8,896 753
Multi-Cap Growth Subaccount............................. 24,222 1,321
High Yield Subaccount................................... 187 15
Balanced Subaccount..................................... 608 94
Growth & Income Portfolio............................... 6,131 474
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio.................................... 5,536 676
VIP III Growth Opportunities Portfolio.................. 2,095 130
VIP II Contra Fund...................................... 11,046 485
</TABLE>
96
<PAGE> 99
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM EQUITY MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
Janus Aspen Series
Aggressive Growth Portfolio............................. $21,379 $1,609
Balanced Portfolio...................................... 5,119 258
Capital Appreciation Portfolio.......................... 10,452 628
Worldwide Growth Portfolio.............................. 17,181 722
Dreyfus
Dreyfus Stock Index..................................... 10,298 783
Dreyfus Social Responsibility........................... 1,158 383
</TABLE>
97
<PAGE> 100
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
MONY SERIES
FUND, INC. ENTERPRISE ACCUMULATION TRUST
----------- --------------------------------------------------------------------
MONEY SMALL COMPANY INTERNATIONAL
MARKET EQUITY VALUE MANAGED GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ------------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds... 46,272 36 20 21 201 3,458
======= ====== ===== ===== ====== =======
Investments at cost............... $46,272 $1,312 $ 653 $ 773 $1,808 $21,784
======= ====== ===== ===== ====== =======
Investments in respective Funds,
at net asset value.............. $46,272 $1,641 $ 643 $ 755 $1,651 $21,994
Amount due from MONY.............. 0 0 0 0 0 5,512
Amount due from respective
Funds........................... 0 0 0 0 0 27
------- ------ ----- ----- ------ -------
Total assets............. 46,272 1,641 643 755 1,651 27,533
------- ------ ----- ----- ------ -------
LIABILITIES
Amount due to MONY................ 0 0 0 0 0 27
Amount due to respective Funds.... 6 0 0 0 0 5,514
------- ------ ----- ----- ------ -------
Total liabilities........ 6 0 0 0 0 5,541
------- ------ ----- ----- ------ -------
Net assets........................ $46,266 $1,641 $ 643 $ 755 $1,651 $21,992
======= ====== ===== ===== ====== =======
Net assets consist of:
Contractholders' net
payments.................... $45,322 $1,299 $ 656 $ 775 $1,819 $21,789
Undistributed net investment
income (loss)............... 944 (3) (1) 0 (3) (8)
Accumulated net realized gain
(loss) on investments....... 0 16 (2) (2) (8) 1
Net unrealized appreciation
(depreciation) of
investments................. 0 329 (10) (18) (157) 210
------- ------ ----- ----- ------ -------
Net assets........................ $46,266 $1,641 $ 643 $ 755 $1,651 $21,992
======= ====== ===== ===== ====== =======
Number of units outstanding*...... 4,533 131 65 78 183 2,165
------- ------ ----- ----- ------ -------
Net asset value per unit
outstanding*.................... $ 10.21 $12.49 $9.83 $9.64 $ 9.02 $ 10.16
======= ====== ===== ===== ====== =======
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------
EQUITY
SMALL COMPANY EQUITY GROWTH &
GROWTH INCOME INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds... 448 292 1,190
====== ====== =======
Investments at cost............... $3,651 $1,547 $ 7,510
====== ====== =======
Investments in respective Funds,
at net asset value.............. $3,920 $1,512 $ 7,530
Amount due from MONY.............. 0 0 5,512
Amount due from respective
Funds........................... 0 0 0
------ ------ -------
Total assets............. 3,920 1,512 13,042
------ ------ -------
LIABILITIES
Amount due to MONY................ 0 0 0
Amount due to respective Funds.... 0 0 5,512
------ ------ -------
Total liabilities........ 0 0 5,512
------ ------ -------
Net assets........................ $3,920 $1,512 $ 7,530
====== ====== =======
Net assets consist of:
Contractholders' net
payments.................... $3,651 $1,545 $ 7,511
Undistributed net investment
income (loss)............... (3) (1) (1)
Accumulated net realized gain
(loss) on investments....... 3 3 0
Net unrealized appreciation
(depreciation) of
investments................. 269 (35) 20
------ ------ -------
Net assets........................ $3,920 $1,512 $ 7,530
====== ====== =======
Number of units outstanding*...... 381 152 746
------ ------ -------
Net asset value per unit
outstanding*.................... $10.30 $ 9.91 $ 10.09
====== ====== =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
98
<PAGE> 101
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
ENTERPRISE FIDELITY VARIABLE INSURANCE
ACCUMULATION TRUST PRODUCTS FUND JANUS ASPEN SERIES
------------------------- ---------------------------- -----------------------
VIP III
CAPITAL MULTI-CAP VIP GROWTH AGGRESSIVE
APPRECIATION GROWTH GROWTH OPPORTUNITIES GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------- -------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds....... 1,074 785 28 64 118 58
======= ======= ====== ====== ====== ======
Investments at cost................... $ 8,598 $10,420 $1,464 $1,409 $6,490 $1,577
======= ======= ====== ====== ====== ======
Investments in respective Funds, at
net asset value..................... $ 8,652 $10,569 $1,443 $1,322 $6,583 $1,533
Amount due from MONY.................. 3,675 3,675 0 0 0 0
Amount due from respective Funds...... 0 8 0 0 8 27
------- ------- ------ ------ ------ ------
Total assets................. 12,327 14,252 1,443 1,322 6,591 1,560
------- ------- ------ ------ ------ ------
LIABILITIES
Amount due to MONY.................... 0 8 0 0 8 27
Amount due to respective Funds........ 3,675 3,676 0 0 1 0
------- ------- ------ ------ ------ ------
Total liabilities............ 3,675 3,684 0 0 9 27
------- ------- ------ ------ ------ ------
Net assets............................ $ 8,652 $10,568 $1,443 $1,322 $6,582 $1,533
======= ======= ====== ====== ====== ======
Net assets consist of:
Contractholders' net payments..... $ 8,610 $10,440 $1,308 $1,309 $6,009 $1,476
Undistributed net investment
income (loss)................... (4) (4) 158 105 509 97
Accumulated net realized gain
(loss) on investments........... (8) (17) (2) (5) (29) 4
Net unrealized appreciation
(depreciation) of investments... 54 149 (21) (87) 93 (44)
------- ------- ------ ------ ------ ------
Net assets............................ $ 8,652 $10,568 $1,443 $1,322 $6,582 $1,533
======= ======= ====== ====== ====== ======
Number of units outstanding*.......... 881 1,141 132 131 722 147
------- ------- ------ ------ ------ ------
Net asset value per unit
outstanding*........................ $ 9.82 $ 9.27 $10.97 $10.08 $ 9.11 $10.40
======= ======= ====== ====== ====== ======
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------------------------
JANUS ASPEN SERIES DREYFUS
------------------------- -------------
CAPITAL WORLDWIDE DREYFUS STOCK
APPRECIATION GROWTH INDEX FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- -------------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds....... 85 88 251
====== ====== ======
Investments at cost................... $2,700 $4,085 $9,663
====== ====== ======
Investments in respective Funds, at
net asset value..................... $2,703 $4,220 $9,561
Amount due from MONY.................. 0 0 0
Amount due from respective Funds...... 8 0 0
------ ------ ------
Total assets................. 2,711 4,220 9,561
------ ------ ------
LIABILITIES
Amount due to MONY.................... 8 0 0
Amount due to respective Funds........ 1 0 1
------ ------ ------
Total liabilities............ 9 0 1
------ ------ ------
Net assets............................ $2,702 $4,220 $9,560
====== ====== ======
Net assets consist of:
Contractholders' net payments..... $2,702 $4,017 $9,640
Undistributed net investment
income (loss)................... 8 57 21
Accumulated net realized gain
(loss) on investments........... (11) 11 1
Net unrealized appreciation
(depreciation) of investments... 3 135 (102)
------ ------ ------
Net assets............................ $2,702 $4,220 $9,560
====== ====== ======
Number of units outstanding*.......... 310 402 929
------ ------ ------
Net asset value per unit
outstanding*........................ $ 8.71 $10.50 $10.29
====== ====== ======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
99
<PAGE> 102
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
-------------------------------------------------------------------------------------------------
MONY SERIES
FUND, INC. ENTERPRISE ACCUMULATION TRUST
------------------- ---------------------------------------------------------------------------
MONEY SMALL COMPANY INTERNATIONAL
MARKET EQUITY VALUE MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ----------------- ---------------- ---------------- -----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FEBRUARY 11, 2000** JANUARY 4, 2000** APRIL 10, 2000** APRIL 10, 2000** JANUARY 4, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------- ----------------- ---------------- ---------------- -----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend Income...... $1,006 $ 0 $ 0 $ 0 $ 0
Distribution from
capital gain....... 0 0 0 0 0
Mortality and expense
risk charges....... (62) (3) (1) 0 (3)
------ ---- ---- ---- -----
Net investment income
(loss)............. 944 (3) (1) 0 (3)
------ ---- ---- ---- -----
Realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss) on
investments...... 0 16 (2) (2) (8)
Net change in
unrealized
appreciation
(depreciation) of
investments...... 0 329 (10) (18) (157)
------ ---- ---- ---- -----
Net realized and
unrealized gain
(loss)
on investments..... 0 345 (12) (20) (165)
------ ---- ---- ---- -----
Net increase
(decrease) in net
assets resulting
from operations.... $ 944 $342 $(13) $(20) $(168)
====== ==== ==== ==== =====
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------
SMALL COMPANY EQUITY EQUITY
GROWTH GROWTH INCOME GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ------------------- ---------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 4, 2000** JANUARY 14, 2000** APRIL 10, 2000** MAY 30, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
----------------- ------------------- ---------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend Income...... $ 0 $ 0 $ 0 $ 0
Distribution from
capital gain....... 0 0 0 0
Mortality and expense
risk charges....... (8) (3) (1) (1)
---- ---- ---- ---
Net investment income
(loss)............. (8) (3) (1) (1)
---- ---- ---- ---
Realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss) on
investments...... 1 3 3 0
Net change in
unrealized
appreciation
(depreciation) of
investments...... 210 269 (35) 20
---- ---- ---- ---
Net realized and
unrealized gain
(loss)
on investments..... 211 272 (32) 20
---- ---- ---- ---
Net increase
(decrease) in net
assets resulting
from operations.... $203 $269 $(33) $19
==== ==== ==== ===
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
100
<PAGE> 103
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
ENTERPRISE ACCUMULATION TRUST PRODUCTS FUND
--------------------------------------- ----------------------------------------
CAPITAL MULTI-CAP VIP VIP III
APPRECIATION GROWTH GROWTH GROWTH OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ----------------- --------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 14, 2000** JANUARY 14, 2000** JANUARY 4, 2000** JANUARY 4, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------ ------------------ ----------------- --------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend income...... $ 0 $ 0 $ 1 $ 17
Distribution from
capital gain....... 0 0 159 90
Mortality and expense
risk charges....... (4) (4) (2) (2)
--- ---- ---- ----
Net investment income
(loss)............. (4) (4) 158 105
--- ---- ---- ----
Realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss) on
investments...... (8) (17) (2) (5)
Net change in
unrealized
appreciation
(depreciation) of
investments...... 54 149 (21) (87)
--- ---- ---- ----
Net realized and
unrealized gain
(loss) on
investments........ 46 132 (23) (92)
--- ---- ---- ----
Net Increase
(decrease) in net
assets resulting
from operations.... $42 $128 $135 $ 13
=== ==== ==== ====
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
JANUS ASPEN SERIES DREYFUS
-------------------------------------------------------------------------- ----------------
AGGRESSIVE CAPITAL WORLDWIDE DREYFUS
GROWTH BALANCED APPRECIATION GROWTH STOCK INDEX FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ----------------- --------------- ----------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 7, 2000** JANUARY 4, 2000** APRIL 7, 2000** JANUARY 4, 2000** MAY 3, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ----------------- --------------- ----------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend income...... $349 $ 26 $ 9 $ 15 $ 23
Distribution from
capital gain....... 163 73 1 45 0
Mortality and expense
risk charges....... (3) (2) (2) (3) (2)
---- ---- ---- ---- -----
Net investment income
(loss)............. 509 97 8 57 21
---- ---- ---- ---- -----
Realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss) on
investments...... (29) 4 (11) 11 1
Net change in
unrealized
appreciation
(depreciation) of
investments...... 93 (44) 3 135 (102)
---- ---- ---- ---- -----
Net realized and
unrealized gain
(loss) on
investments........ 64 (40) (8) 146 (101)
---- ---- ---- ---- -----
Net Increase
(decrease) in net
assets resulting
from operations.... $573 $ 57 $ 0 $203 $ (80)
==== ==== ==== ==== =====
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
101
<PAGE> 104
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
-------------------------------------------------------------------------------------------------
MONY SERIES
FUND, INC. ENTERPRISE ACCUMULATION TRUST
------------------- ---------------------------------------------------------------------------
MONEY SMALL COMPANY INTERNATIONAL
MARKET EQUITY VALUE MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT* SUBACCOUNT SUBACCOUNT
------------------- ----------------- ---------------- ---------------- -----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FEBRUARY 11, 2000** JANUARY 4, 2000** APRIL 10, 2000** APRIL 10, 2000** JANUARY 4, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------- ----------------- ---------------- ---------------- -----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)....................... $ 944 $ (3) $ (1) $ 0 $ (3)
Net realized gain (loss) on
investments.................. 0 16 (2) (2) (8)
Net change in unrealized
appreciation (depreciation)
of investments............... 0 329 (10) (18) (157)
------- ------ ---- ---- ------
Net increase (decrease) in net
assets resulting from
operations................... 944 342 (13) (20) (168)
------- ------ ---- ---- ------
From unit transactions:
Net proceeds from the
issuance of units.......... 47,085 1,428 690 858 1,972
Net asset value of units
redeemed or used to meet
contract obligations....... (1,763) (129) (34) (83) (153)
------- ------ ---- ---- ------
Net increase from unit
transactions................. 45,322 1,299 656 775 1,819
------- ------ ---- ---- ------
Net increase in net assets.... 46,266 1,641 643 755 1,651
Net assets beginning of
period....................... 0 0 0 0 0
------- ------ ---- ---- ------
Net assets end of period*..... $46,266 $1,641 $643 $755 $1,651
======= ====== ==== ==== ======
Unit transactions:
Units outstanding beginning of
period....................... 0 0 0 0 0
Units issued during the
period....................... 4,707 143 69 87 199
Units redeemed during the
period....................... (174) (12) (4) (9) (16)
------- ------ ---- ---- ------
Units outstanding end of
period....................... 4,533 131 65 78 183
======= ====== ==== ==== ======
---------------
* Includes undistributed net
investment income (loss)
of: $ 944 $ (3) $ (1) $ 0 $ (3)
======= ====== ==== ==== ======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------
SMALL COMPANY EQUITY EQUITY
GROWTH GROWTH INCOME GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ------------------ ----------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 4, 2000** JANUARY 14, 2000** APRIL 10, 2000** MAY 30, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
----------------- ------------------ ----------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income
(loss)....................... $ (8) $ (3) $ (1) $ (1)
Net realized gain (loss) on
investments.................. 1 3 3 0
Net change in unrealized
appreciation (depreciation)
of investments............... 210 269 (35) 20
------- ------ ------ ------
Net increase (decrease) in net
assets resulting from
operations................... 203 269 (33) 19
------- ------ ------ ------
From unit transactions:
Net proceeds from the
issuance of units.......... 22,237 3,808 1,716 7,541
Net asset value of units
redeemed or used to meet
contract obligations....... (448) (157) (171) (30)
------- ------ ------ ------
Net increase from unit
transactions................. 21,789 3,651 1,545 7,511
------- ------ ------ ------
Net increase in net assets.... 21,992 3,920 1,512 7,530
Net assets beginning of
period....................... 0 0 0 0
------- ------ ------ ------
Net assets end of period*..... $21,992 $3,920 $1,512 $7,530
======= ====== ====== ======
Unit transactions:
Units outstanding beginning of
period....................... 0 0 0 0
Units issued during the
period....................... 2,210 396 169 749
Units redeemed during the
period....................... (45) (15) (17) (3)
------- ------ ------ ------
Units outstanding end of
period....................... 2,165 381 152 746
======= ====== ====== ======
---------------
* Includes undistributed net
investment income (loss)
of: $ (8) $ (3) $ (1) $ (1)
======= ====== ====== ======
** Commencement of operations
</TABLE>
See notes to financial statements.
102
<PAGE> 105
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
ENTERPRISE ACCUMULATION TRUST PRODUCTS FUND
--------------------------------------- ----------------------------------------
CAPITAL MULTI-CAP VIP VIP III
APPRECIATION GROWTH GROWTH GROWTH OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ----------------- --------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 14, 2000** JANUARY 14, 2000** JANUARY 4, 2000** JANUARY 4, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
------------------ ------------------ ----------------- --------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ (4) $ (4) $ 158 $ 105
Net realized gain (loss) on
investments................. (8) (17) (2) (5)
Net change in unrealized
appreciation (depreciation)
of investments.............. 54 149 (21) (87)
------ ------- ------ ------
Net increase (decrease) in
net assets resulting from
operations.................. 42 128 135 13
------ ------- ------ ------
From unit transactions:
Net proceeds from the
issuance of units......... 8,805 10,664 1,428 1,427
Net asset value of units
redeemed or used to meet
contract obligations...... (195) (224) (120) (118)
------ ------- ------ ------
Net increase from unit
transactions................ 8,610 10,440 1,308 1,309
------ ------- ------ ------
Net increase in net assets... 8,652 10,568 1,443 1,322
Net assets beginning of
period...................... 0 0 0 0
------ ------- ------ ------
Net assets end of period*.... $8,652 $10,568 $1,443 $1,322
====== ======= ====== ======
Unit transactions:
Units outstanding beginning
of period................... 0 0 0 0
Units issued during the
period...................... 901 1,165 143 143
Units redeemed during the
period...................... (20) (24) (11) (12)
------ ------- ------ ------
Units outstanding end of
period...................... 881 1,141 132 131
====== ======= ====== ======
---------------
* Includes undistributed net
investment income (loss)
of: $ (4) $ (4) $ 158 $ 105
====== ======= ====== ======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
JANUS ASPEN SERIES DREYFUS
-------------------------------------------------------------------------- ----------------
AGGRESSIVE CAPITAL WORLDWIDE DREYFUS
GROWTH BALANCED APPRECIATION GROWTH STOCK INDEX FUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------- ----------------- --------------- ------------------ ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 7, 2000** JANUARY 4, 2000** APRIL 7, 2000** JANUARY 4, 2000** MAY 3, 2000***
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
--------------- ----------------- --------------- ------------------ ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ 509 $ 97 $ 8 $ 57 $ 21
Net realized gain (loss) on
investments................. (29) 4 (11) 11 1
Net change in unrealized
appreciation (depreciation)
of investments.............. 93 (44) 3 135 (102)
------ ------ ------ ------ ------
Net increase (decrease) in
net assets resulting from
operations.................. 573 57 0 203 (80)
------ ------ ------ ------ ------
From unit transactions:
Net proceeds from the
issuance of units......... 6,173 1,622 2,775 4,203 9,666
Net asset value of units
redeemed or used to meet
contract obligations...... (164) (146) (73) (186) (26)
------ ------ ------ ------ ------
Net increase from unit
transactions................ 6,009 1,476 2,702 4,017 9,640
------ ------ ------ ------ ------
Net increase in net assets... 6,582 1,533 2,702 4,220 9,560
Net assets beginning of
period...................... 0 0 0 0 0
------ ------ ------ ------ ------
Net assets end of period*.... $6,582 $1,533 $2,702 $4,220 $9,560
====== ====== ====== ====== ======
Unit transactions:
Units outstanding beginning
of period................... 0 0 0 0 0
Units issued during the
period...................... 741 161 318 419 932
Units redeemed during the
period...................... (19) (14) (8) (17) (3)
------ ------ ------ ------ ------
Units outstanding end of
period...................... 722 147 310 402 929
====== ====== ====== ====== ======
---------------
* Includes undistributed net
investment income (loss)
of: $ 509 $ 97 $ 8 $ 57 $ 21
====== ====== ====== ====== ======
** Commencement of operations
</TABLE>
See notes to financial statements.
103
<PAGE> 106
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY Variable Account L (the "Variable Account") is a separate investment
account established on November 28, 1990 by MONY Life Insurance Company
("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used to support Flexible Premium Variable Life Insurance policies, which include
Variable Life (Strategist) Variable Universal Life (MONYEquity Master, MONY
Custom Equity Master and MONY Custom Estate Master). These policies are issued
by MONY. For presentation purposes, the information related only to the Variable
Universal Life Insurance policies (MONY Custom Estate Master) is presented here.
There are twenty-five MONY Custom Estate Master Subaccounts within the
Variable Account, each of which invests only in a corresponding portfolio of the
MONY Series Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust
("Enterprise"), Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen
Series (collectively, the "Funds"). Eighteen subaccounts of the MONY Custom
Estate Master commenced operations as of June 30, 2000 The Funds are registered
under the 1940 Act as an open end, diversified, management investment companies
The Fund and Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investment:
The investment in shares of each of the respective Funds' portfolio is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized capital gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based on
current tax law, to incur any income tax burden upon the earnings or realized
capital gains attributable to the Variable Account. Based on this expectation,
no charges are currently being deducted from the Variable Account for Federal
income tax purposes.
104
<PAGE> 107
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY. A surrender
charge may be imposed by MONY when a full or partial surrender is requested by
the policyholders. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for the MONY Custom Estate Master
Subaccounts for the period ended June 30, 2000 aggregated $4,223.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.35% of the average daily net assets of
each of the MONY Custom Estate Master subaccounts. As investment adviser to the
Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the period ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio.................................. $47,085 $1,819
Enterprise Accumulation Trust
Equity Portfolio........................................ 1,428 132
Small Company Value Portfolio........................... 690 35
Managed Portfolio....................................... 858 83
International Growth Portfolio.......................... 1,972 156
Growth Portfolio........................................ 22,237 455
Small Company Growth Portfolio.......................... 3,808 160
Equity Income Portfolio................................. 1,716 172
Capital Appreciation Portfolio.......................... 8,805 199
Multi-Cap Growth Portfolio.............................. 10,664 227
Growth & Income Portfolio............................... 7,541 31
Insurance Products Funds
VIP Growth Portfolio.................................... 1,428 122
VIP III Growth Opportunities Portfolio.................. 1,428 120
Janus Aspen Series
Aggressive Growth Portfolio............................. 6,173 166
Balanced Portfolio...................................... 1,622 148
Capital Appreciation Portfolio.......................... 2,775 74
Worldwide Growth Portfolio.............................. 4,203 189
Dreyfus
Stock Index Portfolio................................... 9,666 26
</TABLE>
105
<PAGE> 108
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYVESTOR
-----------------------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE MONEY
GROWTH INCOME TERM BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds................... 4,419 6,013 3,297 9,753 57,852
======== ======== ======= ======== =======
Investments at cost............................... $154,210 $150,735 $36,283 $180,356 $59,044
======== ======== ======= ======== =======
Investments in respective Funds at net asset
value........................................... $215,976 $134,241 $35,695 $224,569 $59,044
-------- -------- ------- -------- -------
Total assets............................ 215,976 134,241 35,695 224,569 59,044
-------- -------- ------- -------- -------
LIABILITIES
Amount due to MONY America........................ 71 44 12 74 20
-------- -------- ------- -------- -------
Total liabilities....................... 71 44 12 74 20
-------- -------- ------- -------- -------
Net assets........................................ $215,905 $134,197 $35,683 $224,495 $59,024
======== ======== ======= ======== =======
Net assets consist of:
Contractholders' net payments................... $ 9,856 $(19,707) $10,179 $ 16,775 $31,919
Undistributed net investment income............. 102,624 125,126 27,234 145,688 27,105
Accumulated net realized gain (loss) on
investments.................................. 41,659 45,272 (1,142) 17,819 0
Net unrealized appreciation (depreciation) of
investments.................................. 61,766 (16,494) (588) 44,213 0
-------- -------- ------- -------- -------
Net assets........................................ $215,905 $134,197 $35,683 $224,495 $59,024
======== ======== ======= ======== =======
Number of units outstanding*...................... 2,889 2,855 1,692 4,302 3,336
-------- -------- ------- -------- -------
Net asset value per unit outstanding*............. $ 74.74 $ 47.01 $ 21.09 $ 52.19 $ 17.69
======== ======== ======= ======== =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
106
<PAGE> 109
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYVESTOR
-----------------------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE MONEY
GROWTH INCOME TERM BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income.......................... $ 0 $ 2,360 $ 2,166 $ 867 $1,644
Distribution from capital gains.......... 46,079 19,452 0 36,334 0
Mortality and expense risk charges....... (904) (570) (150) (943) (248)
-------- -------- ------- -------- ------
Net investment income.................... 45,175 21,242 2,016 36,258 1,396
-------- -------- ------- -------- ------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments......................... 1,437 296 (23) 749 0
Net change in unrealized depreciation
of investments...................... (44,438) (27,423) (1,528) (35,139) 0
-------- -------- ------- -------- ------
Net realized and unrealized loss on
investments............................ (43,001) (27,127) (1,551) (34,390) 0
-------- -------- ------- -------- ------
Net increase (decrease) in net assets
resulting from operations.............. $ 2,174 $ (5,885) $ 465 $ 1,868 $1,396
======== ======== ======= ======== ======
</TABLE>
See notes to financial statements.
107
<PAGE> 110
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONYVESTOR
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income........... $ 45,175 $ 12,460 $ 21,242 $ 23,192 $ 2,016 $ 1,388
Net realized gain (loss) on
investments................... 1,437 1,830 296 662 (23) 1
Net change in unrealized
appreciation (depreciation) of
investments................... (44,438) 43,675 (27,423) (14,437) (1,528) (1,611)
-------- -------- -------- -------- ------- -------
Net increase (decrease) in net
assets resulting from
operations.................... 2,174 57,965 (5,885) 9,417 465 (222)
-------- -------- -------- -------- ------- -------
From unit transactions:
Net proceeds from the issuance
of units.................... 0 380 0 111 0 312
Net asset value of units
redeemed or used to meet
contract obligations........ (1,159) (1,077) (702) (687) (438) (503)
-------- -------- -------- -------- ------- -------
Net decrease from unit
transactions.................. (1,159) (697) (702) (576) (438) (191)
-------- -------- -------- -------- ------- -------
Net increase (decrease) in net
assets........................ 1,015 57,268 (6,587) 8,841 27 (413)
Net assets beginning of
period........................ 214,890 157,622 140,784 131,943 35,656 36,069
-------- -------- -------- -------- ------- -------
Net assets end of period*....... $215,905 $214,890 $134,197 $140,784 $35,683 $35,656
======== ======== ======== ======== ======= =======
Unit Transactions:
Units outstanding beginning of
period........................ 2,905 2,915 2,869 2,881 1,713 1,722
Units issued during the
period........................ 0 8 0 3 0 15
Units redeemed during the
period........................ (16) (18) (14) (15) (21) (24)
-------- -------- -------- -------- ------- -------
Units outstanding end of
period........................ 2,889 2,905 2,855 2,869 1,692 1,713
======== ======== ======== ======== ======= =======
---------------
* Includes undistributed net
investment income of: $102,624 $ 57,449 $125,126 $103,884 $27,234 $25,218
======== ======== ======== ======== ======= =======
<CAPTION>
MONYVESTOR
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income........... $ 36,258 $ 21,540 $ 1,396 $ 2,282
Net realized gain (loss) on
investments................... 749 1,518 0 0
Net change in unrealized
appreciation (depreciation) of
investments................... (35,139) 28,033 0 0
-------- -------- ------- -------
Net increase (decrease) in net
assets resulting from
operations.................... 1,868 51,091 1,396 2,282
-------- -------- ------- -------
From unit transactions:
Net proceeds from the issuance
of units.................... 0 240 0 155
Net asset value of units
redeemed or used to meet
contract obligations........ (926) (1,797) (202) (223)
-------- -------- ------- -------
Net decrease from unit
transactions.................. (926) (1,557) (202) (68)
-------- -------- ------- -------
Net increase (decrease) in net
assets........................ 942 49,534 1,194 2,214
Net assets beginning of
period........................ 223,553 174,019 57,830 55,616
-------- -------- ------- -------
Net assets end of period*....... $224,495 $223,553 $59,024 $57,830
======== ======== ======= =======
Unit Transactions:
Units outstanding beginning of
period........................ 4,320 4,353 3,348 3,352
Units issued during the
period........................ 0 10 0 9
Units redeemed during the
period........................ (18) (43) (12) (13)
-------- -------- ------- -------
Units outstanding end of
period........................ 4,302 4,320 3,336 3,348
======== ======== ======= =======
---------------
* Includes undistributed net
investment income of: $145,688 $109,430 $27,105 $25,709
======== ======== ======= =======
</TABLE>
See notes to financial statements.
108
<PAGE> 111
MONY AMERICA
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account S (the "Variable Account") is a separate
investment account established on March 27, 1987 by MONY Life Insurance Company
of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used only to support Variable Life Insurance with Additional Premium
Option policies (MONYVestor). These policies are issued by MONY America, which
is a wholly-owned subsidiary of MONY Life Insurance Company ("MONY").
There are currently six MONYVestor subaccounts available within the
Variable Account. One of the subaccounts has no assets and each of the remaining
five subaccounts invest only in a corresponding portfolio of the MONY Series
Fund, Inc. (the "Fund"). The Fund is registered under the 1940 Act as an open
end, diversified, management investment company and is affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Fund are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of the respective portfolios of the Fund is stated
at value which is the net asset value of the respective portfolio as reported by
such portfolio. Net asset values are based upon market or fair valuations of the
securities held in each of the corresponding portfolios of the Fund. For the
Money Market Portfolio, the net asset value is based on amortized cost of the
securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on ex-dividend date. Investment income includes distributions
of dividends and net realized gains received from the respective portfolios of
the Funds. Investment income received is reinvested in additional shares of the
respective portfolios of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based upon current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
109
<PAGE> 112
MONY AMERICA
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for any premium taxes.
The cost of insurance, administration charges, and, if applicable, deferred
premium taxes are deducted monthly from the cash value of the contract to
compensate MONY America. A surrender charge may be imposed by MONY America when
a full or partial surrender is requested by the policyholders. These deductions
are treated as contractholder redemptions by the Variable Account. The amount
deducted for all MONYVestor subaccounts for the six months ended June 30, 2000
aggregated $3,313.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.85% of the average daily net
assets of each of the respective subaccounts. As investment adviser to the Fund,
it receives amounts paid by the Fund for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and the proceeds from redemption of shares for each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONYVESTOR SUBACCOUNTS ACQUIRED SHARES REDEEMED
---------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio.................................. $0 $2,071
Equity Income Portfolio.................................. 0 1,281
Intermediate Term Bond Portfolio......................... 0 590
Diversified Portfolio.................................... 0 1,877
Money Market Portfolio................................... 0 452
</TABLE>
110
<PAGE> 113
MONY
VARIABLE ACCOUNT S
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYVESTOR
------------------------
MONY SERIES FUND, INC.
------------------------
EQUITY
INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT
---------- -----------
<S> <C> <C>
ASSETS
Shares held in respective Funds............................. 3,572 6,927
======= =========
Investments at cost......................................... $65,670 $ 110,457
======= =========
Investments in respective Funds, at net asset value......... $67,332 $ 134,530
------- ---------
Total assets...................................... 67,332 134,530
------- ---------
LIABILITIES
Amount due to MONY.......................................... 22 45
------- ---------
Net assets.................................................. $67,310 $ 134,485
======= =========
Net assets consist of:
Contractholders' net payments............................. $14,333 $(208,899)
Undistributed net investment income....................... 47,799 204,565
Accumulated net realized gains (loss) on investments...... 3,516 114,746
Net unrealized appreciation (depreciation) of
investments............................................ 1,662 24,073
------- ---------
Net assets.................................................. $67,310 $ 134,485
======= =========
Number of units outstanding*................................ 1,516 2,757
------- ---------
Net asset value per unit outstanding*....................... $ 44.39 $ 48.78
======= =========
---------------
* Units outstanding have been rounded for presentation
purposes.
</TABLE>
See notes to financial statements.
111
<PAGE> 114
MONY
VARIABLE ACCOUNT S
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYVESTOR
------------------------
MONY SERIES FUND, INC.
------------------------
EQUITY
INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT
---------- -----------
<S> <C> <C>
Dividend income............................................. $ 1,182 $ 519
Distribution from capital gains............................. 9,743 21,734
Mortality and expense risk charges.......................... (282) (558)
-------- --------
Net investment income....................................... 10,643 21,695
-------- --------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments.......................... 98 262
Net change in unrealized depreciation of investments...... (13,678) (20,831)
-------- --------
Net realized and unrealized loss on investments............. (13,580) (20,569)
-------- --------
Net increase (decrease) in net assets resulting from
operations................................................ $ (2,937) $ 1,126
======== ========
</TABLE>
See notes to financial statements.
112
<PAGE> 115
MONY
VARIABLE ACCOUNT S
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONYVESTOR
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
EQUITY INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income...................... $ 10,643 $11,591 $ 21,695 $ 12,820
Net realized gain on investments........... 98 380 262 612
Net change in unrealized appreciation
(depreciation) of investments........... (13,678) (7,277) (20,831) 17,031
-------- ------- -------- --------
Net increase (decrease) in net assets
resulting from operations.................. (2,937) 4,694 1,126 30,463
-------- ------- -------- --------
From unit transactions:
Net asset value of units redeemed or used to
meet contract obligations.................. (48) (322) (182) (585)
-------- ------- -------- --------
Net decrease from unit transactions.......... (48) (322) (182) (585)
-------- ------- -------- --------
Net increase (decrease) in net assets........ (2,985) 4,372 944 29,878
Net assets beginning of period............... 70,295 65,923 133,541 103,663
-------- ------- -------- --------
Net assets end of period*.................... $ 67,310 $70,295 $134,485 $133,541
======== ======= ======== ========
Unit transactions:
Units outstanding beginning of period........ 1,517 1,525 2,761 2,774
Units redeemed during the period............. (1) (8) (4) (13)
-------- ------- -------- --------
Units outstanding end of period.............. 1,516 1,517 2,757 2,761
======== ======= ======== ========
---------------
* Includes undistributed net investment
income of: $ 47,799 $37,156 $204,565 $182,870
======== ======= ======== ========
</TABLE>
See notes to financial statements.
113
<PAGE> 116
MONY
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY Variable Account S (the "Variable Account") is a separate investment
account established on November 28, 1990 by MONY Life Insurance Company
("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used only to support Variable Life Insurance with Additional Premium Option
policies (MONYVestor). These policies are issued by MONY.
There are currently six MONYVestor subaccounts available within the
Variable Account. Four of the subaccounts have no assets and the remaining two
invest only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund"). The Fund is registered under the 1940 Act as an open end, diversified,
management investment company and is affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Fund are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective portfolios of the Fund
is stated at value which is the net asset value of the respective portfolio as
reported by such portfolios. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Fund.
Investment Transactions and Investment Income:
Investments in the portfolios of the Fund are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Fund determined on the identified cost basis. Dividend
income is recorded on the ex-dividend date. Investment income includes
distributions of dividends and net realized gains received from the respective
portfolios of the Fund. Investment income received is reinvested in additional
shares of the respective portfolios of the Fund.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based
upon current tax law, to incur any income tax burden upon the earnings or
realized capital gains attributable to the Variable Account. Based on this
expectation, no charges are currently being deducted from the Variable Account
for federal income tax purposes.
3. RELATED PARTY TRANSACTIONS:
MONY is the legal owner of the assets of the Variable Account.
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
any premium taxes.
114
<PAGE> 117
MONY
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS: (CONTINUED)
The cost of insurance, administration charges, and, if applicable, deferred
premium taxes are deducted monthly from the cash value of the contract to
compensate MONY. A surrender charge may be imposed by MONY when a full or
partial surrender is requested by the policyholders. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for all subaccounts for the six months ended June 30, 2000 aggregated
$230.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.85% of the average daily net assets of
the respective subaccounts. As MONY America, a wholly-owned subsidiary of MONY,
acts as the investment adviser to the Fund, it receives amounts paid by the Fund
for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONYVESTOR SUBACCOUNTS ACQUIRED SHARES REDEEMED
---------------------- --------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Income Portfolio..................................... $0 $334
Diversified Portfolio....................................... 0 744
</TABLE>
115
<PAGE> 118
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ------------ ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds........................ 24,343 46,197 2,545,974 3,338,911 75,152 117,973,129 2,114,831
=========== ========== =========== =========== ========== ============ ===========
Investments at cost............ $ 978,370 $1,084,534 $28,021,443 $44,811,942 $1,420,307 $117,973,129 $23,249,831
=========== ========== =========== =========== ========== ============ ===========
Investments in respective
Funds, at net asset value.... $ 947,438 $ 870,819 $26,325,371 $40,400,827 $1,459,454 $117,973,129 $22,417,204
Amount due from MONY America... 0 0 84 501 0 644 466
Amount due from respective
Funds........................ 489 979 153,949 301,626 60 78,626 128,669
----------- ---------- ----------- ----------- ---------- ------------ -----------
Total assets.......... 947,927 871,798 26,479,404 40,702,954 1,459,514 118,052,399 22,546,339
----------- ---------- ----------- ----------- ---------- ------------ -----------
LIABILITIES
Amount due to MONY America..... 947 1,402 166,687 321,227 768 135,775 139,615
Amount due to respective
Funds........................ 0 0 84 501 0 644 466
----------- ---------- ----------- ----------- ---------- ------------ -----------
Total liabilities..... 947 1,402 166,771 321,728 768 136,419 140,081
----------- ---------- ----------- ----------- ---------- ------------ -----------
Net assets..................... $ 946,980 $ 870,396 $26,312,633 $40,381,226 $1,458,746 $117,915,980 $22,406,258
=========== ========== =========== =========== ========== ============ ===========
Net assets consist of:
Contractholders' net
payments................... $(1,037,615) $ (694,715) $16,408,690 $22,144,894 $ (971,627) $ 82,520,669 $18,994,522
Undistributed net investment
income..................... 758,753 1,034,718 10,785,354 20,762,894 1,460,791 35,395,311 3,242,679
Accumulated net realized gain
(loss) on investments...... 1,256,774 744,108 814,661 1,884,553 930,435 0 1,001,684
Net unrealized appreciation
(depreciation) of
investments................ (30,932) (213,715) (1,696,072) (4,411,115) 39,147 0 (832,627)
----------- ---------- ----------- ----------- ---------- ------------ -----------
Net assets..................... $ 946,980 $ 870,396 $26,312,633 $40,381,226 $1,458,746 $117,915,980 $22,406,258
=========== ========== =========== =========== ========== ============ ===========
Number of units outstanding*... 13,924 20,001 1,341,256 1,702,887 30,477 7,062,020 1,751,306
----------- ---------- ----------- ----------- ---------- ------------ -----------
Net asset value per unit
outstanding*................. $ 68.01 $ 43.52 $ 19.62 $ 23.71 $ 47.86 $ 16.70 $ 12.79
=========== ========== =========== =========== ========== ============ ===========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
116
<PAGE> 119
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
VALUEMASTER
--------------------------------------------------------------------
OCC ACCUMULATION TRUST
------------------------------------------------------
MONEY GOVERNMENT
MARKET INCOME EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds....... 1,484,781 60,878 41,680 37,798 444,423
========== ========== ========== ========= ============
Investments at cost................... $1,484,781 $ 645,070 $1,461,925 $ 872,164 $ 17,374,575
========== ========== ========== ========= ============
Investments in respective Funds, at
net asset value..................... $1,484,781 $ 612,436 $1,289,158 $ 957,813 $ 16,972,514
Dividends Receivable.................. 1,296
---------- ---------- ---------- --------- ------------
Total assets................ $1,484,781 613,732 1,289,158 957,813 16,972,514
---------- ---------- ---------- --------- ------------
LIABILITIES
Amount Due to MONY America............ 731 293 623 631 8,420
---------- ---------- ---------- --------- ------------
Total liabilities........... 731 293 623 631 8,420
---------- ---------- ---------- --------- ------------
Net Assets............................ $1,484,050 $ 613,439 $1,288,535 $ 957,182 $ 16,964,094
========== ========== ========== ========= ============
Net assets consist of:
Contractholders' net payments....... $ 965,507 $ (808,945) $ (996,406) $(355,593) $(16,998,024)
Undistributed net investment
income........................... 518,543 1,396,443 489,743 277,792 5,751,316
Accumulated net realized gain (loss)
on investments................... 0 58,575 1,967,965 949,334 28,612,863
Net unrealized appreciation
(depreciation) of investments.... 0 (32,634) (172,767) 85,649 (402,061)
---------- ---------- ---------- --------- ------------
Net assets............................ $1,484,050 $ 613,439 $1,288,535 $ 957,182 $ 16,964,094
========== ========== ========== ========= ============
Number of units outstanding*.......... 97,317 33,684 30,012 28,141 313,934
---------- ---------- ---------- --------- ------------
Net asset value per unit
outstanding*........................ $ 15.25 $ 18.21 $ 42.93 $ 34.01 $ 54.04
========== ========== ========== ========= ============
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
117
<PAGE> 120
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
---------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds......................... 8,453,592 7,274,613 33,516,164 7,323,437 8,093,273
============ ============ ============== =========== ===========
Investments at cost............. $308,270,852 $203,619,419 $1,304,322,571 $58,251,199 $42,461,239
============ ============ ============== =========== ===========
Investments in respective Funds,
at net asset value............ $383,962,140 $229,077,578 $1,183,455,748 $60,198,651 $38,928,641
Amount due from MONY America.... 7,309 7,242 15,654 252 495
Amount due from respective
Funds......................... 1,153,089 727,792 2,979,104 138,925 97,087
------------ ------------ -------------- ----------- -----------
Total assets.......... 385,122,538 229,812,612 1,186,450,506 60,337,828 39,026,223
------------ ------------ -------------- ----------- -----------
LIABILITIES
Amount due to MONY America...... 1,337,137 839,136 3,558,779 168,317 116,011
Amount due to respective
Funds......................... 7,309 7,242 15,654 252 495
------------ ------------ -------------- ----------- -----------
Total liabilities..... 1,344,446 846,378 3,574,433 168,569 116,506
------------ ------------ -------------- ----------- -----------
Net assets...................... $383,778,092 $228,966,234 $1,182,876,073 $60,169,259 $38,909,717
============ ============ ============== =========== ===========
Net assets consist of:
Contractholders' net
payments................... $ 68,786,781 $ 22,360,517 $ (91,500,943) $30,371,957 $27,855,751
Undistributed net investment
income..................... 67,578,008 74,325,729 626,720,297 4,962,293 20,422,882
Accumulated net realized gain
(loss) on investments...... 171,722,015 106,821,829 768,523,542 22,887,557 (5,836,319)
Net Unrealized appreciation
(depreciation) of
investments................ 75,691,288 25,458,159 (120,866,823) 1,947,452 (3,532,597)
------------ ------------ -------------- ----------- -----------
Net assets...................... $383,778,092 $228,966,234 $1,182,876,073 $60,169,259 $38,909,717
============ ============ ============== =========== ===========
Number of units outstanding*.... 6,425,296 4,592,994 20,166,371 3,311,674 2,593,995
------------ ------------ -------------- ----------- -----------
Net asset Value per unit
outstanding*.................. $ 59.73 $ 49.85 $ 58.66 $ 18.17 $ 15.00
============ ============ ============== =========== ===========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
118
<PAGE> 121
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
--------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.................... $ 0 $ 15,583 $ 1,840,012 $ 3,329,261 $ 5,586 $4,070,051 $1,551,574
Distribution from capital gains.... 205,390 128,467 0 0 233,979 0 410
Mortality and expense risk
charges.......................... (6,531) (5,619) (185,818) (292,280) (9,087) (904,677) (167,276)
--------- --------- ----------- ----------- --------- ---------- ----------
Net investment income.............. 198,859 138,431 1,654,194 3,036,981 230,478 3,165,374 1,384,708
--------- --------- ----------- ----------- --------- ---------- ----------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments................... 102,114 14,825 (434,007) (2,653,211) 17,173 0 (463,777)
Net change in unrealized
appreciation (depreciation) of
investments................... (291,563) (197,551) (930,792) 1,849,645 (238,339) 0 (348,049)
--------- --------- ----------- ----------- --------- ---------- ----------
Net realized and unrealized loss on
investments...................... (189,449) (182,726) (1,364,799) (803,566) (221,166) 0 (811,826)
--------- --------- ----------- ----------- --------- ---------- ----------
Net increase (decrease) in net
assets resulting from
operations....................... $ 9,410 $ (44,295) $ 289,395 $ 2,233,415 $ 9,312 $3,165,374 $ 572,882
========= ========= =========== =========== ========= ========== ==========
</TABLE>
See notes to financial statements.
119
<PAGE> 122
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
VALUEMASTER
----------------------------------------------------------------------
OCC ACCUMULATION TRUST
--------------------------------------------------------
MONEY US GOVERNMENT
MARKET INCOME EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Dividend income.............. $42,483 $ 15,828 $ 11,645 $ 9,210 $ 286,198
Distribution from capital
gains...................... 0 0 150,421 0 1,598,106
Mortality and expense risk
charges.................... (9,399) (3,911) (9,077) (9,495) (122,994)
------- -------- --------- -------- -----------
Net investment income
(loss)..................... 33,084 11,917 152,989 (285) 1,761,310
------- -------- --------- -------- -----------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............. 0 (14,263) 61,843 49,965 1,534,685
Net change in unrealized
appreciation
(depreciation) of
investments............. 0 16,759 (317,112) 98,873 (4,160,406)
------- -------- --------- -------- -----------
Net realized and unrealized
gain (loss) on
investments................ 0 2,496 (255,269) 148,838 (2,625,721)
------- -------- --------- -------- -----------
Net increase (decrease) in
net assets resulting from
operations................. $33,084 $ 14,413 $(102,280) $148,553 $ (864,411)
======= ======== ========= ======== ===========
</TABLE>
See notes to financial statements.
120
<PAGE> 123
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------- ------------ ------------- -----------
<S> <C> <C> <C> <C> <C>
Dividend income............... $ 0 $ 0 $ 0 $ 0 $ 2,226,565
Distribution from capital
gains....................... 0 0 0 0 0
Mortality and expense risk
charges..................... (2,506,279) (1,675,822) (8,810,426) (450,280) (292,178)
----------- ----------- ------------ ------------ -----------
Net investment income
(loss)...................... (2,506,279) (1,675,822) (8,810,426) (450,280) 1,934,387
----------- ----------- ------------ ------------ -----------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments.............. 16,803,627 8,110,134 (89,916,661) 9,480,666 (3,294,920)
Net change in unrealized
appreciation
(depreciation) of
investments.............. 48,930,100 (8,784,561) 41,513,123 (18,386,231) 773,496
----------- ----------- ------------ ------------ -----------
Net realized and unrealized
gain (loss) on
investments................. 65,733,727 (674,427) (48,403,538) (8,905,565) (2,521,424)
----------- ----------- ------------ ------------ -----------
Net increase (decrease) in net
assets resulting from
operations.................. $63,227,448 $(2,350,249) $(57,213,964) $ (9,355,845) $ (587,037)
=========== =========== ============ ============ ===========
</TABLE>
See notes to financial statements.
121
<PAGE> 124
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONYMASTER
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
EQUITY GROWTH EQUITY INCOME
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income........................ $ 198,859 $ 106,241 $ 138,431 $ 190,522
Net realized gain (loss) on investments...... 102,114 547,933 14,825 201,622
Net change in unrealized appreciation
(depreciation) of investments.............. (291,563) (220,215) (197,551) (309,904)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations.............................. 9,410 433,959 (44,295) 82,240
---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of units...... 1,825 113,679 1,358 23,855
Net asset value of units redeemed or used to
meet contract obligations.................. (297,232) (890,715) (127,425) (349,667)
---------- ---------- ---------- ----------
Net decrease from unit transactions............ (295,407) (777,036) (126,067) (325,812)
---------- ---------- ---------- ----------
Net decrease in net assets..................... (285,997) (343,077) (170,362) (243,572)
Net assets beginning of period................. 1,232,977 1,576,054 1,040,758 1,284,330
---------- ---------- ---------- ----------
Net assets end of period*...................... $ 946,980 $1,232,977 $ 870,396 $1,040,758
========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of period.......... 18,277 31,847 22,870 30,115
Units issued during the period................. 27 1,784 32 425
Units redeemed during the period............... (4,380) (15,354) (2,901) (7,670)
---------- ---------- ---------- ----------
Units outstanding end of period................ 13,924 18,277 20,001 22,870
========== ========== ========== ==========
---------------
* Includes undistributed net investment income
of: $ 758,753 $ 559,894 $1,034,718 $ 896,287
========== ========== ========== ==========
<CAPTION>
MONYMASTER
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
INTERMEDIATE TERM BOND LONG TERM BOND
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income........................ $ 1,654,194 $ 1,624,855 $ 3,036,981 $ 4,067,089
Net realized gain (loss) on investments...... (434,007) 520,414 (2,653,211) 270,896
Net change in unrealized appreciation
(depreciation) of investments.............. (930,792) (2,618,836) 1,849,645 (12,003,509)
----------- ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations.............................. 289,395 (473,567) 2,233,415 (7,665,524)
----------- ------------ ------------ ------------
From unit transactions:
Net proceeds from the issuance of units...... 698,294 6,953,515 584,890 13,318,859
Net asset value of units redeemed or used to
meet contract obligations.................. (9,344,328) (19,132,505) (16,845,864) (50,488,659)
----------- ------------ ------------ ------------
Net decrease from unit transactions............ (8,646,034) (12,178,990) (16,260,974) (37,169,800)
----------- ------------ ------------ ------------
Net decrease in net assets..................... (8,356,639) (12,652,557) (14,027,559) (44,835,324)
Net assets beginning of period................. 34,669,272 47,321,829 54,408,785 99,244,109
----------- ------------ ------------ ------------
Net assets end of period*...................... $26,312,633 $ 34,669,272 $ 40,381,226 $ 54,408,785
=========== ============ ============ ============
Unit transactions:
Units outstanding beginning of period.......... 1,787,011 2,414,529 2,404,096 4,000,596
Units issued during the period................. 32,255 357,020 19,634 552,831
Units redeemed during the period............... (478,010) (984,538) (720,843) (2,149,331)
----------- ------------ ------------ ------------
Units outstanding end of period................ 1,341,256 1,787,011 1,702,887 2,404,096
=========== ============ ============ ============
---------------
* Includes undistributed net investment income
of: $10,785,354 $ 9,131,160 $ 20,762,894 $ 17,725,913
=========== ============ ============ ============
</TABLE>
See notes to financial statements.
122
<PAGE> 125
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONYMASTER
--------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
GOVERNMENT
DIVERSIFIED MONEY MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- ----------------------------- ------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2000 1999 2000 1999 2000
------------ ------------ ------------- ------------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income.................... $ 230,478 $ 177,126 $ 3,165,374 $ 7,908,982 $ 1,384,708
Net realized gain (loss) on
investments............................ 17,173 238,935 0 0 (463,777)
Net change in unrealized depreciation of
investments............................ (238,339) (18,426) 0 0 (348,049)
---------- ---------- ------------- ------------- ------------
Net increase (decrease) in net assets
resulting from operations................ 9,312 397,635 3,165,374 7,908,982 572,882
---------- ---------- ------------- ------------- ------------
From unit transactions:
Net proceeds from the issuance of
units.................................. 19,431 39,174 55,790,192 257,074,463 513,385
Net asset value of units redeemed or used
to meet contract obligations........... (54,983) (522,189) (129,121,754) (364,870,852) (10,817,622)
---------- ---------- ------------- ------------- ------------
Net increase (decrease) from unit
transactions............................. (35,552) (483,015) (73,331,562) (107,796,389) (10,304,237)
---------- ---------- ------------- ------------- ------------
Net increase (decrease) in net assets...... (26,240) (85,380) (70,166,188) (99,887,407) (9,731,355)
Net assets beginning of period............. 1,484,986 1,570,366 188,082,168 287,969,575 32,137,613
---------- ---------- ------------- ------------- ------------
Net assets end of period*.................. $1,458,746 $1,484,986 $ 117,915,980 $ 188,082,168 $ 22,406,258
========== ========== ============= ============= ============
Unit transactions:
Units outstanding beginning of period...... 31,223 42,575 11,514,180 18,280,159 2,571,506
Units issued during the period............. 408 738 3,299,948 16,060,294 36,305
Units redeemed during the period........... (1,154) (12,090) (7,752,108) (22,826,273) (856,505)
---------- ---------- ------------- ------------- ------------
Units outstanding end of period............ 30,477 31,223 7,062,020 11,514,180 1,751,306
========== ========== ============= ============= ============
---------------
* Includes undistributed net investment
income of:............................... $1,460,791 $1,230,313 $ 35,395,311 $ 32,229,937 $ 3,242,679
========== ========== ============= ============= ============
<CAPTION>
MONYMASTER VALUEMASTER
------------ ---------------------------
MONY SERIES FUND, INC.
------------------------------------------
GOVERNMENT MONEY
SECURITIES MARKET
SUBACCOUNT SUBACCOUNT
------------ ---------------------------
FOR THE YEAR FOR THE SIX FOR THE YEAR
ENDED MONTHS ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31,
1999 2000 1999
------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income.................... $ 855,964 $ 33,084 $ 81,274
Net realized gain (loss) on
investments............................ 413,946 0 0
Net change in unrealized depreciation of
investments............................ (1,567,230) 0 0
------------ ---------- -----------
Net increase (decrease) in net assets
resulting from operations................ (297,320) 33,084 81,274
------------ ---------- -----------
From unit transactions:
Net proceeds from the issuance of
units.................................. 13,125,878 896,099 1,362,402
Net asset value of units redeemed or used
to meet contract obligations........... (25,844,182) (810,994) (2,037,957)
------------ ---------- -----------
Net increase (decrease) from unit
transactions............................. (12,718,304) 85,105 (675,555)
------------ ---------- -----------
Net increase (decrease) in net assets...... (13,015,624) 118,189 (594,281)
Net assets beginning of period............. 45,153,237 1,365,861 1,960,142
------------ ---------- -----------
Net assets end of period*.................. $ 32,137,613 $1,484,050 $ 1,365,861
============ ========== ===========
Unit transactions:
Units outstanding beginning of period...... 3,591,602 91,553 136,239
Units issued during the period............. 1,047,600 59,711 93,939
Units redeemed during the period........... (2,067,696) (53,947) (138,625)
------------ ---------- -----------
Units outstanding end of period............ 2,571,506 97,317 91,553
============ ========== ===========
---------------
* Includes undistributed net investment
income of:............................... $ 1,857,971 $ 518,543 $ 485,459
============ ========== ===========
</TABLE>
See notes to financial statements.
123
<PAGE> 126
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VALUEMASTER
------------------------------------------------------------------------
OCC ACCUMULATION TRUST
------------------------------------------------------------------------
US GOVERNMENT
INCOME EQUITY SMALL CAP
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2000 1999 2000 1999 2000
------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)................... $ 11,917 $ 30,198 $ 152,989 $ 109,772 $ (285)
Net realized gain (loss) on investments........ (14,263) (16,280) 61,843 773,134 49,965
Net change in unrealized appreciation
(depreciation) of investments................ 16,759 (39,941) (317,112) (815,026) 98,873
---------- ---------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations................................ 14,413 (26,023) (102,280) 67,880 148,553
---------- ---------- ---------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of units........ 25,162 199,355 343,328 606,029 129,909
Net asset value of units redeemed or used to
meet contract obligations.................... (174,000) (401,861) (638,702) (1,481,168) (1,276,968)
---------- ---------- ---------- ----------- -----------
Net decrease from unit transactions.............. (148,838) (202,506) (295,374) (875,139) (1,147,059)
---------- ---------- ---------- ----------- -----------
Net decrease in net assets....................... (134,425) (228,529) (397,654) (807,259) (998,506)
Net assets beginning of period................... 747,864 976,393 1,686,189 2,493,448 1,955,688
---------- ---------- ---------- ----------- -----------
Net assets end of period*........................ $ 613,439 $ 747,864 $1,288,535 $ 1,686,189 $ 957,182
========== ========== ========== =========== ===========
Unit transactions:
Units outstanding beginning of period............ 42,106 53,421 36,767 55,058 64,751
Units issued during the period................... 1,386 11,079 8,181 13,204 3,908
Units redeemed during the period................. (9,808) (22,394) (14,936) (31,495) (40,518)
---------- ---------- ---------- ----------- -----------
Units outstanding end of period.................. 33,684 42,106 30,012 36,767 28,141
========== ========== ========== =========== ===========
---------------
* Includes undistributed net investment income
of: $1,396,443 $1,384,526 $ 489,743 $ 336,754 $ 277,792
========== ========== ========== =========== ===========
<CAPTION>
VALUEMASTER
------------------------------------------
OCC ACCUMULATION TRUST
------------------------------------------
SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT
------------ ---------------------------
FOR THE YEAR FOR THE SIX FOR THE YEAR
ENDED MONTHS ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31,
1999 2000 1999
------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)................... $ (14,155) $ 1,761,310 $ 1,368,116
Net realized gain (loss) on investments........ 155,055 1,534,685 7,422,893
Net change in unrealized appreciation
(depreciation) of investments................ (244,817) (4,160,406) (7,399,886)
---------- ----------- ------------
Net increase (decrease) in net assets resulting
from operations................................ (103,917) (864,411) 1,391,123
---------- ----------- ------------
From unit transactions:
Net proceeds from the issuance of units........ 105,807 53,145 416,811
Net asset value of units redeemed or used to
meet contract obligations.................... (792,055) (6,339,963) (14,753,151)
---------- ----------- ------------
Net decrease from unit transactions.............. (686,248) (6,286,818) (14,336,340)
---------- ----------- ------------
Net decrease in net assets....................... (790,165) (7,151,229) (12,945,217)
Net assets beginning of period................... 2,745,853 24,115,323 37,060,540
---------- ----------- ------------
Net assets end of period*........................ $1,955,688 $16,964,094 $ 24,115,323
========== =========== ============
Unit transactions:
Units outstanding beginning of period............ 88,120 430,299 685,762
Units issued during the period................... 3,562 (2,475) 7,816
Units redeemed during the period................. (26,931) (113,890) (263,279)
---------- ----------- ------------
Units outstanding end of period.................. 64,751 313,934 430,299
========== =========== ============
---------------
* Includes undistributed net investment income
of: $ 278,077 $ 5,751,316 $ 3,990,006
========== =========== ============
</TABLE>
See notes to financial statements.
124
<PAGE> 127
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONYMASTER
-----------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------------- ----------------------------- -------------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------- ------------- ------------- ------------- -------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ (2,506,279) $ 33,706,966 $ (1,675,822) $ 19,543,469 $ (8,810,426) $ 316,307,034
Net realized gain (loss) on
investments.................. 16,803,627 39,802,012 8,110,134 30,282,041 (89,916,661) 172,825,057
Net change in unrealized
appreciation (depreciation)
of investments............... 48,930,100 (17,505,186) (8,784,561) 17,822,716 41,513,123 (339,034,818)
------------- ------------- ------------- ------------- -------------- --------------
Net increase (decrease) in net
assets resulting from
operations................... 63,227,448 56,003,792 (2,350,249) 67,648,226 (57,213,964) 150,097,273
------------- ------------- ------------- ------------- -------------- --------------
From unit transactions:
Net proceeds from the
issuance of units.......... 41,402,773 84,192,658 21,856,195 73,161,442 29,914,065 175,383,802
Net asset value of units
redeemed or used to meet
contract obligations....... (148,910,777) (232,468,208) (108,104,266) (166,467,855) (520,153,893) (932,478,561)
------------- ------------- ------------- ------------- -------------- --------------
Net decrease from unit
transactions................. (107,508,004) (148,275,550) (86,248,071) (93,306,413) (490,239,828) (757,094,759)
------------- ------------- ------------- ------------- -------------- --------------
Net increase (decrease) in net
assets....................... (44,280,556) (92,271,758) (88,598,320) (25,658,187) (547,453,792) (606,997,486)
Net assets beginning of
period....................... 428,058,648 520,330,406 317,564,554 343,222,741 1,730,329,865 2,337,327,351
------------- ------------- ------------- ------------- -------------- --------------
Net assets end of period*...... $ 383,778,092 $ 428,058,648 $ 228,966,234 $ 317,564,554 $1,182,876,073 $1,730,329,865
============= ============= ============= ============= ============== ==============
Unit transactions:
Units outstanding beginning of
period....................... 8,378,174 11,629,793 6,338,206 8,392,405 28,518,300 41,556,499
Units issued during the
period....................... 729,146 1,853,219 418,221 1,644,304 439,500 3,038,862
Units redeemed during the
period....................... (2,682,024) (5,104,838) (2,163,433) (3,698,503) (8,791,429) (16,077,061)
------------- ------------- ------------- ------------- -------------- --------------
Units outstanding end of
period....................... 6,425,296 8,378,174 4,592,994 6,338,206 20,166,371 28,518,300
============= ============= ============= ============= ============== ==============
---------------
* Includes undistributed net
investment income of: $ 67,578,008 $ 70,084,287 $ 74,325,729 $ 76,001,551 $ 626,720,297 $ 635,530,723
============= ============= ============= ============= ============== ==============
<CAPTION>
MONYMASTER
---------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------
INTERNATIONAL GROWTH HIGH YIELD BOND
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ (450,280) $ 1,120,330 $ 1,934,387 $ 6,568,386
Net realized gain (loss) on
investments.................. 9,480,666 5,948,548 (3,294,920) (3,941,526)
Net change in unrealized
appreciation (depreciation)
of investments............... (18,386,231) 17,836,014 773,496 (821,866)
------------ ------------ ------------ ------------
Net increase (decrease) in net
assets resulting from
operations................... (9,355,845) 24,904,892 (587,037) 1,804,994
------------ ------------ ------------ ------------
From unit transactions:
Net proceeds from the
issuance of units.......... 25,573,526 33,822,209 901,654 12,468,897
Net asset value of units
redeemed or used to meet
contract obligations....... (39,379,982) (48,335,830) (19,174,117) (43,104,802)
------------ ------------ ------------ ------------
Net decrease from unit
transactions................. (13,806,456) (14,513,621) (18,272,463) (30,635,905)
------------ ------------ ------------ ------------
Net increase (decrease) in net
assets....................... (23,162,301) 10,391,271 (18,859,500) (28,830,911)
Net assets beginning of
period....................... 83,331,560 72,940,289 57,769,217 86,600,128
------------ ------------ ------------ ------------
Net assets end of period*...... $ 60,169,259 $ 83,331,560 $ 38,909,717 $ 57,769,217
============ ============ ============ ============
Unit transactions:
Units outstanding beginning of
period....................... 4,031,563 4,954,694 3,816,497 5,868,866
Units issued during the
period....................... 1,293,944 2,110,074 47,595 832,940
Units redeemed during the
period....................... (2,013,833) (3,033,205) (1,270,097) (2,885,309)
------------ ------------ ------------ ------------
Units outstanding end of
period....................... 3,311,674 4,031,563 2,593,995 3,816,497
============ ============ ============ ============
---------------
* Includes undistributed net
investment income of: $ 4,962,293 $ 5,412,573 $ 20,422,882 $ 18,488,495
============ ============ ============ ============
</TABLE>
See notes to financial statements.
125
<PAGE> 128
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account A (the "Variable Account") is a separate
investment account established on March 27, 1987 by MONY Life Insurance Company
of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used only to support Flexible Payment Variable Annuity policies
(MONYMaster, ValueMaster and MONY Custom Master). These policies are issued by
MONY America, which is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). For presentation purposes, the information related only to the
MONYMaster and the ValueMaster insurance policies is presented here.
There are currently twelve MONYMaster subaccounts and five ValueMaster
subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund"), the
Enterprise Accumulation Trust ("Enterprise") or the OCC Accumulation Trust
("OCC") (collectively, the "Funds"). The subaccounts of MONYMaster commenced
operation from 1988 to 1994 and the subaccounts of ValueMaster commenced
operation in 1994. The Funds are registered under the 1940 Act as open end,
diversified, management investment companies. The Fund and Enterprise are
affiliated with MONY.
On March 31, 1997, the Variable Account effected a substitution by
redeeming shares of the OCC Accumulation Trust Bond Portfolio and using the
redemption proceeds to purchase shares of the OCC Accumulation Trust U.S.
Government Income Portfolio. The substitution was effected through a redemption
of assets in-kind for the Variable Account and OCC.
On December 21, 1998, the Variable Account effected a substitution by
redeeming shares of the OCC Accumulation Trust Money Market Portfolio and using
the redemption proceeds to purchase shares of the MONY Series Fund, Inc. Money
Market Portfolio. The substitution was effected through a redemption of assets
in-kind for the Variable Account and OCC.
A full presentation of the related financial statements and footnotes of
the Fund, Enterprise and OCC are contained on pages hereinafter and should be
read in conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on the
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized
126
<PAGE> 129
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
capital gains received from the respective portfolios of the Funds. Investment
income received is reinvested in additional shares of the respective portfolios
of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based upon current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets of the Variable Account.
Purchase payments received from MONY America by the Variable Account
represent gross purchase payments recorded by MONY America less deductions
retained as compensation for any premium taxes.
A periodic deduction is made from the cash value of the contract for the
Annual Contract Charge. A surrender charge may be imposed by MONY America when a
full or partial surrender is requested by the policyholders. These deductions
are treated by the Variable Account as contractholder redemptions. For the six
months ended June 30, 2000, the amounts deducted for all MONYMaster subaccounts
was $954,449 and for ValueMaster subaccounts was $7,755.
MONY America receives from the Variable Account, the amounts deducted for
mortality and expense risks at an annual rate of 1.25% of average daily net
assets of each of the respective subaccounts. As investment adviser to the Fund,
it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONYMASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
---------------------- --------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio............................... $ 207,237 $ 303,988
Equity Income Portfolio............................... 129,861 133,217
Intermediate Term Bond Portfolio...................... 1,030,161 9,868,577
Long Term Bond Portfolio.............................. 954,628 17,518,630
Diversified Portfolio................................. 253,411 64,159
Money Market Portfolio................................ 58,938,523 133,221,207
Government Securities Portfolio....................... 1,020,287 11,498,215
</TABLE>
127
<PAGE> 130
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
VALUEMASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
----------------------- --------------- ---------------
<S> <C> <C>
OCC Accumulation Trust
US Government Bond Portfolio.......................... $ 23,739 $ 177,901
Equity Portfolio...................................... 494,381 648,702
Small Cap Portfolio................................... 129,760 1,286,714
Managed Portfolio..................................... 1,673,800 6,490,693
Enterprise Accumulation Trust
Equity Portfolio...................................... 44,983,957 155,044,228
Small Company Value Portfolio......................... 23,723,566 111,707,183
Managed Portfolio..................................... 31,708,395 531,127,788
International Growth Portfolio........................ 26,244,436 40,515,050
High Yield Bond Portfolio............................. 1,274,116 19,852,131
MONY Series Fund, Inc.
Money Market Portfolio................................ 896,263 820,575
</TABLE>
128
<PAGE> 131
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
----------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------- ------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT SMALL COMPANY
TERM BOND BOND SECURITIES MONEY MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ----------- ----------- ------------ ----------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds.................... 1,277,136 1,357,432 1,573,360 89,509,680 1,443,417 2,058,925 4,138,115
=========== =========== =========== =========== =========== =========== ============
Investments at cost........ $13,554,242 $16,682,330 $16,929,216 $89,509,680 $58,340,008 $62,872,823 $153,328,238
=========== =========== =========== =========== =========== =========== ============
Investments in respective
Funds, at net asset
value.................... $13,205,587 $16,424,925 $16,677,613 $89,509,680 $65,559,995 $64,835,540 $146,116,826
Amount due from respective
Funds.................... 14,325 40,307 10,260 446,834 354,190 225,635 250,276
Amount due from MONY
America.................. 0 393 1,357 184,240 4,843 3,498 12,295
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total assets...... 13,219,912 16,465,625 16,689,230 90,140,754 65,919,028 65,064,673 146,379,397
----------- ----------- ----------- ----------- ----------- ----------- ------------
LIABILITIES
Amount due to MONY
America.................. 20,527 48,077 18,119 489,816 383,779 256,343 320,391
Amount due to respective
Funds.................... 0 393 1,357 184,240 4,843 3,498 12,295
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total
liabilities..... 20,527 48,470 19,476 674,056 388,622 259,841 332,686
----------- ----------- ----------- ----------- ----------- ----------- ------------
Net assets................. $13,199,385 $16,417,155 $16,669,754 $89,466,698 $65,530,406 $64,804,832 $146,046,711
=========== =========== =========== =========== =========== =========== ============
Net assets consist of:
Contractholders' net
payments............... 13,074,290 16,270,297 16,321,011 86,601,332 56,507,442 60,503,749 145,902,133
Undistributed net
investment income...... 700,873 1,129,573 831,439 2,865,366 1,419,556 1,438,065 16,431,519
Accumulated net realized
gain (loss) on
investments............ (227,123) (725,310) (231,093) 0 383,421 900,301 (9,075,529)
Net unrealized
appreciation
(depreciation) of
investments............ (348,655) (257,405) (251,603) 0 7,219,987 1,962,717 (7,211,412)
----------- ----------- ----------- ----------- ----------- ----------- ------------
Net assets................. $13,199,385 $16,417,155 $16,669,754 $89,466,698 $65,530,406 $64,804,832 $146,046,711
=========== =========== =========== =========== =========== =========== ============
Number of units
outstanding*............. 1,318,548 1,727,618 1,641,155 8,416,570 4,921,358 5,033,344 14,047,419
----------- ----------- ----------- ----------- ----------- ----------- ------------
Net asset value per unit
outstanding*............. $ 10.01 $ 9.50 $ 10.16 $ 10.63 $ 13.32 $ 12.88 $ 10.40
=========== =========== =========== =========== =========== =========== ============
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
129
<PAGE> 132
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
---------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND
GROWTH BOND GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds...................... 3,038,525 4,463,552 44,766,052 21,068,761
=========== =========== ============ ============
Investments at cost.................................. $25,044,751 $22,355,151 $269,589,648 $125,403,256
=========== =========== ============ ============
Investments in respective Funds, at net asset
value.............................................. $24,976,671 $21,469,683 $284,712,090 $133,365,256
Amount due from MONY America......................... 52,617 56,336 386,685 332,432
Amount due from respective Funds..................... 0 67 16,254 16,381
----------- ----------- ------------ ------------
Total assets................................ 25,029,288 21,526,086 285,115,029 133,714,069
----------- ----------- ------------ ------------
LIABILITIES
Amount due to MONY America........................... 11,865 10,204 148,760 79,874
Amount due to respective Funds....................... 52,617 56,336 386,685 332,432
----------- ----------- ------------ ------------
Total liabilities........................... 64,482 66,540 535,445 412,306
----------- ----------- ------------ ------------
Net assets........................................... $24,964,806 $21,459,546 $284,579,584 $133,301,763
=========== =========== ============ ============
Net assets consist of:
Contractholders' net payments...................... 23,683,791 21,390,776 267,429,883 124,219,077
Undistributed net investment income (loss)......... 77,124 1,443,696 (2,845,961) (1,100,311)
Accumulated net realized gain (loss) on
investments...................................... 1,271,971 (489,458) 4,873,220 2,220,997
Net unrealized appreciation (depreciation) of
investments...................................... (68,080) (885,468) 15,122,442 7,962,000
----------- ----------- ------------ ------------
Net assets........................................... $24,964,806 $21,459,546 $284,579,584 $133,301,763
=========== =========== ============ ============
Number of units outstanding*......................... 1,916,229 2,113,431 22,827,337 10,758,457
----------- ----------- ------------ ------------
Net asset value per unit outstanding*................ $ 13.03 $ 10.15 $ 12.47 $ 12.39
=========== =========== ============ ============
<CAPTION>
MONY CUSTOM MASTER
------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------
SMALL COMPANY EQUITY CAPITAL
GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ----------- ------------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds...................... 6,619,198 4,773,731 7,357,015
=========== =========== ===========
Investments at cost.................................. $56,464,854 $25,535,359 $55,522,415
=========== =========== ===========
Investments in respective Funds, at net asset
value.............................................. $57,984,175 $24,727,926 $59,297,540
Amount due from MONY America......................... 168,669 39,777 132,829
Amount due from respective Funds..................... 6,675 107 1,411
----------- ----------- -----------
Total assets................................ 58,159,519 24,767,810 59,431,780
----------- ----------- -----------
LIABILITIES
Amount due to MONY America........................... 33,773 12,157 29,231
Amount due to respective Funds....................... 168,669 39,777 132,829
----------- ----------- -----------
Total liabilities........................... 202,442 51,934 162,060
----------- ----------- -----------
Net assets........................................... $57,957,077 $24,715,876 $59,269,720
=========== =========== ===========
Net assets consist of:
Contractholders' net payments...................... 54,021,584 26,340,018 53,850,917
Undistributed net investment income (loss)......... (335,358) (287,876) (429,445)
Accumulated net realized gain (loss) on
investments...................................... 2,751,530 (528,833) 2,073,123
Net unrealized appreciation (depreciation) of
investments...................................... 1,519,321 (807,433) 3,775,125
----------- ----------- -----------
Net assets........................................... $57,957,077 $24,715,876 $59,269,720
=========== =========== ===========
Number of units outstanding*......................... 3,391,053 2,408,720 3,784,603
----------- ----------- -----------
Net asset value per unit outstanding*................ $ 17.09 $ 10.26 $ 15.66
=========== =========== ===========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
130
<PAGE> 133
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-----------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION
TRUST FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
-------------------------- --------------------------------------------
DREYFUS DREYFUS VIP III
MULTI-CAP STOCK SOCIALLY VIP VIP II GROWTH
GROWTH BALANCED INDEX RESPONSIBLE GROWTH CONTRAFUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ----------- ----------- ----------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds................... 10,330,096 2,611,355 2,085,137 304,913 1,001,133 2,082,701 790,819
============ =========== =========== =========== =========== =========== ===========
Investments at cost....... $150,382,664 $13,073,536 $76,530,901 $11,405,720 $49,792,905 $53,826,477 $16,792,270
============ =========== =========== =========== =========== =========== ===========
Investments in respective
Funds, at net asset
value................... $139,043,086 $13,526,821 $79,276,923 $12,214,812 $51,448,240 $52,129,995 $16,275,048
Amount due from MONY
America................. 351,849 48,687 237,625 26,066 191,194 249,008 72,080
Amount due from respective
Funds................... 4,214 1,642 2,840 185 2,878 1,218 1,965
------------ ----------- ----------- ----------- ----------- ----------- -----------
Total assets..... 139,399,149 13,577,150 79,517,388 12,241,063 51,642,312 52,380,221 16,349,093
------------ ----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES
Amount due to MONY
America................. 70,271 7,938 40,417 5,949 26,771 25,751 9,619
Amount due to respective
Funds................... 351,849 48,687 237,625 26,066 191,194 249,008 72,080
------------ ----------- ----------- ----------- ----------- ----------- -----------
Total
liabilities.... 422,120 56,625 278,042 32,015 217,965 274,759 81,699
------------ ----------- ----------- ----------- ----------- ----------- -----------
Net assets................ $138,977,029 $13,520,525 $79,239,346 $12,209,048 $51,424,347 $52,105,462 $16,267,394
============ =========== =========== =========== =========== =========== ===========
Net assets consist of:
Contractholders' net
payments.............. 147,071,619 13,068,677 75,706,307 11,144,950 46,699,586 50,039,249 16,308,007
Undistributed net
investment income
(loss)................ (724,562) (96,605) 260,850 124,881 2,587,665 3,600,575 663,751
Accumulated net realized
gain (loss) on
investments........... 3,969,550 95,168 526,167 130,125 481,761 162,120 (187,142)
Net unrealized
appreciation
(depreciation) of
investments........... (11,339,578) 453,285 2,746,022 809,092 1,655,335 (1,696,482) (517,222)
------------ ----------- ----------- ----------- ----------- ----------- -----------
Net assets................ $138,977,029 $13,520,525 $79,239,346 $12,209,048 $51,424,347 $52,105,462 $16,267,394
============ =========== =========== =========== =========== =========== ===========
Number of units
outstanding*............ 5,225,699 1,301,979 7,523,137 1,033,462 4,312,338 4,836,238 1,730,970
------------ ----------- ----------- ----------- ----------- ----------- -----------
Net asset value per unit
outstanding*............ $ 26.59 $ 10.38 $ 10.53 $ 11.81 $ 11.92 $ 10.77 $ 9.40
============ =========== =========== =========== =========== =========== ===========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
131
<PAGE> 134
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-------------------------------------------------------
JANUS ASPEN SERIES FUND
-------------------------------------------------------
AGGRESSIVE CAPITAL WORLD-WIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds......... 1,831,901 1,894,905 2,446,065 1,846,065
============ =========== =========== ===========
Investments at cost..................... $107,305,443 $51,327,611 $75,402,097 $87,961,844
============ =========== =========== ===========
Investments in respective Fund, at net
asset value........................... $102,220,025 $49,873,905 $77,613,636 $88,666,514
Amount due from MONY America............ 352,816 104,940 213,796 347,069
Amount due from respective Funds........ 6,227 3,496 1,963 1,299
------------ ----------- ----------- -----------
Total assets.................. 102,579,068 49,982,341 77,829,395 89,014,882
------------ ----------- ----------- -----------
LIABILITIES
Amount due to MONY America.............. 55,115 27,174 39,358 43,337
Amount due to respective Funds.......... 352,816 104,940 213,796 347,069
------------ ----------- ----------- -----------
Total liabilities............. 407,931 132,114 253,154 390,406
------------ ----------- ----------- -----------
Net assets.............................. $102,171,137 $49,850,227 $77,576,241 $88,624,476
============ =========== =========== ===========
Net assets consist of:
Contractholders' net payments......... 95,487,674 47,719,075 73,310,844 84,955,867
Undistributed net investment income
(loss)............................. 7,387,024 3,105,607 (128,438) 848,495
Accumulated net realized gain (loss)
on investments..................... 4,381,857 479,251 2,182,296 2,115,444
Net unrealized appreciation
(depreciation) of investments...... (5,085,418) (1,453,706) 2,211,539 704,670
------------ ----------- ----------- -----------
Net assets.............................. $102,171,137 $49,850,227 $77,576,241 $88,624,476
============ =========== =========== ===========
Number of units outstanding*............ 6,241,605 4,527,311 6,307,169 6,280,091
------------ ----------- ----------- -----------
Net asset value per unit outstanding*... $ 16.37 $ 11.01 $ 12.30 $ 14.11
============ =========== =========== ===========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
132
<PAGE> 135
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
----------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ----------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.................. $ 668,684 $ 958,127 $ 843,838 $2,248,175 $ 0 $ 0 $ 0
Distribution from capital
gains.......................... 0 0 223 0 0 0 0
Mortality and expense risk
charges........................ (69,525) (89,853) (95,295) (495,715) (246,788) (342,971) (828,991)
--------- --------- --------- ---------- ---------- --------- -----------
Net investment income (loss)..... 599,159 868,274 748,766 1,752,460 (246,788) (342,971) (828,991)
--------- --------- --------- ---------- ---------- --------- -----------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments................. (145,571) (319,628) (165,563) 0 460,632 337,902 (7,717,779)
Net change in unrealized
appreciation (depreciation)
of investments.............. (306,000) 133,846 (219,104) 0 6,092,919 (16,181) 3,903,809
--------- --------- --------- ---------- ---------- --------- -----------
Net realized and unrealized gain
(loss) on investments.......... (451,571) (185,782) (384,667) 0 6,553,551 321,721 (3,813,970)
--------- --------- --------- ---------- ---------- --------- -----------
Net increase (decrease) in net
assets resulting from
operations..................... $ 147,588 $ 682,492 $ 364,099 $1,752,460 $6,306,763 $ (21,250) $(4,642,961)
========= ========= ========= ========== ========== ========= ===========
</TABLE>
See notes to financial statements.
133
<PAGE> 136
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
--------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY CAPITAL
GROWTH BOND GROWTH INCOME GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ----------- ---------- ------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.............. $ 0 $ 887,889 $ 0 $ 0 $ 0 $ 0 $ 0
Distribution from capital
gains...................... 0 0 0 0 0 0 0
Mortality and expense risk
charges.................... (130,821) (115,683) (1,559,831) (690,340) (255,506) (154,540) (285,740)
----------- --------- ----------- ---------- ----------- ----------- -----------
Net investment income
(loss)..................... (130,821) 772,206 (1,559,831) (690,340) (255,506) (154,540) (285,740)
----------- --------- ----------- ---------- ----------- ----------- -----------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............. 968,254 (347,866) 2,423,437 928,335 2,354,419 (710,369) 1,512,855
Net change in unrealized
appreciation
(depreciation) of
investments............. (3,505,209) (538,402) (8,064,138) 3,242,073 (3,187,837) (299,156) (4,240,465)
----------- --------- ----------- ---------- ----------- ----------- -----------
Net realized and unrealized
gain (loss) on
investments................ (2,536,955) (886,268) (5,640,701) 4,170,408 (833,418) (1,009,525) (2,727,610)
----------- --------- ----------- ---------- ----------- ----------- -----------
Net increase (decrease) in
net assets resulting from
operations................. $(2,667,776) $(114,062) $(7,200,532) $3,480,068 $(1,088,924) $(1,164,065) $(3,013,350)
=========== ========= =========== ========== =========== =========== ===========
</TABLE>
See notes to financial statements.
134
<PAGE> 137
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-----------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------
DREYFUS DREYFUS
MULTI-CAP STOCK SOCIALLY
GROWTH BALANCED INDEX RESPONSIBLE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
Dividend income....................... $ 0 $ 0 $ 341,013 $ 1,566
Distribution from capital gains....... 0 0 72,026 0
Mortality and expense risk charges.... (647,693) (72,729) (393,916) (59,456)
------------ -------- --------- --------
Net investment income (loss).......... (647,693) (72,729) 19,123 (57,890)
------------ -------- --------- --------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments...................... 3,591,388 85,114 447,771 99,168
Net change in unrealized
appreciation (depreciation) of
investments...................... (20,530,053) (40,820) (398,938) 316,139
------------ -------- --------- --------
Net realized and unrealized gain
(loss) on investments............... (16,938,665) 44,294 48,833 415,307
------------ -------- --------- --------
Net increase (decrease) in net assets
resulting from operations........... $(17,586,358) $(28,435) $ 67,956 $357,417
============ ======== ========= ========
<CAPTION>
MONY CUSTOM MASTER
-------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
-------------------------------------------
VIP III
VIP VIP II GROWTH
GROWTH CONTRAFUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- -------------
<S> <C> <C> <C>
Dividend income....................... $ 23,769 $ 104,820 $ 122,079
Distribution from capital gains....... 2,838,060 3,804,961 642,043
Mortality and expense risk charges.... (224,245) (247,363) (78,082)
----------- ----------- ---------
Net investment income (loss).......... 2,637,584 3,662,418 686,040
----------- ----------- ---------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments...................... 373,852 97,477 (187,157)
Net change in unrealized
appreciation (depreciation) of
investments...................... (1,216,676) (4,515,718) (800,664)
----------- ----------- ---------
Net realized and unrealized gain
(loss) on investments............... (842,824) (4,418,241) (987,821)
----------- ----------- ---------
Net increase (decrease) in net assets
resulting from operations........... $ 1,794,760 $ (755,823) $(301,781)
=========== =========== =========
</TABLE>
See notes to financial statements.
135
<PAGE> 138
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
----------------------------------------------------------
JANUS ASPEN SERIES FUND
----------------------------------------------------------
AGGRESSIVE CAPITAL WORLD-WIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Dividend income....................... $ 5,385,537 $ 828,982 $ 242,216 $ 315,651
Distribution from capital gains....... 2,508,675 2,321,341 31,173 941,265
Mortality and expense risk charges.... (441,560) (221,451) (386,734) (362,679)
------------ ----------- ----------- -----------
Net investment income (loss).......... 7,452,652 2,928,872 (113,345) 894,237
------------ ----------- ----------- -----------
Realized and unrealized gain (loss) on
investments:
Net realized gain on investments.... 3,888,065 440,391 2,008,279 1,899,526
Net change in unrealized
depreciation of investments...... (13,853,994) (3,258,359) (6,284,762) (4,298,210)
------------ ----------- ----------- -----------
Net realized and unrealized loss on
investments......................... (9,965,929) (2,817,968) (4,276,483) (2,398,684)
------------ ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations........... $ (2,513,277) $ 110,904 $(4,389,828) $(1,504,447)
============ =========== =========== ===========
</TABLE>
See notes to financial statements.
136
<PAGE> 139
(This page intentionally left blank)
137
<PAGE> 140
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT
TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss).................. $ 599,159 $ 101,798 $ 868,274 $ 261,457 $ 748,766 $ 82,875
Net realized gain (loss)
on investments.......... (145,571) (81,552) (319,628) (405,659) (165,563) (65,530)
Net change in unrealized
appreciation
(depreciation) of
investments............. (306,000) (43,131) 133,846 (391,894) (219,104) (33,260)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in
net assets resulting
from operations......... 147,588 (22,885) 682,492 (536,096) 364,099 (15,915)
----------- ----------- ----------- ----------- ----------- -----------
From unit transactions:
Net proceeds from the
issuance of units..... 5,713,379 10,114,352 6,142,299 15,854,885 5,669,869 15,969,188
Net asset value of units
redeemed or used to
meet contract
obligations........... (1,700,953) (1,297,474) (3,163,886) (2,950,778) (4,131,338) (1,732,887)
----------- ----------- ----------- ----------- ----------- -----------
Net increase from unit
transactions............ 4,012,426 8,816,878 2,978,413 12,904,107 1,538,531 14,236,301
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net
assets.................. 4,160,014 8,793,993 3,660,905 12,368,011 1,902,630 14,220,386
Net assets beginning
of period............... 9,039,371 245,378 12,756,250 388,239 14,767,124 546,738
----------- ----------- ----------- ----------- ----------- -----------
Net assets end of
period*................. $13,199,385 $ 9,039,371 $16,417,155 $12,756,250 $16,669,754 $14,767,124
=========== =========== =========== =========== =========== ===========
Unit transactions:
Units outstanding
beginning of period..... 913,085 24,535 1,406,502 39,054 1,488,308 54,777
Units issued during the
period.................. 578,174 1,019,555 662,529 1,685,745 568,810 1,608,412
Units redeemed during the
period.................. (172,711) (131,005) (341,413) (318,297) (415,963) (174,881)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding end of
period.................. 1,318,548 913,085 1,727,618 1,406,502 1,641,155 1,488,308
=========== =========== =========== =========== =========== ===========
---------------
* Includes undistributed
net investment income
of: $ 700,873 $ 101,714 $ 1,129,573 $ 261,299 $ 831,439 $ 82,673
=========== =========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
138
<PAGE> 141
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
----------------------------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
---------------------------- ---------------------------------------------------------------------------------------
SMALL COMPANY
MONEY MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- --------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999 2000 1999
------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1,752,460 $ 1,111,680 $ (246,788) $ 1,666,546 $ (342,971) $ 1,781,172 $ (828,991) $ 17,261,157
0 0 460,632 (76,825) 337,902 562,323 (7,717,779) (1,356,575)
0 0 6,092,919 1,114,149 (16,181) 1,958,981 3,903,809 (11,144,313)
------------- ------------ ----------- ----------- ----------- ----------- ------------ ------------
1,752,460 1,111,680 6,306,763 2,703,870 (21,250) 4,302,476 (4,642,961) 4,760,269
------------- ------------ ----------- ----------- ----------- ----------- ------------ ------------
124,230,951 146,401,815 39,255,141 28,754,279 25,722,295 45,228,505 52,193,967 144,669,632
(117,226,775) (68,232,460) (6,781,273) (5,351,785) (6,359,702) (4,449,851) (29,836,664) (23,248,728)
------------- ------------ ----------- ----------- ----------- ----------- ------------ ------------
7,004,176 78,169,355 32,473,868 23,402,494 19,362,593 40,778,654 22,357,303 121,420,904
------------- ------------ ----------- ----------- ----------- ----------- ------------ ------------
8,756,636 79,281,035 38,780,631 26,106,364 19,341,343 45,081,130 17,714,342 126,181,173
80,710,062 1,429,027 26,749,775 643,411 45,463,489 382,359 128,332,369 2,151,196
------------- ------------ ----------- ----------- ----------- ----------- ------------ ------------
$ 89,466,698 $ 80,710,062 $65,530,406 $26,749,775 $64,804,832 $45,463,489 $146,046,711 $128,332,369
============= ============ =========== =========== =========== =========== ============ ============
7,761,160 142,487 2,348,518 64,500 3,513,450 36,198 11,932,847 215,756
11,826,369 14,259,179 3,123,848 2,819,082 2,018,301 3,850,959 5,003,615 13,972,664
(11,170,959) (6,640,506) (551,008) (535,064) (498,407) (373,707) (2,889,043) (2,255,573)
------------- ------------ ----------- ----------- ----------- ----------- ------------ ------------
8,416,570 7,761,160 4,921,358 2,348,518 5,033,344 3,513,450 14,047,419 11,932,847
============= ============ =========== =========== =========== =========== ============ ============
$ 2,865,366 $ 1,112,906 $ 1,419,556 $ 1,666,344 $ 1,438,065 $ 1,781,036 $ 16,431,519 $ 17,260,510
============= ============ =========== =========== =========== =========== ============ ============
</TABLE>
See notes to financial statements.
139
<PAGE> 142
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
---------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)................. $ (130,821) $ 208,032 $ 772,206 $ 671,046 $ (1,559,831) $ (1,285,538)
Net realized gain (loss)
on investments......... 968,254 303,713 (347,866) (141,592) 2,423,437 2,449,639
Net change in unrealized
appreciation
(depreciation) of
investments............ (3,505,209) 3,431,921 (538,402) (347,425) (8,064,138) 23,150,925
----------- ----------- ----------- ----------- ------------ ------------
Net increase (decrease)
in net assets resulting
from operations........ (2,667,776) 3,943,666 (114,062) 182,029 (7,200,532) 24,315,026
----------- ----------- ----------- ----------- ------------ ------------
From unit transactions:
Net proceeds from the
issuance of units.... 15,006,461 14,118,499 9,016,940 17,411,010 101,914,513 218,185,753
Net asset value of
units redeemed or
used to meet contract
obligations.......... (3,301,794) (2,301,128) (3,018,248) (2,265,166) (29,489,187) (24,775,225)
----------- ----------- ----------- ----------- ------------ ------------
Net increase (decrease)
from unit
transactions........... 1,704,667 11,817,371 5,998,692 15,145,844 72,425,326 193,410,528
----------- ----------- ----------- ----------- ------------ ------------
Net increase (decrease)
in net assets.......... 9,036,891 15,761,037 5,884,630 15,327,873 65,224,794 217,725,554
Net assets beginning of
period................. 15,927,915 166,878 15,574,916 247,043 219,354,790 1,629,236
----------- ----------- ----------- ----------- ------------ ------------
Net assets end of
period*................ $24,964,806 $15,927,915 $21,459,546 $15,574,916 $284,579,584 $219,354,790
=========== =========== =========== =========== ============ ============
Unit transactions:
Units outstanding
beginning of period.... 1,074,763 15,811 1,520,029 24,732 16,952,783 154,728
Units issued during the
period................. 1,078,942 1,253,630 891,857 1,720,663 8,296,327 18,916,259
Units redeemed during the
period................. (237,476) (194,678) (298,455) (225,366) (2,421,773) (2,118,204)
----------- ----------- ----------- ----------- ------------ ------------
Units outstanding end of
period................. 1,916,229 1,074,763 2,113,431 1,520,029 22,827,337 16,952,783
=========== =========== =========== =========== ============ ============
---------------
* Includes undistributed
net investment income
(loss) of: $ 77,124 $ 207,945 $ 1,443,696 $ 671,490 $ (2,845,961) $ (1,286,130)
=========== =========== =========== =========== ============ ============
</TABLE>
See notes to financial statements.
140
<PAGE> 143
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
---------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------------------------------------
GROWTH AND SMALL COMPANY EQUITY CAPITAL
INCOME GROWTH INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ (690,340) $ (409,896) $ (255,506) $ (79,785) $ (154,540) $ (133,289) $ (285,740) $ (143,656)
928,335 1,292,661 2,354,419 397,107 (710,369) 181,535 1,512,855 560,264
3,242,073 4,713,749 (3,187,837) 4,698,213 (299,156) (510,001) (4,240,465) 8,006,641
------------ ----------- ----------- ----------- ----------- ----------- ----------- -----------
3,480,068 5,596,514 (1,088,924) 5,015,535 (1,164,065) (461,755) (3,013,350) 8,423,249
------------ ----------- ----------- ----------- ----------- ----------- ----------- -----------
53,440,887 87,801,810 42,390,549 17,374,555 6,186,474 29,981,260 35,674,713 25,145,239
(10,032,123) (7,257,393) (4,739,036) (1,189,968) (6,774,492) (3,250,564) (3,874,271) (3,310,266)
------------ ----------- ----------- ----------- ----------- ----------- ----------- -----------
43,408,764 80,544,417 37,651,513 16,184,587 (588,018) 26,730,696 31,800,442 21,834,973
------------ ----------- ----------- ----------- ----------- ----------- ----------- -----------
46,888,832 86,140,931 36,562,589 21,200,122 (1,752,083) 26,268,941 28,787,092 30,258,222
86,412,931 272,000 21,394,488 194,366 26,467,959 199,018 30,482,628 224,406
------------ ----------- ----------- ----------- ----------- ----------- ----------- -----------
$133,301,763 $86,412,931 $57,957,077 $21,394,488 $24,715,876 $26,467,959 $59,269,720 $30,482,628
============ =========== =========== =========== =========== =========== =========== ===========
7,122,762 26,693 1,281,793 17,887 2,472,972 19,409 1,802,006 20,360
4,480,654 7,726,203 2,381,613 1,354,866 607,499 2,757,380 2,227,662 2,046,259
(844,959) (630,134) (272,353) (90,960) (671,751) (303,817) (245,065) (264,613)
------------ ----------- ----------- ----------- ----------- ----------- ----------- -----------
10,758,457 7,122,762 3,391,053 1,281,793 2,408,720 2,472,972 3,784,603 1,802,006
============ =========== =========== =========== =========== =========== =========== ===========
$ (1,100,311) $ (409,971) $ (335,358) $ (79,852) $ (287,876) $ (133,336) $ (429,445) $ (143,705)
============ =========== =========== =========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
141
<PAGE> 144
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------- DREYFUS
MULTI-CAP STOCK
GROWTH BALANCED INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JULY 15, 1999** FOR THE SIX JULY 12, 1999** FOR THE SIX JULY 20, 1999**
MONTHS ENDED THROUGH MONTHS ENDED THROUGH MONTHS ENDED THROUGH
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ --------------- ------------ --------------- ------------ ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ (647,693) $ (76,869) $ (72,729) $ (23,876) $ 19,123 $ 241,727
Net realized gain (loss) on
investments.................. 3,591,388 378,162 85,114 10,054 447,771 78,396
Net change in unrealized
appreciation (depreciation)
of investments............... (20,530,053) 9,190,475 (40,820) 494,105 (398,938) 3,144,960
------------ ----------- ----------- ---------- ----------- -----------
Net increase (decrease) in net
assets resulting from
operations................... (17,586,358) 9,491,768 (28,435) 480,283 67,956 3,465,083
------------ ----------- ----------- ---------- ----------- -----------
From unit transactions:
Net proceeds from the
issuance of units.......... 118,666,746 38,409,014 5,531,056 9,569,175 40,149,893 43,565,519
Net asset value of units
redeemed or used to meet
contract obligations....... (8,815,919) (1,188,222) (1,609,551) (422,003) (5,982,835) (2,026,270)
------------ ----------- ----------- ---------- ----------- -----------
Net increase from unit
transactions................. 109,850,827 37,220,792 3,921,505 9,147,172 34,167,058 41,539,249
------------ ----------- ----------- ---------- ----------- -----------
Net increase in net assets..... 92,264,469 46,712,560 3,893,070 9,627,455 34,235,014 45,004,332
Net assets beginning of
period....................... 46,712,560 0 9,627,455 0 45,004,332 0
------------ ----------- ----------- ---------- ----------- -----------
Net assets end of period*...... $138,977,029 $46,712,560 $13,520,525 $9,627,455 $79,239,346 $45,004,332
============ =========== =========== ========== =========== ===========
Unit transactions:
Units outstanding beginning of
period....................... 1,605,055 0 917,822 0 4,223,029 0
Units issued during the
period....................... 3,922,585 1,654,605 542,314 960,848 3,880,251 4,427,435
Units redeemed during the
period....................... (301,941) (49,550) (158,157) (43,026) (580,143) (204,406)
------------ ----------- ----------- ---------- ----------- -----------
Units outstanding end of
period....................... 5,225,699 1,605,055 1,301,979 917,822 7,523,137 4,223,029
============ =========== =========== ========== =========== ===========
---------------
* Includes undistributed net
investment income (loss) of: $ (724,562) $ (76,869) $ (96,605) $ (23,876) $ 260,850 $ 241,727
============ =========== =========== ========== =========== ===========
** Commencement of operations
</TABLE>
See notes to financial statements.
142
<PAGE> 145
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
DREYFUS ---------------------------------------------
SOCIALLY VIP VIP II
RESPONSIBLE GROWTH CONTRAFUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------ ------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JULY 23, 1999** FOR THE SIX JULY 15, 1999** FOR THE SIX
MONTHS ENDED THROUGH MONTHS ENDED THROUGH MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2000 1999 2000 1999 2000
------------ --------------- ------------ --------------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
$ (57,890) $ 182,771 $ 2,637,584 $ (49,919) $ 3,662,418
99,168 30,957 373,852 107,909 97,477
316,139 492,953 (1,216,676) 2,872,011 (4,515,718)
----------- ---------- ----------- ----------- -----------
357,417 706,681 1,794,760 2,930,001 (755,823)
----------- ---------- ----------- ----------- -----------
6,345,296 5,686,675 29,893,155 20,065,183 29,298,318
(625,992) (261,029) (2,514,819) (743,933) (2,328,871)
----------- ---------- ----------- ----------- -----------
5,719,304 5,425,646 27,378,336 19,321,250 26,969,447
----------- ---------- ----------- ----------- -----------
6,076,721 6,132,327 29,173,096 22,251,251 26,213,624
6,132,327 0 22,251,251 0 25,891,838
----------- ---------- ----------- ----------- -----------
$12,209,048 $6,132,327 $51,424,347 $22,251,251 $52,105,462
=========== ========== =========== =========== ===========
529,031 0 1,948,202 0 2,355,687
559,775 554,261 2,580,148 2,020,566 2,693,957
(55,344) (25,230) (216,012) (72,364) (213,406)
----------- ---------- ----------- ----------- -----------
1,033,462 529,031 4,312,338 1,948,202 4,836,238
=========== ========== =========== =========== ===========
$ 124,881 $ 182,771 $ 2,587,665 $ (49,919) $ 3,600,575
=========== ========== =========== =========== ===========
<CAPTION>
MONY CUSTOM MASTER
------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
------------------------------------------------
VIP II VIP III
CONTRAFUND GROWTH OPPORTUNITIES
SUBACCOUNT SUBACCOUNT
--------------- ------------------------------
FOR THE PERIOD FOR THE PERIOD
JULY 20, 1999** FOR THE SIX JULY 22, 1999**
THROUGH MONTHS ENDED THROUGH
DECEMBER 31, JUNE 30, DECEMBER 31,
1999 2000 1999
--------------- ------------ ---------------
(UNAUDITED)
<S> <C> <C> <C>
$ (61,843) $ 686,040 $ (22,289)
64,643 (187,157) 15
2,819,236 (800,664) 283,442
----------- ----------- ----------
2,822,036 (301,781) 261,168
----------- ----------- ----------
24,290,922 9,098,006 9,187,365
(1,221,120) (1,503,849) (473,515)
----------- ----------- ----------
23,069,802 7,594,157 8,713,850
----------- ----------- ----------
25,891,838 7,292,376 8,975,018
0 8,975,018 0
----------- ----------- ----------
$25,891,838 $16,267,394 $8,975,018
=========== =========== ==========
0 913,852 0
2,479,149 977,736 963,098
(123,462) (160,618) (49,246)
----------- ----------- ----------
2,355,687 1,730,970 913,852
=========== =========== ==========
$ (61,843) $ 663,751 $ (22,289)
=========== =========== ==========
</TABLE>
See notes to financial statements.
143
<PAGE> 146
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
----------------------------------------------------------------------------------
JANUS ASPEN SERIES FUND
----------------------------------------------------------------------------------
AGGRESSIVE CAPITAL
GROWTH BALANCED APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------------------- -------------------------------- ------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD FOR THE SIX
MONTHS ENDED JULY 19, 1999** MONTHS ENDED JULY 19, 1999** MONTHS ENDED
JUNE 30, THROUGH JUNE 30, THROUGH JUNE 30,
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999 2000
------------ ----------------- ------------ ----------------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 7,452,652 $ (65,628) $ 2,928,872 $ 176,735 $ (113,345)
Net realized gain on
investments.................... 3,888,065 493,792 440,391 38,860 2,008,279
Net change in unrealized
appreciation (depreciation) of
investments.................... (13,853,994) 8,768,576 (3,258,359) 1,804,653 (6,284,762)
------------ ----------- ----------- ----------- -----------
Net increase (decrease) in net
assets resulting from
operations..................... (2,513,277) 9,196,740 110,904 2,020,248 (4,389,828)
------------ ----------- ----------- ----------- -----------
From unit transactions:
Net proceeds from the issuance
of units..................... 77,006,747 26,709,744 30,360,290 19,947,065 48,036,008
Net asset value of units
redeemed or used to meet
contract obligations......... (7,266,466) (962,351) (1,898,009) (690,271) (4,180,818)
------------ ----------- ----------- ----------- -----------
Net increase from unit
transactions................... 69,740,281 25,747,393 28,462,281 19,256,794 43,855,190
------------ ----------- ----------- ----------- -----------
Net increase in net assets....... 67,227,004 34,944,133 28,573,185 21,277,042 39,465,362
Net assets beginning of period... 34,944,133 0 21,277,042 0 38,110,879
------------ ----------- ----------- ----------- -----------
Net assets end of period*........ $102,171,137 $34,944,133 $49,850,227 $21,277,042 $77,576,241
============ =========== =========== =========== ===========
Unit transactions:
Units outstanding beginning of
period......................... 2,153,830 0 1,933,982 0 2,955,486
Units issued during the period... 4,530,877 2,227,213 2,766,591 2,004,157 3,675,051
Units redeemed during the
period......................... (443,102) (73,383) (173,262) (70,175) (323,368)
------------ ----------- ----------- ----------- -----------
Units outstanding end of
period......................... 6,241,605 2,153,830 4,527,311 1,933,982 6,307,169
============ =========== =========== =========== ===========
---------------
* Includes undistributed net
investment income (loss) of: $ 7,387,024 $ (65,628) $ 3,105,607 $ 176,735 $ (128,438)
============ =========== =========== =========== ===========
** Commencement of operations
<CAPTION>
MONY CUSTOM MASTER
----------------------------------------------------
JANUS ASPEN SERIES FUND
----------------------------------------------------
CAPITAL WORLD-WIDE
APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT
----------------- --------------------------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD
JULY 15, 1999** MONTHS ENDED JULY 15, 1999**
THROUGH JUNE 30, THROUGH
DECEMBER 31, 1999 2000 DECEMBER 31, 1999
----------------- ------------ -----------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)..... $ (15,093) $ 894,237 $ (45,742)
Net realized gain on
investments.................... 174,017 1,899,526 215,918
Net change in unrealized
appreciation (depreciation) of
investments.................... 8,496,301 (4,298,210) 5,002,880
----------- ----------- -----------
Net increase (decrease) in net
assets resulting from
operations..................... 8,655,225 (1,504,447) 5,173,056
----------- ----------- -----------
From unit transactions:
Net proceeds from the issuance
of units..................... 30,469,798 69,018,916 20,188,770
Net asset value of units
redeemed or used to meet
contract obligations......... (1,014,144) (3,588,012) (663,807)
----------- ----------- -----------
Net increase from unit
transactions................... 29,455,654 65,430,904 19,524,963
----------- ----------- -----------
Net increase in net assets....... 38,110,879 63,926,457 24,698,019
Net assets beginning of period... 0 24,698,019 0
----------- ----------- -----------
Net assets end of period*........ $38,110,879 $88,624,476 $24,698,019
=========== =========== ===========
Unit transactions:
Units outstanding beginning of
period......................... 0 1,775,017 0
Units issued during the period... 3,052,727 4,756,407 1,833,953
Units redeemed during the
period......................... (97,241) (251,333) (58,936)
----------- ----------- -----------
Units outstanding end of
period......................... 2,955,486 6,280,091 1,775,017
=========== =========== ===========
---------------
* Includes undistributed net
investment income (loss) of: $ (15,093) $ 848,495 $ (45,742)
=========== =========== ===========
** Commencement of operations
</TABLE>
See notes to financial statements.
144
<PAGE> 147
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account A (the "Variable Account") is a separate
investment account established on March 27, 1987 by MONY Life Insurance Company
of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Payment Variable Annuity policies
(MONYMaster, ValueMaster and MONY Custom Master). These policies are issued by
MONY America, which is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). For presentation purposes, the information related only to MONY Custom
Master is presented here.
There are twenty-five MONY Custom Master subaccounts within the Variable
Account, and each invests only in a corresponding portfolio of the MONY Series
Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust ("Enterprise"),
Dreyfus Stock Index Fund, The Dreyfus Socially Responsible Growth Fund, Inc.,
Fidelity Variable Insurance Products Funds, or Janus Aspen Series Fund
(collectively, the "Funds"). The Funds are registered under the 1940 Act as an
open end, diversified, management investment companies. The Fund and Enterprise
are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset value is based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on the
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost-basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based upon current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
145
<PAGE> 148
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets of the Variable Account.
Purchase payments received from MONY America by the Variable Account
represent gross purchase payments recorded by MONY America less deductions
retained as compensation for any premium taxes.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 1.25% of the average daily net
assets of each of the subaccounts of MONY Custom Master. As investment adviser
to the Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and the proceeds from shares redeemed by each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------ -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio...................... $ 6,019,990 $ 2,075,732
Long Term Bond Portfolio.............................. 6,428,334 3,538,846
Government Securities Portfolio....................... 6,796,405 5,353,022
Money Market Portfolio................................ 131,809,424 125,297,906
Enterprise Accumulation Trust
Equity Portfolio...................................... 40,738,370 8,495,736
Small Company Value Portfolio......................... 27,279,098 8,252,259
Managed Portfolio..................................... 54,465,586 32,935,093
International Growth Portfolio........................ 15,988,504 4,410,765
High Yield Bond Portfolio............................. 9,584,109 3,699,249
Growth Portfolio...................................... 104,942,300 34,059,265
Growth and Income Portfolio........................... 55,679,511 12,941,717
Small Company Growth Portfolio........................ 44,003,921 6,591,285
Equity Income Portfolio............................... 6,904,065 7,648,549
Capital Appreciation Portfolio........................ 37,135,547 5,608,443
Multi-Cap Growth Portfolio............................ 121,530,705 12,283,600
Balanced Portfolio.................................... 6,037,103 2,186,833
Dreyfus
Dreyfus Stock Index Fund.............................. 42,201,493 8,413,419
The Dreyfus Socially Responsible Growth Fund, Inc..... 6,674,214 1,011,623
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio.................................. 31,226,531 4,059,615
VIP II Contrafund Portfolio........................... 30,562,022 3,828,266
VIP III Growth Opportunities Portfolio................ 9,582,736 2,063,555
</TABLE>
146
<PAGE> 149
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------ -------------- ---------------
<S> <C> <C>
Janus Aspen Series Fund
Aggressive Growth Portfolio........................... $ 79,239,477 $ 9,908,504
Balanced Portfolio.................................... 31,724,224 3,470,209
Capital Appreciation Portfolio........................ 50,355,006 6,868,104
World-wide Growth Portfolio........................... 70,887,050 5,788,372
</TABLE>
147
<PAGE> 150
MONY
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM
GROWTH INCOME TERM BOND BOND DIVERSIFIED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds................. 9,336 3,139 651,842 1,129,998 6,571
======== ========= ========== =========== =========
Investments at cost............................. $374,289 $ 76,439 $7,138,203 $15,027,399 $ 115,636
======== ========= ========== =========== =========
Investments in respective Funds, at net asset
value......................................... $363,368 $ 59,175 $6,740,049 $13,672,975 $ 127,599
Amount due from MONY............................ 0 0 0 12,272 0
Amount due from respective Funds................ 0 0 25,023 86,771 0
-------- --------- ---------- ----------- ---------
Total assets............................ 363,368 59,175 6,765,072 13,772,018 127,599
-------- --------- ---------- ----------- ---------
LIABILITIES
Amount due to MONY.............................. 176 29 28,384 93,468 62
Amount due to respective Funds.................. 0 0 0 12,272 0
-------- --------- ---------- ----------- ---------
Total liabilities....................... 176 29 28,384 105,740 62
-------- --------- ---------- ----------- ---------
Net assets...................................... $363,192 $ 59,146 $6,736,688 $13,666,278 $ 127,537
======== ========= ========== =========== =========
Net assets consist of:
Contractholders' net payments................. $(90,060) $(319,992) $4,263,228 $ 8,851,832 $(172,786)
Undistributed net investment income........... 195,245 195,507 2,713,393 5,276,303 162,748
Accumulated net realized gain (loss) on
investments................................. 268,928 200,895 158,221 892,567 125,612
Net unrealized appreciation (depreciation) of
investments................................. (10,921) (17,264) (398,154) (1,354,424) 11,963
-------- --------- ---------- ----------- ---------
Net assets...................................... $363,192 $ 59,146 $6,736,688 $13,666,278 $ 127,537
======== ========= ========== =========== =========
Number of units outstanding*.................... 5,326 1,404 350,183 571,995 2,747
-------- --------- ---------- ----------- ---------
Net asset value per unit outstanding*........... $ 68.19 $ 42.13 $ 19.24 $ 23.89 $ 46.43
======== ========= ========== =========== =========
<CAPTION>
MONYMASTER VALUEMASTER
------------------------ -----------
MONY SERIES FUND, INC.
--------------------------------------
MONEY GOVERNMENT MONEY
MARKET SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- -----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds................. 25,355,795 448,402 631,494
=========== ========== ========
Investments at cost............................. $25,355,795 $4,911,101 $631,494
=========== ========== ========
Investments in respective Funds, at net asset
value......................................... $25,355,795 $4,753,065 $631,494
Amount due from MONY............................ 0 72 0
Amount due from respective Funds................ 23,298 73,332 0
----------- ---------- --------
Total assets............................ 25,379,093 4,826,469 631,494
----------- ---------- --------
LIABILITIES
Amount due to MONY.............................. 35,760 75,737 302
Amount due to respective Funds.................. 0 72 0
----------- ---------- --------
Total liabilities....................... 35,760 75,809 302
----------- ---------- --------
Net assets...................................... $25,343,333 $4,750,660 $631,192
=========== ========== ========
Net assets consist of:
Contractholders' net payments................. $19,114,229 $4,199,133 $523,674
Undistributed net investment income........... 6,229,104 603,097 107,518
Accumulated net realized gain (loss) on
investments................................. 0 106,465 0
Net unrealized appreciation (depreciation) of
investments................................. 0 (158,035) 0
----------- ---------- --------
Net assets...................................... $25,343,333 $4,750,660 $631,192
=========== ========== ========
Number of units outstanding*.................... 1,520,827 373,243 41,515
----------- ---------- --------
Net asset value per unit outstanding*........... $ 16.66 $ 12.73 $ 15.20
=========== ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
148
<PAGE> 151
MONY
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
VALUEMASTER
--------------------------------------------------------
OCC ACCUMULATION TRUST
--------------------------------------------------------
US GOVERNMENT
BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.......... 16,342 16,801 7,440 123,300
======== ======== ======== ===========
Investments at cost...................... $173,725 $553,515 $173,800 $ 5,039,614
======== ======== ======== ===========
Investments in respective Funds, at net
asset value............................ $164,403 $519,644 $188,527 $ 4,708,812
Dividend receivable...................... 348
-------- -------- -------- -----------
Total assets................... 164,751 519,644 188,527 4,708,812
-------- -------- -------- -----------
LIABILITIES
Amount due to MONY....................... 79 251 92 2,293
-------- -------- -------- -----------
Total liabilities.............. 79 251 92 2,293
-------- -------- -------- -----------
Net assets............................... $164,672 $519,393 $188,435 $ 4,706,519
======== ======== ======== ===========
Net assets consist of:
Contractholders' net payments.......... $ 5,576 $275,312 $ 16,831 $(3,620,486)
Undistributed net investment income.... 176,571 114,585 31,514 1,456,522
Accumulated net realized gain (loss) on
investments......................... (8,153) 163,368 125,363 7,201,285
Net unrealized appreciation
(depreciation) of investments....... (9,322) (33,872) 14,727 (330,802)
-------- -------- -------- -----------
Net assets............................... $164,672 $519,393 $188,435 $ 4,706,519
======== ======== ======== ===========
Number of units outstanding*............. 28,263 12,095 5,552 87,128
-------- -------- -------- -----------
Net asset value per unit outstanding*.... $ 5.83 $ 42.94 $ 33.94 $ 54.02
======== ======== ======== ===========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
149
<PAGE> 152
MONY
VARIABLE ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
-----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds........................ 1,649,043 1,524,585 5,874,792 1,909,336 1,709,799
=========== =========== ============ =========== ==========
Investments at cost............ $61,482,839 $44,131,729 $229,708,588 $15,267,755 $8,996,927
=========== =========== ============ =========== ==========
Investments in respective
Funds, at net asset
value........................ $74,899,550 $48,009,171 $207,438,902 $15,694,741 $8,224,135
Amount due from MONY........... 18,412 6,225 14,062 0 0
Amount due from respective
Funds........................ 391,857 565,998 1,639,428 109,222 30,480
----------- ----------- ------------ ----------- ----------
Total assets......... 75,309,819 48,581,394 209,092,392 15,803,963 8,254,615
----------- ----------- ------------ ----------- ----------
LIABILITIES
Amount due to MONY............. 428,539 589,956 1,743,918 117,045 34,516
Amount due to respective
Funds........................ 18,412 6,225 14,062 0 0
----------- ----------- ------------ ----------- ----------
Total liabilities.... 446,951 596,181 1,757,980 117,045 34,516
----------- ----------- ------------ ----------- ----------
Net assets..................... $74,862,868 $47,985,213 $207,334,412 $15,686,918 $8,220,099
=========== =========== ============ =========== ==========
Net assets consist of:
Contractholders' net
payments.................. $24,735,259 $19,929,606 $ 32,949,901 $11,836,972 $7,065,292
Undistributed net
investment income......... 9,863,719 9,868,509 90,612,003 679,282 2,754,106
Accumulated net realized
gain (loss) on
investments............... 26,847,180 14,309,655 106,042,193 2,743,678 (826,507)
Net unrealized
appreciation
(depreciation) of
investments............... 13,416,710 3,877,443 (22,269,685) 426,986 (772,792)
----------- ----------- ------------ ----------- ----------
Net assets..................... $74,862,868 $47,985,213 $207,334,412 $15,686,918 $8,220,099
=========== =========== ============ =========== ==========
Number of units
outstanding*................. 1,253,201 964,725 3,536,212 863,339 547,119
----------- ----------- ------------ ----------- ----------
Net asset value per unit
outstanding*................. $ 59.74 $ 49.74 $ 58.63 $ 18.17 $ 15.02
=========== =========== ============ =========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
150
<PAGE> 153
MONY
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
-----------------------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM
GROWTH INCOME TERM BOND BOND DIVERSIFIED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C>
Dividend income...................... $ 0 $ 1,043 $ 540,342 $1,147,498 $ 493
Distribution from capital gain....... 77,631 8,597 0 0 20,664
Mortality and expense risk charges... (2,498) (411) (52,842) (100,765) (788)
--------- -------- --------- ---------- --------
Net investment income................ 75,133 9,229 487,500 1,046,733 20,369
--------- -------- --------- ---------- --------
Realized and unrealized gain (loss)
on investments:
Net realized gain on investments... 45,357 (4,408) (202,471) (361,734) 147
Net change in unrealized
appreciation (depreciation) of
investments..................... (118,675) (9,618) (209,892) 49,407 (19,710)
--------- -------- --------- ---------- --------
Net realized and unrealized loss on
investments........................ (73,318) (14,026) (412,363) (312,327) (19,563)
--------- -------- --------- ---------- --------
Net increase (decrease) in net assets
resulting from operations.......... $ 1,815 $ (4,797) $ 75,137 $ 734,406 $ 806
========= ======== ========= ========== ========
<CAPTION>
MONYMASTER VALUEMASTER
----------------------- -----------
MONY SERIES FUND, INC.
-------------------------------------
MONEY GOVERNMENT MONEY
MARKET SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- -----------
<S> <C> <C> <C>
Dividend income...................... $ 892,048 $ 376,408 $17,720
Distribution from capital gain....... 0 100 0
Mortality and expense risk charges... (198,048) (39,469) (3,921)
--------- --------- -------
Net investment income................ 694,000 337,039 13,799
--------- --------- -------
Realized and unrealized gain (loss)
on investments:
Net realized gain on investments... 0 (80,769) 0
Net change in unrealized
appreciation (depreciation) of
investments..................... 0 (121,250) 0
--------- --------- -------
Net realized and unrealized loss on
investments........................ 0 (202,019) 0
--------- --------- -------
Net increase (decrease) in net assets
resulting from operations.......... $ 694,000 $ 135,020 $13,799
========= ========= =======
</TABLE>
See notes to financial statements.
151
<PAGE> 154
MONY
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
VALUEMASTER
-------------------------------------------------------
OCC ACCUMULATION TRUST
-------------------------------------------------------
US GOVERNMENT
BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Dividend income........................... $ 5,492 $ 4,580 $ 1,139 $ 69,401
Distribution from capital gain............ 0 59,163 0 387,527
Mortality and expense risk charges........ (1,356) (3,405) (1,122) (31,020)
------- --------- ------- ---------
Net investment income..................... 4,136 60,338 17 425,908
------- --------- ------- ---------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments.......................... (5,412) 14,546 2,251 137,624
Net change in unrealized appreciation
(depreciation) of investments........ 6,306 (111,080) 19,351 (749,131)
------- --------- ------- ---------
Net realized and unrealized gain (loss) on
investments............................. 894 (96,534) 21,602 (611,507)
------- --------- ------- ---------
Net increase (decrease) in net assets
resulting from operations............... $ 5,030 $ (36,196) $21,619 $(185,599)
======= ========= ======= =========
</TABLE>
See notes to financial statements.
152
<PAGE> 155
MONY
VARIABLE ACCOUNT A
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYMASTER
----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income.............. $ 0 $ 0 $ 0 $ 0 $ 491,850
Distribution from capital
gain....................... 0 0 0 0 0
Mortality and expense risk
charges.................... (530,027) (362,418) (1,645,245) (121,646) (64,423)
----------- ----------- ----------- ----------- ---------
Net investment income
(loss)..................... (530,027) (362,418) (1,645,245) (121,646) 427,427
----------- ----------- ----------- ----------- ---------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............. 7,075,163 3,375,253 (3,381,739) 1,596,715 (752,767)
Net change in unrealized
appreciation
(depreciation) of
investments............. 6,104,256 (3,548,292) (4,777,015) (4,144,264) 199,756
----------- ----------- ----------- ----------- ---------
Net realized and unrealized
gain (loss) on
investments................ 13,179,419 (173,039) (8,158,754) (2,547,549) (553,011)
----------- ----------- ----------- ----------- ---------
Net increase (decrease) in
net assets resulting from
operations................. $12,649,392 $ (535,457) $(9,803,999) $(2,669,195) $(125,584)
=========== =========== =========== =========== =========
</TABLE>
See notes to financial statements.
153
<PAGE> 156
MONY
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONYMASTER
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............... $ 75,133 $ 30,462 $ 9,229 $ 12,010 $ 487,500 $ 358,104
Net realized gain (loss) on
investments...................... 45,357 107,922 (4,408) 104,552 (202,471) 116,482
Net change in unrealized
appreciation (depreciation) of
investments...................... (118,675) (5,640) (9,618) (100,952) (209,892) (576,482)
--------- --------- -------- --------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations........... 1,815 132,744 (4,797) 15,610 75,137 (101,896)
--------- --------- -------- --------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of
units............................ 0 206,772 0 1,834 428,893 1,471,051
Net asset value of units redeemed or
used to meet contract
obligations...................... (106,729) (186,160) (15,543) (276,501) (3,229,167) (2,698,601)
--------- --------- -------- --------- ----------- -----------
Net increase (decrease) from unit
transactions........................ (106,729) 20,612 (15,543) (274,667) (2,800,274) (1,227,550)
--------- --------- -------- --------- ----------- -----------
Net increase (decrease) in net
assets.............................. (104,914) 153,356 (20,340) (259,057) (2,725,137) (1,329,446)
Net assets beginning of period........ 468,106 314,750 79,486 338,543 9,461,825 10,791,271
--------- --------- -------- --------- ----------- -----------
Net assets end of period*............. $ 363,192 $ 468,106 $ 59,146 $ 79,486 $ 6,736,688 $ 9,461,825
========= ========= ======== ========= =========== ===========
Unit transactions:
Units outstanding beginning of
period.............................. 6,920 6,343 1,805 8,207 497,345 561,493
Units issued during the period........ 0 3,758 0 44 22,574 77,018
Units redeemed during the period...... (1,594) (3,181) (401) (6,446) (169,736) (141,166)
--------- --------- -------- --------- ----------- -----------
Units outstanding end of period....... 5,326 6,920 1,404 1,805 350,183 497,345
========= ========= ======== ========= =========== ===========
---------------
* Includes undistributed net
investment income of: $ 195,245 $ 120,112 $195,507 $ 186,278 $ 2,713,393 $ 2,225,893
========= ========= ======== ========= =========== ===========
<CAPTION>
MONYMASTER
---------------------------
MONY SERIES FUND, INC.
---------------------------
LONG TERM BOND
SUBACCOUNT
---------------------------
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
2000 1999
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income............... $ 1,046,733 $ 915,762
Net realized gain (loss) on
investments...................... (361,734) 384,100
Net change in unrealized
appreciation (depreciation) of
investments...................... 49,407 (3,083,919)
----------- -----------
Net increase (decrease) in net assets
resulting from operations........... 734,406 (1,784,057)
----------- -----------
From unit transactions:
Net proceeds from the issuance of
units............................ 762,339 3,476,254
Net asset value of units redeemed or
used to meet contract
obligations...................... (4,898,191) (5,810,457)
----------- -----------
Net increase (decrease) from unit
transactions........................ (4,135,852) (2,334,203)
----------- -----------
Net increase (decrease) in net
assets.............................. (3,401,446) (4,118,260)
Net assets beginning of period........ 17,067,724 21,185,984
----------- -----------
Net assets end of period*............. $13,666,278 $17,067,724
=========== ===========
Unit transactions:
Units outstanding beginning of
period.............................. 748,499 847,628
Units issued during the period........ 32,873 144,706
Units redeemed during the period...... (209,377) (243,835)
----------- -----------
Units outstanding end of period....... 571,995 748,499
=========== ===========
---------------
* Includes undistributed net
investment income of: $ 5,276,303 $ 4,229,570
=========== ===========
</TABLE>
See notes to financial statements.
154
<PAGE> 157
MONY
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONYMASTER
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
GOVERNMENT
DIVERSIFIED MONEY MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income.............. $ 20,369 $ 11,735 $ 694,000 $ 1,402,011 $ 337,039 $ 121,319
Net realized gain (loss) on
investments..................... 147 331 0 0 (80,769) 78,631
Net change in unrealized
appreciation (depreciation) of
investments..................... (19,710) 16,423 0 0 (121,250) (239,316)
-------- -------- ------------ ------------ ----------- -----------
Net increase (decrease) in net assets
resulting from operations.......... 806 28,489 694,000 1,402,011 135,020 (39,366)
-------- -------- ------------ ------------ ----------- -----------
From unit transactions:
Net proceeds from the issuance of
units........................... 0 0 11,835,645 50,940,179 251,249 1,770,904
Net asset value of units redeemed
or used to meet contract
obligations..................... (131) (138) (24,704,910) (63,782,610) (2,599,683) (2,037,777)
-------- -------- ------------ ------------ ----------- -----------
Net increase (decrease) from unit
transactions....................... (131) (138) (12,869,265) (12,842,431) (2,348,434) (266,873)
-------- -------- ------------ ------------ ----------- -----------
Net increase (decrease) in net
assets............................. 675 28,351 (12,175,265) (11,440,420) (2,213,414) (306,239)
Net assets beginning of period....... 126,862 98,511 37,518,598 48,959,018 6,964,074 7,270,313
-------- -------- ------------ ------------ ----------- -----------
Net assets end of period*............ $127,537 $126,862 $ 25,343,333 $ 37,518,598 $ 4,750,660 $ 6,964,074
======== ======== ============ ============ =========== ===========
Unit transactions:
Units outstanding beginning of
period............................. 2,750 2,754 2,301,392 3,114,064 560,120 581,295
Units issued during the period....... 0 0 721,009 3,184,197 20,155 142,397
Units redeemed during the period..... (3) (4) (1,501,574) (3,996,869) (207,032) (163,572)
-------- -------- ------------ ------------ ----------- -----------
Units outstanding end of period...... 2,747 2,750 1,520,827 2,301,392 373,243 560,120
======== ======== ============ ============ =========== ===========
---------------
* Includes undistributed net
investment income of: $162,748 $142,379 $ 6,229,104 $ 5,535,104 $ 603,097 $ 266,058
======== ======== ============ ============ =========== ===========
<CAPTION>
VALUEMASTER
---------------------------
MONY SERIES FUND, INC.
---------------------------
MONEY
MARKET
SUBACCOUNT
---------------------------
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
2000 1999
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income.............. $ 13,799 $ 24,089
Net realized gain (loss) on
investments..................... 0 0
Net change in unrealized
appreciation (depreciation) of
investments..................... 0 0
-------- ---------
Net increase (decrease) in net assets
resulting from operations.......... 13,799 24,089
-------- ---------
From unit transactions:
Net proceeds from the issuance of
units........................... (1) 384,130
Net asset value of units redeemed
or used to meet contract
obligations..................... (11,496) (295,135)
-------- ---------
Net increase (decrease) from unit
transactions....................... (11,497) 88,995
-------- ---------
Net increase (decrease) in net
assets............................. 2,302 113,084
Net assets beginning of period....... 628,890 515,806
-------- ---------
Net assets end of period*............ $631,192 $ 628,890
======== =========
Unit transactions:
Units outstanding beginning of
period............................. 42,281 35,959
Units issued during the period....... 0 26,534
Units redeemed during the period..... (766) (20,212)
-------- ---------
Units outstanding end of period...... 41,515 42,281
======== =========
---------------
* Includes undistributed net
investment income of: $107,518 $ 93,719
======== =========
</TABLE>
See notes to financial statements.
155
<PAGE> 158
MONY
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VALUEMASTER
---------------------------------------------------------------------------------------
OCC ACCUMULATION TRUST
---------------------------------------------------------------------------------------
US GOVERNMENT
BOND EQUITY SMALL CAP
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)......... $ 4,136 $ 17,703 $ 60,338 $ 24,587 $ 17 $ (893)
Net realized gain (loss) on
investments....................... (5,412) 559 14,546 35,936 2,251 9,459
Net change in unrealized appreciation
(depreciation) of investments..... 6,306 (35,339) (111,080) (43,012) 19,351 (18,943)
--------- --------- --------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations............ 5,030 (17,077) (36,196) 17,511 21,619 (10,377)
--------- --------- --------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units............................. 19 0 2,259 296,453 2,204 87,370
Net asset value of units redeemed or
used to meet contract
obligations....................... (159,782) (343,372) (30,527) (63,427) (11,369) (49,636)
--------- --------- --------- -------- -------- --------
Net increase (decrease) from unit
transactions......................... (159,763) (343,372) (28,268) 233,026 (9,165) 37,734
--------- --------- --------- -------- -------- --------
Net increase (decrease) in net
assets............................... (154,733) (360,449) (64,464) 250,537 12,454 27,357
Net assets beginning of period......... 319,405 679,854 583,857 333,320 175,981 148,624
--------- --------- --------- -------- -------- --------
Net assets end of period*.............. $ 164,672 $ 319,405 $ 519,393 $583,857 $188,435 $175,981
========= ========= ========= ======== ======== ========
Unit transactions:
Units outstanding beginning of
period............................... 37,207 37,207 12,729 7,358 5,839 4,781
Units issued during the period......... 0 0 61 6,757 87 2,780
Units redeemed during the period....... (8,944) (19,219) (695) (1,386) (374) (1,722)
--------- --------- --------- -------- -------- --------
Units outstanding end of period........ 28,263 17,988 12,095 12,729 5,552 5,839
========= ========= ========= ======== ======== ========
---------------
* Includes undistributed net investment
income of: $ 176,571 $ 172,435 $ 114,585 $ 54,247 $ 31,514 $ 31,497
========= ========= ========= ======== ======== ========
<CAPTION>
VALUEMASTER
---------------------------
OCC ACCUMULATION TRUST
---------------------------
MANAGED
SUBACCOUNT
---------------------------
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
2000 1999
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)......... $ 425,908 $ 336,191
Net realized gain (loss) on
investments....................... 137,624 2,658,126
Net change in unrealized appreciation
(depreciation) of investments..... (749,131) (2,671,142)
----------- -----------
Net increase (decrease) in net assets
resulting from operations............ (185,599) 323,175
----------- -----------
From unit transactions:
Net proceeds from the issuance of
units............................. 11,347 122,889
Net asset value of units redeemed or
used to meet contract
obligations....................... (853,318) (5,141,206)
----------- -----------
Net increase (decrease) from unit
transactions......................... (841,971) (5,018,317)
----------- -----------
Net increase (decrease) in net
assets............................... (1,027,570) (4,695,142)
Net assets beginning of period......... 5,734,089 10,429,231
----------- -----------
Net assets end of period*.............. $ 4,706,519 $ 5,734,089
=========== ===========
Unit transactions:
Units outstanding beginning of
period............................... 102,350 193,049
Units issued during the period......... 110 2,295
Units redeemed during the period....... (15,332) (92,994)
----------- -----------
Units outstanding end of period........ 87,128 102,350
=========== ===========
---------------
* Includes undistributed net investment
income of: $ 1,456,522 $ 1,030,614
=========== ===========
</TABLE>
See notes to financial statements.
156
<PAGE> 159
MONY
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONYMASTER
---------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ (530,027) $ 5,378,267 $ (362,418) $ 3,133,827 $ (1,645,245) $ 49,743,662
Net realized gain (loss) on
investments.................. 7,075,163 3,552,770 3,375,253 3,190,446 (3,381,739) 16,009,436
Net change in unrealized
appreciation (depreciation)
of investments............... 6,104,256 868,698 (3,548,292) 4,047,413 (4,777,015) (42,655,482)
------------ ------------ ------------ ----------- ------------ ------------
Net increase (decrease) in net
assets resulting from
operations..................... 12,649,392 9,799,735 (535,457) 10,371,686 (9,803,999) 23,097,616
------------ ------------ ------------ ----------- ------------ ------------
From unit transactions:
Net proceeds from the issuance
of units..................... 12,138,485 13,856,287 8,938,836 11,605,527 7,392,180 36,825,341
Net asset value of units
redeemed or used to meet
contract obligations......... (28,778,879) (12,407,631) (18,899,958) (7,866,461) (94,515,895) (57,532,194)
------------ ------------ ------------ ----------- ------------ ------------
Net increase (decrease) from unit
transactions................... (16,640,394) 1,448,656 (9,961,122) 3,739,066 (87,123,715) (20,706,853)
------------ ------------ ------------ ----------- ------------ ------------
Net increase (decrease) in net
assets......................... (3,991,002) 11,248,391 (10,496,579) 14,110,752 (96,927,714) 2,390,763
Net assets beginning of period... 78,853,870 67,605,479 58,481,792 44,371,040 304,262,126 301,871,363
------------ ------------ ------------ ----------- ------------ ------------
Net assets end of period*........ $ 74,862,868 $ 78,853,870 $ 47,985,213 $58,481,792 $207,334,412 $304,262,126
============ ============ ============ =========== ============ ============
Unit transactions:
Units outstanding beginning of
period......................... 1,543,174 1,510,836 1,169,875 1,087,406 5,016,713 5,369,272
Units issued during the period... 223,211 303,593 180,777 258,364 126,317 638,433
Units redeemed during the
period......................... (513,184) (271,255) (385,927) (175,895) (1,606,818) (990,992)
------------ ------------ ------------ ----------- ------------ ------------
Units outstanding end of
period......................... 1,253,201 1,543,174 964,725 1,169,875 3,536,212 5,016,713
============ ============ ============ =========== ============ ============
---------------
* Includes undistributed net
investment income of: $ 9,863,719 $ 10,393,746 $ 9,868,509 $10,230,927 $ 90,612,003 $ 92,257,248
============ ============ ============ =========== ============ ============
<CAPTION>
MONYMASTER
---------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ (121,646) $ 209,720 $ 427,427 $ 950,577
Net realized gain (loss) on
investments.................. 1,596,715 442,708 (752,767) (183,849)
Net change in unrealized
appreciation (depreciation)
of investments............... (4,144,264) 4,009,214 199,756 (490,239)
----------- ----------- ----------- -----------
Net increase (decrease) in net
assets resulting from
operations..................... (2,669,195) 4,661,642 (125,584) 276,489
----------- ----------- ----------- -----------
From unit transactions:
Net proceeds from the issuance
of units..................... 7,635,936 3,713,963 996,125 2,472,349
Net asset value of units
redeemed or used to meet
contract obligations......... (6,410,881) (1,718,123) (3,871,928) (2,351,035)
----------- ----------- ----------- -----------
Net increase (decrease) from unit
transactions................... 1,225,055 1,995,840 (2,875,803) 121,314
----------- ----------- ----------- -----------
Net increase (decrease) in net
assets......................... (1,444,140) 6,657,482 (3,001,387) 397,803
Net assets beginning of period... 17,131,058 10,473,576 11,221,486 10,823,683
----------- ----------- ----------- -----------
Net assets end of period*........ $15,686,918 $17,131,058 $ 8,220,099 $11,221,486
=========== =========== =========== ===========
Unit transactions:
Units outstanding beginning of
period......................... 828,796 711,551 740,141 732,343
Units issued during the period... 383,379 227,458 66,398 165,209
Units redeemed during the
period......................... (348,836) (110,213) (259,420) (157,411)
----------- ----------- ----------- -----------
Units outstanding end of
period......................... 863,339 828,796 547,119 740,141
=========== =========== =========== ===========
---------------
* Includes undistributed net
investment income of: $ 679,282 $ 800,928 $ 2,754,106 $ 2,326,679
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
157
<PAGE> 160
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY Variable Account A (the "Variable Account") is a separate investment
account established on November 28, 1990 by MONY Life Insurance Company
("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used only to support Flexible Payment Variable Annuity policies (MONYMaster,
ValueMaster and MONY Custom Master). These policies are issued by MONY. MONY
Custom Master insurance policies have not been issued as of December 31, 1999.
There are currently twelve MONYMaster subaccounts and five ValueMaster
subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund"), Enterprise
Accumulation Trust ("Enterprise") or the OCC Accumulation Trust ("OCC")
(collectively, the "Funds"). The subaccounts of MONYMaster commenced operations
from 1990 to 1994 and the subaccounts of ValueMaster commenced operations in
1994. The Funds are registered under the 1940 Act as open end, diversified,
management investment companies. The Fund and Enterprise are affiliated with
MONY.
On December 21, 1998, the Variable Account effected a substitution by
redeeming shares of the OCC Accumulation Trust Money Market Portfolio and using
the redemption proceeds to purchase shares of the MONY Series Fund, Inc. Money
Market Portfolio. The substitution was effected through a redemption of assets
in-kind for the Variable Account and OCC.
A full presentation of the related financial statements and footnotes of
the Fund Enterprise and OCC are contained on pages hereinafter and should be
read in conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the Money Market Portfolio, the net asset value is based on the
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on the ex-dividend date. Investment income includes
distributions of dividends and net realized gains received from the respective
portfolios of the Funds. Investment income received is reinvested in additional
shares of the respective portfolios of the Funds.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based
upon current tax law, to incur any income tax burden upon the
158
<PAGE> 161
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
3. RELATED PARTY TRANSACTIONS:
MONY is the legal owner of the assets held by the Variable Account.
Purchase payments received from MONY by the Variable Account represent
gross purchase payments recorded by MONY less deductions retained as
compensation for any premium taxes.
A periodic deduction is made from the cash value of the contract for the
annual contract charge. A surrender charge may be imposed by MONY when a full or
partial surrender is requested by the policyholder. The deduction is for the
expenses of administration and is treated by the Variable Account as a
contractholder redemption. The amount deducted for all subaccounts for the six
months ended June 30, 2000 aggregated $145,578,017.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 1.25% of average daily net assets of each
of the subaccounts. As MONY America, a wholly-owned subsidiary of MONY, acts as
investment adviser to the Fund, it receives amounts paid by the Fund for those
services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the six months ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONYMASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
---------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio.................................. $ 0 $ 109,313
Equity Income Portfolio.................................. 0 15,968
Intermediate Term Bond Portfolio......................... 831,237 3,686,143
Long Term Bond Portfolio................................. 863,665 5,103,045
Diversified Portfolio.................................... 0 925
Money Market Portfolio................................... 13,146,582 26,222,090
Government Securities Portfolio.......................... 362,640 2,751,920
Enterprise Accumulation Trust
Equity Portfolio......................................... 13,030,952 30,206,484
Small Company Value Portfolio............................ 9,364,764 19,695,279
Managed Portfolio........................................ 8,994,950 97,824,519
International Growth Portfolio........................... 8,074,199 4,029,273
High Yield Bond Portfolio................................ 1,086,965 4,029,273
</TABLE>
159
<PAGE> 162
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
VALUEMASTER SUBACCOUNTS
-----------------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio................................... $ 5,050 $ 20,503
OCC Accumulation Trust
US Government Bond Portfolio............................. 4,652 166,223
Equity Portfolio......................................... 2,521 34,257
Small Cap Portfolio...................................... 5,038 15,326
Managed Portfolio........................................ 8,524 882,286
</TABLE>
160
<PAGE> 163
(This page intentionally left blank)
161
<PAGE> 164
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------
MONEY LONG TERM INTERMEDIATE GOVERNMENT
MARKET BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds......................... 5,375,186 47,637 36,378 40,089
========== ======== ======== ========
Investments at cost..................................... $5,375,186 $570,094 $370,541 $420,880
========== ======== ======== ========
Investments in respective Funds, at net asset value..... $5,375,186 $576,411 $376,147 $424,944
Amount due from MONY America............................ 12,344 19,607 19,607 8,037
Amount due from respective Funds........................ 1,208 0 0 0
---------- -------- -------- --------
Total assets................................... 5,388,738 596,018 395,754 432,981
---------- -------- -------- --------
LIABILITIES
Amount due to MONY America.............................. 3,346 189 154 142
Amount due to respective Funds.......................... 12,344 19,607 19,607 8,037
---------- -------- -------- --------
Total liabilities.............................. 15,690 19,796 19,761 8,179
---------- -------- -------- --------
Net assets.............................................. $5,373,048 $576,222 $375,993 $424,802
========== ======== ======== ========
Net assets consist of:
Contractholders' net payments......................... $5,356,492 $570,332 $370,774 $421,006
Undistributed net investment income (loss)............ 16,556 (424) (397) (327)
Accumulated net realized gain (loss) on investments... 0 (3) 10 59
Net unrealized appreciation (depreciation) of
investments......................................... 0 6,317 5,606 4,064
---------- -------- -------- --------
Net assets.............................................. $5,373,048 $576,222 $375,993 $424,802
========== ======== ======== ========
Number of units outstanding*............................ 531,697 57,809 37,284 41,973
---------- -------- -------- --------
Net asset value per unit outstanding*................... $ 10.11 $ 9.97 $ 10.08 $ 10.12
========== ======== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
162
<PAGE> 165
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
--------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL SMALL COMPANY EQUITY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH INCOME BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ---------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
162,097 47,559 162,014 176,639 1,157,156 366,989 132,543 87,717
========== ========== ========== ========== ========== ========== ======== ========
$7,160,395 $1,488,484 $5,816,139 $1,444,266 $7,263,816 $3,103,990 $701,337 $449,170
========== ========== ========== ========== ========== ========== ======== ========
$7,362,433 $1,497,620 $5,720,724 $1,451,969 $7,359,512 $3,214,821 $686,572 $454,374
275,045 33,313 52,368 52,801 268,561 66,727 65,569 49,298
260 150 300 0 150 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- -------- --------
7,637,738 1,531,083 5,773,392 1,504,770 7,628,223 3,281,548 752,141 503,672
---------- ---------- ---------- ---------- ---------- ---------- -------- --------
2,837 621 2,399 577 2,840 1,134 214 159
275,045 33,313 52,368 52,801 268,561 66,727 65,569 49,298
---------- ---------- ---------- ---------- ---------- ---------- -------- --------
277,882 33,934 54,767 53,378 271,401 67,861 65,783 49,457
---------- ---------- ---------- ---------- ---------- ---------- -------- --------
$7,359,856 $1,497,149 $5,718,625 $1,451,392 $7,356,822 $3,213,687 $686,358 $454,215
========== ========== ========== ========== ========== ========== ======== ========
$7,161,732 $1,489,406 $5,819,147 $1,446,832 $7,268,649 $3,107,881 $702,044 $449,119
(5,003) (939) (4,275) (1,129) (6,449) (2,069) (467) (342)
1,089 (454) (832) (2,014) (1,074) (2,956) (454) 234
202,038 9,136 (95,415) 7,703 95,696 110,831 (14,765) 5,204
---------- ---------- ---------- ---------- ---------- ---------- -------- --------
$7,359,856 $1,497,149 $5,718,625 $1,451,392 $7,356,822 $3,213,687 $686,358 $454,215
========== ========== ========== ========== ========== ========== ======== ========
634,576 152,527 568,787 144,797 747,073 352,090 69,890 45,531
---------- ---------- ---------- ---------- ---------- ---------- -------- --------
$ 11.60 $ 9.82 $ 10.05 $ 10.02 $ 9.85 $ 9.13 $ 9.82 $ 9.98
========== ========== ========== ========== ========== ========== ======== ========
</TABLE>
See notes to financial statements.
163
<PAGE> 166
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
---------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------
CAPITAL HIGH GROWTH & MULTI-CAP
APPRECIATION YIELD INCOME GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............. 373,456 100,465 706,801 441,648
========== ======== ========== ==========
Investments at cost......................... $2,921,242 $480,018 $4,472,860 $5,803,978
========== ======== ========== ==========
Investments in respective Funds, at net
asset value............................... $3,010,054 $483,237 $4,474,052 $5,944,577
Amount due from MONY America................ 89,882 5,984 130,570 170,583
Amount due from respective Funds............ 0 0 100 12
---------- -------- ---------- ----------
Total assets...................... 3,099,936 489,221 4,604,722 6,115,172
---------- -------- ---------- ----------
LIABILITIES
Amount due to MONY America.................. 1,102 207 1,705 2,219
Amount due to respective Funds.............. 89,882 5,984 130,570 170,583
---------- -------- ---------- ----------
Total liabilities................. 90,984 6,191 132,275 172,802
---------- -------- ---------- ----------
Net assets.................................. $3,008,952 $483,030 $4,472,447 $5,942,370
========== ======== ========== ==========
Net assets consist of:
Contractholders' net payments............. $2,923,103 $476,274 $4,474,411 $5,816,823
Undistributed net investment income
(loss)................................. (2,556) 3,705 (3,143) (5,240)
Accumulated net realized gain (loss) on
investments............................ (407) (168) (13) (9,812)
Net unrealized appreciation (depreciation)
of investments......................... 88,812 3,219 1,192 140,599
---------- -------- ---------- ----------
Net assets.................................. $3,008,952 $483,030 $4,472,447 $5,942,370
========== ======== ========== ==========
Number of units outstanding*................ 299,830 47,820 448,533 716,369
---------- -------- ---------- ----------
Net asset value per unit outstanding*....... $ 10.04 $ 10.10 $ 9.97 $ 8.30
========== ======== ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
164
<PAGE> 167
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-----------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
----------------------------------------- ---------------------------------------------------
VIP VIP II VIP III GROWTH AGGRESSIVE CAPITAL WORLDWIDE
GROWTH CONTRA FUND OPPORTUNITIES GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- -------------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
51,096 113,341 44,148 116,524 134,099 92,620 131,234
========== ========== ======== ========== ========== ========== ==========
$2,543,523 $2,791,728 $885,906 $6,591,950 $3,671,544 $2,951,578 $6,254,123
========== ========== ======== ========== ========== ========== ==========
$2,625,843 $2,836,916 $908,564 $6,502,062 $3,529,477 $2,938,840 $6,303,160
137,506 28,015 65,790 283,702 157,242 118,753 157,814
0 0 0 150 111 100 160
---------- ---------- -------- ---------- ---------- ---------- ----------
2,763,349 2,864,931 974,354 6,785,914 3,686,830 3,057,693 6,461,134
---------- ---------- -------- ---------- ---------- ---------- ----------
875 1,209 356 2,586 1,469 1,222 2,688
137,506 28,015 65,790 283,702 157,242 118,753 157,814
---------- ---------- -------- ---------- ---------- ---------- ----------
138,381 29,224 66,146 286,288 158,711 119,975 160,502
---------- ---------- -------- ---------- ---------- ---------- ----------
$2,624,968 $2,835,707 $908,208 $6,499,626 $3,528,119 $2,937,718 $6,300,632
========== ========== ======== ========== ========== ========== ==========
$2,544,364 $2,795,530 $887,456 $6,146,944 $3,473,950 $2,943,936 $6,176,785
(1,937) (2,901) (811) 439,752 196,036 7,416 77,489
221 (2,110) (1,095) 2,818 200 (896) (2,679)
82,320 45,188 22,658 (89,888) (142,067) (12,738) 49,037
---------- ---------- -------- ---------- ---------- ---------- ----------
$2,624,968 $2,835,707 $908,208 $6,499,626 $3,528,119 $2,937,718 $6,300,632
========== ========== ======== ========== ========== ========== ==========
239,281 301,634 96,348 590,656 339,755 298,985 687,959
---------- ---------- -------- ---------- ---------- ---------- ----------
$ 10.97 $ 9.40 $ 9.43 $ 11.00 $ 10.38 $ 9.83 $ 9.16
========== ========== ======== ========== ========== ========== ==========
</TABLE>
See notes to financial statements.
165
<PAGE> 168
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
----------------------------
DREYFUS
----------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
----------- --------------
<S> <C> <C>
ASSETS
Shares held in respective Funds............................. 51,700 32,377
========== ==========
Investments at cost......................................... $6,148,118 $1,270,513
========== ==========
Investments in respective Funds, at net asset value......... $6,166,894 $1,297,020
Amount due from MONY America................................ 326,913 80,394
Amount due from respective Funds............................ 5 0
---------- ----------
Total assets...................................... 6,493,812 1,377,414
---------- ----------
LIABILITIES
Amount due from MONY America................................ 2,202 516
Amount due from respective Funds............................ 326,913 80,394
---------- ----------
Total liabilities................................. 329,115 80,910
---------- ----------
Net assets.................................................. $6,164,697 $1,296,504
========== ==========
Net assets consist of:
Contractholders' net payments............................. $6,137,365 $1,270,627
Undistributed net investment income (loss)................ 9,170 (1,017)
Accumulated net realized gain (loss) on investments....... (614) 387
Net unrealized appreciation of investments................ 18,776 26,507
---------- ----------
Net assets.................................................. $6,164,697 $1,296,504
========== ==========
Number of units outstanding*................................ 643,380 122,718
---------- ----------
Net asset value per unit outstanding*....................... $ 9.58 $ 10.56
========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes
See notes to financial statements.
166
<PAGE> 169
(This page intentionally left blank)
167
<PAGE> 170
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-------------------------------------------------------------------------
MONY SERIES FUND, INC.
-------------------------------------------------------------------------
MONEY LONG TERM INTERMEDIATE GOVERNMENT
MARKET BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ---------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 10, 2000** APRIL 20, 2000** APRIL 25, 2000** APRIL 26, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ---------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend income.............................. $20,857 $ 0 $ 0 $ 0
Distribution from capital gains.............. 0 0 0 0
Mortality and expense risk charges........... (4,301) (424) (397) (327)
------- ------ ------ ------
Net investment income (loss)................. 16,556 (424) (397) (327)
------- ------ ------ ------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments.... 0 (3) 10 59
Net change in unrealized appreciation
(depreciation) of investments........... 0 6,317 5,606 4,064
------- ------ ------ ------
Net realized and unrealized gain (loss) on
investments................................ 0 6,314 5,616 4,123
------- ------ ------ ------
Net increase (decrease) in net assets
resulting from operations.................. $16,556 $5,890 $5,219 $3,796
======= ====== ====== ======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
168
<PAGE> 171
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
--------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------------------
SMALL SMALL
COMPANY INTERNATIONAL COMPANY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ----------------- ---------------- ---------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 14, 2000** APRIL 07, 2000** APRIL 17, 2000** APRIL 18, 2000** APRIL 07, 2000** APRIL 07, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ----------------- ---------------- ---------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
0 0 0 0 0 0
(5,003) (939) (4,275) (1,129) (6,449) (2,069)
-------- ------ --------- ------- ------- --------
(5,003) (939) (4,275) (1,129) (6,449) (2,069)
-------- ------ --------- ------- ------- --------
1,089 (454) (832) (2,014) (1,074) (2,956)
202,038 9,136 (95,415) 7,703 95,696 110,831
-------- ------ --------- ------- ------- --------
203,127 8,682 (96,247) 5,689 94,622 107,875
-------- ------ --------- ------- ------- --------
$198,124 $7,743 $(100,522) $ 4,560 $88,173 $105,806
======== ====== ========= ======= ======= ========
<CAPTION>
MONY CUSTOM MASTER
--- -----------------------------------
ENTERPRISE ACCUMULATION TRUST
--- -----------------------------------
EQUITY EQUITY
INCOME BALANCED
SUBACCOUNT SUBACCOUNT
---------------- ----------------
FOR THE PERIOD FOR THE PERIOD
APRIL 10, 2000** APRIL 28, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
---------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ 0 $ 0
0 0
(467) (342)
-------- ------
(467) (342)
-------- ------
(454) 234
(14,765) 5,204
-------- ------
(15,219) 5,438
-------- ------
$(15,686) $5,096
======== ======
</TABLE>
See notes to financial statements.
169
<PAGE> 172
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------
CAPITAL HIGH GROWTH & MULTI-CAP
APPRECIATION YIELD INCOME GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- -------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 12, 2000** MAY 03, 2000** APRIL 07, 2000** APRIL 13, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- -------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend income............................ $ 0 $4,244 $ 0 $ 0
Distribution from capital gains............ 0 0 0 0
Mortality and expense risk charges......... (2,556) (539) (3,143) (5,240)
------- ------ ------- --------
Net investment income (loss)............... (2,556) 3,705 (3,143) (5,240)
------- ------ ------- --------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments........................... (407) (168) (13) (9,812)
Net change in unrealized appreciation
(depreciation) of investments......... 88,812 3,219 1,192 140,599
------- ------ ------- --------
Net realized and unrealized gain (loss) on
investments.............................. 88,405 3,051 1,179 130,787
------- ------ ------- --------
Net increase (decrease) in net assets
resulting from operations................ $85,849 $6,756 $(1,964) $125,547
======= ====== ======= ========
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
170
<PAGE> 173
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
---------------------------------------------------------- -----------------------------------
VIP VIP II VIP III AGGRESSIVE
GROWTH CONTRA FUND GROWTH OPPORTUNITIES GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ---------------- -------------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 17, 2000** APRIL 07, 2000** APRIL 07, 2000** APRIL 12, 2000** APRIL 17, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ---------------- -------------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 0 $303,827 $ 52,394
0 0 0 141,528 146,714
(1,937) (2,901) (811) (5,603) (3,072)
------- ------- ------- -------- ---------
(1,937) (2,901) (811) 439,752 196,036
------- ------- ------- -------- ---------
221 (2,110) (1,095) 2,818 200
45,188 22,658 (89,888) (142,067)
82,320
------- ------- ------- -------- ---------
43,078 21,563 (87,070) (141,867)
82,541
------- ------- ------- -------- ---------
$80,604 $40,177 $20,752 $352,682 $ 54,169
======= ======= ======= ======== =========
<CAPTION>
MONY CUSTOM MASTER
-----------------------------------
JANUS ASPEN SERIES
-----------------------------------
CAPITAL WORLDWIDE
APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT
---------------- ----------------
FOR THE PERIOD FOR THE PERIOD
APRIL 12, 2000** APRIL 07, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
---------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ 8,569 $ 21,032
1,056 62,716
(2,209) (6,259)
-------- --------
7,416 77,489
-------- --------
(896) (2,679)
(12,738) 49,037
-------- --------
(13,634) 46,358
-------- --------
$ (6,218) $123,847
======== ========
</TABLE>
See notes to financial statements.
171
<PAGE> 174
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-----------------------------------
DREYFUS
-----------------------------------
STOCK INDEX SOCIAL
PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT
---------------- ----------------
FOR THE PERIOD FOR THE PERIOD
APRIL 07, 2000** APRIL 13, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
---------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
Dividend income............................................. $13,792 $ 0
Distribution from capital gains............................. 0 0
Mortality and expense risk charges.......................... (4,622) (1,017)
------- -------
Net investment income (loss)................................ 9,170 (1,017)
------- -------
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments................... (614) 387
Net change in unrealized appreciation of investments...... 18,776 26,507
------- -------
Net realized and unrealized gain on investments............. 18,162 26,894
------- -------
Net increase in net assets resulting from operations........ $27,332 $25,877
======= =======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
172
<PAGE> 175
(This page intentionally left blank)
173
<PAGE> 176
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-------------------------------------------------------------------------
MONY SERIES FUND, INC.
-------------------------------------------------------------------------
MONEY LONG TERM INTERMEDIATE GOVERNMENT
MARKET BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ---------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 10, 2000** APRIL 20, 2000** APRIL 25, 2000** APRIL 26, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ---------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income......................... $ 16,556 $ (424) $ (397) $ (327)
Net realized gain (loss) on investments....... 0 (3) 10 59
Net change in unrealized appreciation
(depreciation) of investments............... 0 6,317 5,606 4,064
----------- -------- -------- --------
Net increase (decrease) in net assets resulting
from operations............................... 16,556 5,890 5,219 3,796
----------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units....... 6,737,636 570,649 372,065 428,478
Net asset value of units redeemed or used to
meet contract obligations................... (1,381,144) (317) (1,291) (7,472)
----------- -------- -------- --------
Net increase from unit transactions............. 5,356,492 570,332 370,774 421,006
----------- -------- -------- --------
Net increase in net assets...................... 5,373,048 576,222 375,993 424,802
Net assets beginning of period.................. 0 0 0 0
----------- -------- -------- --------
Net assets end of period*....................... $ 5,373,048 $576,222 $375,993 $424,802
=========== ======== ======== ========
Unit transactions:
Units outstanding beginning of period........... 0 0 0 0
Units issued during the period.................. 668,350 57,841 37,410 42,717
Units redeemed during the period................ (136,653) (32) (126) (744)
----------- -------- -------- --------
Units outstanding end of period................. 531,697 57,809 37,284 41,973
=========== ======== ======== ========
---------------
* Includes undistributed net investment income
of: $ 16,556 $ (424) $ (397) $ (327)
=========== ======== ======== ========
</TABLE>
** Commencement of operations
See notes to financial statements.
174
<PAGE> 177
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
--------------------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL SMALL COMPANY
EQUITY VALUE MANAGED GROWTH GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 14, 2000** APRIL 07, 2000** APRIL 17, 2000** APRIL 18, 2000** APRIL 07, 2000** APRIL 07, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
$ (5,003) $ (939) $ (4,275) $ (1,129) $ (6,449) $ (2,069)
1,089 (454) (832) (2,014) (1,074) (2,956)
202,038 9,136 (95,415) 7,703 95,696 110,831
---------- ---------- ---------- ---------- ---------- ----------
198,124 7,743 (100,522) 4,560 88,173 105,806
---------- ---------- ---------- ---------- ---------- ----------
7,218,484 1,509,003 6,016,052 1,485,293 7,282,579 3,147,121
(56,752) (19,597) (196,905) (38,461) (13,930) (39,240)
---------- ---------- ---------- ---------- ---------- ----------
7,161,732 1,489,406 5,819,147 1,446,832 7,268,649 3,107,881
---------- ---------- ---------- ---------- ---------- ----------
7,359,856 1,497,149 5,718,625 1,451,392 7,356,822 3,213,687
0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ----------
$7,359,856 $1,497,149 $5,718,625 $1,451,392 $7,356,822 $3,213,687
========== ========== ========== ========== ========== ==========
0 0 0 0 0 0
639,606 154,634 587,531 148,637 748,473 356,666
(5,030) (2,107) (18,744) (3,840) (1,400) (4,576)
---------- ---------- ---------- ---------- ---------- ----------
634,576 152,527 568,787 144,797 747,073 352,090
========== ========== ========== ========== ========== ==========
$ (5,003) $ (939) $ (4,275) $ (1,129) $ (6,449) $ (2,069)
========== ========== ========== ========== ========== ==========
<CAPTION>
MONY CUSTOM MASTER
--- -----------------------------------
ENTERPRISE ACCUMULATION TRUST
--- -----------------------------------
EQUITY EQUITY
INCOME BALANCED
SUBACCOUNT SUBACCOUNT
---------------- ----------------
FOR THE PERIOD FOR THE PERIOD
APRIL 10, 2000** APRIL 28, 2000**
THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000
---------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C>
$ (467) $ (342)
(454) 234
(14,765) 5,204
-------- --------
(15,686) 5,096
-------- --------
722,656 478,620
(20,612) (29,501)
-------- --------
702,044 449,119
-------- --------
686,358 454,215
0 0
-------- --------
$686,358 $454,215
======== ========
0 0
71,971 48,522
(2,081) (2,991)
-------- --------
69,890 45,531
======== ========
$ (467) $ (342)
======== ========
</TABLE>
See notes to financial statements.
175
<PAGE> 178
MONY
VARIABLE ACCOUNT A
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------
CAPITAL HIGH GROWTH & MULTI-CAP
APPRECIATION YIELD INCOME GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- -------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 12, 2000** MAY 03, 2000** APRIL 07, 2000** APRIL 13, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- -------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).......................... $ (2,556) $ 3,705 $ (3,143) $ (5,240)
Net realized gain (loss) on investments............... (407) (168) (13) (9,812)
Net change in unrealized appreciation (depreciation)
of investments...................................... 88,812 3,219 1,192 140,599
---------- -------- ---------- ----------
Net increase (decrease) in net assets resulting from
operations............................................ 85,849 6,756 (1,964) 125,547
---------- -------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of units............... 2,933,538 485,424 4,500,935 5,843,650
Net asset value of units redeemed or used to meet
contract obligations................................ (10,435) (9,150) (26,524) (26,827)
---------- -------- ---------- ----------
Net increase from unit transactions..................... 2,923,103 476,274 4,474,411 5,816,823
---------- -------- ---------- ----------
Net increase in net assets.............................. 3,008,952 483,030 4,472,447 5,942,370
Net assets beginning of period.......................... 0 0 0 0
---------- -------- ---------- ----------
Net assets end of period*............................... $3,008,952 $483,030 $4,472,447 $5,942,370
========== ======== ========== ==========
Unit transactions:
Units outstanding beginning of period................... 0 0 0 0
Units issued during the period.......................... 300,926 48,734 451,219 719,797
Units redeemed during the period........................ (1,096) (914) (2,686) (3,428)
---------- -------- ---------- ----------
Units outstanding end of period......................... 299,830 47,820 448,533 716,369
========== ======== ========== ==========
---------------
* Includes undistributed net investment income (loss)
of: $ (2,556) $ 3,705 $ (3,143) $ (5,240)
========== ======== ========== ==========
</TABLE>
** Commencement of operations
See notes to financial statements.
176
<PAGE> 179
<TABLE>
<CAPTION>
MONY CUSTOM MASTER
-------------------------------------------------------------------------------------------------
FIDELITY VARIABLE
INSURANCE PRODUCTS FUND JANUS ASPEN SERIES
----------------------------------------------------------- -----------------------------------
VIP III
VIP VIP II GROWTH AGGRESSIVE
GROWTH CONTRA FUND OPPORTUNITIES GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ---------------- ---------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 17, 2000** APRIL 07, 2000** APRIL 07, 2000** APRIL 12, 2000** APRIL 17, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ---------------- ---------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
$ (1,937) $ (2,901) $ (811) $ 439,752 $ 196,036
221 (2,110) (1,095) 2,818 200
82,320 45,188 22,658 (89,888) (142,067)
---------- ---------- -------- ---------- ----------
80,604 40,177 20,752 352,682 54,169
---------- ---------- -------- ---------- ----------
2,548,676 2,819,207 905,521 6,173,232 3,479,144
(4,312) (23,677) (18,065) (26,288) (5,194)
---------- ---------- -------- ---------- ----------
2,544,364 2,795,530 887,456 6,146,944 3,473,950
---------- ---------- -------- ---------- ----------
2,624,968 2,835,707 908,208 6,499,626 3,528,119
0 0 0 0 0
---------- ---------- -------- ---------- ----------
$2,624,968 $2,835,707 $908,208 $6,499,626 $3,528,119
========== ========== ======== ========== ==========
0 0 0 0 0
239,692 304,258 98,418 593,362 340,251
(411) (2,624) (2,070) (2,706) (496)
---------- ---------- -------- ---------- ----------
239,281 301,634 96,348 590,656 339,755
========== ========== ======== ========== ==========
$ (1,937) $ (2,901) $ (811) $ 439,752 $ 196,036
========== ========== ======== ========== ==========
<CAPTION>
MONY CUSTOM MASTER
--- -------------------------------------------------------------------------
JANUS ASPEN SERIES DREYFUS
--- ----------------------------------- -----------------------------------
CAPITAL WORLDWIDE STOCK INDEX SOCIAL
APPRECIATION GROWTH PORTFOLIO RESPONSIBILITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ---------------- ---------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 12, 2000** APRIL 07, 2000** APRIL 07, 2000** APRIL 13, 2000**
THROUGH THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
---------------- ---------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
$ 7,416 $ 77,489 $ 9,170 $ (1,017)
(896) (2,679) (614) 387
(12,738) 49,037 18,776 26,507
---------- ---------- ---------- ----------
(6,218) 123,847 27,332 25,877
---------- ---------- ---------- ----------
2,965,886 6,210,882 6,168,931 1,271,753
(21,950) (34,097) (31,566) (1,126)
---------- ---------- ---------- ----------
2,943,936 6,176,785 6,137,365 1,270,627
---------- ---------- ---------- ----------
2,937,718 6,300,632 6,164,697 1,296,504
0 0 0 0
---------- ---------- ---------- ----------
$2,937,718 $6,300,632 $6,164,697 $1,296,504
========== ========== ========== ==========
0 0 0 0
301,232 691,902 646,776 122,831
(2,247) (3,943) (3,396) (113)
---------- ---------- ---------- ----------
298,985 687,959 643,380 122,718
========== ========== ========== ==========
$ 7,416 $ 77,489 $ 9,170 $ (1,017)
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
177
<PAGE> 180
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY Variable Account A (the "Variable Account") is a separate investment
account established on November 28, 1990 by MONY Life Insurance Company
("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used only to support Flexible Payment Variable Annuity policies (MONYMaster,
ValueMaster and MONY Custom Master). These policies are issued by MONY. For
presentation purposes, the information related only to MONY Custom Master is
presented here.
There are twenty-five MONY Custom Master subaccounts within the Variable
Account, and each invests only in a corresponding portfolio of the MONY Series
Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust ("Enterprise"),
Dreyfus Stock Index Fund, The Dreyfus Socially Responsible Growth Fund, Inc.,
Fidelity Variable Insurance Products Funds, or Janus Aspen Series Fund
(collectively, the "Funds"). Twenty-five subaccounts of the MONY Custom Master
commenced operations during 2000. The Funds are registered under the 1940 Act as
an open end, diversified, management investment companies. The Fund and
Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Fund are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the Money Market Portfolio, the net asset value is based on the
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on the ex-dividend date. Investment income includes
distributions of dividends and net realized gains received from the respective
portfolios of the Funds. Investment income received is reinvested in additional
shares of the respective portfolios of the Funds.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based
upon current tax law, to incur any income tax burden upon the earnings or
realized capital gains attributable to the Variable Account. Based on this
expectation, no charges are currently being deducted from the Variable Account
for federal income tax purposes.
178
<PAGE> 181
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
MONY is the legal owner of the assets held by the Variable Account.
Purchase payments received from MONY by the Variable Account represent
gross purchase payments recorded by MONY less deductions retained as
compensation for any premium taxes.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 1.25% of average daily net assets of each
of the subaccounts. As MONY America, a wholly-owned subsidiary of MONY, acts as
investment adviser to the Fund, it receives amounts paid by the Fund for those
services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the period ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- --------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio.................................. $6,773,417 $1,419,089
Long Term Bond Portfolio................................ 570,649 551
Government Securities Portfolio......................... 428,608 7,786
Intermediate Term Bond Portfolio........................ 372,133 1,602
Enterprise Accumulation Trust
Equity Portfolio........................................ 7,283,934 124,628
Small Company Value Portfolio........................... 1,509,003 20,065
Managed Portfolio....................................... 6,073,613 256,642
International Growth Portfolio.......................... 1,508,737 62,457
Growth Portfolio........................................ 7,320,013 55,123
Small Company Growth Portfolio.......................... 3,162,495 55,548
Equity Income Portfolio................................. 723,082 21,291
Capital Appreciation Portfolio.......................... 2,935,835 14,186
Multi-Cap Growth Subaccount............................. 5,903,349 89,559
High Yield Subaccount................................... 485,403 9,461
Balanced Subaccount..................................... 478,489 29,554
Growth & Income Portfolio............................... 4,533,142 60,269
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio.................................... 2,553,331 10,029
VIP III Growth Opportunities Portfolio.................. 913,376 26,375
VIP II Contra Fund...................................... 2,843,889 50,052
Janus Aspen Series
Aggressive Growth Portfolio............................. 6,203,364 59,587
Balanced Portfolio...................................... 3,481,035 8,799
Capital Appreciation Portfolio.......................... 2,995,801 52,952
</TABLE>
179
<PAGE> 182
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- --------------- ---------------
<S> <C> <C>
Worldwide Growth Portfolio.............................. $6,248,743 $ 75,689
Dreyfus
Dreyfus Stock Index Fund................................ 1,969,986 66,599
Dreyfus Social Responsibility........................... 1,279,263 8,053
</TABLE>
180
<PAGE> 183
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------ ----------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 27,114,494 143,772 1,624,245 202,871
=========== ========== =========== ==========
Investments at cost......................................... $27,114,494 $1,529,708 $22,015,197 $2,213,289
=========== ========== =========== ==========
Investments in respective Funds at net asset value.......... $27,114,494 $1,486,600 $19,653,362 $2,150,431
Amount due from MONY America................................ 2,164 6,305 1,726 1,743
Amount due from respective Funds............................ 387 9 0 0
----------- ---------- ----------- ----------
Total assets....................................... 27,117,045 1,492,914 19,655,088 2,152,174
----------- ---------- ----------- ----------
LIABILITIES
Amount due to MONY America.................................. 387 9 0 0
Amount due to respective Funds.............................. 2,164 6,305 1,726 1,743
----------- ---------- ----------- ----------
Total liabilities.................................. 2,551 6,314 1,726 1,743
----------- ---------- ----------- ----------
Net assets.................................................. $27,114,494 $1,486,600 $19,653,362 $2,150,431
=========== ========== =========== ==========
Net assets consist of:
Contractholders' net payments............................. $26,425,977 $1,437,574 $19,834,722 $2,048,997
Undistributed net investment income....................... 688,517 168,627 2,377,260 170,615
Accumulated net realized gain (loss) on investments....... 0 (76,493) (196,785) (6,323)
Net unrealized appreciation (depreciation) of
investments............................................. 0 (43,108) (2,361,835) (62,858)
----------- ---------- ----------- ----------
Net assets.................................................. $27,114,494 $1,486,600 $19,653,362 $2,150,431
=========== ========== =========== ==========
Number of units outstanding*................................ 2,348,552 136,655 1,834,390 195,685
----------- ---------- ----------- ----------
Net asset value per unit outstanding*....................... $ 11.55 $ 10.88 $ 10.71 $ 10.99
=========== ========== =========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
1
<PAGE> 184
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD SMALL COMPANY
EQUITY VALUE MANAGED GROWTH BOND GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ---------- ------------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds.................... 56,090 20,780 11,471 139,534 4,113,475 30,835 16,564
========== ======== ======== ========== =========== ======== ========
Investments at cost........ $2,269,091 $626,424 $451,399 $1,032,628 $21,938,659 $258,454 $105,510
========== ======== ======== ========== =========== ======== ========
Investments in respective
Funds at net asset
value.................... $2,547,613 $654,368 $405,045 $1,146,968 $19,785,813 $270,118 $105,346
Amount due from MONY
America.................. 0 101 1,814 1,638 1,435 0 0
Amount due from respective
Funds.................... 0 0 0 5 5 0 0
---------- -------- -------- ---------- ----------- -------- --------
Total assets...... 2,547,613 654,469 406,859 1,148,611 19,787,253 270,118 105,346
---------- -------- -------- ---------- ----------- -------- --------
LIABILITIES
Amount due to MONY
America.................. 0 0 0 5 5 0 0
Amount due to respective
Funds.................... 0 101 1,814 1,638 1,435 0 0
---------- -------- -------- ---------- ----------- -------- --------
Total
liabilities..... 0 101 1,814 1,643 1,440 0 0
---------- -------- -------- ---------- ----------- -------- --------
Net assets................. $2,547,613 $654,368 $405,045 $1,146,968 $19,785,813 $270,118 $105,346
========== ======== ======== ========== =========== ======== ========
Net assets consist of:
Contractholders' net
payments............... $2,132,905 $554,690 $330,579 $ 974,675 $19,514,744 $257,550 $105,530
Undistributed net
investment income...... 111,969 80,067 142,360 38,121 2,549,819 0 0
Accumulated net realized
gain (loss) on
investments............ 24,217 (8,333) (21,540) 19,832 (125,904) 904 (20)
Net unrealized
appreciation
(depreciation) of
investments............ 278,522 27,944 (46,354) 114,340 (2,152,846) 11,664 (164)
---------- -------- -------- ---------- ----------- -------- --------
Net assets................. $2,547,613 $654,368 $405,045 $1,146,968 $19,785,813 $270,118 $105,346
========== ======== ======== ========== =========== ======== ========
Number of units
outstanding*............. 157,423 42,700 33,837 87,432 1,750,303 24,175 10,551
---------- -------- -------- ---------- ----------- -------- --------
Net asset value per unit
outstanding*............. $ 16.18 $ 15.32 $ 11.97 $ 13.12 $ 11.30 $ 11.17 $ 9.98
========== ======== ======== ========== =========== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
2
<PAGE> 185
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------------------
DREYFUS VARIABLE
INVESTMENT FUND VAN ECK WORLDWIDE INSURANCE TRUST
---------------------------- DREYFUS DREYFUS ------------------------------------------
CAPITAL SMALL COMPANY STOCK SOCIALLY HARD WORLDWIDE WORLDWIDE
APPRECIATION STOCK INDEX RESPONSIBLE ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ----------- ----------- ---------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds................... 62,852 46,407 871,961 2,059 1,587 9,406 11,144
========== ======== =========== ======= ======= ======== ========
Investments at cost....... $2,421,137 $714,353 $30,500,710 $70,049 $17,601 $ 97,690 $134,080
========== ======== =========== ======= ======= ======== ========
Investments in respective
Funds at net asset
value................... $2,575,689 $813,051 $33,151,940 $82,497 $17,868 $ 95,562 $139,186
Amount due from MONY
America................. 7,095 4,536 10,329 0 51 0 51
Amount due from respective
Funds................... 5 0 14 0 0 0 0
---------- -------- ----------- ------- ------- -------- --------
Total assets..... 2,582,789 817,587 33,162,283 82,497 17,919 95,562 139,237
---------- -------- ----------- ------- ------- -------- --------
LIABILITIES
Amount due to MONY
America................. 5 0 14 0 0 0 0
Amount due to respective
Funds................... 7,095 4,536 10,329 0 51 0 51
---------- -------- ----------- ------- ------- -------- --------
Total
liabilities.... 7,100 4,536 10,343 0 51 0 51
---------- -------- ----------- ------- ------- -------- --------
Net assets................ $2,575,689 $813,051 $33,151,940 $82,497 $17,868 $ 95,562 $139,186
========== ======== =========== ======= ======= ======== ========
Net assets consist of:
Contractholders' net
payments.............. $2,282,635 $689,733 $28,699,496 $67,024 $17,514 $ 96,127 $123,899
Undistributed net
investment income..... 20,327 2,695 665,991 2,686 45 4,171 197
Accumulated net realized
gain (loss) on
investments........... 118,175 21,925 1,135,223 339 42 (2,608) 9,984
Net unrealized
appreciation
(depreciation) of
investments........... 154,552 98,698 2,651,230 12,448 267 (2,128) 5,106
---------- -------- ----------- ------- ------- -------- --------
Net assets................ $2,575,689 $813,051 $33,151,940 $82,497 $17,868 $ 95,562 $139,186
========== ======== =========== ======= ======= ======== ========
Number of units
outstanding*............ 169,363 76,505 2,068,179 6,708 1,722 9,346 17,109
---------- -------- ----------- ------- ------- -------- --------
Net asset value per unit
outstanding*............ $ 15.21 $ 10.63 $ 16.03 $ 12.30 $ 10.38 $ 10.22 $ 8.14
========== ======== =========== ======= ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
3
<PAGE> 186
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------------------------------
T. ROWE PRICE
--------------------------------------------------------------------------------------
EQUITY PRIME INTERNATIONAL LIMITED NEW AMERICA PERSONAL STRATEGY
INCOME RESERVE STOCK TERM GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ----------- -----------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds...................... 46,531 104,678 41,745 6,968 16,770 43,799
======== ======== ======== ======= ======== ========
Investments at cost.......... $900,641 $104,678 $734,398 $33,522 $424,188 $690,836
======== ======== ======== ======= ======== ========
Investments in respective
Funds at net asset value... $824,534 $104,678 $757,251 $33,375 $431,832 $702,541
Amount due from MONY
America.................... 10,247 0 0 0 0 0
Amount due from respective
Funds...................... 9 0 0 0 0 0
-------- -------- -------- ------- -------- --------
Total assets........ 834,790 104,678 757,251 33,375 431,832 702,541
-------- -------- -------- ------- -------- --------
LIABILITIES
Amount due to MONY America... 9 0 0 0 0 0
Amount due to respective
Funds...................... 10,247 0 0 0 0 0
-------- -------- -------- ------- -------- --------
Total liabilities... 10,256 0 0 0 0 0
-------- -------- -------- ------- -------- --------
Net assets................... $824,534 $104,678 $757,251 $33,375 $431,832 $702,541
======== ======== ======== ======= ======== ========
Net assets consist of:
Contractholders' net
payments................. $847,852 $ 97,569 $722,052 $33,001 $396,715 $664,186
Undistributed net
investment income........ 60,219 7,109 2,296 550 20,704 22,169
Accumulated net realized
gain (loss) on
investments.............. (7,430) 0 10,050 (29) 6,769 4,481
Net unrealized appreciation
(depreciation) of
investments.............. (76,107) 0 22,853 (147) 7,644 11,705
-------- -------- -------- ------- -------- --------
Net assets................... $824,534 $104,678 $757,251 $33,375 $431,832 $702,541
======== ======== ======== ======= ======== ========
Number of units
outstanding*............... 80,330 9,736 56,549 3,220 34,584 60,729
-------- -------- -------- ------- -------- --------
Net asset value per unit
outstanding*............... $ 10.26 $ 10.75 $ 13.39 $ 10.36 $ 12.49 $ 11.57
======== ======== ======== ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
4
<PAGE> 187
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS
-----------------------------------------------------------------
VIP III VIP II VIP III
VIP VIP II GROWTH ASSET GROWTH &
GROWTH CONTRA OPPORTUNITIES MANAGER INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds...................... 12,955 33,266 1,765 20,551 172,881
======== ======== ======= ======== ==========
Investments at cost.................................. $656,417 $836,355 $34,367 $334,721 $2,554,110
======== ======== ======= ======== ==========
Investments in respective Funds at net asset value... $667,691 $834,654 $36,380 $339,913 $2,676,194
-------- -------- ------- -------- ----------
Net assets........................................... $667,691 $834,654 $36,380 $339,913 $2,676,194
======== ======== ======= ======== ==========
Net assets consist of:
Contractholders' net payments...................... $634,481 $847,393 $34,376 $324,654 $2,488,778
Undistributed net investment income................ 40,092 6,303 0 0 6,457
Accumulated net realized gain (loss) on
investments...................................... (18,156) (17,341) (9) 10,067 58,875
Net unrealized appreciation (depreciation) of
investments...................................... 11,274 (1,701) 2,013 5,192 122,084
-------- -------- ------- -------- ----------
Net assets........................................... $667,691 $834,654 $36,380 $339,913 $2,676,194
======== ======== ======= ======== ==========
Number of units outstanding*......................... 54,051 79,731 3,781 33,621 273,085
-------- -------- ------- -------- ----------
Net asset value per unit outstanding*................ $ 12.35 $ 10.47 $ 9.62 $ 10.11 $ 9.80
======== ======== ======= ======== ==========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
---------------------------------------
EQUITY FIXED
GROWTH INCOME VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds...................... 13,598 357,417 14
======== ========== =====
Investments at cost.................................. $273,630 $3,577,687 $ 154
======== ========== =====
Investments in respective Funds at net asset value... $293,844 $3,709,983 $ 142
-------- ---------- -----
Net assets........................................... $293,844 $3,709,983 $ 142
======== ========== =====
Net assets consist of:
Contractholders' net payments...................... $269,216 $3,577,555 $ 154
Undistributed net investment income................ 4,239 0 0
Accumulated net realized gain (loss) on
investments...................................... 175 132 0
Net unrealized appreciation (depreciation) of
investments...................................... 20,214 132,296 (12)
-------- ---------- -----
Net assets........................................... $293,844 $3,709,983 $ 142
======== ========== =====
Number of units outstanding*......................... 25,716 357,774 15
-------- ---------- -----
Net asset value per unit outstanding*................ $ 11.43 $ 10.37 $9.23
======== ========== =====
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
5
<PAGE> 188
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------
JANUS ASPEN SERIES
-------------------------------------------------------------------
AGGRESSIVE FLEXIBLE INTERNATIONAL WORLDWIDE CAPITAL
GROWTH INCOME GROWTH GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............................. 14,162 19,518 2,113 23,572 3,605
======== ======== ======= ========== ========
Investments at cost......................................... $839,429 $222,278 $82,448 $1,208,365 $120,360
======== ======== ======= ========== ========
Investments in respective Funds at net asset value.......... $790,240 $219,573 $83,874 $1,132,184 $114,399
-------- -------- ------- ---------- --------
Net assets.................................................. $790,240 $219,573 $83,874 $1,132,184 $114,399
======== ======== ======= ========== ========
Net assets consist of:
Contractholders' net payments............................. $779,589 $216,589 $82,016 $1,215,602 $119,973
Undistributed net investment income....................... 61,216 6,325 210 16,157 405
Accumulated net realized gain (loss) on investments....... (1,376) (636) 222 (23,394) (18)
Net unrealized appreciation (depreciation) of
investments............................................. (49,189) (2,705) 1,426 (76,181) (5,961)
-------- -------- ------- ---------- --------
Net assets.................................................. $790,240 $219,573 $83,874 $1,132,184 $114,399
======== ======== ======= ========== ========
Number of units outstanding*................................ 68,799 21,672 6,705 96,341 11,988
-------- -------- ------- ---------- --------
Net asset value per unit outstanding*....................... $ 11.49 $ 10.13 $ 12.51 $ 11.75 $ 9.54
======== ======== ======= ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
6
<PAGE> 189
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
Dividend income....................................... $280,688 $125,578 $1,339,956 $115,584
Distribution from capital gains....................... 0 0 0 30
-------- -------- ---------- --------
Net investment income................................. 280,688 125,578 1,339,956 115,614
-------- -------- ---------- --------
Realized and unrealized loss on investments:
Net realized loss on investments.................... 0 (69,926) (122,246) (6,591)
Net change in unrealized depreciation of
investments...................................... 0 (19,723) (207,522) (48,446)
-------- -------- ---------- --------
Net realized and unrealized loss on investments....... 0 (89,649) (329,768) (55,037)
-------- -------- ---------- --------
Net increase in net assets resulting from
operations.......................................... $280,688 $ 35,929 $1,010,188 $ 60,577
======== ======== ========== ========
</TABLE>
See notes to financial statements.
7
<PAGE> 190
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------
SMALL COMPANY INTERNATIONAL
EQUITY VALUE MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ------------ -------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2000 2000 2000 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
Dividend income.............................. $ 0 $ 0 $ 0 $ 0
Distribution from capital gains.............. 0 0 0 0
-------- ------- ------- ---------
Net investment income........................ 0 0 0 0
-------- ------- ------- ---------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments.... 11,414 7,347 (7,734) 9,900
Net change in unrealized appreciation
(depreciation) of investments............ 258,029 (5,186) (2,071) (147,943)
-------- ------- ------- ---------
Net realized and unrealized gain (loss) on
investments................................ 269,443 2,161 (9,805) (138,043)
-------- ------- ------- ---------
Net increase (decrease) in net assets
resulting from operations.................. $269,443 $ 2,161 $(9,805) $(138,043)
======== ======= ======= =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------
HIGH YIELD SMALL COMPANY
BOND GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ------------------
FOR THE SIX FOR THE SIX FOR THE PERIOD
MONTHS ENDED MONTHS ENDED FEBRUARY 4, 2000**
JUNE 30, JUNE 30, THROUGH
2000 2000 JUNE 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------ ------------- ------------------
<S> <C> <C> <C>
Dividend income.............................. $ 940,090 $ 0 $ 0
Distribution from capital gains.............. 0 0 0
--------- ------ -----
Net investment income........................ 940,090 0 0
--------- ------ -----
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments.... (54,333) 905 (20)
Net change in unrealized appreciation
(depreciation) of investments............ (943,657) 563 (164)
--------- ------ -----
Net realized and unrealized gain (loss) on
investments................................ (997,990) 1,468 (184)
--------- ------ -----
Net increase (decrease) in net assets
resulting from operations.................. $ (57,900) $1,468 $(184)
========= ====== =====
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
8
<PAGE> 191
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------
DREYFUS VARIABLE INVESTMENT FUND
-------------------------------- DREYFUS
CAPITAL SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- --------------- ----------
<S> <C> <C> <C>
Dividend income.................................... $ 92 $ 1,649 $ 36,757
Distribution from capital gains.................... 0 0 157,040
------- ------- ---------
Net investment income.............................. 92 1,649 193,797
------- ------- ---------
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments.......... 16,122 30,586 723,855
Net change in unrealized appreciation
(depreciation) of investments.................. 52,294 10,344 (990,904)
------- ------- ---------
Net realized and unrealized gain (loss) on
investments...................................... 68,416 40,930 (267,049)
------- ------- ---------
Net increase (decrease) in net assets resulting
from operations.................................. $68,508 $42,579 $ (73,252)
======= ======= =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE TRUST
DREYFUS ------------------------------------------
SOCIALLY HARD WORLDWIDE WORLDWIDE
RESPONSIBLE ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ---------- ----------------
<S> <C> <C> <C> <C>
Dividend income.................................... 12$...... $ 42 $ 3,021 $ 0
Distribution from capital gains.................... 0....... 0 0 0
------ ---- ------- --------
Net investment income.............................. 12...... 42 3,021 0
------ ---- ------- --------
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments.......... 257..... 51 (2,619) 6,357
Net change in unrealized appreciation
(depreciation) of investments.................. 1,826... 81 (229) (14,189)
------ ---- ------- --------
Net realized and unrealized gain (loss) on
investments...................................... 2,083... 132 (2,848) (7,832)
------ ---- ------- --------
Net increase (decrease) in net assets resulting
from operations.................................. 2,$095... $174 $ 173 $ (7,832)
====== ==== ======= ========
</TABLE>
See notes to financial statements.
9
<PAGE> 192
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------
T. ROWE PRICE
----------------------------------------------------------------------------------------
EQUITY PRIME INTERNATIONAL LIMITED TERM NEW AMERICA PERSONAL STRATEGY
INCOME RESERVE STOCK BOND GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ------------ ----------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Dividend income........................ $ 7,898 $2,932 $ 0 $ 505 $ 0 $ 5,925
Distribution from capital gains........ 13,187 0 0 0 0 774
-------- ------ ------- ----- -------- -------
Net investment income.................. 21,085 2,932 0 505 0 6,699
-------- ------ ------- ----- -------- -------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments........................ (10,556) 0 8,510 (27) (300) (748)
Net change in unrealized appreciation
(depreciation) of investments...... (26,261) 0 (4,372) (109) (3,679) 12,056
-------- ------ ------- ----- -------- -------
Net realized and unrealized gain (loss)
on investments....................... (36,817) 0 4,138 (136) (3,979) 11,308
-------- ------ ------- ----- -------- -------
Net increase (decrease) in net assets
resulting from operations............ $(15,732) $2,932 $ 4,138 $ 369 $ (3,979) $18,007
======== ====== ======= ===== ======== =======
</TABLE>
See notes to financial statements.
10
<PAGE> 193
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
---------------------------------------------------------------------------------------------
VIP III
VIP VIP II VIP III VIP II GROWTH AND
GROWTH CONTRA GROWTH OPPORTUNITIES ASSET MANAGER INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ -------------------- ------------------- ------------------
FOR THE SIX FOR THE SIX FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MONTHS ENDED MONTHS ENDED MARCH 31, 2000** FEBRUARY 4, 2000** JANUARY 13, 2000**
JUNE 30, JUNE 30, THROUGH THROUGH THROUGH
2000 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
------------ ------------ -------------------- ------------------- ------------------
<S> <C> <C> <C> <C> <C>
Dividend income............... $ 399 $ 169 $ 0 $ 0 $ 858
Distribution from capital
gains....................... 39,693 6,134 0 0 5,599
-------- -------- ------ ------- --------
Net investment income......... 40,092 6,303 0 0 6,457
-------- -------- ------ ------- --------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............... (18,182) (17,341) (9) 10,067 58,875
Net change in unrealized
appreciation
(depreciation) of
investments............... 2,545 (3,671) 2,013 5,192 122,084
-------- -------- ------ ------- --------
Net realized and unrealized
gain (loss) on
investments................. (15,637) (21,012) 2,004 15,259 180,959
-------- -------- ------ ------- --------
Net increase (decrease) in net
assets resulting from
operations.................. $ 24,455 $(14,709) $2,004 $15,259 $187,416
======== ======== ====== ======= ========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
--------------------------------------------------
EQUITY FIXED
GROWTH INCOME VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ----------------- --------------
FOR THE SIX FOR THE PERIOD FOR THE PERIOD
MONTHS ENDED JANUARY 6, 2000** MAY 22, 2000**
JUNE 30, THROUGH THROUGH
2000 JUNE 30, 2000 JUNE 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ----------------- --------------
<S> <C> <C> <C>
Dividend income............... $ 0 $ 0 $ 0
Distribution from capital
gains....................... 0 0 0
------- -------- ----
Net investment income......... 0 0 0
------- -------- ----
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............... 175 132 0
Net change in unrealized
appreciation
(depreciation) of
investments............... 15,310 132,296 (12)
------- -------- ----
Net realized and unrealized
gain (loss) on
investments................. 15,485 132,428 (12)
------- -------- ----
Net increase (decrease) in net
assets resulting from
operations.................. $15,485 $132,428 $(12)
======= ======== ====
</TABLE>
---------------
** Commencement of operations.
See notes to financial statements.
11
<PAGE> 194
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------
JANUS ASPEN SERIES
------------------------------------------------------------------------------------
AGGRESSIVE FLEXIBLE INTERNATIONAL WORLDWIDE CAPITAL
GROWTH INCOME GROWTH GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------------ ------------ ------------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE PERIOD
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED FEBRUARY 4, 2000**
JUNE 30, JUNE 30, JUNE 30, JUNE 30, THROUGH
2000 2000 2000 2000 JUNE 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
------------ ------------ ------------------ ------------ ------------------
<S> <C> <C> <C> <C> <C>
Dividend income................... $ 41,762 $ 5,888 $ 210 $ 4,058 $ 361
Distribution from capital gains... 19,454 0 0 12,099 44
-------- ------- ------ --------- -------
Net investment income............. 61,216 5,888 210 16,157 405
-------- ------- ------ --------- -------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments................... (1,378) (636) 222 (23,403) (18)
Net change in unrealized
appreciation (depreciation) of
investments................... (73,668) (2,280) 933 (83,181) (5,961)
-------- ------- ------ --------- -------
Net realized and unrealized gain
(loss) on investments........... (75,046) (2,916) 1,155 (106,584) (5,979)
-------- ------- ------ --------- -------
Net increase (decrease) in net
assets resulting from
operations...................... $(13,830) $ 2,972 $1,365 $ (90,427) $(5,574)
======== ======= ====== ========= =======
</TABLE>
---------------
** Commencement of operations.
See notes to financial statements.
12
<PAGE> 195
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
MONEY INTERMEDIATE
MARKET TERM BOND
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............................ $ 280,688 $ 345,020 $ 125,578 $ 35,406
Net realized loss on investments................. 0 0 (69,926) (6,511)
Net change in unrealized depreciation of
investments.................................... 0 0 (19,723) (28,840)
------------ ------------ ---------- ---------
Net increase (decrease) in net assets resulting
from operations.................................. 280,688 345,020 35,929 55
------------ ------------ ---------- ---------
From unit transactions:
Net proceeds from the issuance of units.......... 43,524,063 77,560,082 703,210 696,328
Net asset value of units redeemed or used to meet
contract obligations........................... (35,908,146) (61,373,092) (71,593) (181,862)
------------ ------------ ---------- ---------
Net increase (decrease) from unit transactions..... 7,615,917 16,186,990 631,617 514,466
------------ ------------ ---------- ---------
Net increase in net assets......................... 7,896,605 16,532,010 667,546 514,521
Net assets beginning of period..................... 19,217,889 2,685,879 819,054 304,533
------------ ------------ ---------- ---------
Net assets end of period*.......................... $ 27,114,494 $ 19,217,889 $1,486,600 $ 819,054
============ ============ ========== =========
Unit transactions:
Units outstanding beginning of period............ 1,712,047 251,238 76,605 28,549
Units issued during the period................... 4,495,757 8,571,435 66,475 65,528
Units redeemed during the period................. (3,859,252) (7,110,626) (6,425) (17,472)
------------ ------------ ---------- ---------
Units outstanding end of period.................... 2,348,552 1,712,047 136,655 76,605
============ ============ ========== =========
---------------
* Includes undistributed net investment income of: $ 688,517 $ 407,829 $ 168,627 $ 43,049
============ ============ ========== =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
LONG TERM GOVERNMENT
BOND SECURITIES
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............................ $ 1,339,956 $ 1,028,956 $ 115,614 $ 36,509
Net realized loss on investments................. (122,246) (74,609) (6,591) (267)
Net change in unrealized depreciation of
investments.................................... (207,522) (2,165,463) (48,446) (27,741)
----------- ----------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations.................................. 1,010,188 (1,211,116) 60,577 8,501
----------- ----------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of units.......... 449,481 20,478,061 197,557 1,186,866
Net asset value of units redeemed or used to meet
contract obligations........................... (473,819) (936,588) (129,827) (49,795)
----------- ----------- ---------- ----------
Net increase (decrease) from unit transactions..... (24,338) 19,541,473 67,730 1,137,071
----------- ----------- ---------- ----------
Net increase in net assets......................... 985,850 18,330,357 128,307 1,145,572
Net assets beginning of period..................... 18,667,512 337,155 2,022,124 876,552
----------- ----------- ---------- ----------
Net assets end of period*.......................... $19,653,362 $18,667,512 $2,150,431 $2,022,124
=========== =========== ========== ==========
Unit transactions:
Units outstanding beginning of period............ 1,836,729 30,651 189,531 82,700
Units issued during the period................... 43,064 1,909,822 18,264 119,022
Units redeemed during the period................. (45,403) (103,744) (12,110) (12,191)
----------- ----------- ---------- ----------
Units outstanding end of period.................... 1,834,390 1,836,729 195,685 189,531
=========== =========== ========== ==========
---------------
* Includes undistributed net investment income of: $ 2,377,260 $ 1,037,304 $ 170,615 $ 55,001
=========== =========== ========== ==========
</TABLE>
See notes to financial statements.
13
<PAGE> 196
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------
SMALL COMPANY
EQUITY VALUE
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............ $ 0 $ 110,007 $ 0 $ 35,776
Net realized gain (loss) on
investments.................... 11,414 6,521 7,347 (17,101)
Net change in unrealized
appreciation (depreciation) of
investments.................... 258,029 20,255 (5,186) 57,257
---------- ---------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations....................... 269,443 136,783 2,161 75,932
---------- ---------- -------- ---------
From unit transactions:
Net proceeds from the issuance of
units.......................... 933,726 1,307,396 165,611 469,522
Net asset value of units redeemed
or used to meet contract
obligations.................... (69,631) (64,000) (76,449) (413,361)
---------- ---------- -------- ---------
Net increase (decrease) from unit
transactions..................... 864,095 1,243,396 89,162 56,161
---------- ---------- -------- ---------
Net increase (decrease) in net
assets........................... 1,133,538 1,380,179 91,323 132,093
Net assets beginning of period..... 1,414,075 33,896 563,045 430,952
---------- ---------- -------- ---------
Net assets end of period*.......... $2,547,613 $1,414,075 $654,368 $ 563,045
========== ========== ======== =========
Unit transactions:
Units outstanding beginning of
period......................... 102,764 2,848 36,787 34,921
Units issued during the period... 59,416 109,654 10,665 37,233
Units redeemed during the
period......................... (4,757) (9,738) (4,752) (35,367)
---------- ---------- -------- ---------
Units outstanding end of period.... 157,423 102,764 42,700 36,787
========== ========== ======== =========
---------------
* Includes undistributed net
investment income of: $ 111,969 $ 1,962 $ 80,067 $ 80,067
========== ========== ======== =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------
INTERNATIONAL
MANAGED GROWTH
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............ $ 0 $ 56,019 $ 0 $ 23,845
Net realized gain (loss) on
investments.................... (7,734) (14,912) 9,900 9,678
Net change in unrealized
appreciation (depreciation) of
investments.................... (2,071) 29,662 (147,943) 259,460
-------- --------- ---------- ----------
Net increase (decrease) in net
assets resulting from
operations....................... (9,805) 70,769 (138,043) 292,983
-------- --------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 95,602 294,982 276,445 550,539
Net asset value of units redeemed
or used to meet contract
obligations.................... (37,223) (861,595) (34,331) (29,145)
-------- --------- ---------- ----------
Net increase (decrease) from unit
transactions..................... 58,379 (566,613) 242,114 521,394
-------- --------- ---------- ----------
Net increase (decrease) in net
assets........................... 48,574 (495,844) 104,071 814,377
Net assets beginning of period..... 356,471 852,315 1,042,897 228,520
-------- --------- ---------- ----------
Net assets end of period*.......... $405,045 $ 356,471 $1,146,968 $1,042,897
======== ========= ========== ==========
Unit transactions:
Units outstanding beginning of
period......................... 28,967 75,641 70,342 21,906
Units issued during the period... 7,331 25,257 19,621 52,464
Units redeemed during the
period......................... (2,461) (71,931) (2,531) (4,028)
-------- --------- ---------- ----------
Units outstanding end of period.... 33,837 28,967 87,432 70,342
======== ========= ========== ==========
---------------
* Includes undistributed net
investment income of: $142,360 $ 142,360 $ 38,121 $ 38,121
======== ========= ========== ==========
</TABLE>
See notes to financial statements.
14
<PAGE> 197
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------
HIGH YIELD SMALL COMPANY
BOND GROWTH
SUBACCOUNT SUBACCOUNT GROWTH
--------------------------- --------------------------------- SUBACCOUNT
FOR THE SIX FOR THE SIX ------------------
MONTHS ENDED FOR THE MONTHS ENDED FOR THE PERIOD FOR THE PERIOD
JUNE 30, YEAR ENDED JUNE 30, DECEMBER 8, 1999** FEBRUARY 4, 2000**
2000 DECEMBER 31, 2000 THROUGH THROUGH
(UNAUDITED) 1999 (UNAUDITED) DECEMBER 31, 1999 JUNE 30, 2000
------------ ------------ ------------ ------------------ ------------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income.................... $ 940,090 $ 1,578,167 $ 0 $ 0 $ 0
Net realized gain (loss) on
investments............................ (54,333) (71,226) 905 (1) (20)
Net change in unrealized appreciation
(depreciation) of investments.......... (943,657) (1,182,329) 563 11,101 (164)
----------- ----------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations................ (57,900) 324,612 1,468 11,100 (184)
----------- ----------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.................................. 262,875 20,539,013 128,139 137,592 106,448
Net asset value of units redeemed or used
to meet contract obligations........... (478,791) (1,183,708) (7,993) (188) (918)
----------- ----------- -------- -------- --------
Net increase (decrease) from unit
transactions............................. (215,916) 19,355,305 120,146 137,404 105,530
----------- ----------- -------- -------- --------
Net increase (decrease) in net assets...... (273,816) 19,679,917 121,614 148,504 105,346
Net assets beginning of period............. 20,059,629 379,712 148,504 0 0
----------- ----------- -------- -------- --------
Net assets end of period*.................. $19,785,813 $20,059,629 $270,118 $148,504 $105,346
=========== =========== ======== ======== ========
Unit transactions:
Units outstanding beginning of period.... 1,769,481 34,788 13,697 0 0
Units issued during the period........... 23,580 1,854,079 10,721 13,716 10,645
Units redeemed during the period......... (42,758) (119,386) (243) (19) (94)
----------- ----------- -------- -------- --------
Units outstanding end of period............ 1,750,303 1,769,481 24,175 13,697 10,551
=========== =========== ======== ======== ========
---------------
* Includes undistributed net investment
income of: $ 2,549,819 $ 1,609,729 $ 0 $ 0 $ 0
=========== =========== ======== ======== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
15
<PAGE> 198
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE
---------------------------------------------------------------------------------------
DREYFUS VARIABLE INSURANCE FUND
--------------------------------------------------------- ---------------------------
CAPITAL SMALL COMPANY
APPRECIATION STOCK
SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 92 $ 16,245 $ 1,649 $ 0 $ 193,797
Net realized gain (loss) on
investments.................. 16,122 100,007 30,586 (7,540) 723,855
Net change in unrealized
appreciation (depreciation)
of investments............... 52,294 35,110 10,344 82,425 (990,904)
---------- ---------- --------- -------- -----------
Net increase (decrease) in net
assets resulting from
operations................... 68,508 151,362 42,579 74,885 (73,252)
---------- ---------- --------- -------- -----------
From unit transactions:
Net proceeds from the
issuance of units.......... 923,015 1,490,345 119,190 526,467 3,254,878
Net asset value of units
redeemed or used to meet
contract obligations....... (174,590) (363,376) (138,802) (106,947) (709,480)
---------- ---------- --------- -------- -----------
Net increase (decrease) from
unit transactions............ 748,425 1,126,969 (19,612) 419,520 2,545,398
---------- ---------- --------- -------- -----------
Net increase in net assets.... 816,933 1,278,331 22,967 494,405 2,472,146
Net assets beginning of
period....................... 1,758,756 480,425 790,084 295,679 30,679,794
---------- ---------- --------- -------- -----------
Net assets end of period*..... $2,575,689 $1,758,756 $ 813,051 $790,084 $33,151,940
========== ========== ========= ======== ===========
Unit transactions:
Units outstanding beginning of
period....................... 118,872 36,191 78,184 32,362 1,903,421
Units issued during the
period....................... 62,066 116,773 11,635 58,620 209,149
Units redeemed during the
period....................... (11,575) (34,092) (13,314) (12,798) (44,391)
---------- ---------- --------- -------- -----------
Units outstanding end of
period....................... 169,363 118,872 76,505 78,184 2,068,179
========== ========== ========= ======== ===========
---------------
* Includes undistributed net
investment income of: $ 20,327 $ 20,235 $ 2,695 $ 1,046 $ 665,991
========== ========== ========= ======== ===========
** Commencement of operations
<CAPTION>
IVERSAL LIFE
------------------------------------------------------------------------
VAN ECK WORLDW
---------------------------- -----------------------------------------
DREYFUS
STOCK HARD WO
INDEX ASSETS
SUBACCOUNT SUBACCOUNT SUB
---------------------------- --------------------------- -----------
FOR THE
PERIOD
FOR THE SIX SEPTEMBER 30, FOR THE SIX FOR THE SIX
MONTHS ENDED 1999** MONTHS ENDED FOR THE MONTHS ENDE
JUNE 30, THROUGH JUNE 30, YEAR ENDED JUNE 30,
2000 DECEMBER 31, 2000 DECEMBER 31, 2000
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED)
------------ ------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 432,056
Net realized gain (loss) on
investments.................. 386,134
Net change in unrealized
appreciation (depreciation)
of investments............... 3,009,797
-----------
Net increase (decrease) in net
assets resulting from
operations................... 3,827,987
-----------
From unit transactions:
Net proceeds from the
issuance of units.......... 23,789,517
Net asset value of units
redeemed or used to meet
contract obligations....... (840,260)
-----------
Net increase (decrease) from
unit transactions............ 22,949,257
-----------
Net increase in net assets.... 26,777,244
Net assets beginning of
period....................... 3,902,550
-----------
Net assets end of period*..... $30,679,794
===========
Unit transactions:
Units outstanding beginning of
period....................... 291,990
Units issued during the
period....................... 1,696,879
Units redeemed during the
period....................... (85,448)
-----------
Units outstanding end of
period....................... 1,903,421
===========
---------------
* Includes undistributed net
investment income of: $ 472,194
===========
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------
INSURANCE TRUST
-------------------------------------------
DREYFUS
STOCK WORLDWIDE
INDEX EMERGING MARKETS
SUBACCOUNT SUBACCOUNT
------------- ---------------------------
FOR THE SIX
FOR THE MONTHS ENDED FOR THE
YEAR ENDED JUNE 30, YEAR ENDED
DECEMBER 31, 2000 DECEMBER 31,
1999 (UNAUDITED) 1999
------------ ------------ ------------
<S> <C> <C> <C>
From operations:
Net investment income......... $ 12 $ 2,674 $ 42 $ 3 $ 3,021 $ 1,150 $ 0 $ 0
Net realized gain (loss) on
investments.................. 257 82 51 (4) (2,619) (19) 6,357 8,133
Net change in unrealized
appreciation (depreciation)
of investments............... 1,826 10,622 81 211 (229) (3,363) (14,189) 24,877
------- ------- ------- ------ -------- ------- -------- --------
Net increase (decrease) in net
assets resulting from
operations................... 2,095 13,378 174 210 173 (2,232) (7,832) 33,010
------- ------- ------- ------ -------- ------- -------- --------
From unit transactions:
Net proceeds from the
issuance of units.......... 2,457 67,417 14,463 3,174 58,024 35,112 99,053 29,369
Net asset value of units
redeemed or used to meet
contract obligations....... (2,064) (786) (191) (173) (14,935) (1,399) (22,528) (17,369)
------- ------- ------- ------ -------- ------- -------- --------
Net increase (decrease) from
unit transactions............ 393 66,631 14,272 3,001 43,089 33,713 76,525 12,000
------- ------- ------- ------ -------- ------- -------- --------
Net increase in net assets.... 2,488 80,009 14,446 3,211 43,262 31,481 68,693 45,010
Net assets beginning of
period....................... 80,009 0 3,422 211 52,300 20,819 70,493 25,483
------- ------- ------- ------ -------- ------- -------- --------
Net assets end of period*..... $82,497 $80,009 $17,868 $3,422 $ 95,562 $52,300 $139,186 $ 70,493
======= ======= ======= ====== ======== ======= ======== ========
Unit transactions:
Units outstanding beginning of
period....................... 6,671 0 343 26 5,105 1,873 7,590 5,495
Units issued during the
period....................... 197 6,742 1,409 335 5,776 3,398 11,036 4,827
Units redeemed during the
period....................... (160) (71) (30) (18) (1,535) (166) (1,517) (2,732)
------- ------- ------- ------ -------- ------- -------- --------
Units outstanding end of
period....................... 6,708 6,671 1,722 343 9,346 5,105 17,109 7,590
======= ======= ======= ====== ======== ======= ======== ========
---------------
* Includes undistributed net
investment income of: $ 2,686 $ 2,674 $ 45 $ 3 $ 4,171 $ 1,150 $ 197 $ 197
======= ======= ======= ====== ======== ======= ======== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
16
<PAGE> 199
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------
EQUITY PRIME INTERNATIONAL
INCOME RESERVE STOCK
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------------- ------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE PERIOD MONTHS ENDED
JUNE 30, YEAR ENDED JUNE 30, FEBRUARY 1, 1999** JUNE 30,
2000 DECEMBER 31, 2000 THROUGH 2000
(UNAUDITED) 1999 (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED)
------------ ------------ ------------ ------------------ ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income........................ $ 21,085 $ 37,491 $ 2,932 $ 4,177 $ 0
Net realized gain (loss) on investments...... (10,556) 3,114 0 0 8,510
Net change in unrealized appreciation
(depreciation) of investments.............. (26,261) (48,742) 0 0 (4,372)
--------- -------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations.................... (15,732) (8,137) 2,932 4,177 4,138
--------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units...... 300,798 745,478 1,116 103,722 660,719
Net asset value of units redeemed or used to
meet contract obligations.................. (175,222) (72,035) (973) (6,296) (45,728)
--------- -------- -------- -------- --------
Net increase from unit transactions........... 125,576 673,443 143 97,426 614,991
--------- -------- -------- -------- --------
Net increase in net assets.................... 109,844 665,306 3,075 101,603 619,129
Net assets beginning of period................ 714,690 49,384 101,603 0 138,122
--------- -------- -------- -------- --------
Net assets end of period*..................... $ 824,534 $714,690 $104,678 $101,603 $757,251
========= ======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period........ 67,719 4,853 9,723 0 9,827
Units issued during the period............... 29,017 69,677 105 10,380 49,916
Units redeemed during the period............. (16,406) (6,811) (92) (657) (3,194)
--------- -------- -------- -------- --------
Units outstanding end of period............... 80,330 67,719 9,736 9,723 56,549
========= ======== ======== ======== ========
---------------
* Includes undistributed net investment
income of: $ 60,219 $ 39,134 $ 7,109 $ 4,177 $ 2,296
========= ======== ======== ======== ========
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------
LIMITED NEW AMERICA
TERM GROWTH
SUBACCOUNT SUBACCOUNT
--------------------------------- ---------------------------
--------------------------------- ---------------------------
------------ FOR THE SIX FOR THE SIX
FOR THE MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE
YEAR ENDED JUNE 30, FEBRUARY 1, 1999** JUNE 30, YEAR ENDED
DECEMBER 31, 2000 THROUGH 2000 DECEMBER 31,
1999 (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) 1999
------------ ------------ ------------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income........................ $ 2,061 $ 505 $ 45 $ 0 $ 19,751
Net realized gain (loss) on investments...... 1,541 (27) (2) (300) 7,059
Net change in unrealized appreciation
(depreciation) of investments.............. 26,668 (109) (38) (3,679) 7,101
-------- ------- ------ -------- ---------
Net increase (decrease) in net assets
resulting from operations.................... 30,270 369 5 (3,979) 33,911
-------- ------- ------ -------- ---------
From unit transactions:
Net proceeds from the issuance of units...... 105,728 32,551 1,021 135,659 367,884
Net asset value of units redeemed or used to
meet contract obligations.................. (12,925) (505) (66) (48,381) (101,482)
-------- ------- ------ -------- ---------
Net increase from unit transactions........... 92,803 32,046 955 87,278 266,402
-------- ------- ------ -------- ---------
Net increase in net assets.................... 123,073 32,415 960 83,299 300,313
Net assets beginning of period................ 15,049 960 0 348,533 48,220
-------- ------- ------ -------- ---------
Net assets end of period*..................... $138,122 $33,375 $ 960 $431,832 $ 348,533
======== ======= ====== ======== =========
Unit transactions:
Units outstanding beginning of period........ 1,427 95 0 27,453 4,282
Units issued during the period............... 9,599 3,174 104 10,554 31,991
Units redeemed during the period............. (1,199) (49) (9) (3,423) (8,820)
-------- ------- ------ -------- ---------
Units outstanding end of period............... 9,827 3,220 95 34,584 27,453
======== ======= ====== ======== =========
---------------
* Includes undistributed net investment
income of: $ 235 $ 550 $ 45 $ 20,704 $ 20,704
======== ======= ====== ======== =========
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------
---------------------------
PERSONAL STRATEGY
BALANCE
SUBACCOUNT
---------------------------
---------------------------
FOR THE SIX
MONTHS ENDED FOR THE
JUNE 30, YEAR ENDED
2000 DECEMBER 31,
(UNAUDITED) 1999
------------ ------------
<S> <C> <C>
From operations:
Net investment income........................ $ 6,699 $ 15,098
Net realized gain (loss) on investments...... (748) 5,226
Net change in unrealized appreciation
(depreciation) of investments.............. 12,056 (278)
-------- ---------
Net increase (decrease) in net assets
resulting from operations.................... 18,007 20,046
-------- ---------
From unit transactions:
Net proceeds from the issuance of units...... 595,511 324,297
Net asset value of units redeemed or used to
meet contract obligations.................. (12,341) (251,898)
-------- ---------
Net increase from unit transactions........... 583,170 72,399
-------- ---------
Net increase in net assets.................... 601,177 92,445
Net assets beginning of period................ 101,364 8,919
-------- ---------
Net assets end of period*..................... $702,541 $ 101,364
======== =========
Unit transactions:
Units outstanding beginning of period........ 8,978 856
Units issued during the period............... 53,230 31,131
Units redeemed during the period............. (1,479) (23,009)
-------- ---------
Units outstanding end of period............... 60,729 8,978
======== =========
---------------
* Includes undistributed net investment
income of: $ 22,169 $ 15,470
======== =========
** Commencement of operations
</TABLE>
See notes to financial statements.
17
<PAGE> 200
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
---------------------------------------------------------------------
VIP VIP II
GROWTH CONTRA
SUBACCOUNT SUBACCOUNT
--------------------------------- ---------------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD
JUNE 30, NOVEMBER 2, 1999** JUNE 30, DECEMBER 8, 1999**
2000 THROUGH 2000 THROUGH
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------ ------------------ ------------ ------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............ $ 40,092 $ 0 $ 6,303 $ 0
Net realized gain (loss) on
investments.................... (18,182) 26 (17,341) 0
Net change in unrealized
appreciation (depreciation) of
investments.................... 2,545 8,729 (3,671) 1,970
-------- -------- -------- -------
Net increase (decrease) in net
assets resulting from
operations....................... 24,455 8,755 (14,709) 1,970
-------- -------- -------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 587,484 180,982 859,928 36,973
Net asset value of units redeemed
or used to meet contract
obligations.................... (133,776) (209) (49,461) (47)
-------- -------- -------- -------
Net increase from unit
transactions..................... 453,708 180,773 810,467 36,926
-------- -------- -------- -------
Net increase in net assets........ 478,163 189,528 795,758 38,896
Net assets beginning of period.... 189,528 0 38,896 0
-------- -------- -------- -------
Net assets end of period*......... $667,691 $189,528 $834,654 $38,896
======== ======== ======== =======
Unit transactions:
Units outstanding beginning of
period......................... 16,127 0 3,667 0
Units issued during the period... 49,620 16,147 80,902 3,672
Units redeemed during the
period......................... (11,696) (20) (4,838) (5)
-------- -------- -------- -------
Units outstanding end of period... 54,051 16,127 79,731 3,667
======== ======== ======== =======
---------------
* Includes undistributed net
investment income of: $ 40,092 $ 0 $ 6,303 $ 0
======== ======== ======== =======
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
--------------------------------------------------------------
VIP III VIP II VIP III
GROWTH OPPORTUNITIES ASSET MANAGER GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------- ------------------ ------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MARCH 31, 2000** FEBRUARY 4, 2000** JANUARY 13, 2000**
THROUGH THROUGH THROUGH
JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
-------------------- ------------------ ------------------
<S> <C> <C> <C>
From operations:
Net investment income............ $ 0 $ 0 $ 6,457
Net realized gain (loss) on
investments.................... (9) 10,067 58,875
Net change in unrealized
appreciation (depreciation) of
investments.................... 2,013 5,192 122,084
------- -------- ----------
Net increase (decrease) in net
assets resulting from
operations....................... 2,004 15,259 187,416
------- -------- ----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 34,497 330,482 2,536,741
Net asset value of units redeemed
or used to meet contract
obligations.................... (121) (5,828) (47,963)
------- -------- ----------
Net increase from unit
transactions..................... 34,376 324,654 2,488,778
------- -------- ----------
Net increase in net assets........ 36,380 339,913 2,676,194
Net assets beginning of period.... 0 0 0
------- -------- ----------
Net assets end of period*......... $36,380 $339,913 $2,676,194
======= ======== ==========
Unit transactions:
Units outstanding beginning of
period......................... 0 0 0
Units issued during the period... 3,794 34,191 277,972
Units redeemed during the
period......................... (13) (570) (4,887)
------- -------- ----------
Units outstanding end of period... 3,781 33,621 273,085
======= ======== ==========
---------------
* Includes undistributed net
investment income of: $ 0 $ 0 $ 6,457
======= ======== ==========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
----------------------------------------------------------------------
EQUITY FIXED
GROWTH INCOME VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------------- ----------------- --------------
FOR THE SIX FOR THE PERIOD FOR THE PERIOD
MONTHS ENDED FOR THE PERIOD JANUARY 6, 2000** MAY 22, 2000**
JUNE 30, DECEMBER 8, 1999** THROUGH THROUGH
2000 THROUGH JUNE 30, 2000 JUNE 30, 2000
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) (UNAUDITED)
------------ ------------------ ----------------- --------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............ $ 0 $ 4,239 $ 0 $ 0
Net realized gain (loss) on
investments.................... 175 0 132 0
Net change in unrealized
appreciation (depreciation) of
investments.................... 15,310 4,904 132,296 (12)
-------- -------- ---------- --------
Net increase (decrease) in net
assets resulting from
operations....................... 15,485 9,143 132,428 (12)
-------- -------- ---------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 150,391 121,757 3,588,436 157
Net asset value of units redeemed
or used to meet contract
obligations.................... (2,744) (188) (10,881) (3)
-------- -------- ---------- --------
Net increase from unit
transactions..................... 147,647 121,569 3,577,555 154
-------- -------- ---------- --------
Net increase in net assets........ 163,132 130,712 3,709,983 142
Net assets beginning of period.... 130,712 0 0 0
-------- -------- ---------- --------
Net assets end of period*......... $293,844 $130,712 $3,709,983 $ 142
======== ======== ========== ========
Unit transactions:
Units outstanding beginning of
period......................... 12,171 0 0 0
Units issued during the period... 13,793 12,190 358,849 16
Units redeemed during the
period......................... (248) (19) (1,075) (1)
-------- -------- ---------- --------
Units outstanding end of period... 25,716 12,171 357,774 15
======== ======== ========== ========
---------------
* Includes undistributed net
investment income of: $ 4,239 $ 4,239 $ 0 $ 0
======== ======== ========== ========
</TABLE>
** Commencement of operations
See notes to financial statements.
18
<PAGE> 201
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
JANUS ASPEN SERIES
------------------------------------------------------------------------------------------
AGGRESSIVE FLEXIBLE INTERNATIONAL
GROWTH INCOME GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE FOR THE PERIOD FOR THE FOR THE PERIOD FOR THE FOR THE PERIOD
SIX MONTHS DECEMBER 8, SIX MONTHS DECEMBER 27, SIX MONTHS DECEMBER 2,
ENDED 1999** ENDED 1999** ENDED 1999**
JUNE 30, THROUGH JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
----------- -------------- ----------- -------------- ----------- --------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income.............. $ 61,216 $ 0 $ 5,888 $ 437 $ 210 $ 0
Net realized gain (loss) on
investments...................... (1,378) 2 (636) 0 222 0
Net change in unrealized
appreciation (depreciation) of
investments...................... (73,668) 24,479 (2,280) (425) 933 493
--------- -------- -------- ------- ------- ------
Net increase (decrease) in net
assets resulting from
operations....................... (13,830) 24,481 2,972 12 1,365 493
--------- -------- -------- ------- ------- ------
From unit transactions:
Net proceeds from the issuance of
units.......................... 740,955 228,583 209,632 12,891 79,546 3,366
Net asset value of units redeemed
or used to meet contract
obligations.................... (189,667) (282) (5,934) 0 (888) (8)
--------- -------- -------- ------- ------- ------
Net increase from unit
transactions..................... 551,288 228,301 203,698 12,891 78,658 3,358
--------- -------- -------- ------- ------- ------
Net increase in net assets......... 537,458 252,782 206,670 12,903 80,023 3,851
Net assets beginning of period..... 252,782 0 12,903 0 3,851 0
--------- -------- -------- ------- ------- ------
Net assets end of period*.......... $ 790,240 $252,782 $219,573 $12,903 $83,874 $3,851
========= ======== ======== ======= ======= ======
Unit transactions:
Units outstanding beginning of
period........................... 22,352 0 1,289 0 317 0
Units issued during the period..... 63,757 22,380 21,068 1,289 6,478 318
Units redeemed during the period... (17,310) (28) (685) 0 (90) (1)
--------- -------- -------- ------- ------- ------
Units outstanding end of period.... 68,799 22,352 21,672 1,289 6,705 317
========= ======== ======== ======= ======= ======
---------------
* Includes undistributed net
investment income of: $ 61,216 $ 0 $ 6,325 $ 437 $ 210 $ 0
========= ======== ======== ======= ======= ======
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------
JANUS ASPEN SERIES
---------------------------------------------
WORLDWIDE CAPITAL
GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT
---------------------------- --------------
FOR THE FOR THE PERIOD FOR THE PERIOD
SIX MONTHS DECEMBER 2, FEBRUARY 4,
ENDED 1999** 2000**
JUNE 30, THROUGH THROUGH
2000 DECEMBER 31, JUNE 30, 2000
(UNAUDITED) 1999 (UNAUDITED)
----------- -------------- --------------
<S> <C> <C> <C>
From operations:
Net investment income.............. $ 16,157 $ 0 $ 405
Net realized gain (loss) on
investments...................... (23,403) 9 (18)
Net change in unrealized
appreciation (depreciation) of
investments...................... (83,181) 7,000 (5,961)
---------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... (90,427) 7,009 (5,574)
---------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 1,127,021 110,815 121,255
Net asset value of units redeemed
or used to meet contract
obligations.................... (22,132) (102) (1,282)
---------- -------- --------
Net increase from unit
transactions..................... 1,104,889 110,713 119,973
---------- -------- --------
Net increase in net assets......... 1,014,462 117,722 114,399
Net assets beginning of period..... 117,722 0 0
---------- -------- --------
Net assets end of period*.......... $1,132,184 $117,722 $114,399
========== ======== ========
Unit transactions:
Units outstanding beginning of
period........................... 10,224 0 0
Units issued during the period..... 88,032 10,234 12,118
Units redeemed during the period... (1,915) (10) (130)
---------- -------- --------
Units outstanding end of period.... 96,341 10,224 11,988
========== ======== ========
---------------
* Includes undistributed net
investment income of: $ 16,157 $ 0 $ 405
========== ======== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
19
<PAGE> 202
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance Policies,
which include Variable Life Insurance (Strategist), Variable Universal Life
(MONYEquity Master, MONY Custom Equity Master and MONY Custom Estate Master) and
Corporate Sponsored Variable Universal Life Insurance Policies. These policies
are issued by MONY America, which is a wholly-owned subsidiary of MONY Life
Insurance Company ("MONY"). For presentation purposes, the information related
only to the Corporate Sponsored Variable Universal Life Insurance Policies
(CSVUL) is presented here.
There are currently thirty seven Corporate Sponsored Variable Universal
Subaccounts within the Variable Account, each invests only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund"), the Enterprise
Accumulation Trust ("Enterprise"), the Dreyfus Variable Investment Fund, the
Dreyfus Stock Index Fund, the Dreyfus Socially Responsible Growth Fund, Inc. ,
the Van Eck Worldwide Insurance Trust, the T. Rowe Price Equity Series, Inc.,
the T. Rowe Price Fixed Income Series, Inc., the T. Rowe Price International
Series, Inc., Fidelity Variable Insurance Products Funds, Janus Aspen Series and
The Universal Institutional Funds, Inc. (collectively the "Funds"). The Funds
are registered under the 1940 Act as open-end, diversified, management
investment companies. The Fund and Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
each of the Funds contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset value of the respective portfolio as reported by
such portfolio. Net asset values are based upon market or fair valuations of the
securities held in each of the corresponding portfolios of the Funds. For the
money market portfolios, the net asset value is based on amortized cost of the
securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on ex-dividend date. Investment income includes distributions
of dividends and capital gains received from the respective portfolios of the
Funds. Investment income received is reinvested in additional shares of the
respective portfolios of the Funds.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based on current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
20
<PAGE> 203
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. RELATED PARTY TRANSACTIONS
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, mortality and expense risk
charge and, if applicable, the cost of any optional benefits added by riders to
the insurance policies are deducted monthly from the cash value of the contract
to compensate MONY America. A surrender charge may be imposed by MONY America
when a full or partial surrender is requested by the policyholders. These
deductions are treated as contractholder redemptions by the Variable Account.
The amount deducted for the Corporate Sponsored Variable Universal Life
Subaccounts for the period ended June 30, 2000 aggregated $2,608,003.
As investment adviser to the Fund, MONY America receives amounts paid by
the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares of acquired and proceeds from shares redeemed, during the
period ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
ACQUIRED SHARES REDEEMED
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE SUBACCOUNTS -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio................................. $119,782,653 $112,166,736
Intermediate Term Bond Portfolio....................... 1,555,852 924,233
Long Term Bond Portfolio............................... 738,439 762,776
Government Securities Portfolio........................ 204,489 136,759
Enterprise Accumulation Trust
Equity Portfolio....................................... 935,899 71,804
Small Company Value Portfolio.......................... 166,091 76,929
Managed Portfolio...................................... 100,678 42,298
International Growth Portfolio......................... 278,314 36,200
High Yield Bond Portfolio.............................. 263,436 479,352
Small Company Growth Portfolio......................... 128,256 8,110
Growth Portfolio....................................... 106,447 917
Dreyfus Variable Investment Fund
Capital Appreciation Portfolio......................... 937,921 189,496
Small Company Stock Portfolio.......................... 120,126 139,738
Stock Index Fund....................................... 5,082,100 2,536,702
Socially Responsible Growth Fund, Inc.................. 2,464 2,072
</TABLE>
21
<PAGE> 204
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
ACQUIRED SHARES REDEEMED
-------------- ---------------
<S> <C> <C>
Van Eck Worldwide Insurance Trust
Hard Assets Portfolio.................................. $ 14,567 $ 294
Worldwide Bond Portfolio............................... 58,179 15,090
Worldwide Emerging Markets Portfolio................... 99,309 22,785
T. Rowe Price Equity Series, Inc.
Equity Income Portfolio................................ 314,160 188,585
Prime Reserve Portfolio................................ 1,116 973
International Stock Portfolio.......................... 663,079 48,088
Limited Term Portfolio................................. 32,551 505
New America Growth Portfolio........................... 138,193 50,915
Personal Strategy Balance Portfolio.................... 602,768 19,597
FidelityVariable Insurance Product Funds
VIP Growth Portfolio................................... 651,359 197,650
VIP II Contrafund Portfolio............................ 1,685,324 874,858
VIP II Growth Opportunities Portfolio.................. 34,503 127
VIP II Asset Manager Portfolio......................... 804,939 480,285
VIP III Growth & Income Portfolio...................... 6,124,699 3,635,921
Janus Aspen Series
Aggressive Growth Portfolio............................ 793,801 242,512
Flexible Income Portfolio.............................. 261,502 57,803
International Growth Portfolio......................... 79,842 1,184
Worldwide Growth Portfolio............................. 2,330,259 1,225,370
Capital Appreciation Portfolio......................... 121,342 1,369
The Universal Institutional Funds, Inc.
Equity Growth Portfolio................................ 150,396 2,749
Fixed Income Portfolio................................. 3,588,436 10,881
Value Portfolio........................................ 157 3
</TABLE>
22
<PAGE> 205
ISSUED BY:
MONY LIFE INSURANCE COMPANY OF AMERICA
(An Arizona Stock Corporation)
(not licensed to solicit or transact
business in New York)
1740 Broadway, New York, NY 10019
or in New York,
MONY LIFE INSURANCE COMPANY
1740 Broadway, New York, NY 10019
DISTRIBUTOR OF MONY CUSTOM MASTER, MONYMASTER, MONY CUSTOM EQUITY MASTER,
MONYEQUITY MASTER, AND MONY CUSTOM ESTATE MASTER:
MONY SECURITIES CORPORATION
1740 Broadway, New York, NY 10019
(Member NASD, SIPC) #0556-VA00(EXP.2/02)
<PAGE> 206
[MONY GROUP LOGO] ------------------
Bulk Rate
U.S. Postage
PAID
Permit No. 8048
New York, New York
-------------------
MONY LIFE INSURANCE COMPANY
Administrative Offices
1740 Broadway
New York, NY 10019
A member of The MONY Group
