<PAGE> 1
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VARIABLE LIFE
---------------------------------------------------------------------------
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
Investments at cost (Note 4)....... $ 506,836 $ 500,123 $ 173,633 $ 91,440 $ 847,591 $ 86,609
========== ========== ========== ========== ========== ==========
Investments in MONY Series Fund,
Inc. at net asset value
(Note 2)......................... $ 621,248 $ 639,735 $ 174,855 $ 94,804 $1,029,584 $ 86,609
Amount due from MONY America....... 27 10 0 0 123 0
Amount due from MONY Series Fund,
Inc. ............................ 186 171 29 0 212 34
---------- ---------- ---------- ---------- ---------- ----------
Total assets............. 621,461 639,916 174,884 94,804 1,029,919 86,643
---------- ---------- ---------- ---------- ---------- ----------
LIABILITIES
Amount due to MONY America......... 186 171 29 0 212 34
Amount due to MONY Series Fund,
Inc. ............................ 27 10 0 0 123 0
---------- ---------- ---------- ---------- ---------- ----------
Total liabilities........ 213 181 29 0 335 34
---------- ---------- ---------- ---------- ---------- ----------
Net assets......................... $ 621,248 $ 639,735 $ 174,855 $ 94,804 $1,029,584 $ 86,609
========== ========== ========== ========== ========== ==========
Net assets consist of:
Contractholders' net
payments.................... $ 554,308 $ 588,671 $ 207,469 $ 126,299 $1,066,375 $ 194,033
Cost of insurance withdrawals
(Note 3).................... (338,252) (432,436) (181,115) (135,858) (817,921) (178,996)
Undistributed net investment
income...................... 116,878 253,103 154,994 95,237 458,930 71,572
Accumulated net realized gains
(losses) on investments..... 173,902 90,785 (7,715) 5,762 140,207 0
Unrealized appreciation of
investments................. 114,412 139,612 1,222 3,364 181,993 0
---------- ---------- ---------- ---------- ---------- ----------
Net assets......................... $ 621,248 $ 639,735 $ 174,855 $ 94,804 $1,029,584 $ 86,609
========== ========== ========== ========== ========== ==========
Number of units outstanding*....... 15,874 16,162 8,234 3,693 34,978 5,161
---------- ---------- ---------- ---------- ---------- ----------
Net asset value per unit
outstanding...................... $ 39.14 $ 39.58 $ 21.24 $ 25.67 $ 29.44 $ 16.78
========== ========== ========== ========== ========== ==========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
5
<PAGE> 2
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4).................... $ 49,845 $401,424 $206,166 $2,144,796 $2,309,014 $1,243,633
======== ======== ======== ========== ========== ==========
Investments in Enterprise Accumulation Trust at
net asset value (Note 2)...................... $ 0 $ 0 $ 0 $ 0 $2,439,274 $1,316,197
Investments in MONY Series Fund, Inc. at net
asset value (Note 2).......................... 49,244 392,533 206,106 2,144,796 0 0
Amount due from Enterprise Accumulation Trust... 0 0 0 0 1,330 660
Amount due from MONY America.................... 31 228 9 79,254 2,777 1,860
Amount due from MONY Series Fund, Inc. ......... 31 256 11 5,072 0 0
-------- -------- -------- ---------- ---------- ----------
Total assets............................ 49,306 393,017 206,126 2,229,122 2,443,381 1,318,717
-------- -------- -------- ---------- ---------- ----------
LIABILITIES
Amount due to Enterprise Accumulation Trust..... 0 0 0 0 2,777 1,860
Amount due to MONY America...................... 31 256 11 5,072 1,330 660
Amount due to MONY Series Fund, Inc. ........... 31 228 9 79,254 0 0
-------- -------- -------- ---------- ---------- ----------
Total liabilities....................... 62 484 20 84,326 4,107 2,520
-------- -------- -------- ---------- ---------- ----------
Net assets...................................... $ 49,244 $392,533 $206,106 $2,144,796 $2,439,274 $1,316,197
======== ======== ======== ========== ========== ==========
Net assets consist of:
Contractholders' net payments............... $ 56,851 $424,767 $219,478 $2,206,724 $2,580,999 $1,429,353
Cost of insurance withdrawals (Note 3)...... (8,263) (36,909) (17,894) (112,163) (366,977) (218,185)
Undistributed net investment income......... 1,261 12,742 4,394 50,235 18,853 12,986
Accumulated net realized gains (losses) on
investments............................... (4) 824 188 0 76,139 19,479
Unrealized appreciation (depreciation) of
investments............................... (601) (8,891) (60) 0 130,260 72,564
-------- -------- -------- ---------- ---------- ----------
Net assets...................................... $ 49,244 $392,533 $206,106 $2,144,796 $2,439,274 $1,316,197
======== ======== ======== ========== ========== ==========
Number of units outstanding*.................... 4,571 34,408 19,209 201,826 169,708 104,458
-------- -------- -------- ---------- ---------- ----------
Net asset value per unit outstanding............ $ 10.77 $ 11.41 $ 10.73 $ 10.63 $ 14.37 $ 12.60
======== ======== ======== ========== ========== ==========
<CAPTION>
INTERNATIONAL HIGH YIELD
MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------- ----------
<S> <C> <C> <C>
ASSETS
Investments at cost (Note 4).................... $12,978,806 $ 898,309 $501,841
=========== ========= ========
Investments in Enterprise Accumulation Trust at
net asset value (Note 2)...................... $13,638,428 $ 931,921 $497,847
Investments in MONY Series Fund, Inc. at net
asset value (Note 2).......................... 0 0 0
Amount due from Enterprise Accumulation Trust... 6,281 377 323
Amount due from MONY America.................... 42,891 285 26
Amount due from MONY Series Fund, Inc. ......... 0 0 0
----------- --------- --------
Total assets............................ 13,687,600 932,583 498,196
----------- --------- --------
LIABILITIES
Amount due to Enterprise Accumulation Trust..... 42,891 285 26
Amount due to MONY America...................... 6,281 377 323
Amount due to MONY Series Fund, Inc. ........... 0 0 0
----------- --------- --------
Total liabilities....................... 49,172 662 349
----------- --------- --------
Net assets...................................... $13,638,428 $ 931,921 $497,847
=========== ========= ========
Net assets consist of:
Contractholders' net payments............... $14,281,900 $ 989,902 $541,387
Cost of insurance withdrawals (Note 3)...... (1,802,532) (122,027) (61,940)
Undistributed net investment income......... 146,770 15,608 23,057
Accumulated net realized gains (losses) on
investments............................... 352,668 14,826 (663)
Unrealized appreciation (depreciation) of
investments............................... 659,622 33,612 (3,994)
----------- --------- --------
Net assets...................................... $13,638,428 $ 931,921 $497,847
=========== ========= ========
Number of units outstanding*.................... 930,732 72,693 43,702
----------- --------- --------
Net asset value per unit outstanding............ $ 14.65 $ 12.82 $ 11.39
=========== ========= ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
6
<PAGE> 3
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VARIABLE LIFE
-----------------------------------------------------------------------------
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 $ 1,204 $ 0 $ 0 $ 0 $ 2,183
Mortality and expense risk charges
(Note 3).......................... 1,769 1,881 529 293 3,041 263
-------- -------- -------- -------- -------- --------
Net investment income (loss)........ (1,769) (677) (529) (293) (3,041) 1,920
-------- -------- -------- -------- -------- --------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............... 32,311 30,642 17,757 7,017 69,365 14,325
Cost of shares sold............... 26,132 20,859 17,140 6,295 55,677 14,325
-------- -------- -------- -------- -------- --------
Net realized gains on investments... 6,179 9,783 617 722 13,688 0
Net increase (decrease) in
unrealized appreciation of
investments....................... 56,834 33,861 (1,165) (7,168) 47,399 0
-------- -------- -------- -------- -------- --------
Net realized and unrealized gains
(losses) on investments........... 63,013 43,644 (548) (6,446) 61,087 0
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations........................ $ 61,244 $ 42,967 $ (1,077) $ (6,739) $ 58,046 $ 1,920
======== ======== ======== ======== ======== ========
</TABLE>
See notes to financial statements.
7
<PAGE> 4
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income................ $ 0 $ 0 $ 0 $ 35,174 $ 0 $ 0 $ 0
Mortality and expense risk
charges (Note 3)............. 153 1,216 700 5,315 6,315 3,447 37,303
--------- --------- -------- ---------- -------- -------- ----------
Net investment income (loss)... (153) (1,216) (700) 29,859 (6,315) (3,447) (37,303)
--------- --------- -------- ---------- -------- -------- ----------
Realized and unrealized gains
(losses) on investments
(Note 2):
Proceeds from sales.......... 11,518 79,992 19,826 6,698,642 440,848 270,884 2,173,723
Cost of shares sold.......... 11,896 80,334 19,771 6,698,642 388,100 261,165 1,944,327
-------- --------- -------- ---------- -------- -------- ----------
Net realized gains (losses) on
investments.................. (378) (342) 55 0 52,748 9,719 229,396
Net increase (decrease) in
unrealized appreciation of
investments.................. 314 (17,168) 648 0 107,047 76,627 567,504
-------- --------- -------- ---------- -------- -------- ----------
Net realized and unrealized
gains (losses) on
investments.................. (64) (17,510) 703 0 159,795 86,346 796,900
-------- --------- -------- ---------- -------- -------- ----------
Net increase (decrease) in net
assets resulting from
operations................... $ (217) $(18,726) $ 3 $ 29,859 $153,480 $ 82,899 $ 759,597
======== ======== ======== ========= ======== ======== ==========
<CAPTION>
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
Dividend income................ $ 0 $ 17,283
Mortality and expense risk
charges (Note 3)............. 2,330 1,627
--------- ---------
Net investment income (loss)... (2,330) 15,656
--------- ---------
Realized and unrealized gains
(losses) on investments (Note
2):
Proceeds from sales.......... 178,820 246,993
Cost of shares sold.......... 170,160 247,846
--------- ---------
Net realized gains (losses) on
investments.................. 8,660 (853)
Net increase (decrease) in
unrealized appreciation of
investments.................. 33,721 (4,355)
--------- ---------
Net realized and unrealized
gains (losses) on
investments.................. 42,381 (5,208)
--------- ---------
Net increase (decrease) in net
assets resulting from
operations................... $ 40,051 $ 10,448
========= ========
</TABLE>
See notes to financial statements.
8
<PAGE> 5
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
VARIABLE LIFE
-----------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS FOR THE MONTHS FOR THE MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1995 1996 1995
----------- ------------ ----------- ------------ ----------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ (1,769) $ 33,459 $ (677) $ 27,822 $ (529) $ 9,165
Net realized gains on
investments.................. 6,179 30,308 9,783 39,090 617 2,059
Net increase (decrease) in
unrealized appreciation of
investments.................. 56,834 57,362 33,861 88,922 (1,165) 11,732
--------- -------- --------- -------- --------- --------
Net increase (decrease) in net
assets resulting from
operations..................... 61,244 121,129 42,967 155,834 (1,077) 22,956
--------- -------- --------- -------- --------- --------
From unit transactions:
Net proceeds from the issuance
of units..................... 29,725 246,538 19,347 56,024 6,263 13,113
Net asset value of units
redeemed or used to meet
contract obligations......... 20,762 164,237 27,762 132,231 13,109 23,804
--------- -------- --------- -------- --------- --------
Net increase (decrease) from
unit transactions.............. 8,963 82,301 (8,415) (76,207) (6,846) (10,691)
--------- -------- --------- -------- --------- --------
Net increase (decrease) in net
assets......................... 70,207 203,430 34,552 79,627 (7,923) 12,265
Net assets beginning of
period......................... 551,041 347,611 605,183 525,556 182,778 170,513
--------- -------- --------- -------- --------- --------
Net assets end of period*....... $ 621,248 $551,041 $ 639,735 $605,183 $ 174,855 $182,778
========= ======== ========= ======== ========= ========
Units outstanding beginning of
period......................... 15,643 12,809 16,377 18,826 8,556 9,112
Units issued during the
period......................... 790 8,221 510 1,763 295 652
Units redeemed during the
period......................... 559 5,387 725 4,212 617 1,208
--------- -------- -------- -------- -------- --------
Units outstanding end of
period......................... 15,874 15,643 16,162 16,377 8,234 8,556
========= ======== ======== ======== ======== ========
- ---------------
*Includes undistributed net
investment income of: $ 116,878 $118,647 $ 253,103 $253,780 $ 154,994 $155,523
<CAPTION>
LONG TERM DIVERSIFIED MONEY MARKET
BOND SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS FOR THE MONTHS FOR THE MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1995 1996 1995
----------- ------------ ----------- ------------ ----------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ (293) $ 5,101 $ (3,041) $ 46,804 $ 1,920 $ 5,662
Net realized gains on
investments.................. 722 5,208 13,688 35,442 0 0
Net increase (decrease) in
unrealized appreciation of
investments.................. (7,168) 16,634 47,399 125,651 0 0
-------- -------- ---------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations..................... (6,739) 26,943 58,046 207,897 1,920 5,662
-------- -------- ---------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units..................... 2,027 7,195 43,802 90,610 4,823 137,395
Net asset value of units
redeemed or used to meet
contract obligations......... 6,602 29,360 61,753 145,580 10,428 235,050
-------- -------- ---------- -------- -------- --------
Net increase (decrease) from
unit transactions.............. (4,575) (22,165) (17,951) (54,970) (5,605) (97,655)
-------- -------- ---------- -------- -------- --------
Net increase (decrease) in net
assets......................... (11,314) 4,778 40,095 152,927 (3,685) (91,993)
Net assets beginning of
period......................... 106,118 101,340 989,489 836,562 90,294 182,287
--------- -------- ---------- -------- -------- --------
Net assets end of period*....... $ 94,804 $106,118 $1,029,584 $989,489 $86,609 $ 90,294
========= ======== ========== ======== ======== ========
Units outstanding beginning of
period......................... 3,869 4,777 35,607 37,807 5,499 11,659
Units issued during the
period......................... 78 296 1,533 3,647 291 8,586
Units redeemed during the
period......................... 254 1,204 2,162 5,847 629 14,746
--------- -------- ---------- -------- -------- --------
Units outstanding end of
period......................... 3,693 3,869 34,978 35,607 5,161 5,499
========= ======== ========== ======== ======== ========
- ---------------
*Includes undistributed net
investment income of: $ 95,237 $ 95,530 $ 458,930 $461,971 $71,572 $ 69,652
</TABLE>
See notes to financial statements.
9
<PAGE> 6
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT
BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------------- ----------------------------- -----------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD FOR THE SIX
MONTHS APRIL 20, 1995** MONTHS MARCH 31, 1995** MONTHS
ENDED THROUGH ENDED THROUGH ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1996 1995 1996 1995 1996
----------- ---------------- ----------- ---------------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<CAPTION>
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)............ $ (153) $ 1,414 $ (1,216) $ 13,958 $ (700)
Net realized gains (losses) on
investments........................... (378) 374 (342) 1,166 55
Net increase (decrease) in unrealized
appreciation of
investments........................... 314 (915) (17,168) 8,277 648
------- -------- --------- -------- --------
Net increase (decrease) in net assets
resulting from operations............... (217) 873 (18,726) 23,401 3
------- -------- --------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units................................. 31,158 29,827 180,168 254,605 48,889
Net asset value of units redeemed or
used to meet contract obligations..... 8,417 3,980 38,721 8,194 14,164
------- -------- --------- -------- --------
Net increase from unit transactions....... 22,741 25,847 141,447 246,411 34,725
------- -------- --------- -------- --------
Net increase in net assets................ 22,524 26,720 122,721 269,812 34,728
Net assets beginning of period............ 26,720 0 269,812 0 171,378
------- -------- --------- -------- --------
Net assets end of period*................. $49,244 $ 26,720 $ 392,533 $269,812 $206,106
======= ======== ========= ======== ========
Units outstanding beginning of period..... 2,464 0 22,127 0 15,959
Units issued during the period............ 2,882 2,838 15,670 22,925 4,576
Units redeemed during the period.......... 775 374 3,389 798 1,326
------- -------- --------- -------- --------
Units outstanding end of period........... 4,571 2,464 34,408 22,127 19,209
======= ======== ========= ======== ========
- ---------------
*Includes undistributed net investment
income of: $ 1,261 $ 1,414 $ 12,742 $ 13,958 $ 4,394
**Commencement of operations.
</TABLE>
<TABLE>
<CAPTION>
MONEY
MARKET
SUBACCOUNT
--------------------------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MARCH 20, 1995** MONTHS FEBRUARY 17, 1995**
THROUGH ENDED THROUGH
DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1996 1995
---------------- ----------- -------------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)............ $ 5,094 $ 29,859 $ 20,376
Net realized gains (losses) on
investments........................... 133 0 0
Net increase (decrease) in unrealized
appreciation of
investments........................... (708) 0 0
-------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations............... 4,519 29,859 20,376
-------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units................................. 171,901 5,908,695 8,289,772
Net asset value of units redeemed or
used to meet contract obligations..... 5,042 5,494,575 6,609,331
-------- ---------- ----------
Net increase from unit transactions....... 166,859 414,120 1,680,441
-------- ---------- ----------
Net increase in net assets................ 171,378 443,979 1,700,817
Net assets beginning of period............ 0 1,700,817 0
-------- ---------- ----------
Net assets end of period*................. $171,378 $2,144,796 $1,700,817
======== ========== ==========
Units outstanding beginning of period..... 0 163,465 0
Units issued during the period............ 16,439 561,132 807,565
Units redeemed during the period.......... 480 522,771 644,100
-------- ---------- ----------
Units outstanding end of period........... 15,959 201,826 163,465
======== ========== ==========
- ---------------
*Includes undistributed net investment
income of: $ 5,094 $ 50,235 $ 20,376
**Commencement of operations.
</TABLE>
See notes to financial statements.
10
<PAGE> 7
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
-----------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- -----------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD FOR THE SIX
MONTHS MARCH 8, 1995** MONTHS MARCH 9, 1995** MONTHS
ENDED THROUGH ENDED THROUGH ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1996 1995 1996 1995 1996
----------- --------------- ----------- --------------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)...................... $ (6,315) $ 25,168 $ (3,447) $ 16,433 $ (37,303)
Net realized gains (losses) on investments........ 52,748 23,391 9,719 9,760 229,396
Net increase (decrease) in unrealized appreciation
of investments.................................. 107,047 23,213 76,627 (4,063) 567,504
---------- ---------- ---------- -------- -----------
Net increase in net assets resulting from
operations........................................ 153,480 71,772 82,899 22,130 759,597
---------- ---------- ---------- -------- -----------
From unit transactions:
Net proceeds from the issuance of units........... 1,546,273 1,073,215 806,053 662,265 8,170,530
Net asset value of units redeemed or used to meet
contract obligations............................ 304,955 100,511 173,582 83,568 1,531,662
---------- ---------- ---------- -------- -----------
Net increase from unit transactions................ 1,241,318 972,704 632,471 578,697 6,638,868
---------- ---------- ---------- -------- -----------
Net increase in net assets......................... 1,394,798 1,044,476 715,370 600,827 7,398,465
Net assets beginning of period..................... 1,044,476 0 600,827 0 6,239,963
---------- ---------- ---------- -------- -----------
Net assets end of period*.......................... $2,439,274 $1,044,476 $1,316,197 $600,827 $13,638,428
========== ========== ========== ======== ===========
Units outstanding beginning of period.............. 80,766 0 52,194 0 465,095
Units issued during the period..................... 110,811 88,980 66,667 59,708 572,680
Units redeemed during the period................... 21,869 8,214 14,403 7,514 107,043
---------- ---------- ---------- -------- -----------
Units outstanding end of period.................... 169,708 80,766 104,458 52,194 930,732
========== ========== ========== ======== ===========
- ---------------
*Includes undistributed net investment income of: $ 18,853 $ 25,168 $ 12,986 $ 16,433 $ 146,770
**Commencement of operations.
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
---------------------------- -----------------------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MARCH 8, 1995** MONTHS MARCH 8, 1995** MONTHS MARCH 20, 1995**
THROUGH ENDED THROUGH ENDED THROUGH
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1996 1995 1996 1995
--------------- ----------- --------------- ----------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)...................... $ 184,073 $ (2,330) $ 17,938 $ 15,656 $ 7,401
Net realized gains (losses) on investments........ 123,272 8,660 6,166 (853) 190
Net increase (decrease) in unrealized appreciation
of investments.................................. 92,118 33,721 (109) (4,355) 361
---------- -------- -------- -------- --------
Net increase in net assets resulting from
operations........................................ 399,463 40,051 23,995 10,448 7,952
---------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units........... 6,530,478 611,434 394,240 184,298 367,392
Net asset value of units redeemed or used to meet
contract obligations............................ 689,978 98,981 38,818 49,608 22,635
---------- -------- -------- -------- --------
Net increase from unit transactions................ 5,840,500 512,453 355,422 134,690 344,757
---------- -------- -------- -------- --------
Net increase in net assets......................... 6,239,963 552,504 379,417 145,138 352,709
Net assets beginning of period..................... 0 379,417 0 352,709 0
---------- -------- -------- -------- --------
Net assets end of period*.......................... $6,239,963 $931,921 $379,417 $497,847 $352,709
========== ======== ======== ======== ========
Units outstanding beginning of period.............. 0 31,566 0 31,730 0
Units issued during the period..................... 519,384 49,086 34,979 16,368 33,810
Units redeemed during the period................... 54,289 7,959 3,413 4,396 2,080
---------- -------- -------- -------- --------
Units outstanding end of period.................... 465,095 72,693 31,566 43,702 31,730
========== ======== ======== ======== ========
- ---------------
*Includes undistributed net investment income of: $ 184,073 $ 15,608 $ 17,938 $ 23,057 $ 7,401
**Commencement of operations.
</TABLE>
See notes to financial statements.
11
<PAGE> 8
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
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 Variable Life Insurance and Variable Universal Life
Insurance Policies. These policies are issued by MONY America, which is a
wholly-owned subsidiary of The Mutual Life Insurance Company of New York
("MONY"). 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.
There are currently fifteen subaccounts within the Variable Account, each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund") or the Enterprise Accumulation Trust ("Enterprise") (collectively, the
"Funds"). The subaccounts of the Variable Universal Life commenced operations
during 1995. The Funds are registered under the 1940 Act as an open end,
diversified, management investment companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages 55 to 82 and 83 to 109,
respectively, and should be read in conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investment:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Fund. Except for the Money Market
Portfolio, net asset values are based upon market quotations of the securities
held in each of the corresponding portfolios of the Funds. For the Money Market
Portfolio, the net asset values are based on amortized cost of the securities
held which approximates value.
3. RELATED PARTY TRANSACTIONS
MONY America is the legal holder 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 are deducted on each monthly date from
the cash value of the contract to compensate MONY America. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for all subaccounts for 1996 aggregated $1,654,190.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent (for the Variable
Life Subaccounts) and .75 percent (for the Variable Universal Life Subaccounts)
of aggregate average daily net assets. 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.
12
<PAGE> 9
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS
Investments in Variable Life at cost, at June 30, 1996 (unaudited) consist
of the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------- -------- ------------ --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares.......................... 21,945 30,861 17,293 8,239 62,944 90,294
Amount.......................... $493,463 $499,432 $180,391 $95,586 $854,895 $90,294
-------- -------- -------- ------- -------- -------
Shares acquired:
Shares.......................... 1,479 993 988 176 2,973 8,457
Amount.......................... $ 39,505 $ 20,346 $ 10,382 $ 2,149 $ 48,373 $ 8,457
Shares received for reinvestment
of dividends:
Shares.......................... 0 58 0 0 0 2,183
Amount.......................... $ 0 $ 1,204 $ 0 $ 0 $ 0 $ 2,183
Shares redeemed:
Shares.......................... 1,221 1,492 1,691 573 4,265 14,325
Amount.......................... $ 26,132 $ 20,859 $ 17,140 $ 6,295 $ 55,677 $14,325
-------- -------- -------- ------- -------- -------
Net change:
Shares.......................... 258 (441) (703) (397) (1,292) (3,685)
Amount.......................... $ 13,373 $ 691 $ (6,758) $(4,146) $ (7,304) $(3,685)
-------- -------- -------- ------- -------- -------
Shares end of period:
Shares.......................... 22,203 30,420 16,590 7,842 61,652 86,609
Amount.......................... $506,836 $500,123 $173,633 $91,440 $847,591 $86,609
======== ======== ======== ======= ======== =======
</TABLE>
Investments in Variable Universal Life at cost, at June 30, 1996
(unaudited) consist of the following:
<TABLE>
<CAPTION>
HIGH
INTERMEDIATE LONG TERM GOVERNMENT MONEY INTERNATIONAL YIELD
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ --------- ---------- ---------- ---------- ---------- ----------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares beginning
of period:
Shares......... 2,528 20,948 16,786 1,700,817 44,731 32,512 222,380 70,393 66,424
Amount......... $27,635 $261,535 $172,086 $1,700,817 $1,021,263 $ 604,890 $ 6,147,845 $379,526 $352,348
------- -------- -------- ---------- ---------- ---------- ----------- -------- --------
Shares acquired:
Shares......... 3,242 18,127 5,291 7,107,447 66,388 46,311 293,558 123,134 71,885
Amount......... $ 34,106 $220,223 $ 53,851 $7,107,447 $1,675,851 $ 899,908 $ 8,775,288 $688,943 $380,056
Shares received
for
reinvestment of
dividends:
Shares......... 0 0 0 35,174 0 0 0 0 3,265
Amount......... $ 0 $ 0 $ 0 $ 35,174 $ 0 $ 0 $ 0 $ 0 $ 17,283
Shares redeemed:
Shares......... 1,098 6,608 1,949 6,698,642 17,445 13,986 72,411 32,015 46,746
Amount......... $11,896 $ 80,334 $ 19,771 $6,698,642 $ 388,100 $ 261,165 $ 1,944,327 $170,160 $247,846
------- -------- -------- ---------- ---------- ---------- ----------- -------- --------
Net change:
Shares......... 2,144 11,519 3,342 443,979 48,943 32,325 221,147 91,119 28,404
Amount......... $22,210 $139,889 $ 34,080 $ 443,979 $1,287,751 $ 638,743 $ 6,830,961 $518,783 $149,493
------- -------- -------- ---------- ---------- ---------- ----------- -------- --------
Shares end of
period:
Shares......... 4,672 32,467 20,128 2,144,796 93,674 64,837 443,527 161,512 94,828
Amount......... $49,845 $401,424 $206,166 $2,144,796 $2,309,014 $1,243,633 $12,978,806 $898,309 $501,841
======= ======== ======== ========== ========== ========== =========== ======== ========
</TABLE>
13
