MONY AMERICA VARIABLE ACCOUNT L, 485APOS, 1999-05-18

MONY AMERICA VARIABLE ACCOUNT L
485APOS, 1999-05-18

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<PAGE> 1

REGISTRATION NOS. 333-06071
811-4235
FISCAL YEAR END DECEMBER 31
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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

FORM S-6
POST - EFFECTIVE AMENDMENT NO. 8

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

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES
OF UNIT INVESTMENT TRUSTS REGISTERED ON FORMS N-8B-2

MONY AMERICA VARIABLE ACCOUNT L
(EXACT NAME OF TRUST)

MONY LIFE INSURANCE COMPANY OF AMERICA
(NAME OF DEPOSITOR)

1740 BROADWAY
NEW YORK, NEW YORK 10019
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)

FREDERICK C. TEDESCHI
VICE PRESIDENT AND CHIEF COUNSEL -- OPERATIONS
MONY LIFE INSURANCE COMPANY
1740 BROADWAY
NEW YORK, NEW YORK 10019
(NAME AND ADDRESS OF AGENT FOR SERVICE)

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

It is proposed that this filing will become effective on May 18, 1999
pursuant to Rule 485(a).

The Registrant has registered an indefinite amount of securities pursuant
to Rule 24f-2 under the Investment Company Act of 1940. The Rule 24f-2 Notice
was filed on March 29, 1999.

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- --------------------------------------------------------------------------------
<PAGE> 2

CROSS REFERENCE TO ITEMS REQUIRED BY FORM N-8B-2

<TABLE>
<CAPTION>
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
- ----------- ---------------------
<C> <S>
1 Cover Page
2 Cover Page
3 Not applicable
4 Distribution of the Policy
5 Detailed Information About the Company and MONY America
Variable Account L
6 MONY America Variable Account L
7 Not required
8 Not required
9 Legal Proceedings
10 Detailed Information About the Policy; Detailed Information
About the Company and MONY Variable Account L; Charges and
Deductions; Other Information; Voting of Fund Shares; More
About the Policy
11 Detailed Information About the Company and MONY America
Variable Account L; The Funds; Purchase of Portfolio Shares
by MONY America Variable Account L
12 Detailed Information About the Company and MONY America
Variable Account L; The Funds; Purchase of Portfolio Shares
by MONY America Variable Account L
13 Detailed Information About the Policy; Charges and
Deductions; The Funds
14 Detailed Information About the Policy
15 Detailed Information About the Policy
16 The Funds; Detailed Information About the Policy; Detailed
Information About the
Company and MONY America Variable Account L
17 Detailed Information About the Policy
18 The Funds; Detailed Information About the Policy; Detailed
Information About the
Company and MONY America Variable Account L
19 Voting of Fund Shares; More About the Policy
20 Not applicable
21 Detailed Information About the Policy
22 Not applicable
23 Not applicable
24 Important Terms; More About the Policy
25 Detailed Information About the Company and MONY America
Variable Account L
26 Not applicable
27 Detailed Information About the Company and MONY America
Variable Account L
28 Detailed Information About the Company and MONY America
Variable Account L
29 Detailed Information About the Company and MONY America
Variable Account L
30 Not applicable
31 Not applicable
32 Not applicable
33 Not applicable
34 Not applicable
35 More About the Policy
36 Not applicable
37 Not applicable
38 Information About the Company and MONY America Variable
Account L; More About the Policy
39 More About the Policy
</TABLE>
<PAGE> 3

<TABLE>
<CAPTION>
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
- ----------- ---------------------
<C> <S>
40 Not applicable
41 More About the Policy
42 Not applicable
43 Not applicable
44 Detailed Information About the Company and MONY America
Variable Account L; Detailed Information About the Policy;
More About the Policy
45 Not applicable
46 Detailed Information About the Company and MONY America
Variable Account L; Detailed Information About the Policy;
More About the Policy
47 Detailed Information About the Company and MONY America
Variable Account L; Detailed Information About the Policy;
More About the Policy
48 Not applicable
49 Not applicable
50 Detailed Information About the Company and MONY America
Variable Account L
51 Cover Page; Detailed Information About the Company and MONY
America Variable Account L; Detailed Information About the
Policy; More About the Policy
52 Other Information
53 Other Information
54 Not applicable
55 Not applicable
56 Not required
57 Not required
58 Not required
59 Financial Statements
</TABLE>
<PAGE> 4

SUPPLEMENT DATED MAY 18, 1999
TO
PROSPECTUS DATED MAY 1, 1999
FOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY
ISSUED BY
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY AMERICA VARIABLE ACCOUNT L

EFFECTIVE MAY 18, 1999 THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN
YOUR PROSPECTUS. PLEASE READ IT AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE
REFERENCE.

1. THE TABLE LISTING SUBACCOUNTS ON PAGE 14 OF THE PROSPECTUS IS HEREBY
AMENDED TO INCLUDE THE FOLLOWING INFORMATION:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
SMALL COMPANY GROWTH SUBACCOUNT Seeks capital appreciation by investing
primarily in common stocks of small
This subaccount purchases shares of the capitalization companies believed by the
Enterprise Accumulation Trust Small portfolio manager to have an outlook for
Company strong earnings growth and potential for
Growth Portfolio. significant capital appreciation.
--------------------------------------------------------------------------------------------
</TABLE>

2. THE TABLE SETTING FORTH THE INVESTMENT SUB-ADVISOR, INVESTMENT ADVISER FEES
AND SUB-INVESTMENT ADVISER FEES ON PAGE 19 OF THE PROSPECTUS IS HEREBY
AMENDED TO INCLUDE THE FOLLOWING INFORMATION:

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SMALL COMPANY GROWTH Annual rate of 1.00% of the Annual rate of 0.65% of the
PORTFOLIO aggregate daily net assets. first $50 million, 0.55% of
the
William D. Witter, Inc. is the next $50 million and 0.45%
sub-investment adviser. in
excess of $100 million of
the
portfolio's aggregate
average
daily net assets.
- ------------------------------------------------------------------------------------------------------
</TABLE>

Form No. 14352 SL (5/18/99) Reg. No. 333-06071
Form No. 14471 SL (5/18/99)
<PAGE> 5

PROSPECTUS
Dated May 1, 1999

Flexible Premium Variable Life Insurance Policy
Issued by

MONY Life Insurance Company Of America
MONY America Variable Account L

MONY Life Insurance Company of America issues a flexible premium variable life
insurance policy described in this Prospectus. Among the policy's many terms
are:

Allocation of Premiums and Cash Values:

- - The policy owner can tell us what to do with the premium payments. The policy
owner can also tell us what to do with the cash values the policy may create
as a result of those premium payments.

- The policy owner can tell us to place them into a separate account. That
separate account is called MONY America Variable Account L.

- If the policy owner does, the owner can also tell us to place premium
payments and cash values into any or all of 21 different subaccounts.
Each of these subaccounts seeks to achieve a different investment
objective. If the policy owner tells us to place the premium payments
and cash values into one or more subaccounts of the separate account,
the policy owner bears the risk that the investment objectives will
not be met. That risk includes not earning any money on premium
payments and cash values and also that premium payments and cash value
may lose some or all of their value.

- The policy owner can also tell us to place some or all of the premium
payments and cash values into our account. Our account is called the
Guaranteed Interest Account. If the policy owner elects the Guaranteed
Interest Account, we will guarantee that those premium payments and cash
values will not lose any value. We also guarantee that we will pay not
less than 4.0% interest annually. We may pay more than 4.0% if we choose.
Premium payments and cash values the policy owner places into the
Guaranteed Interest Account become part of our assets.

Death Benefit:

- - We will pay death benefit proceeds to the named beneficiary if the insured
dies before age 95 while the policy is in effect. The death proceeds will
never be less than the amount specified in the policy. It may be greater than
the amount specified if the policy's cash values increase.

Living Benefits:

- - The policy owner may ask for some or all of the policy's cash value at any
time. If the policy owner does ask, we may deduct a surrender charge. The
policy owner may borrow up to 90% of the policy's cash value from us at any
time. The policy owner will have to pay interest to us on the amount borrowed.

Charges and Fees:

- - The policy allows us to deduct certain charges from the cash value. These
charges are detailed in the policy and in this prospectus.

THESE ARE ONLY SOME OF THE TERMS OF THE POLICY.
PLEASE READ THE PROSPECTUS CAREFULLY FOR MORE COMPLETE DETAILS OF THE POLICY.

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of the prospectus. Any representation to the contrary is a
criminal offense. This prospectus comes with prospectuses for the MONY Series
Fund, Inc., Enterprise Accumulation Trust, the T. Rowe Price Equity Series,
Inc., the T. Rowe Price Fixed Income Series, Inc., the T. Rowe Price
International Series, Inc., the Dreyfus Variable Insurance Fund, the Dreyfus
Stock Index Fund, and the Van Eck Worldwide Insurance Trust. You should read
these prospectuses carefully and keep them for future reference.

MONY Life Insurance Company of America
1740 Broadway, New York, New York 10019
1-800-487-6669
<PAGE> 6

[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 7

TABLE OF CONTENTS

<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Summary of the Policy....................................... 1
Important Policy Terms.................................... 1
Purpose of the Policy..................................... 1
Explanation of a Case..................................... 2
Policy Premium Payments and Values........................ 2
Charges and Deductions.................................... 3
The Death Benefit......................................... 6
Premium Features.......................................... 7
MONY America Variable Account L........................... 7
Allocation Options........................................ 7
Transfer of Account Value................................. 8
Policy Loans.............................................. 8
Full Surrender............................................ 8
Partial Surrender......................................... 8
Right to Return Policy Period............................. 8
Grace Period and Lapse.................................... 8
Tax Treatment of Increases in Account Value............... 9
Tax Treatment of Death Benefit............................ 9
Riders.................................................... 9
Contacting the Company.................................... 9
Understanding the Policy.................................. 10
Detailed Information About the Company And MONY America
Variable Account L........................................ 11
MONY Life Insurance Company............................... 11
Year 2000 Issue........................................... 11
MONY America Variable Account L........................... 13
The Funds................................................... 18
MONY Series Fund, Inc..................................... 18
Enterprise Accumulation Trust............................. 19
T. Rowe Price Equity Series, Inc.......................... 20
T. Rowe Price Fixed Income Series, Inc.................... 20
T. Rowe Price International Series, Inc................... 21
Van Eck Worldwide Insurance Trust......................... 21
Dreyfus Variable Investment Fund.......................... 22
The Dreyfus Socially Responsible Growth Fund, Inc......... 22
Dreyfus Stock Index Fund.................................. 22
Salomon Brothers Variable Series Funds, Inc............... 23
Morgan Stanley Universal Funds, Inc....................... 23
Purchase of Portfolio Shares by MONY America Variable
Account L.............................................. 24
Detailed Information About The Policy....................... 25
Application for a Policy.................................. 25
Right to Examine a Policy -- Right to Return Policy
Period................................................. 27
Premiums.................................................. 27
Choice of Definition of Life Insurance.................... 28
Guaranteed Death Benefit.................................. 28
Allocation of Net Premiums................................ 29
Death Benefits under the Policy........................... 29
Death Benefit Options..................................... 30
</TABLE>

i
<PAGE> 8

<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Changes in Death Benefit Amounts.......................... 32
Guaranteed Death Benefit Rider............................ 34
Other Optional Insurance Benefits......................... 35
Benefits at Maturity...................................... 36
Policy Values............................................. 36
Determination of Account Value............................ 36
Calculating Unit Values for Each Subaccount............... 38
Transfer of Account Value................................. 39
Right to Exchange Policy.................................. 40
Policy Loans.............................................. 40
Full Surrender............................................ 41
Partial Surrender......................................... 41
Grace Period and Lapse.................................... 42
Charges and Deductions...................................... 44
Deductions from Premiums.................................. 45
Daily Deduction From MONY America Variable Account L...... 46
Deductions from Account Value............................. 47
Fees and Expenses of the Funds............................ 48
Guarantee of Certain Charges.............................. 50
Corporate Purchasers -- Reduction of Charges.............. 51
Other Information........................................... 51
Federal Income Tax Considerations......................... 51
Charge for Company Income Taxes........................... 55
Voting of Fund Shares..................................... 56
Disregard of Voting Instructions.......................... 56
Report to Policy Owners................................... 57
Substitution of Investments and Right to Change
Operations............................................. 57
Changes to Comply with Law................................ 58
Performance Information..................................... 58
The Guaranteed Interest Account............................. 58
General Description....................................... 59
Limitations on Amounts in the Guaranteed Interest
Account................................................ 59
Policy Charges............................................ 59
Transfers................................................. 60
Surrenders and Policy Loans............................... 60
More About The Policy....................................... 60
Ownership................................................. 60
Beneficiary............................................... 61
Notification and Claims Procedures........................ 61
Payments.................................................. 61
Payment Plan/Settlement Provisions........................ 62
Payment in Case of Suicide................................ 62
Assignment................................................ 62
Errors on the Application................................. 62
Incontestability.......................................... 63
Policy Illustrations...................................... 63
Distribution of the Policy................................ 63
Policy Owner Services..................................... 63
</TABLE>

ii
<PAGE> 9

<TABLE>
<CAPTION>
PAGE
----
<S> <C>
More About The Company...................................... 65
Management................................................ 65
State Regulation.......................................... 66
Records and Accounts...................................... 66
Legal Proceedings......................................... 66
Legal Matters............................................. 66
Registration Statement.................................... 66
Independent Accountants................................... 66
Financial Statements...................................... 67
Index to Financial Statements............................... F-1
Appendix A................................................ A-1
Appendix B................................................ B-1
Appendix C................................................ C-1
Appendix D................................................ D-1
Appendix E................................................ E-1
Appendix F................................................ F-1
Appendix G................................................ G-1
</TABLE>

iii
<PAGE> 10

[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 11

SUMMARY OF THE POLICY

This summary provides you with a brief overview of the more important
aspects of your policy. It is not intended to be complete. More detailed
information is contained in this prospectus on the pages following this Summary
and in your policy. This summary and the entire prospectus, will describe the
part of the policy involving Variable Account L. The prospectus also briefly
will describe the Guaranteed Interest Account. The Guaranteed Interest Account
is also described in your policy. BEFORE PURCHASING A POLICY, WE URGE YOU TO
READ THE ENTIRE PROSPECTUS CAREFULLY.

IMPORTANT POLICY TERMS

We are providing you with definitions for the following terms to make the
description of the policy provisions easier for you to understand.

Outstanding Debt -- The unpaid balance of any loan which the policy owner
requests on the policy. The unpaid balance includes accrued loan interest that
is due and has not been paid by the policy owner.

Loan Account -- An account to which amounts are transferred from the
subaccounts of MONY America Variable Account L and the Guaranteed Interest
Account as collateral for any loan the policy owner requests. We will credit
interest to the Loan Account at a rate not less than 4.5%. The Loan Account is
part of the Company's general account.

Account Value -- The sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L, the Guaranteed Interest Account
and the Loan Account.

Cash Value -- The Account Value of the policy plus any refund of sales
charge.

Minimum Annual Premium -- The amount the Company determines is necessary to
keep the policy in effect.

Guaranteed Interest Account -- This account is part of the general account
of the Company. The policy owner may allocate all or a part of the policy's net
premium payments to this account. This account will credit the policy owner with
a fixed interest rate (which will not be less than 4.0%) declared by the
Company. (For more detailed information, see "The Guaranteed Interest Account,"
page 58.)

Specified Amount -- The minimum death benefit for as long as the policy
remains in effect.

Valuation Date -- Each day that the New York Stock Exchange is open for
trading.

Base Death Benefit -- Initially this is the Specified Amount for policies
under death benefit Option 1, or the Specified Amount plus the Account Value for
policies under death benefit Option 2.

Target Death Benefit -- The Target Death Benefit is the amount specified in
the application for the policy, or as changed by the policy owner from time to
time (Specified Amount) plus the Term Insurance Rider's benefit amount. You only
have a Target Death Benefit if you have a Term Insurance Rider.

PURPOSE OF THE POLICY

The policy offers insurance protection on the life of the insured. If the
insured is alive on the anniversary of the policy date when the insured is age
95, a maturity benefit will be paid instead of a death benefit The policy
provides a base death benefit equal to (a) its Specified Amount, or (b) its
Specified Amount plus the Account Value. The policy also provides surrender and
loan privileges. The policy offers a choice of investment alternatives and an
opportunity for the policy's Account Value and its death benefit, to grow based
on investment results. In addition, the policy owner, chooses the amount and
frequency of premium payments, within certain limits.

1
<PAGE> 12

EXPLANATION OF A CASE

Each policy must be a part of a case. A case is a grouping of one or more
policies connected by a non-arbitrary factor. Examples of factors are
individuals who share a common employment, business or other relationship. The
sum of the premiums to be received by the Company in the first policy year for
the policies representing the case must be at least $100,000. The Company at its
sole discretion will determine what constitutes a case. A case may have one
policy owner (e.g., a single entity that owns all the policies in the case) or
as many policy owners as there are policies in the case.

POLICY PREMIUM PAYMENTS AND VALUES

The Company receives the policy premium payments. From those premium
payments, the Company makes deductions to pay premium and other taxes imposed by
state and local governments. The Company makes deductions to cover the cost to
the Company of a deferred acquisition tax imposed by the United States
government. The Company will also deduct a sales charge to cover the costs of
making the policies available to the public. After deduction of these charges,
the amount remaining is called the net premium payment.

The policy owner may allocate net premium payments among the various
subaccounts of MONY America Variable Account L and/or the Guaranteed Interest
Account. The owner of the policy has the right to allocate net premium payments
to someone else. The net premium payments the owner allocates among the various
subaccounts of MONY America Variable Account L may increase or decrease in value
on any day depending on the investment experience of the subaccounts the owner
selects. The death benefit may or may not increase or decrease depending on
several factors including the death benefit option chosen. The death benefit
will never decrease below the Specified Amount of your policy.

Net premium payments allocated to the Guaranteed Interest Account will be
credited with interest at a rate determined by the Company. That rate will not
be less than 4.0%.

The value of the net premium payments allocated to MONY America Variable
Account L and to the Guaranteed Interest Account are called the Account Value.
There is no guarantee that the policy's Account Value and death benefit will
increase. You bear the risk that the net premiums and Account Value allocated to
MONY America Variable Account L may be worth more or less while the policy
remains in effect.

If the owner cancels the policy and returns it to the Company during the
Right to Return Policy Period, premium payments will be returned to the owner by
the Company. After the Right to Return Policy Period, the owner may cancel your
policy by surrendering it to the Company. The Company will pay the owner the
Account Value plus any applicable refund of sales charges less any Outstanding
Debt. The Company will also deduct any amount the owner borrows from it from the
amount it pays the owner. The Account Value plus any applicable refund of sales
charge is called the Cash Value of the policy.

Charges and fees such as the cost of insurance, administrative charges, and
mortality and expense risk charges are imposed by the policy. These charges and
fees are deducted by the Company from the policy's Account Value and are
described in further detail below.

The policy remains in effect until the earliest of:

- A grace period expires without the payment of sufficient additional
premium to cover policy charges or repayment of the Outstanding
Debt.

- Age 95.

- Death of the insured.

- Full surrender of the policy.

Generally, the policy remains in effect only as long as the Account Value
less Outstanding Debt is sufficient to pay all monthly deductions. However, a
Guaranteed Death Benefit Rider is also available at

2
<PAGE> 13

the time you purchase the policy. It will extend the time during which the
Specified Amount of the policy may remain in effect. The Guaranteed Death
Benefit Rider requires the payment of an agreed upon amount of premiums and is
discussed below.

CHARGES AND DEDUCTIONS

The policy provides for the deduction of the various charges, costs and
expenses from the Account Value of the policy. These deductions are summarized
in the table below. Additional details can be found on pages 44-48.
- --------------------------------------------------------------------------------

DEDUCTIONS FROM PREMIUMS

<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------
Sales Charge -- Deducted from premium up to First 10 policy years -- 9%
the Target Premium After the 10th policy year -- 0%
Ten policy years after an increase in
Specified Amount -- 9%
- -----------------------------------------------------------------------------------------------

Tax Charge State and local -- 0%-4% Federal -- 1.25%
- -----------------------------------------------------------------------------------------------
</TABLE>

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

DEDUCTIONS FROM ACCOUNT VALUE
- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
- ----------------------------------------------------------------------------------------------
Mortality & Expense Risk Charge First 10 policy years -- .60% of
Annual Rate subaccount value.
After the 10th policy year -- .45% of
subaccount value.
- ----------------------------------------------------------------------------------------------
Administrative Charge (all $7.50
policies) -- Monthly
Medical Underwriting Charge (applicable $5.00
policies) -- Monthly
Guaranteed Issue Underwriting Charge $3.00
(applicable policies) -- Monthly
- ----------------------------------------------------------------------------------------------
Guaranteed Death Benefit Charge $0.01 per $1,000 of policy Specified
Monthly Charge for Death Benefit Rider (not Amount. Please note that the Rider requires
available in all states) that premiums on the policy itself be paid
in order to remain in effect.
- ----------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge -- As applicable.
Monthly Deduction for any other optional
insurance Benefits added by rider.
- ----------------------------------------------------------------------------------------------
Transaction and Other Charges
-- Partial Surrender Fee Lesser of $25 or 2% of the partial
surrender amount
-- Transfer of Account Value (transfers $50
exceeding 12 in any policy year)
-- Premium allocation changes (over two in $25
any policy year
-- Reinstatement Fee $150
- ----------------------------------------------------------------------------------------------
</TABLE>

3
<PAGE> 14

FEES AND EXPENSES OF THE FUNDS

MONY Variable Account L is divided into subdivisions called subaccounts.
Each subaccount invests exclusively in shares of a designated portfolio. Each
portfolio pays a fee to its investment adviser to manage the portfolio. The
investment adviser fees for each portfolio are listed in the table below. Each
portfolio also incurs expenses in its operations. These expenses are also shown
in the table below.

Information contained in the following table was provided by the respective
Funds and has not been independently verified by us.

ANNUAL EXPENSES FOR THE YEAR
ENDED DECEMBER 31, 1998

<TABLE>
<CAPTION>
OTHER EXPENSES
(AFTER
FUND/PORTFOLIO MANAGEMENT FEES REIMBURSEMENT) TOTAL EXPENSES
- -------------- --------------- -------------- --------------
<S> <C> <C> <C>
MONY SERIES FUND, INC.
Intermediate Term Bond
Portfolio................ .50% .11%(1) .61%
Long Term Bond Portfolio..... .50% .07%(1) .57%
Government Securities
Portfolio................. .50% .13%(1) .63%
Money Market Portfolio....... .40% .05%(1) .45%
ENTERPRISE ACCUMULATION TRUST
Equity Portfolio............ .78% .05%(2) .83%
Small Company Value
Portfolio................. .80% .05%(2) .85%
Managed Portfolio............ .72% .04%(2) .76%
International Growth
Portfolio................. .85% .37%(2) 1.22%
High Yield Bond Portfolio.... .60% .12%(2) .72%
Small Company Growth Portfo-
lio....................... 1.00% .40%(3) 1.40%(4)
Growth Portfolio............. 0.75% .40%(3) 1.15%(4)
T. ROWE PRICE EQUITY SERIES,
INC.
Equity Income Portfolio..... .85% .00% .85%
New America Growth
Portfolio................. .85% .00% .85%
Personal Strategy Balanced
Portfolio................. .90% .00% .90%
</TABLE>

4
<PAGE> 15

<TABLE>
<CAPTION>
OTHER EXPENSES
(AFTER
FUND/PORTFOLIO MANAGEMENT FEES REIMBURSEMENT) TOTAL EXPENSES
- -------------- --------------- -------------- --------------
<S> <C> <C> <C>
T. ROWE PRICE FIXED INCOME
SERIES, INC.
Limited Term Bond
Portfolio................ .70% .00% .70%
Prime Reserve Portfolio...... .55% .00% .55%
T. ROWE PRICE INTERNATIONAL SE-
RIES, INC.
International Stock
Portfolio................ 1.05% .00% 1.05%
VAN ECK WORLDWIDE INSURANCE
TRUST
Worldwide Bond Fund......... 1.00% .15% 1.15%
Worldwide Hard Assets Fund... 1.00% .16% 1.16%
Worldwide Emerging Markets
Fund...................... 1.00% .50% 1.50%
DREYFUS VARIABLE INVESTMENT
FUND
Capital Appreciation
Portfolio................ .75% .05% .80%
Small Company Stock
Portfolio................. .75% .23% .98%
Stock Index Fund............. 0.245% 0.015% 0.26%
Socially Responsible Growth
Fund...................... 0.75% 0.05% 0.80%(4)
SALOMON BROTHERS VARIABLE SE-
RIES FUND, INC.
Capital Fund................ 0.85% 0.15% 1.00%(4)
Strategic Bond Fund.......... 0.75% 0.25% 1.00%(4)
Investors Fund............... 0.70% 0.30% 1.00%(4)
MORGAN STANLEY UNIVERSAL FUNDS,
INC.
Equity Growth Portfolio..... 0.55% 0.30% 0.85%(4)
Value Portfolio.............. 0.55% 0.30% 0.85%(4)
Fixed Income Portfolio....... 0.40% 0.30% 0.70%(4)
</TABLE>

5
<PAGE> 16

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

(1) Expenses also include custodial credit percentages as follows: Intermediate
Term Bond - .009%; Long Term Bond - .005%; Government Securities - .012%;
Money Market - .004%. Absent these custodial credits, expenses would have
been as follows: Intermediate Term Bond - .62%, Long Term Bond - .58%,
Government Securities - .64%, Money Market - .45%.

(2) Reflects expense reimbursements in effect since May 1, 1996. Absent these
expense reimbursements, expenses would have been as follows: Equity - .83%;
Small Company Value - .85%; Managed - .76%; International Growth - 1.22%;
and High Yield Bond - .72%. The Equity, Small Company Value, and Managed
Portfolio reimbursements relate to mutual fund accounting expense.

(3) These subaccounts have not yet commenced operations. The Small Company
Growth and Growth Portfolios commenced operations on December 1, 1998.
Absent expense reimbursements, expenses would have been as follows: Small
Company Growth - 60.67%; Growth - 25.33%. The Small Company Growth and
Growth Portfolio reimbursements relate to operating expenses.

(4) Expenses are shown on a pro forma basis.

THE DEATH BENEFIT

The minimum Specified Amount is $100,000. However, the Specified Amount may
be reduced to $50,000 if at least $50,000 is provided by a Term Insurance Rider
added to the policy. The policy owner may elect one of two options to compute
the amount of Base Death Benefit payable under the policy. The policy owner's
selection may increase the death benefit.

Option 1 -- The Base Death Benefit equals the greater of:

(a) the Specified Amount plus the increase in the Account Value since
the last monthly anniversary; or

(b) the Cash Value multiplied by a death benefit percentage required
by the Federal tax law definition of life insurance.

If the policy owner chooses Option 1, favorable investment performance
reduces the cost paid for the death benefit. This reduction will decrease
the deduction from Account Value.

Option 2 -- The Base Death Benefit equals the greater of:

(a) The Specified Amount plus the Account Value; or

(b) The Cash Value multiplied by a death benefit percentage required
by the Federal tax law definition of life insurance.

6
<PAGE> 17

If the policy owner chooses Option 2, favorable investment performance
will increase the Account Value of the policy. This in turn increases
insurance coverage.

The Account Value used in these calculations is the Account Value as of the date
of the insured's death.

The policy owner may change the death benefit option and increase or
decrease the Specified Amount, subject to certain conditions. See "Death
Benefits Under the Policy," page 29.

When the policy owner applies for insurance, the policy owner can purchase
the Guaranteed Death Benefit Rider. This rider provides a guarantee that the
Specified Amount under the policy will remain in effect as long as:

(a) The required premiums (reduced by any partial surrenders and
applicable fees) have been paid; and

(b) The Account Value exceeds Outstanding Debt.

See "Guaranteed Death Benefit Rider," page 34.

PREMIUM FEATURES

The policy owner must pay an initial premium equal to at least one fourth
of the Minimum Annual Premium. After that, subject to certain limitations, the
policy owner may choose the amount and frequency of premium payments as the
policy owner's financial situation and needs change.

When the policy owner applies for a policy, the policy owner determines the
level amount to pay at fixed intervals over a specified period of time. The
policy owner elects to receive a premium notice on an annual, semiannual or
quarterly basis. However, the policy owner may choose to skip or stop making
premium payments. The policy continues in effect until the Account Value (less
Outstanding Debt) can no longer cover:

(1) The monthly deductions for the policy, and

(2) Any optional insurance benefits added by rider.

The amount, frequency and period of time over which the policy owner pays
premiums may affect whether or not the policy will be classified as a modified
endowment contract. You will find more information on the tax treatment of life
insurance contracts, including modified endowment contracts under "Federal
Income Tax Considerations," page 51.

The payment of premiums the policy owner specifies on the application will
not guarantee that the policy will remain in effect. See "Grace Period and
Lapse," page 42. If any premium would result in an immediate increase in the net
amount at risk, the Company may, (1) reject a part of the premium payment, or
(2) limit the premium payment, unless the policy owner provides satisfactory
evidence of insurability.

MONY AMERICA VARIABLE ACCOUNT L

MONY America Variable Account L is a separate investment account whose
assets are owned by the Company. See "MONY America Variable Account L," on page
24.

ALLOCATION OPTIONS

The policy owner may allocate premium payments and Account Values among the
various subaccounts of MONY America Variable Account L. Each of the subaccounts
uses premium payments and Account Values to purchase shares of a designated
portfolio of the MONY Series Fund, Inc., the Enterprise Accumulation Trust, the
T. Rowe Price Equity Series, Inc., the T. Rowe Price Fixed Income Series, Inc.,
the T. Rowe Price International Series, Inc., the Dreyfus Variable Insurance
Fund, the Dreyfus Stock Index Fund, and the Van Eck Worldwide Insurance Trust.
The subaccounts available to the

7
<PAGE> 18

policy owner and the investment objectives of each available subaccount are
described in detail beginning on page 14.

TRANSFER OF ACCOUNT VALUE

The policy owner may transfer Account Value among the subaccounts. Subject
to certain limitations, the policy owner may also transfer between the
subaccounts and the Guaranteed Interest Account. See "Transfer of Account
Value," page 39.

POLICY LOANS

The policy owner may borrow up to 90% of the policy's Account Value (less
any Outstanding Debt) from the Company. See " Policy Loans," page 40.

The amount of Outstanding Debt is subtracted from the death benefit. The
Outstanding Debt is repaid from the proceeds of a full surrender. See "Full
Surrender," page 41. Outstanding Debt may also affect the continuation of the
policy. See "Grace Period and Lapse," page 42. The Company charges interest on
policy loans. If the interest is not paid when due, the amount due will be added
to the principal amount of the Outstanding Debt.

FULL SURRENDER

The policy owner can surrender the policy during the insured's lifetime and
receive the (a) Account Value, plus (b) any applicable refund of sales charge,
minus (c) any Outstanding Debt. See "Full Surrender," page 41.

PARTIAL SURRENDER

The policy owner may request a partial surrender if the Account Value less
Outstanding Debt after the deduction of the requested surrender amount and any
fees is greater than $500. If the requested amount exceeds the amount available,
we will reject the request and return it to the policy owner. A partial
surrender will generally decrease the Target Death Benefit. See "Partial
Surrender," at page 41.

Partial surrenders must be for at least $500. A partial surrender fee of
the lesser of $25 or 2% of the amount surrendered will be assessed against the
remaining Account Value.

RIGHT TO RETURN POLICY PERIOD

The policy owner has the right to examine the policy when it is received.
The policy owner may return the policy for any reason and obtain a full refund
of the premium paid if the policy is returned within 10 days (or longer in some
states) after it is received. The policy owner may also return the policy within
45 days after the date the application for the policy is signed. During the
Right to Return Policy Period, net premiums will be allocated to the Money
Market subaccount which invests in the Money Market Portfolio of the Money
Series Fund, Inc. See "Right to Examine a Policy -- Right to Return Policy
Period," page 27.

GRACE PERIOD AND LAPSE

The policy will remain in effect as long as:

(1) The Account Value less Outstanding Debt is sufficient to pay the
current monthly deduction; or

(2) The policy owner requested the Guaranteed Death Benefit Rider and
has met all the requirements of that rider.

If the policy is about to terminate (or Lapse), we will give the policy
owner notice that the policy owner must pay additional premiums. That notice
will tell the policy owner the minimum amount that

8
<PAGE> 19

must be paid if the policy is to remain in effect and the date by which we must
receive that amount (this period is called the "grace period").

In addition, we calculate each month whether the policy owner has paid the
premiums required by the Guaranteed Death Benefit Rider. See "Guaranteed Death
Benefit," page 28. If the policy does not meet the test on that date, a notice
will be sent to the policy owner giving the policy owner 61 days from its date
to make additional payments to the Rider. See "Grace Period and Lapse," page 42.

TAX TREATMENT OF INCREASES IN ACCOUNT VALUE

The federal income tax laws generally tie the taxation of Account Values to
the policy owner's receipt of those Account Values. This policy is currently
subject to the same federal income tax treatment as fixed life insurance.
Certain policy loans may be taxable. Information on the tax treatment of the
policy can be found under "Federal Income Tax Considerations," on page 51.

TAX TREATMENT OF DEATH BENEFIT

Generally, the death benefit will be fully excludable from the gross income
of the beneficiary under the Internal Revenue Code. Thus the death benefit
received by the beneficiary at the death of the insured will not be subject to
federal income taxes when received by the beneficiary. Also, a death benefit
paid by this policy is currently subject to federal income tax treatment as a
death benefit paid by a fixed life insurance policy. See "Federal Income Tax
Considerations," page 51.

RIDERS

Additional optional insurance benefits may be added to the policy by an
addendum called a rider. There are two riders available with this policy.

- Guaranteed Death Benefit Rider

- Term Insurance Rider

CONTACTING THE COMPANY

All written requests, notices and forms required by the policies and any
questions or inquiries should be directed to the Company's Operations Center at
1 MONY Plaza, Syracuse, New York 13202.

9
<PAGE> 20

UNDERSTANDING THE POLICY

The following chart may help you to understand how the policy works.
[HOW THE POLICY WORKS FLOW CHART]

10
<PAGE> 21

DETAILED INFORMATION ABOUT THE COMPANY
AND MONY AMERICA VARIABLE ACCOUNT L

MONY LIFE INSURANCE COMPANY OF AMERICA

MONY Life Insurance Company of America issues the policy. In this
prospectus MONY Life Insurance Company of America is called the "Company". The
Company is a stock life insurance company organized in the State of Arizona. The
Company is currently licensed to sell life insurance and annuities in all 49
states (not including New York), the District of Columbia, the U.S. Virgin
Islands, and Puerto Rico. The Company is the corporate successor of Vico Credit
Life Insurance Company, incorporated in Arizona on March 6, 1996.

The Company is a wholly owned subsidiary of MONY Life Insurance Company
("MONY"). The principal office of the Company is located at 1740 Broadway, New
York, New York 10019. MONY was founded in 1842 as The Mutual Life Insurance
Company of New York. In 1998, The Mutual Life Insurance Company of New York
converted to a stock company through demutualization and was renamed MONY Life
Insurance Company. The demutualization does not have any material effect on the
Company, MONY America Variable Account L, or the policies.

At January 1, 1999, the rating assigned to the Company by A.M. Best
Company, Inc., an independent insurance company rating organization, was
A-(Excellent). This rating is based upon an analysis of financial condition and
operating performance through the end of 1996. The A.M. Best rating of the
Company should be considered only as bearing on the ability of the Company to
meet its obligations under the policies.

The Company has a service agreement with MONY. MONY provides the Company
with such personnel, facilities, etc., as are reasonably necessary for the
conduct of the Company's business. These services are provided on a cost
reimbursement basis. The Company intends to administer the policies itself,
utilizing the services provided by MONY and Andesa TPA, Inc. to meet its
obligations under the policies.

MONY Securities Corporation, a wholly owned subsidiary of the Company, is
the principal underwriter for the policies.

YEAR 2000 ISSUE

The Year 2000 issue is the result of widespread use of computer programs
which use two digits (rather than four) to define a year. By use of a two-digit
field, the industry avoided the greater cost of additional mainframe capacity.
As a result, any of the Company's computer systems that have time-sensitive
software may recognize a date using "00" as the year 1900 rather than the year
2000. This could result in a major system failure or in miscalculations.

State of Readiness

The Company has a service agreement with MONY whereby MONY provides
services and equipment including computer and information systems to the Company
to conduct its business.

In 1996, the Company initiated in conjunction with MONY and its affiliates
(hereafter collectively referred to as "MONY and its subsidiaries") a formal
Year 2000 Project to resolve the Year 2000 issue. The scope of the Project was
identified, and funding was established. In early 1997, MONY and its
subsidiaries retained Command Systems, Inc., and Keane, Inc. to assist the
Company in bringing its computer and information systems into Year 2000
compliance. MONY and its subsidiaries overall goal for information technology
("IT") related items is to have business-critical hardware and software
compliant by December 31, 1998, with additional testing and enterprise
end-to-end testing occurring in 1999. MONY and its subsidiaries has also
retained Technology Resource Solutions to assist in the evaluation of Year 2000
issues affecting its non-IT systems in facilities and equipment which may
contain date logic in embedded chips. MONY's overall goal is to have these
non-IT systems compliant by mid-1999.

11
<PAGE> 22

The scope of the Project includes:

- ensuring the compliance of all applications, operating systems and
hardware on mainframe, PC and LAN platforms;

- ensuring the compliance of voice and data network software and hardware;
addressing issues related to non-IT systems in buildings, facilities and
equipment which may contain date logic in embedded chips; and

- addressing the compliance of key vendors and other third parties.

The phases of the Project are:

1. inventorying Year 2000 items and assigning priorities;

2. assessing the Year 2000 compliance of items;

3. remediating or replacing items that are determined not to be Year
2000 compliant;

4. testing items for Year 2000 compliance; and

5. designing and implementing Year 2000 contingency and business
continuity plans.

To determine that all IT systems (whether internally developed or
purchased) are Year 2000 compliant, each system is tested using a standard
testing methodology which includes unit testing, baseline testing, and future
date testing. Future date testing includes critical dates near the end of 1999
and into the year 2000, including leap year testing.

The inventory and assessment phases of the Project were completed prior to
mid 1998. At December 31, 1998, all of MONY and its subsidiaries, application
systems had been remediated, and current date tested. In addition, approximately
94% of MONY and its subsidiaries' applications had been future date tested, with
future date testing for the remaining 6% scheduled for completion by mid-1999.
New implemented applications and new releases of software packages will be
tested in 1999 as part of the implementation process. Approximately 87% of the
operating systems, systems software, and hardware for mainframe, PC and LAN
platforms were deemed compliant based on information supplied by vendors
verbally, in writing, or on the vendor's Internet site. Of the IT business
critical items, essentially all were compliant and tested by December 31, 1998.
The remaining items will be resolved and tested in the first quarter of 1999.
Approximately % of non-IT business critical items had been remediated as of
December 31, 1998. Ongoing testing for Year 2000 compliance will continue in
1999, and is expected to be completed by mid-1999.

As part of the Project, significant service and information providers,
external vendors, suppliers, and other third parties that are believed to be
critical to business operations after January 1, 2000, have been identified and
steps are being undertaken in an attempt to reasonably ascertain their stage of
Year 2000 readiness through questionnaires, interviews, on-site visits, and
other available means.

Costs

The estimated total cost of the Year 2000 Project for the Company is
approximately $2.0 million. The total amount expended on the Project through
December 31, 1998 was $1.8 million. The estimated future cost of completing the
Year 2000 Project is estimated to be approximately $0.2 million. These amounts
include costs associated with the current development of contingency plans.

Risks

The Company believes that completed and planned modifications and
conversions of its internal systems and equipment will allow it to be Year 2000
compliant in a timely manner. There can be no assurance, however, that the
Company's internal systems or equipment or those third parties on which the
Company relies will be Year 2000 compliant in a timely manner or that the
Company's or third parties' contingency plans will mitigate the effects of any
noncompliance. The failure of the systems or equipment of the Company or third
parties (which the Company believes is the most reasonable likely worst case

12
<PAGE> 23

scenario) could affect the distribution and sale of life insurance, annuity and
investment products and could have a material effect on the Company's financial
position and results of operations.

Contingency Plans

MONY and its subsidiaries has retained outside consultants to assist in the
development of Business Continuity Plans, which includes identification of third
party service providers, information systems, equipment, facilities, and other
items which are mission critical to the operation of the business. In
conjunction with this effort, the Company is developing a Year 2000 Contingency
Plan to address failures due to the Year 2000 problem of third parties and other
items, which are critical to the ongoing operation of the business. The
Contingency Plan includes the performance of alternate processing as well as
consideration for changing third party service providers, vendors, and suppliers
if necessary. The scheduled date for completion of the Contingency Plan is mid
1999. The Company believes that due to the pervasive nature of potential Year
2000 issues, the contingency planning process is an ongoing one that will
require further modifications as the Company obtains additional information
regarding the status of third party Year 2000 readiness.

MONY Series Fund and the Accumulation Trust have reviewed their investment
advisers and other suppliers of services with respect to the Year 2000 issue.
MONY Series Fund and the Accumulation Trust prospectuses, which are included in
the Prospectus Portfolio, contain the results of these reviews. See MONY Series
Fund prospectus at page 15. Accumulation Trust prospectus at page 13.

MONY AMERICA VARIABLE ACCOUNT L

MONY America Variable Account L is a separate investment account of the
Company. Presently, only premium payments and cash values of flexible premium
variable life insurance policies are permitted to be allocated to MONY America
Variable Account L. The assets in MONY America Variable Account L are kept
separate from the general account assets and other separate accounts of the
Company.

The Company owns the assets in MONY America Variable Account L. The Company
is required to keep assets in MONY America Variable Account L that equal the
total market value of the policy liabilities funded by MONY America Variable
Account L. Realized or unrealized income gains or losses of MONY America
Variable Account L are credited or charged against MONY America Variable Account
L assets without regard to the other income, gains or losses of the Company.
Reserves and other liabilities under the policies are assets of MONY America
Variable Account L. MONY America Variable Account L assets are not chargeable
with liabilities of the Company's other businesses.

Account Values allocated to the Guaranteed Interest Account are held in the
Company's general account. The Company's general account assets are subject to
the liabilities from the businesses the Company conducts. In addition, the
Company may transfer to its general account any assets that exceed anticipated
obligations of MONY America Variable Account L. All obligations of the Company
under the policy are general corporate obligations of the Company. The Company
may accumulate in MONY America Variable Account L proceeds from various policy
charges and investment results applicable to those assets.

MONY America Variable Account L was authorized by the Board of Directors of
the Company and established under Arizona law on March 27, 1987. MONY America
Variable Account L is registered with the SEC as a unit investment trust. The
SEC does not supervise the administration or investment practices or policies of
MONY America Variable Account L.

MONY America Variable Account L is divided into subdivisions called
subaccounts. There are currently thirty subaccounts available to you. Each
subaccount invests exclusively in shares of a designated portfolio of MONY
Series Fund, Inc., Enterprise Accumulation Trust, Morgan Stanley Universal
Funds, Inc., the T. Rowe Price Equity Series, Inc., the T. Rowe Price Fixed
Income Series, Inc., the T. Rowe Price International Series, Inc., the Dreyfus
Variable Insurance Fund, the Dreyfus Socially Responsible

13
<PAGE> 24

Growth Fund, Inc., the Dreyfus Stock Index Fund, Salomon Brothers Variable
Series Fund, Inc., and the Van Eck Worldwide Insurance Trust (collectively
called the "Funds"). For example, the Long Term Bond Subaccount invests solely
in shares of the MONY Series Fund, Inc. Long Term Bond Portfolio. These
portfolios serve only as the underlying investment for variable annuity and
variable life insurance contracts issued through separate accounts of the
Company or other life insurance companies. The portfolios may also be available
to certain pension accounts. The portfolios are not available directly to
individual investors. In the future, the Company may establish additional
subaccounts within MONY America Variable Account L. Future subaccounts may
invest in other portfolios of the Funds or in other securities. Not all
subaccounts are available to you.

The following table lists the subaccounts of MONY America Variable Account
L that are available to you, their respective investment objectives, and which
Fund portfolio shares are purchased:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
THE MONEY MARKET SUBACCOUNT Maximum current income consistent with
preservation of capital and maintenance of
This subaccount purchases shares of the liquidity. Attempts to achieve objective
MONY Series Fund, Inc Money Market by investing in money market instruments.
Portfolio.
--------------------------------------------------------------------------------------------

THE GOVERNMENT SECURITIES SUBACCOUNT Maximum current income over the
intermediate term consistent with the
This subaccount purchases shares of the preservation of capital. Attempts to
MONY Series Fund, Inc. Government achieve objective through investment in
Securities Portfolio. highly-rated debt securities, U.S.
government obligations, and money market
instruments, with a dollar weighted
average life of up to ten years at the
time of purchase.
--------------------------------------------------------------------------------------------

THE INTERMEDIATE TERM BOND SUBACCOUNT Maximize income over the intermediate term
consistent with the preservation of
This subaccount purchases shares of the capital. Seeks to achieve objective by
MONY Series Fund, Inc. Intermediate Term investing in highly rated debt securities,
Bond Portfolio. U.S. Government obligations, and money
market instruments, together having a
dollar-weighted average life of between 4
and 8 years.
--------------------------------------------------------------------------------------------

THE LONG TERM BOND SUBACCOUNT Maximize income over the longer term
consistent with preservation of capital.
This subaccount purchases shares of the Seeks to achieve objective by investing in
MONY Series Fund, Inc. Long Term Bond highly-rated debt securities, U.S.
Portfolio. Government obligations, and money market
instruments, together having a
dollar-weighted average life of more than
8 years.
--------------------------------------------------------------------------------------------

THE EQUITY SUBACCOUNT Long-term capital appreciation. Seeks to
achieve this objective by investing in a
This subaccount purchases shares of the diversified portfolio of primarily equity
Enterprise Accumulation Trust Equity securities selected on the basis of a
Portfolio. value-oriented approach to investing.
--------------------------------------------------------------------------------------------
</TABLE>

14
<PAGE> 25

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
THE MANAGED SUBACCOUNT Provide growth of capital over time. Seeks
to achieve investment objective by
This subaccount purchases shares of the investing in a portfolio consisting of
Enterprise Accumulation Trust Managed common stocks, bonds and cash equivalents,
Portfolio. the percentage of which vary over time
based on the investment manager's
assessment of the relative investment
values.
--------------------------------------------------------------------------------------------

THE SMALL COMPANY VALUE SUBACCOUNT Capital appreciation. Pursues its
investment objective by investing in a
This subaccount purchases shares of the diversified portfolio of primarily equity
Enterprise Accumulation Trust Small securities of companies with market
Company Value Portfolio. capitalization of under $1 billion.
--------------------------------------------------------------------------------------------

THE INTERNATIONAL GROWTH SUBACCOUNT Capital appreciation. Pursues its
investment objective primarily through a
This subaccount purchases shares of the diversified portfolio of non-United States
Enterprise Accumulation Trust equity securities.
International Growth Portfolio.
--------------------------------------------------------------------------------------------

THE GROWTH SUBACCOUNT Seeks capital appreciation primarily from
investments in common stocks.
This subaccount purchases shares of the
Enterprise Accumulation Trust Growth
Portfolio.
--------------------------------------------------------------------------------------------

THE HIGH YIELD BOND SUBACCOUNT Maximum current income. Seeks to meet its
investment objective primarily by
This subaccount purchases shares of the investing in debt securities that are
Enterprise Accumulation Trust High Yield rated Ba or lower by Moody's Investors
Bond Portfolio. Service, Inc. or BB or lower by Standard &
Poor's Corporation. These lower rated
bonds are commonly referred to as "Junk
Bonds." Bonds of this type are considered
to be speculative with regard to the
payment of interest and return of
principal. Investment in these types of
securities has special risks and
therefore, may not be suitable for all
investors. Investors should carefully
assess the risks associated with
allocating premium payments to this
subaccount.
--------------------------------------------------------------------------------------------

THE PRIME RESERVE SUBACCOUNT Preservation of capital, liquidity, and
the highest possible income consistent
This subaccount purchases shares of the T. with theses goals.
Rowe Price Fixed Income Series, Inc. T.
Rowe Price Prime Reserve Portfolio.
--------------------------------------------------------------------------------------------
</TABLE>

15
<PAGE> 26

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
THE LIMITED TERM BOND SUBACCOUNT To provide a high level of income
consistent with moderate fluctuation in
This subaccount purchases shares of the T. principal value.
Rowe Price Fixed Income Series, Inc. T.
Rowe Price Limited-Term Bond Portfolio.
--------------------------------------------------------------------------------------------

THE WORLDWIDE BOND SUBACCOUNT Seeks high total return through a flexible
policy of investing globally, primarily in
This subaccount purchases shares of the debt securities.
Van Eck Worldwide Insurance Trust
Worldwide Bond Fund.
--------------------------------------------------------------------------------------------

THE STOCK INDEX SUBACCOUNT Provide investment results that correspond
to the price and yield performance of
This subaccount purchases shares of the publicly traded common stocks in the
Dreyfus Stock Index Fund. aggregate, as represented by the Standard
and Poor's 500 Composite Stock Price
Index.
--------------------------------------------------------------------------------------------

THE EQUITY INCOME SUBACCOUNT To provide substantial dividend income and
also long-term capital appreciation.
This subaccount purchases shares of the T.
Rowe Price Equity Series, Inc. T. Rowe
Price Equity Income Portfolio.
--------------------------------------------------------------------------------------------

THE CAPITAL APPRECIATION SUBACCOUNT To provide long-term capital growth
consistent with the preservation of
This subaccount purchases shares of the capital; current income is a secondary
Dreyfus Variable Investment Fund: Capital objective.
Appreciation Portfolio.
--------------------------------------------------------------------------------------------

THE PERSONAL STRATEGY BALANCED SUBACCOUNT The highest total return over time
consistent with an emphasis on capital
This subaccount purchases shares of the T. appreciation and income.
Rowe Price Equity Series, Inc. T. Rowe
Price Personal Strategy Balanced
Portfolio.
--------------------------------------------------------------------------------------------

THE NEW AMERICA GROWTH SUBACCOUNT To provide long-term capital growth by
investing primarily in common stocks of
This subaccount purchases shares of the T. U.S. growth companies operating in service
Rowe Price Equity Series, Inc. T. Rowe industries.
Price New America Growth Portfolio.
--------------------------------------------------------------------------------------------

THE SMALL COMPANY STOCK SUBACCOUNT To provide investment results that are
greater than the total return performance
This subaccount purchases shares of the of publicly- traded common stocks in the
Dreyfus Investment Fund: Small Company aggregate, as represented by the Russell
Stock Portfolio. 2500 Index.
--------------------------------------------------------------------------------------------
</TABLE>

16
<PAGE> 27

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH To provide capital growth. Current income
SUBACCOUNT is a secondary goal.
This subaccount purchases shares of The
Dreyfus Socially Responsible Growth Fund,
Inc.
--------------------------------------------------------------------------------------------

THE INTERNATIONAL STOCK SUBACCOUNT Long-term growth of capital appreciation
through investment primarily in the common
This subaccount purchases shares of the T. stocks of established non-U.S. companies.
Rowe Price International Series, Inc. T.
Rowe Price International Stock Portfolio.
--------------------------------------------------------------------------------------------

THE WORLDWIDE EMERGING MARKETS SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in equity securities
This subaccount purchases shares of the in emerging markets around the world.
Van Eck Worldwide Insurance Trust
Worldwide Emerging Markets Fund.
--------------------------------------------------------------------------------------------

THE WORLDWIDE HARD ASSETS SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in "Hard Asset
This subaccount purchases shares of the Securities."
Van Eck Worldwide Insurance Trust
Worldwide Hard Assets Fund (formerly, Gold
and Natural Resources Fund).
----------------------------------------------------------------------------------------

INVESTORS SUBACCOUNT The primary objective is long-term growth
of capital. Current income is a secondary
This subaccount purchases shares of the objective. Seeks to achieve its objectives
Salomon Brothers Variable Series Fund, primarily through investments in common
Inc. Investors Fund. stocks of well-known companies.
--------------------------------------------------------------------------------------------

STRATEGIC BOND SUBACCOUNT The primary objective is to seek a high
level of current income. A secondary
This subaccount purchases shares of the objective is to seek capital appreciation.
Salomon Brothers Variable Series Fund, Seeks to achieve its objectives by
Inc. Strategic Bond Fund. investing in a globally diverse portfolio
of fixed-income investments and by giving
the investment adviser broad discretion to
deploy the Fund's assets among certain
segments of the fixed-income market that
the investment manager believes will best
contribute to achieving the objectives.
--------------------------------------------------------------------------------------------
</TABLE>

17
<PAGE> 28

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
VARIABLE CAPITAL SUBACCOUNT To seek capital appreciation through
investments primarily in common stocks,
This subaccount purchases shares of the which are believed to have above-average
Salomon Brothers Variable Series Fund, price appreciation potential and which may
Inc. Capital Fund. also involve above- average risk. Current
income is an incidental consideration.
--------------------------------------------------------------------------------------------

EQUITY GROWTH SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in growth-oriented
This subaccount purchases shares of the common and preferred stocks, convertible
Morgan Stanley Universal Funds, Inc. securities, rights and warrants to
Equity Growth Portfolio. purchase common stocks, depository
receipts and other equity securities.
--------------------------------------------------------------------------------------------

FIXED INCOME SUBACCOUNT Above-average total return over a market
cycle of three to five years by investing
This subaccount purchases shares of the primarily in a diversified portfolio of
Morgan Stanley Universal Funds, Inc. Fixed U.S. governments and agencies, corporate
Income Portfolio. bonds, MBSs, foreign bonds and other fixed
income securities and derivatives.
--------------------------------------------------------------------------------------------

VALUE SUBACCOUNT Seeks above-average total return over a
market cycle of three to five years by
This subaccount purchases shares of the investing primarily in common and
Morgan Stanley Universal Funds, Inc. Value preferred stocks, convertible securities
Portfolio. rights and warrants to purchase common
stocks, ADRs and other equity securities
of companies with equity capitalizations
usually greater than $300 million.
--------------------------------------------------------------------------------------------
</TABLE>

THE FUNDS

The Funds are diversified, open-end management investment companies of the
series type. The Funds are registered with the SEC under the Investment Company
Act of 1940. The SEC does not supervise the investments or investment policy of
the Funds.

MONY SERIES FUND, INC.

Only shares of four of the seven portfolios of the MONY Series Fund, Inc.
can be purchased by a subaccount available to the policy owner. Each of the
portfolios has different investment objectives and policies. The Company is a
registered investment adviser under the Investment Advisers Act of 1940. The
Company, as investment adviser, paid all expenses associated with organizing the
MONY Series Fund, Inc. when it was organized in 1985. Those expenses also
included the costs of the initial registration of its securities. The Company,
as investment adviser, currently pays the compensation of the Fund's directors,
officers and employees who are affiliated in some way with the Company. The MONY
Series Fund, Inc. pays for all other expenses including, for example, the
calculation of the net asset value of the portfolios. To carry out its duties as
investment adviser, The Company has entered into a Services Agreement with MONY
to provide personnel, equipment, facilities and other services. As the
investment adviser to the MONY Series Fund, Inc., the Company receives a daily
investment advisory fee for each portfolio (See chart below). Fees are deducted
daily and paid to the Company monthly.

18
<PAGE> 29

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT ADVISER INVESTMENT ADVISORY FEE
- --------------------------------------------------------------------------------------------
<S> <C>
GOVERNMENT SECURITIES PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
MONY Life Insurance Company of America is 0.30% in excess of $800 million of the
the Investment Adviser. portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------

LONG TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
MONY Life Insurance Company of America is 0.30% in excess of $800 million of the
the Investment Adviser. portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------

INTERMEDIATE TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
MONY Life Insurance Company of America is 0.30% in excess of $800 million of the
the Investment Adviser. portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------

MONEY MARKET PORTFOLIO Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million, and
MONY Life Insurance Company of America is 0.30% of assets in excess of $800 million of
the Investment Adviser. the portfolio's aggregate average daily net
assets.
- --------------------------------------------------------------------------------------------
</TABLE>

ENTERPRISE ACCUMULATION TRUST

Enterprise Accumulation Trust has ten portfolios, five of which are
currently available to be purchased by subaccounts available to the policy
owner. Enterprise Capital Management, Inc. ("Enterprise Capital"), a wholly
owned subsidiary of the Company, is the investment adviser of Enterprise
Accumulation Trust. Enterprise Capital is responsible for the overall management
of the portfolios, including meeting the investment objectives and policies of
the portfolios. Enterprise Capital contracts with sub-investment advisers to
assist in managing the portfolios. For information on the sub-advisers for each
portfolio, see the Enterprise Accumulation Trust prospectus included in this
prospectus portfolio. Enterprise Accumulation Trust pays an investment advisory
fee to Enterprise Capital which in turn pays the sub-investment advisers. Fees
are deducted daily and paid to Enterprise Capital on a monthly basis. The daily
investment advisory fees and sub-investment advisory fees for each portfolio are
shown in the chart below.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
EQUITY PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% up to
first $400 million, 0.75% of $1 billion, and 0.30% in
OpCap Advisors is the sub- the next $400 million and excess of $1 billion of the
investment adviser. 0.70% in excess of $800 portfolio's aggregate
million of the aggregate average daily net assets.
average daily net assets.
- ------------------------------------------------------------------------------------------------------
</TABLE>

19
<PAGE> 30

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MANAGED PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% up to
first $400 million, 0.75% of $1 billion, 0.30% in excess
OpCap Advisors is the sub- the next $400 million and of
investment adviser. 0.70% in excess of $800 $1 billion, and 0.25% in
million of the aggregate excess of $2 billion of the
average daily net assets. portfolio's aggregate
average daily net assets.
- ------------------------------------------------------------------------------------------------------

SMALL COMPANY VALUE PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% of the
aggregate average daily net first $1 billion and 0.30%
Gabelli Asset Management, Inc. is assets. in excess of $1 billion of
the sub-investment adviser. the portfolio's aggregate
average daily net assets.
- ------------------------------------------------------------------------------------------------------

INTERNATIONAL GROWTH PORTFOLIO Annual rate of 0.85% of the Annual rate of 0.40% of the
aggregate average daily net first $100 million, 0.35% of
Vontobel USA Inc. is the assets. $100 million to $200
sub-investment adviser. million, 0.30% of $200 to
$500 million and 0.25% in
excess of $500 million of
the portfolio's aggregate
average daily net assets.
- ------------------------------------------------------------------------------------------------------

HIGH YIELD BOND PORTFOLIO Annual rate of 0.60% of the Annual rate of 0.30% of the
aggregate average daily net first $100 million and 0.25%
Caywood-Scholl Capital Corporation assets. in excess of $100 million of
is the sub-investment adviser. the portfolio's aggregate
average daily net assets.
- ------------------------------------------------------------------------------------------------------

GROWTH PORTFOLIO Annual rate of 0.75% of the Annual rate of 0.30% up to
aggregate average daily net $1 billion and 0.20% in
Montag & Caldwell, Inc. is the assets. excess of $1 billion of the
sub-investment adviser. portfolio's aggregate
average daily net assets.
- ------------------------------------------------------------------------------------------------------
</TABLE>

T. ROWE PRICE EQUITY SERIES, INC.
T. ROWE PRICE FIXED INCOME SERIES, INC.

T. Rowe Price Equity Series, Inc. has four portfolios of which the shares
of only three portfolios can be purchased by subaccounts available to the policy
owner. T. Rowe Price Fixed Income Series, Inc. has two portfolios, the shares of
which can be purchased by subaccounts available to the policy owner. T. Rowe
Price Associates, Inc. acts as the investment manager of T. Rowe Equity Series,
Inc. and T. Rowe Price Fixed Income Series, Inc. Fees are deducted daily and
paid to T. Rowe Price Associates,

20
<PAGE> 31

Inc. on a monthly basis. The daily investment advisory fees for each portfolio
are shown in the table below.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------
<S> <C>
T. Rowe Price Equity Series, Inc. Annual rate of 0.85% of the portfolio's
T. Rowe Price Equity Income Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. Annual rate of 0.85% of the portfolio's
T. Rowe Price New America Growth Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Equity Series Inc. Annual rate of 0.90% of the portfolio's
T. Rowe Price Personal Strategy Balanced aggregate average daily net assets.
Portfolio
------------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. Annual rate of 0.70% of the portfolio's
T. Rowe Price Limited Term Bond Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. Annual rate of 0.55% of the portfolio's
T. Rowe Price Prime Reserve Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
</TABLE>

T. ROWE PRICE INTERNATIONAL SERIES, INC.

The International Stock Portfolio of T. Rowe Price International Series,
Inc. can be purchased by subaccounts available to the policy owner. Rowe
Price-Fleming International, Inc. acts as the investment manager of T. Rowe
Equity International Series, Inc. Fees are deducted daily and paid to T. Rowe
Price Associates, Inc. on a monthly basis. The daily investment advisory fees
for each portfolio are shown in the table below.

VAN ECK WORLDWIDE INSURANCE TRUST

Van Eck Worldwide Insurance Trust has five portfolios, three of which are
currently available to be purchased by subaccounts available to the policy
owner. Van Eck Associates Corporation, is the investment manager of Worldwide
Insurance Trust. Van Eck Associates Corporation contracts with sub-investment
advisers to assist in managing the portfolios. Van Eck Worldwide Insurance Trust
pays an investment advisory fee to Van Eck Associates Corporation which in turn
pays the sub-investment advisers. Fees are deducted daily and paid to Van Eck
Associates Corporation on a monthly basis. The daily investment advisory fees
and sub-investment advisory fees for each portfolio are shown in the chart
below.

21
<PAGE> 32

WORLDWIDE EMERGING MARKETS FUND Annual rate of 1.00% of the Annual rate of .50% of the
portfolio's aggregate portfolio's aggregate
Peregrine Asset Management (Hong average daily net assets. average daily net assets.
Kong)
------------------------------------------------------------------------------------------------------
</TABLE>

DREYFUS VARIABLE INVESTMENT FUND
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
DREYFUS STOCK INDEX FUND

Dreyfus Variable Investment Fund has thirteen portfolios, four of which are
currently available to be purchased by subaccounts available to the policy
owner. The Dreyfus Corporation, is the investment adviser of the Dreyfus
Variable Investment Fund, the Dreyfus Stock Index Fund and The Dreyfus Socially
Responsible Growth Fund, Inc. As described below, the Fund or The Dreyfus
Corporation contracts with sub-investment advisers to assist in managing some of
the portfolios as noted below. Fees are deducted on a monthly basis. The daily
investment advisory fees and sub-investment advisory fees for each portfolio are
shown in the chart below.

DREYFUS VARIABLE INVESTMENT FUND Annual rate of 0.75% of the The portfolio pays the sub-
SMALL COMPANY STOCK PORTFOLIO portfolio's average daily adviser at an annual rate
net assets. of 0.20% up to first $150
Fayez Sarofim & Co. million, 0.25% from $150
million to $300 million,
and 0.375% for $300 million
or more of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------
</TABLE>

22
<PAGE> 33

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
THE DREYFUS SOCIALLY RESPONSIBLE Annual rate of 0.75% of the Dreyfus Corporation pays
GROWTH FUND, INC. portfolio's average daily the sub-adviser an Annual
net assets. rate of 0.10% of the first
NCM Capital Management Group, Inc. $32 million, 0.15% in
excess of $32 million up to
$150 million, 0.20% in
excess of $150 million up
to $300 million, 0.25% in
excess of $300 million.
------------------------------------------------------------------------------------------------------
DREYFUS STOCK INDEX FUND Annual rate of 0.245% of Dreyfus Corporation pays
the portfolio's average the sub-adviser an annual
Mellon Equity Associates daily net assets. rate of 0.095% of the
portfolio's average daily
net assets.
------------------------------------------------------------------------------------------------------
</TABLE>

SALOMON BROTHERS VARIABLE SERIES FUNDS INC.

Salomon Brothers Variable Series Funds Inc. has seven portfolios of which
the shares of only three portfolios can be purchased by subaccounts available to
the policy owner. Salomon Brothers Asset Management Inc. is the investment
manager of the Salomon Brothers Variable Series Funds Inc. Salomon Brothers
Asset Management Inc. contracts with sub-investment advisers to assist in
managing some of the funds. Salomon Brothers Variable Series Funds Inc. pays an
investment advisory fee to Salomon Brothers Asset Management Inc. which in turn
pays the sub-investment advisers. Fees are deducted daily and paid to Salomon
Brothers Asset Management Inc. on a monthly basis. The daily investment advisory
fees and sub-investment advisory fees for each fund are shown in the chart
below.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTORS FUND Annual rate of 0.70% of the Not applicable
portfolio's aggregate
None average daily net assets.
------------------------------------------------------------------------------------------------------
STRATEGIC BOND FUND Annual rate of 0.75% of the Equals the fee payable to
portfolio's aggregate Salomon Brothers Asset
Salomon Brothers Asset Management average daily net assets. Management Inc. multiplied
Limited by the portion of the
assets of the Strategic
Bond Fund the
sub-investment adviser has
been delegated to manage
divided by the current
value of the net assets of
the Strategic Bond Fund.
------------------------------------------------------------------------------------------------------
CAPITAL FUND Annual rate of 0.85% of the Not Applicable
portfolio's aggregate
None average daily net assets.
------------------------------------------------------------------------------------------------------
</TABLE>

MORGAN STANLEY UNIVERSAL FUNDS, INC.

Morgan Stanley Universal Funds, Inc. has ten portfolios of which the shares
of only three portfolios can be purchased by subaccounts available to the policy
owner. Fees are deducted daily and paid to the investment adviser on a quarterly
basis. The investment advisor and daily investment advisory fees for each
portfolio are shown in the chart below.

23
<PAGE> 34

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER INVESTMENT ADVISER FEE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FIXED INCOME PORTFOLIO Miller Anderson & Sherrerd, Annual rate of 0.40% of the
LLP first $500 million, 0.35%
in excess of $500 million
up to $1 billion, 0.30% in
excess of $1 billion.
---------------------------------------------------------------------------------------------
VALUE PORTFOLIO Miller Anderson & Sherrerd, Annual rate of 0.55% of the
LLP first $500 million, 0.50%
in excess of $500 million
up to $1 billion, 0.45% in
excess of $1 billion.
---------------------------------------------------------------------------------------------
EQUITY GROWTH PORTFOLIO Morgan Stanley Asset Annual rate of 0.55% of the
Management Inc. first $500 million, 0.50%
in excess of $500 million
up to $1 billion, 0.45% in
excess of $1 billion.
---------------------------------------------------------------------------------------------
</TABLE>

The investment objectives of each portfolio are fundamental and may not be
changed without the approval of the holders of a majority of the outstanding
shares of the affected portfolio. For each of the Funds this means the lesser of
(1) 67% of the portfolio shares represented at a meeting at which more than 50%
of the outstanding portfolio shares are represented or (2) more than 50% of the
outstanding portfolio shares.

PURCHASE OF PORTFOLIO SHARES BY MONY AMERICA VARIABLE ACCOUNT L

The Company purchases shares of each portfolio for the corresponding
sub-account at net asset value, i.e. without a sales load. Generally, all
dividends and capital gains distributions received from a portfolio are
automatically reinvested in the portfolio at net asset value. The Company, on
behalf of MONY America Variable Account L, may elect not to reinvest dividends
and capital gains distributions. The Company redeems Fund shares at net asset
value to make payments under the Policies.

Fund shares are offered only to insurance company separate accounts. The
insurance companies may or may not be affiliated with the Company or with each
other. This is called "shared funding." Shares may also be sold to separate
accounts to serve as the underlying investments for variable life insurance
policies and variable annuity policies. This is called "mixed funding."
Currently, the Company does not foresee any disadvantages to policy owners due
to mixed or shared funding. However, differences in tax treatment or other
considerations may at some time create conflict of interests between owners of
various contracts. The Company and the Boards of Directors of the Funds, and any
other insurance companies that participate in the Funds are required to monitor
events to identify material conflicts. If there is a conflict because of mixed
or shared funding, the Company might be required to withdraw the investment of
one or more of its separate accounts from the Funds. This might force the Funds
to sell securities at disadvantageous prices.

The investment objectives of each portfolio are substantially similar to
the investment objectives of the subaccount which purchases shares of that
portfolio. A summary of the investment objective of each of the subaccounts
available to you is found in the table on pages 14-18. No portfolio can assure
you that its objective will be achieved. You will find more detailed information
in the prospectus of each Fund that you received with this prospectus. The
Funds' prospectuses include information on the risks of each portfolio's
investments and investment techniques.

THE FUNDS' PROSPECTUSES ACCOMPANY THIS PROSPECTUS AND SHOULD BE
READ CAREFULLY BEFORE INVESTING

24
<PAGE> 35

DETAILED INFORMATION ABOUT THE POLICY

The Account Value in MONY America Variable Account L and the Guaranteed
Interest Account provide many of the benefits of the policy. The information in
this section describes the benefits, features, charges, and other major
provisions of the policies and the extent to which those benefits depend upon
the Account Value.

APPLICATION FOR A POLICY

The policy design meets the needs of individuals and corporations that wish
to purchase life insurance benefits on the lives of key employees. The policy
may be sold together with other related policies forming a case. A purchaser
must complete an application and personally deliver it to a licensed agent of
the Company, who is also a registered representative of MONY Securities
Corporation ("MSC"). The licensed agent submits the application to the Company.
The policy may also be sold through other broker-dealers authorized under the
law and by MSC. A policy can be issued on the life of an insured not less than
18 and up to and including 80 with evidence of insurability that satisfies the
Company. The age of the insured is the age on his or her birthday nearest the
date of the policy. The Company accepts the application subject to its
underwriting rules, and may request additional information or reject an
application.

The minimum Target Death Benefit is generally $100,000. The minimum
Specified Amount you may apply for is $100,000. The Specified Amount may be
reduced to $50,000 if at least $50,000 amount of Term Insurance Rider is added
to the policy. However, the Company reserves the right to revise its rules at
any time to require a different minimum Specified Amount and Target Death
Benefit at issue for subsequently issued policies.

Each policy is issued with a policy date. The policy date is used to
determine the policy months and years, and policy monthly, quarterly,
semi-annual and annual anniversaries. The policy date is stated on page 1 of the
policy. The policy date will normally be the later of (1) the date that delivery
of the policy is authorized by the Company ("Policy Release Date"), or (2) the
policy date requested in the application. No premiums may be paid with the
application except under the temporary insurance procedures defined below.

Temporary Insurance Coverage

If you want insurance coverage before the Policy Release Date, and are more
than 15 days old and not more than 70 years old, you may be eligible for a
temporary insurance agreement. You must complete an application for the policy
and give it to the Company's licensed agent. The application contains a number
of questions about your health. Your eligibility for temporary coverage will
depend upon your answers to those questions. In addition, you must complete and
sign the Temporary Insurance Agreement Form. You must also submit payment for at
least 25% of one Minimum Annual Premium for the Policy as applied for. Your
coverage under the Temporary Insurance Agreement starts on the date you sign the
form and pay the premium amount, or if later, the requested policy date. See
"Premiums-Premium Flexibility," page 27.

Coverage under the Temporary Insurance Agreement ends (except for contracts
issued in Kansas) on the earliest of:

- the Policy Release Date, if the policy is issued as applied for;

- the 15th day after the Policy Release Date or the date the policy takes
effect, if the policy is issued other than as applied for;

- no later than 90 days from the date the Temporary Insurance Agreement is
signed;

- the 45th day after the form is signed if you have not finished the last
required medical exam;

- 5 days after the Company sends notice to you that it declines to issue
any policy; and

- the date you tell the Company that the policy will be refused.

25
<PAGE> 36

For contracts issued in Kansas, coverage under the Temporary Insurance
Agreement ends on the earliest of:

- the Policy Release Date, if the policy is issued as applied for;

- the 15th day after the Policy Release Date or the date the policy takes
effect, if the policy is issued other than as applied for;

- the date you tell the Company that the policy will be refused; and

- the day written notice of the declination and refund of premium is
provided to the applicant.

If the insured dies during the period of temporary coverage, the death
benefit will be:

(1) The insurance coverage applied for (including any optional riders)
up to $500,000,

less

(2) The deductions from premium and the monthly deduction due prior to
the date of death.

Premiums paid for temporary insurance coverage are held in the Company's
general account until the Policy Release Date. Except as provided below,
interest is credited on the premiums (less any deductions from premiums) held in
the Company's general account. The interest rate will be set by the Company, but
will not be less than 4.0 % per year. If the policy is issued and accepted,
these amounts will be applied to the policy. These premiums will be returned to
you (without interest) within 5 days after the earliest of:

(1) The date you tell the Company that the policy will be refused. Your
refusal must be

(a) at or before the Policy Release Date, or

(b) (if the policy is authorized for delivery other than as applied
for), on or before the 15th day after the Policy Release Date; or

(2) The date the Company sends notice to you declining to issue any policy.

Initial Premium Payment

Once the application is approved and the policy owner is issued a policy,
the balance of the first scheduled premium payment is payable. The scheduled
premium payment specified in your policy must be paid in full when your policy
is delivered. Your policy is effective the later of (1) acceptance and payment
of the scheduled premium payment, or (2) the policy date requested in the
application. If you do not request a policy date or if the policy date you
request is earlier than the Policy Release Date, any premium balance remitted by
you will be transferred to the Money Market Subaccount until the Right to Return
Policy Period has ended. The amount transferred would include amounts in the
general account under the Temporary Insurance Agreement, plus interest credited
minus deductions from premiums. The monthly deduction due prior to or on the
Policy Release Date will be made. If you request a policy date which is later
than the Policy Release Date, premium will be held in the general account until
the policy date. On the Policy Date, premiums will be transferred to the Money
Market Subaccount until the Right to Return Policy Period ends. When the Right
to Return Policy Period ends, the premium, plus any interest credited by the
Company, is allocated to the subaccounts of MONY America Variable Account L or
the Guaranteed Interest Account pursuant to your instructions. (See "Right
Examine a Policy -- Right to Return Policy Period," page 27.)

Policy Date

The Company may approve the backdating of a policy. However, the policy may
be backdated for not more than 6 months (a shorter period is required in certain
states) prior to the date of the application. Backdating can be advantageous if
it lowers the insured's issue age and results in lower cost of insurance rates.
If the policy is backdated, the initial scheduled premium payment will include
sufficient premium to

26
<PAGE> 37

cover the extra charges for the backdating period. Extra charges equal the
monthly deductions for the period that the policy date is backdated.

Risk Classification

Insureds are assigned to underwriting (risk) classes. Risk classes are used
in calculating the cost of insurance and certain rider charges. In assigning
insureds to underwriting classes, the Company will normally use the medical or
paramedical underwriting method. This method may require a medical examination
of any proposed insured that does not meet the Company's guaranteed issue
standards. The Company may use guaranteed issue underwriting when it is
considered appropriate.

RIGHT TO EXAMINE A POLICY -- RIGHT TO RETURN POLICY PERIOD

The Right to Return Policy Period follows the application for a policy and
its issuance to the policy owner. The period runs to the lastest of:

(a) 45 days after Part I of the application is signed, or

(b) 10 days (or longer in certain states) after the policy owner
receives the policy, or

During this period, the policy owner may cancel the policy and receive a
refund of the full amount of the premium paid.

PREMIUMS

The policy is a flexible premium policy. The policy provides considerable
flexibility to the policy owner to determine the amount and frequency of premium
payments.

Case Premiums

Generally, to issue a policy, the Company requires the premiums for the
first policy year for the policy or policies representing a case to equal or
exceed $100,000. The Company may, in its sole discretion, allow a reduced
minimum case premium where the Company's rules for exceptions are met.

Premium Flexibility

The Company requires you to pay an amount equal to at least one fourth of
the Minimum Annual Premium to put the policy in effect. If the policy owner
wants to pay premiums less often than annually, the premium required to put the
policy in effect is equal to the lesser of:

(a) The Minimum Annual Premium divided by the frequency of the
scheduled premium payments, or

(b) 25% of the Minimum Annual Premium.

This Minimum Annual Premium will be based upon:

1) The policy's Specified Amount,

2) Any riders added to the policy, and

3) The insured's

a) Age,

b) Smoking status,

c) Gender (unless unisex cost of insurance rates apply, see
"Deductions from Account Value-Cost of Insurance," page 47), and

d) Underwriting class.
27
<PAGE> 38

The Minimum Annual Premium will be shown in the policy. Thereafter, subject
to the limitations described below, the policy owner may choose the amount and
frequency of premium payments to reflect varying financial conditions.

Scheduled Premiums

When applying for a policy, a policy owner determines a scheduled premium
payment. This scheduled premium payment provides for the payment of level
premiums at fixed intervals over a specified period of time. Each policy owner
will receive a premium reminder notice for the scheduled premium payment amount
on an annual, semiannual or quarterly basis, at the policy owner's option. After
the Minimum Annual Premium has been paid, the minimum scheduled premium for any
policy is $100. Although reminder notices will be sent, the policy owner may not
be required to pay scheduled premium payments.

Payment of the scheduled premium payments will not guarantee that your
policy will remain in effect. (See "Grace Period and Lapse" in the Summary and
on page 42.)

CHOICE OF DEFINITION OF LIFE INSURANCE

When applying for the policy, the policy owner will choose one of two tests
to apply to the policy for compliance with the Federal tax law definition of
life insurance. These tests are the Cash Value Accumulation Test and the
Guideline Premium/Cash Value Test. The Death Benefit Percentage applied to the
policy varies according to the definition of life insurance chosen. See "Federal
Income Tax Considerations -- Definition of Life Insurance," on page 52.

GUARANTEED DEATH BENEFIT

Generally, the policy remains in effect so long as the Account Value less
Outstanding Debt is sufficient to pay the charges that maintain the policy. The
charges that maintain the policy are deducted monthly from the Account Value.
The Account Value of the policy is affected by:

(1) The investment experience of any amounts in the subaccounts of MONY
America variable Account L,

(2) The interest earned in the Guaranteed Interest Account, and

(3) The deduction from Account Value of the various charges, costs, and
expenses imposed by the policy provisions.

This in turn affects the length of time the policy remains in effect
without the payment of additional premiums. See "Grace Period and Lapse," page
42.

When the policy owner applies for a policy, the policy owner will be able
to choose the Guaranteed Death Benefit Rider. The Rider may extend the period
that the Specified Amount of the policy and certain other rider coverages will
remain in effect if the subaccounts suffer adverse investment experience. See
"Guaranteed Death Benefit Rider," page 34.

Modified Endowment Contracts

The amount, frequency and period of time over which the policy owner pays
premiums may affect whether the policy will be classified as a modified
endowment contract. A modified endowment contract is a type of life insurance
policy subject to different tax treatment than that given to a conventional life
insurance policy. The difference in tax treatment occurs when the policy owner
takes certain pre-death distributions from the policy. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page 53.

28
<PAGE> 39

Unscheduled Premium Payments

Generally, the policy owner may make premium payments at any time and in
any amount as long as each payment is at least $250. However, if the premium
payment the policy owner wishes to make exceeds the Scheduled Premium payments
for the policy, the Company may reject or limit any unscheduled premium payment
that would result in an immediate increase in the death benefit payable. An
immediate increase would occur if the policy's death benefit equals a policy
owner's cash value multiplied by a death benefit percentage as a result of the
Federal income tax law definition of life insurance. See "Death Benefits Under
the Policy," page 29 and "Federal Income Tax Considerations -- Definition of
Life Insurance," page 52. However, such a premium may be accepted if
satisfactory evidence of insurability is provided. If satisfactory evidence of
insurability is not received, the payment or a part of it may be returned. In
addition, all or a part of a premium payment will be rejected and returned to
the policy owner if it would exceed the maximum premium limitations prescribed
by the Federal income tax law definition of life insurance.

Payments the policy owner sends to us will be treated as premium payments,
and not as repayment of Outstanding Debt, unless the policy owner requests
otherwise. If the policy owner requests that the payment be treated as a
repayment of Outstanding Debt, any part of a payment that exceeds the amount of
Outstanding Debt will be applied to the Account Value. Applicable taxes and
sales charges are only deducted from any payment that constitutes a premium
payment.

Premium Payments Affect the Continuation of the Policy

If the policy owner skips or stops paying premiums, the policy will
continue in effect until the Account Value less any Outstanding Debt can no
longer cover (1) the monthly deductions from the Account Value for the policy,
and (2) the charges for any optional insurance benefits added by rider. See
"Grace Period and Lapse." page 42.

The policy owner's Specified Amount is guaranteed to remain in effect as
long as a Guaranteed Death Benefit Rider is in effect. See "Guaranteed Death
Benefit Rider," on page 34.

ALLOCATION OF NET PREMIUMS

Net premiums may be allocated to any number of the twenty-one available
subaccounts and to the Guaranteed Interest Account. Allocations must be in whole
percentages, and no allocation may be for less than 10% of a net premium.
Allocation percentages must sum to 100%.

The Policy owner may change the allocation of net premiums at any time by
submitting a proper written request to our Customer Service Center at 1 MONY
Plaza, Syracuse, New York, 13202. The revised allocation percentages will be
effective within seven days from receipt of notification.

Unscheduled premium payments may be allocated either by percentage or by
dollar amount. If the allocation is expressed in dollar amounts, the 10% limit
on allocation percentages does not apply.

DEATH BENEFITS UNDER THE POLICY

When the policy is issued, the Company will determine the initial amount of
insurance based on the instructions provided in the application. The death
benefit consists of a "Specified Amount" of insurance coverage and, if desired,
an additional amount of insurance coverage which is added by Term Insurance
Rider. The amount of the Term Insurance Rider is defined by the Target Death
Benefit. The Specified Amount is level until the Maturity Date unless changed by
the policy owner. The Target Death Benefit can be scheduled at issue in level,
increasing or decreasing amounts over the lifetime of the insured. The minimum
Target Death Benefit is generally $100,000. The minimum Specified Amount is
$100,000, although the Specified Amount may be reduced to $50,000 if at least
$50,000 of Term Insurance Rider is added to the Policy. The Target Death Benefit
and the Specified Amount will be shown on the specifications page of the policy.

29
<PAGE> 40

As described below, over time the Base Death Benefit may vary from the
Specified Amount. This may result from:

(1) The operation of a death benefit Option,

(2) Increases to comply with the Federal income tax law definition of
life insurance,

(3) Changes in the death benefit Option, or

(4) Increases or decreases requested by the policy owner.

The Term Insurance Rider provides term insurance coverage which adjusts
automatically to equal the difference between the Target Death Benefit and the
Base Death Benefit. The Term Insurance Rider does not have a separate premium;
the cost is included in the monthly deductions discussed below. See "Term
Insurance Rider," page 35.

As long as the Policy remains in effect, the Company will, upon proof of
the death of an Insured, pay the death benefit proceeds to the named
beneficiary. Death benefit proceeds will consist of:

(1) The Base Death Benefit under the policy, plus

(2) Any amount provided by the Term Insurance Rider, less

(3) Any Outstanding Debt (and, if in the Grace Period, further reduced
by any overdue charges).

Death benefit proceeds may be paid to a Beneficiary in a lump sum or under
a payment plan offered under the Policy. The Policy should be consulted for
details.

DEATH BENEFIT OPTIONS

Each policy owner may select one of two death benefit Options: Option 1 or
Option 2. Generally, the policy owner designates the death benefit option in the
application. If no option is designated, the Company assumes Option 2 has been
selected. Subject to certain restrictions, you can change the death benefit
option selected. As long as the policy is in effect, the death benefit under
either option will never be less than the Specified Amount of the policy.

Option 1 -- The Base Death Benefit equals the greater of:

(a) The Specified Amount plus any increase in Account Value since the
last monthly anniversary, or

(b) The Cash Value multiplied by a death benefit percentage.

The death benefit percentages vary according to the age of the insured
and will be at least equal to the percentage defined in the Internal
Revenue Code. The Internal Revenue Code addresses the definition of a life
insurance policy for tax purposes. See "Federal Income Tax
Considerations -- Definition of Life Insurance," page 52. The death benefit
percentage is 250% for insureds 40 or under, and it declines for older
insureds. A table showing the death benefit percentages is in Appendix to
this prospectus and in your policy. If you seek to have favorable
investment performance reflected in increasing Account Value, and not in
increasing insurance coverage, you should choose Option 1.

Option 2 -- The death benefit equals the greater of:

(a) The Specified Amount of the policy, plus the Account Value, or

(b) The Cash Value multiplied by a death benefit percentage.

The Account Value used in these calculations is determined as of the
date of the insured's death. The death benefit percentage is the same as
that used for Option 1 and is stated in Appendices A or B. The death
benefit in Option 2 will always vary as Account Value varies. If you seek
to have

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<PAGE> 41

favorable investment performance reflected in increased insurance coverage,
you should choose Option 2.

In addition, the policy owner has the option at issue to select an
alternate Death Benefit Percentage. The alternate Death Benefit Percentage may
produce a higher Base Death Benefit amount beginning the later of the Insured's
age 55 or 10 years following policy issue. This alternate Death Benefit
Percentage grades back to the Federal income tax law Death Benefit Percentage at
the Maturity Date. Use of the alternate Death Benefit Percentage results in a
higher ratio of Base Death Benefit to Account Value than that resulting from the
use of the IRS' Death Benefit Percentage beginning the later of the Insured's
age 55 or 10 years following Policy issue. This higher percentage then gradually
reduces until, by the Maturity Date, it is equal to the ratio produced by the
use of the IRS' Death Benefit Percentage. Although use of the alternate Death
Benefit Percentage results in a higher Base Death Benefit than the IRS' Death
Benefit Percentage, this higher Base Death Benefit results in higher cost of
insurance charges which has the effect of reducing the Account Value and
consequently future Base Death Benefits. The election of the alternate Death
Benefit Percentage may be eliminated at any time; once eliminated, it cannot be
reinstated. (See Appendix B, E, and F for alternate death benefit percentages.)

Changes in Death Benefit Option

The policy owner may request that the death benefit option under your
policy be changed from Option 1 to Option 2, or Option 2 to Option 1. The policy
owner may make a change by sending a written request to the Company's
administrative office. A change from Option 2 to Option 1 is made without
providing evidence of insurability. A change from Option 1 to Option 2 will
require that you provide satisfactory evidence of insurability. The effective
date of a change requested between monthly anniversaries will be the next
monthly anniversary after the change is accepted by the Company.

If you change from Option 1 to Option 2 your policy's Specified Amount is
reduced by the amount of the policy's Account Value at the date of the change.
This maintains the Base Death Benefit payable under Option 2 at the amount that
would have been payable under Option 1 immediately prior to the change. The
total Base Death Benefit will not change immediately. The change to Option 2
will affect the determination of the Base Death Benefit from that point on. As
of the date of the change, the Account Value will be added to the new Specified
Amount. The death benefit will then vary with the Account Value. This change
will not be permitted if it would result in a new Specified Amount of less than
$100,000.

If you change from Option 2 to Option 1, the Specified Amount of the policy
will be increased by the amount of the policy's Account Value at the date of the
change. This maintains the Base Death Benefit payable under Option 1 at the
amount that would have been payable under Option 2 immediately prior to the
change. The total Base Death Benefit will not change immediately. The change to
Option 1 will affect the determination of the Base Death Benefit from that point
on. The change to Option 1 will generally reduce the death benefit payable in
the future.

Increases in the Specified Amount resulting from a change in death benefit
Option do not create new coverage segments. They increase the size of the oldest
coverage segments of the Specified Amount. Therefore, cost of insurance and
other charges are not computed separately for increases resulting from a death
benefit Option change.

Decreases due to a death benefit Option change will not reduce the Target
Death Benefit but may reduce the Specified Amount. Any decrease associated with
an Option change will maintain the net amount at risk for each coverage layer at
the time of the change.

A change in the death benefit option may affect the monthly cost of
insurance charge since this charge varies with the net amount at risk.
Generally, the net amount at risk is the amount by which the Base Death Benefit
exceeds Account Value. See "Deductions from Account Value-Cost of Insurance,"
page 47. If the policy's Base Death Benefit is not based on the death benefit
percentage under Option 1 or 2, changing from Option 2 to Option 1 will
generally decrease the net amount at risk. Therefore, this

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<PAGE> 42

change may decrease the cost of insurance charges. Changing from Option 1 to
Option 2 will generally result in a net amount at risk that remains level.
However, such a change will result in an increase in the cost of insurance
charges over time. This results because the cost of insurance rates increase
with the insured's age.

CHANGES IN DEATH BENEFIT AMOUNTS

The policy owner may increase or decrease the Target Death Benefit subject
to Company approval. The Target Death Benefit is the Specified Amount plus the
benefit amount of the Term Insurance Rider. Increases or decreases in the Target
Death Benefit can be done on a scheduled or unscheduled basis.

Scheduled Increases in Target Death Benefits

Increases to the Target Death Benefit may be scheduled:

(1) At the time of application for the Policy, or

(2) At the time of the application for an unscheduled increase.

Scheduled increases or decreases will be effective on the requested date. A
scheduled increase may only be made by increasing the amount of the Term
Insurance Rider. Since these increases are scheduled at issue, evidence of
insurability will not be required at the time the increase becomes effective.
Scheduled increases do not create new "coverage segments." Therefore, cost of
insurance and other charges are not computed separately for such increases.

Unscheduled Increases in Target Death Benefit

A policy owner may request an unscheduled increase in the Target Death
Benefit at any time after issue prior to the insured's age 81 (or age 65 for
policies issued on a guaranteed basis). Additional evidence of insurability
satisfactory to the Company will be required. An unscheduled increase will not
be given for increments less than $10,000. Requests for an unscheduled increase
must be made by written application to the Customer Service Center. The increase
will become effective on the monthly anniversary following the approval of the
request by the Company.

An unscheduled increase in the Target Death Benefit may consist of any
combination of increases in Specified Amount and/or Term Insurance Rider.

- Unless otherwise indicated, any request for an unscheduled increase to
the Target Death Benefit will be assumed to be a request for an increase
to the Specified Amount.

- An unscheduled increase in Specified Amount will increase the Target
Death Benefit by an equal amount so that the Term Insurance Rider amount
will remain unchanged after the increase.

An unscheduled increase in Specified Amount will create a new "coverage
segment" for which cost of insurance and other charges are computed separately.
If the Specified Amount is increased:

- Additional sales charges associated with the increase will be incurred.

- The sales charge for the increase is calculated in a similar way as for
the original Specified Amount. Premiums paid after the increase will be
allocated to the original and the new coverage segments in the same
proportion that the guideline annual premiums (defined by the Federal
income tax laws) for each segment bear to the sum of the guideline annual
premiums for all segments.

- The Company deducts a Sales Charge from each premium allocated to each
segment up to the "Target Premium" paid in each year during the first ten
policy years following an increase in Specified Amount.

- The Target Premiums and the required premiums under the Guaranteed Death
Benefit Rider, if applicable, will also be adjusted.
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<PAGE> 43

- The adjustment will be done prospectively to reflect the increase.

- If the Specified Amount is increased at the same time that a premium
payment is received, the increase will be processed before the premium
payment is processed.

If an unscheduled increase creates a new coverage segment of Specified
Amount, the Account Value after the increase will be allocated:

(1) first to the original coverage segment, and

(2) second to each coverage segment in order of the increases.

(3) Allocations will be in the same proportion that the guideline annual
premiums (defined by the Federal income tax laws) for each segment bear
to the sum of the guideline annual premiums for all segments.

Increasing the Specified Amount will generally increase the Base Death
benefit of the policy. The amount of the change in the Base Death Benefit will
depend, among other things on:

(1) The death benefit Option chosen by the policy owner, and

(2) Whether the Base Death Benefit under the policy is being calculated
using a Death Benefit Percentage at the time of the change.

Changing the Specified Amount could affect:

(1) The subsequent level of the Base Death Benefit while the policy is in
effect, and

(2) The subsequent level of policy values.

For example, an increase in Specified Amount may increase the net amount at risk
under a policy, which will increase a policy owner's cost of insurance charges
over time.

Decreases In Target Death Benefits

Any decrease in Specified Amount (whether scheduled or unscheduled) will
reduce the Target Death Benefit of the policy and may reduce the Specified
Amount of the policy at issue. Any decrease will be applied:

(1) First to reduce the coverage segments of Term Insurance Rider
associated with the most recent increases, then

(2) To the next most recent increases of Term Insurance Rider successively,
and last

(3) To the original coverage segment of Term Insurance Rider.

After all coverage segments of Term Insurance Rider have been entirely
eliminated, then coverage segments of the Specified Amount will be reduced in a
similar order. A decrease will not be permitted if less than $10,000. In
addition, no transaction will be permitted if the Specified Amount would fall
below the minimum we require to issue the policy at the time of the reduction.

The required premiums under the Guaranteed Death Benefit Rider, if
applicable, will be adjusted for the decrease in death benefits. If the Target
Death Benefit or Specified Amount is decreased, target premiums will also be
adjusted for the decrease. If the target death benefit is decreased at the same
time that a premium payment is received, the decrease will be processed before
the premium payment is processed. Decreases become effective on the monthly
anniversary following the approval of the request by the Company.

The Company reserves the right to reject a requested decrease. Decreases
will not be permitted if:

(1) Compliance with the guideline premium limitations under federal tax law
resulting from the decrease would result in immediate termination of
your policy, or

33
<PAGE> 44

(2) To effect the decrease, payments to you would have to be made from
Account Value for compliance with the guideline premium limitations,
and the amount of the payments would exceed the Account Value of the
policy.

If a requested change is not approved, we will send you a written notice of our
decision. See "Federal Income Tax Considerations -- Definition of Life
Insurance," page 52.

Decreasing the Specified Amount will generally decrease the Base Death
Benefit. The amount of change in the Base Death Benefit will depend, among other
things, on:

(1) The death benefit Option chosen, and

(2) Whether the Base Death Benefit under the policy is being calculated
using a death benefit percentage at the time of the change.

Changing the Specified Amount could affect the subsequent level of the Base
Death Benefit while the policy is in effect and the subsequent level of policy
values. For example, a decrease in Specified Amount may decrease the net amount
at risk, which will decrease a policy owner's cost of insurance charges over
time.

GUARANTEED DEATH BENEFIT RIDER

When the policy owner applies for a policy, the policy owner may also elect
the Guaranteed Death Benefit Rider. This rider may extend the period the
Specified Amount of the policy remains in effect. An extra charge is deducted
from the Account Value each month and premiums at least equal to the cumulative
Monthly Guaranteed Premium must have been paid. See "Guaranteed Death Benefit
Rider," page .

In order to remain in effect, the Guaranteed Death Benefit Rider requires
that you have paid a certain amount of premiums during the time that the Rider
is in effect. This amount is described in the next paragraph. If the premiums
you have paid do not equal or exceed this amount, the rider will automatically
end. In addition, this rider will automatically end at the insured's age 95
("Guarantee Period"). An extra charge will be deducted from the Account Value
each month during the Guarantee Period. This charge will end at the conclusion
of the Guarantee Period, and it will end if on any monthly anniversary date you
have not paid the amount of premiums the rider requires you to pay. See
"Deductions from Account Value-Guaranteed Death Benefit Charge," page 48.

On each monthly anniversary day we test to determine whether you have paid
the amount of premiums you are required to pay in order to keep the Guaranteed
Death Benefit Rider in effect. To remain in effect, we make two tests. Under the
first test the Account Value must exceed Outstanding Debt. Under the second test
we:

(1) total the actual premiums you have paid for the policy, and

(2) subtract the amount of partial surrenders (and associated fees).

The result must equal or exceed:

(1) the Monthly Guarantee Premium for the Rider, times

(2) the number of compete months since the policy date.

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<PAGE> 45

If the policy meets both tests on the monthly anniversary day, the rider remains
in effect until the next monthly anniversary date. If the policy fails to meet
either test, we will send you a notice that requires you to pay additional
premiums within the time specified in the notice. This time is called the grace
period for the rider. If you fail to pay the additional premiums required the
Guarantee Period, and therefore the Rider, will end. Once ended, the Rider can
not be reinstated.

The grace period for this Rider is explained in the section called "Grace
Period and Lapse -- If Guaranteed Death Benefit Is in Effect" on page 43.

Please refer to the policy for additional information on the Guaranteed
Death Benefit Rider.

The Guaranteed Death Benefit Rider is not available on policies offered or
issued for delivery to residents of the Commonwealth of Massachusetts or the
State of Texas.

OTHER OPTIONAL INSURANCE BENEFITS

Subject to certain requirements, you may elect to add one or more of the
optional insurance benefits described below. Optional insurance benefits are
added when you apply for your policy. These other optional benefits are added to
your policy by an addendum called a rider. A charge is deducted monthly from the
Account Value for each optional benefit added to your policy. See "Charges and
Deductions," page 44. The amounts of these benefits are fully guaranteed at
issue. You can cancel these benefits at any time. Certain restrictions may apply
and are described in the applicable rider. In addition, adding or canceling
these benefits may have an effect on your policy's status as a modified
endowment contract. See "Federal Income Tax Considerations -- Modified Endowment
Contracts," page 53. An insurance agent authorized to sell the policy can
describe these extra benefits further. Samples of the provisions are available
from the Company upon written request.

From time to time we may make available riders other than those listed
below. Contact an insurance agent authorized to sell the policy for a complete
list of the riders available.

Term Insurance Rider

The policy can be issued with a Term Insurance Rider as a portion of the
total death benefit. This Rider provides term life insurance on the life of the
insured, which is annually renewable to attained age 95. As described below, the
amount of coverage provided by the Rider varies over time.

When the policy is issued, a schedule of death benefit amount called the
"Target Death Benefit" is established. The Target Death Benefit may be varied as
often as each policy year, and subject to the Company's rules, may be changed
after issue. See "Death Benefits Under the Policy," page 29.

The amount of the Term Insurance Rider in effect at any time is equal to
the difference between the scheduled Target Death Benefit and the Base Death
Benefit in effect. The Rider is dynamic, it adjusts for variations in the Base
Death Benefit under the policy (e.g., changes resulting from the Federal income
tax law definition of life insurance). The Company generally restricts the
amount of the Target Death Benefit at issue to an amount not more than 900% of
the Specified Amount. For example, if the Specified Amount is $100,000 then the
maximum amount of the Target Death Benefit allowed is $900,000.

For example, assume the Base Death Benefit varies according to the
following schedule. The Term Insurance Rider will adjust to provide death
proceeds equal to the Target Death Benefit each year.

<TABLE>
<CAPTION>
BASE DEATH BENEFIT TARGET DEATH BENEFIT TERM INSURANCE RIDER AMOUNT
------------------ -------------------- ---------------------------
<S> <C> <C>
$500,000 $550,000 $50,000
$501,500 $550,000 $48,500
$501,250 $550,000 $48,750
</TABLE>

Since the Term Insurance Rider is dynamic, it is possible that the Rider
may be eliminated entirely as a result of increases in the Base Death Benefit.
Using the above example, if the Base Death Benefit grew to $550,000, the Term
Insurance Rider would be reduced to zero. (It can never be reduced below

35
<PAGE> 46

zero.) Even though the Rider amount is reduced to zero, the Rider will remain in
effect until it is removed from the policy. Therefore, if the Base Death Benefit
is subsequently reduced below the Target Death Benefit, a Rider amount will
reappear as needed to maintain the Target Death Benefit at the requested level.

There is no defined premium for the Term Insurance Rider. The cost of the
Rider is added to the monthly deductions, and is based on the insured's attained
age and premium class. The Company may adjust the rate charged for the Rider
from time to time. The rate will never exceed the guaranteed cost of insurance
rates for the Rider for that policy year. The cost for the Rider is added to the
Company's calculation of the Monthly Guarantee Premium and to the calculation of
the Minimum Annual Premium.

BENEFITS AT MATURITY

The maturity date for this policy is the policy anniversary on which the
insured is age 95. If the insured is living on the maturity date, the Company
will pay to you, as an endowment benefit, the Account Value of the policy less
Outstanding Debt. Ordinarily, the Company pays within seven days of the policy
anniversary. Payments may be postponed in certain circumstances. See "Payments,"
page 61.

POLICY VALUES

Account Value

The Account Value is the sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L and any Guaranteed Interest
Account. It also includes the amount set aside in the Company's loan account,
and any interest, to secure Outstanding Debt.

On each Valuation Date, the part of the Account Value allocated to any
particular subaccount is adjusted to reflect the investment experience of that
subaccount. On each monthly anniversary day, the Account Value also is adjusted
to reflect the assessment of the monthly deduction. See "Determination of
Account Value," page 36. No minimum amount of Account Value allocated to a
particular subaccount is guaranteed. A policy owner bears the risk for the
investment experience of Account Value allocated to the subaccounts.

Surrender Value

The owner can surrender a policy at any time while the insured is living
and receive its Cash Value less any Outstanding Debt. The Cash Value of the
policy equals the Account Value plus any applicable refund of sales charges.
Thus, the Cash Value will exceed the policy's Account Value by the refund amount
in the three years following policy issuance. Once the refund of sales charges
has expired, the Surrender Value will equal the Account Value (less any
Outstanding Debt). See "Full Surrender," page 41.

DETERMINATION OF ACCOUNT VALUE

Although the death benefit under a policy can never be less than the
policy's Specified Amount, the Account Value will vary. The Account Value varies
depending on several factors:

- Payment of premiums.

- Amount held in the Loan Account to secure any Outstanding Debt.

- Partial surrenders.

- The charges assessed in connection with the policy.

- Investment experience of the subaccounts.

- Amounts credited to the Guaranteed Interest Account.

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<PAGE> 47

There is no guaranteed minimum Account Value and you bear the entire risk
relating to the investment performance of Account Value allocated to the
subaccounts.

The Company invests amounts allocated to the subaccounts in shares of the
corresponding portfolios of the Funds. The values of the subaccounts reflect the
investment experience of the corresponding portfolio. The investment experience
reflects:

- The investment income.

- Realized and unrealized capital gains and losses.

- Expenses of a portfolio including the investment adviser fee.

- Any dividends or distributions declared by a portfolio.

Any dividends or distributions from any portfolio of the Funds are reinvested
automatically in shares of the same portfolio. However, the Company, on behalf
of MONY America Variable Account L, may elect otherwise. The subaccount value
will also reflect the mortality and expense risk charges the Company makes each
day to the Variable Account.

Amounts allocated to the subaccounts are measured in terms of units. Units
are a measure of value used for bookkeeping purposes. The value of amounts
invested in each subaccount is represented by the value of units credited to the
policy for that subaccount. (See "Calculating Unit Values for Each Subaccount,"
on page 38.) On any day, the amount in a subaccount of MONY America Variable
Account L is equal to the unit value times the number of units in that
subaccount credited to the policy. The units of each subaccount will have
different unit values.

Units of a subaccount are purchased (credited) whenever premiums or
transfer amounts (including transfers from the loan account) are allocated to
that subaccount. Units are redeemed (debited) to:

- Make partial surrenders.

- Make full surrenders.

- Transfer amounts from a subaccount (including transfers to the loan
account).

- Pay the death benefit when the insured dies.

- Pay monthly deductions from the policy's Account Value.

- Pay policy transaction charges.

- Pay surrender charges.

The number of units purchased or redeemed is determined by dividing the dollar
amount of the transaction by the unit value of the affected subaccount, computed
after the close of business that day. The number of units changes only as a
result of policy transactions or charges. The number of units credited will not
change because of later changes in unit value.

Transactions are processed when a premium or an acceptable written or
telephone request is received at the Company's administrative office. If the
premium or request reaches the administrative office on a day that is not a
Valuation Date, or after the close of business on a Valuation Date (after 4:00
Eastern Time), the transaction date will be the next Valuation Date. All policy
transactions are performed as of a Valuation Date. If a transaction date or
monthly anniversary day occurs on a day other than a Valuation Date (e.g.,
Saturday), the calculations will be done on the next day that the New York Stock
Exchange is open for trading.

37
<PAGE> 48

CALCULATING UNIT VALUES FOR EACH SUBACCOUNT

The Company calculates the unit value of a subaccount on any Valuation Date
as follows:

(1) Calculate the value of the shares of the portfolio belonging to
the subaccount as of the close of business that Valuation Date. This
calculation is done before giving effect to any policy transactions for
that day, such as premium payments or surrenders. For this purpose, the net
asset value per share reported to the Company by the managers of the
portfolio is used.

(2) Add the value of any dividends or capital gains distributions
declared and reinvested by the portfolio during the valuation period.
Subtract from this amount a charge for taxes, if any.

(3) Divide the resulting amount by the number of units held in the
subaccount on the Valuation Date before the purchase or redemption of any
units on that date.

The unit value of each subaccount on its first Valuation Date was set at $10.00.

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<PAGE> 49

DETERMINING ACCOUNT VALUE
[DETERMINING FUND VALUE FLOW CHART]

TRANSFER OF ACCOUNT VALUE

You may transfer Account Value among the subaccounts after the Right to
Return Policy Period by sending a proper written request to the Customer Service
Center. Currently, there are:

(1) No limitations on the number of transfers between subaccounts.

(2) No minimum amount required for a transfer.

(3) No minimum amount required to remain in a given subaccount after a
transfer.

39
<PAGE> 50

After the Right to Return Policy Period, Account Value may also be
transferred from the subaccounts to the Guaranteed Interest Account. Transfers
from the Guaranteed Interest Account to the subaccounts will only be permitted
in the policy month following a policy anniversary as described in "The
Guaranteed Interest Account," page 58. The total amount allocated or transferred
to the Guaranteed Interest Account cannot exceed $250,000.

RIGHT TO EXCHANGE POLICY

During the first 24 months following the policy date, you may exchange your
policy for a policy where the investment experience is guaranteed. To accomplish
this, the entire amount in the subaccounts of MONY America Variable Account L is
transferred to the Guaranteed Interest Account. All future premiums are
allocated to the Guaranteed Interest Account. This serves as an exchange of your
policy for the equivalent of a flexible premium universal life policy. See "The
Guaranteed Interest Account," page 58. No charge is imposed on the transfer when
you exercise the exchange privilege.

POLICY LOANS

The policy owner may borrow money from the Company at any time using the
policy as security for the loan. A loan is taken by submitting a proper written
request to the Company's administrative office. A policy owner may take a loan
any time a policy is in effect. The minimum amount a policy owner may borrow is
$250 (except for policies offered or issued in Connecticut where the minimum
amount is $200). The maximum amount that may be borrowed at any time is 90% of
the Account Value of the policy less any Outstanding Debt. (If you request a
loan on a monthly anniversary day, the maximum loan is reduced by the monthly
deduction due on that day.) The Outstanding Debt is the cumulative amount of
outstanding loans and loan interest payable to the Company at any time.

Loan interest is payable in arrears on each policy anniversary at an annual
rate of 4.6%. Interest on the full amount of any Outstanding Debt is due on the
policy anniversary, until the Outstanding Debt is repaid. If interest is not
paid when due, it will be added to the amount of the Outstanding Debt.

The owner may repay all or part of the Outstanding Debt at any time while
your policy is in effect. Only payments shown as loan or interest payments will
be treated as such. If a loan repayment is made which exceeds the Outstanding
Debt, the excess will be applied as a scheduled premium payment. The payment
will be subject to the rules on acceptance of premium payments.

When a loan is taken, an amount equal to the loan is transferred out of the
policy owner's Account Value into the loan account to secure the loan. Within
certain limits, you may specify the amount or the percentage of the loan amount
to be deducted from the subaccounts and the Guaranteed Interest Account. The
request for a loan will not be accepted if (1) you do not specify the source of
the transfer, or (2) if the transfer instructions are incorrect. On each policy
anniversary, an amount equal to the loan interest due and unpaid for the policy
year will be transferred to the loan account. The transfer is made from the
subaccounts and the Guaranteed Interest Account on a proportional basis.

The loan account is part of the Company's general account. Amounts held in
the loan account are credited monthly with an annual rate of interest not less
than 4.0%. After the tenth policy anniversary, the annual interest rate that
applies to the Loan Account is expected to be 0.3% higher than otherwise
applicable.

Loan repayments release funds from the loan account. Unless you request
otherwise, amounts released from the loan account will be transferred into the
subaccounts and Guaranteed Interest Account pursuant to your most recent valid
allocation instructions for scheduled premium payments. The transfer is subject
to maintaining no more than $250,000 in the Guaranteed Interest Account. In
addition, any interest earned on the amount held in the Loan Account will be
transferred each policy anniversary to each of the subaccounts and the
Guaranteed Interest Account on the same basis.

Amounts held in the loan account to secure Outstanding Debt forego the
investment experience of the subaccounts and the current interest rate of the
Guaranteed Interest Account. Thus Outstanding Debt,
40
<PAGE> 51

whether or not repaid, has a permanent effect on your policy values and may have
an effect on the amount and duration of the death benefit. If not repaid, the
Outstanding Debt will be deducted from the amount of the death benefit upon the
death of the insured, or the Cash Value paid upon surrender or maturity.

Outstanding Debt may affect the length of time the policy remains in
effect. Unless the Guaranteed Death Benefit Rider is in effect, the policy will
lapse when (1) the Account Value minus Outstanding is insufficient to cover the
monthly deduction against the policy's Account Value on any monthly anniversary
day, and (2) the minimum payment required is not made during the grace period.
Moreover, the policy may enter the grace period more quickly when Outstanding
Debt exists, because the Outstanding Debt is not available to cover the monthly
deduction. In addition, the guarantee period under the Guaranteed Death Benefit
Rider may end if Outstanding Debt exceeds the Account Value of the policy.
Additional payments or repayments of a part of Outstanding Debt may be required
to keep the Policy or Rider in effect. See "Grace Period and Lapse," page 42.

A loan will not be treated as a distribution from your policy and will not
result in taxable income to you unless your policy is a modified endowment
contract. If your policy is a modified endowment contract, a loan will be
treated as a distribution that may give rise to taxable income. If your policy
lapses with an outstanding loan balance there could be adverse federal income
tax consequences depending on the particular facts and circumstances. For
example, if (1) your policy lapses with an outstanding loan balance, and (2) it
does not lapse under a non-forfeiture option, you can have ordinary income to
the extent the outstanding loan exceeds your investment in the policy (i.e.
generally premiums paid less prior non-taxable distributions). For more
information on the tax treatment of loans, see "Federal Income Tax
Considerations," page 51.

FULL SURRENDER

A policy owner may fully surrender a policy at any time during the life of
the insured. The amount received for a full surrender is the policy's Account
Value plus (1) any applicable refund of sales charge, reduced by (2) any
Outstanding Debt. For purposes of calculating the Account Value, the net asset
value of shares of the portfolios of the applicable subaccounts will be
determined on (1) the Valuation Date that we receive your request at our
administrative office, or (2) on the next Valuation Date if that day is not a
Valuation Date.

A policy owner may surrender a policy by sending a written request together
with the policy to the Company's administrative office. The proceeds will be
determined as of the end of the valuation period during which the request for
surrender is received. A policy owner may elect to (1) have the proceeds paid in
cash, or (2) apply the proceeds under a payment plan offered under the policy.
See "Payment Plan Settlement Provisions," page 62. For information on the tax
effects of surrender of a policy, see "Federal Income Tax Consideration," page
51.

PARTIAL SURRENDER

With a partial surrender, the policy owner obtains a part of the Account
Value of the policy without having to surrender the policy in full. The policy
owner may request a partial surrender after the first policy anniversary. The
partial surrender and the corresponding calculation of net asset value will take
effect on (1) the Valuation Date that we receive your request at out
administrative office, or (2) on the next Valuation Date if that day is not a
Valuation Date. There is currently no limit on the number of partial surrenders
allowed in a policy year but the Company reserves the right to limit the number
of partial surrenders to 12 per year.

A partial surrender must be for at least $500 (plus the applicable fee). In
addition, the policy's Account Value less Outstanding Debt must be at least $500
after the partial surrender. In addition, the partial surrender must not reduce
the Target Death Benefit or Specified Amount below the minimum we require to
issue the policy.

41
<PAGE> 52

The policy owner may make a partial surrender by submitting a proper
written request to the Company's administrative office. As of the effective date
of any partial surrender, the policy owner's Account Value and Surrender Value
are reduced by the amount surrendered (plus the applicable fee). The amount of
the partial surrender (plus the applicable fee) will be deducted proportionately
from the policy owner's Account Value in the subaccounts and the Guaranteed
Interest Account.

When a partial surrender is made and you selected death benefit Option 1,
the Target Death Benefit and the Base Death Benefit of your policy is generally
decreased by the amount of the partial surrender (plus its fee). The Specified
Amount under the policy is decreased by the lesser of:

(1) the amount of the partial surrender, or

(2) if the Base Death Benefit prior to the partial surrender is greater
than the Specified Amount, the amount, if any, that the Specified
Amount exceeds the difference between the Base Death Benefit less the
amount of the partial surrender.

The Target Death Benefit under the policy is reduced by the lesser of:

(1) the amount of the partial surrender, or

(2) if the Base Death Benefit prior to the partial surrender is greater
than the Target Death Benefit, the amount, if any, that the Target
Death Benefit exceeds the difference between the Base Death Benefit and
the amount of the partial surrender.

When a partial surrender is made and you selected death benefit Option 2,
the Target Death Benefit is generally decreased by the amount of the partial
surrender (plus the amount of the partial surrender fee). The partial surrender
will not change the Specified Amount of the policy. However, assuming that the
Base Death Benefit under Option 2 is not equal to the Cash Value times the
applicable death benefit percentage, the partial surrender will reduce the Base
Death Benefit by the amount of the partial surrender. If the Option 2 death
benefit is based upon the Cash Value times the death benefit percentage, a
partial surrender may cause the Base Death Benefit to decrease by an amount
greater than the amount of the partial surrender. The Target Death Benefit under
the policy is reduced by the lesser of:

(1) the amount of the partial surrender, or

There is a fee for each partial surrender of the lesser of $25 or 2% of the
partial surrender amount. See "Charges and Deductions -- Transaction and Other
Charges," page 48.

For information on the tax treatment of partial surrenders, see "Federal
Income Tax Considerations," page 51.

GRACE PERIOD AND LAPSE

Your policy will lapse only when:

(1) The Account Value less Outstanding Debt is insufficient to cover the
current monthly deduction against the policy's Account Value on any
monthly anniversary day, and

(2) A 61-day Grace Period expires without the policy owner making a
sufficient payment.

If Guaranteed Death Benefit Rider Is Not in Effect

To avoid lapse if (1) an insufficiency occurs, and (2) a Guaranteed Death
Benefit Rider is not in effect, the policy owner must pay the required amount
during the grace period. When an insufficiency occurs, you may also be required
to pay any unpaid, loan interest accrued for the policy year. The interest
amount will also have to be paid prior to the end of the grace period.

42
<PAGE> 53

We will reject any payment if is means your total premium payments will
exceed the maximum permissible premium for your policy's Specified Amount under
the Internal Revenue Code. This may happen when the policy owner has Outstanding
Debt. In this event, the policy owner could repay enough of the Outstanding Debt
to avoid termination. The policy owner may also wish to repay an additional part
of the Outstanding Debt to avoid recurrence of the potential lapse. If premium
payments have not exceeded the maximum permissible premiums, the policy owner
may wish to make larger or more frequent premium payments to avoid recurrence of
the potential lapse.

If the Account Value less Outstanding Debt will not cover the entire
monthly deduction on a monthly anniversary day, we will deduct the amount that
is available. We will notify the policy owner (and any assignee of record) of
the payment required to keep your policy in effect. You will then have a grace
period of 61 days, from the date the notice was sent, to make the payment. The
payment required is:

(1) the amount of the monthly deduction not paid, plus

(2) not less than two succeeding monthly deductions (or the number of
monthly deductions remaining until the next scheduled premium due date,
if more than two), grossed up by

(3) the amount of the deductions from premiums.

(See "Charges and Deductions -- Deductions from Premiums," page 45). The policy
will remain in effect through the grace period. If the owner fails to make the
required payment within the grace period, the coverage under the policy will end
and your policy will lapse. Required premium payments made during the grace
period will be allocated among the subaccounts and the Guaranteed Interest
Account. The allocation is made in according to your current scheduled premium
payment allocation instructions. Any monthly deduction due will be charged
proportionately to the subaccounts and the Guaranteed Interest Account. If the
insured dies during the grace period, the death benefit proceeds will equal:

(1) The amount of the death benefit immediately prior to the start of the
grace period, reduced by

(2) Any unpaid monthly deductions and any Outstanding Debt. (For policies
offered to residents of, or issued for delivery in, the State of New
Jersey, the unpaid monthly deductions cannot exceed the minimum premium
for the following month.)

If Guaranteed Death Benefit Rider Is in Effect

The Specified Amount of your policy will not lapse during the guarantee
period even if the Account Value less Outstanding Debt is not enough to cover
all the deductions from the Account Value on any monthly anniversary day if:

(1) A Guaranteed Death Benefit Rider is in effect, and

(2) The test for continuation of the guarantee period has been met.

See "Guaranteed Death Benefit Rider," page 34.

While the Guaranteed Death Benefit Rider is in effect, the Account Value of
the policy may be reduced by monthly deductions but not below zero. During the
guarantee period, we will waive any monthly deduction that will reduce the
Account Value below zero. If the Guaranteed Death Benefit Rider is ended, the
normal test for lapse will resume.

Reinstatement

We will reinstate a lapsed policy at any time:

(1) Before the maturity date, and

(2) Within five years after the monthly anniversary day which precedes the
start of the grace period.

43
<PAGE> 54

To reinstate a lapsed policy we must also receive:

(1) A written application from you

(2) Evidence of insurability satisfactory to us

(3) Payment of all monthly deductions that were due and unpaid during the
grace period

(4) Payment of an amount at least sufficient to keep your policy in effect
for three months after the reinstatement date

(5) Payment of due and unpaid interest on Outstanding Debt to the next
succeeding policy anniversary day, and

(6) Payment of the reinstatement fee.

When your policy is reinstated, the Account Value will be equal to the
Account Value on the date of the lapse subject to the following:

(1) Any Outstanding Debt on the date of lapse must be paid or reinstated.

(2) No interest on amounts held in our loan account to secure Outstanding
Debt will be paid or credited between lapse and reinstatement.

Reinstatement will be effective as of the monthly anniversary day on or
proceeding the date of approval by us. At that time, the Account Value minus, if
applicable, Outstanding Debt will be allocated among the subaccounts and the
Guaranteed Interest Account pursuant to your most recent scheduled premium
payment allocation instructions.

We charge a fee of $150 to process a reinstatement.

CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------
DEDUCTIONS FROM PREMIUMS

- -----------------------------------------------------------------------------------------------
Sales Charge -- Deducted from premium up to First 10 policy years -- 9%
the Target Premium After 10th policy year -- 0%
Ten policy years after an increase in
Specified Amount -- 9%
- -----------------------------------------------------------------------------------------------
Tax Charge State and local -- 0%-4% Federal -- 1.25%
- -----------------------------------------------------------------------------------------------
</TABLE>

DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Mortality & Expense Risk Charge First 10 policy years -- .60% of
Annual Rate subaccount value.
After the 10th policy year -- .45% of
subaccount value.
- ----------------------------------------------------------------------------------------------
</TABLE>

44
<PAGE> 55

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

DEDUCTIONS FROM ACCOUNT VALUE
- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
- ----------------------------------------------------------------------------------------------
Administrative Charge (all $7.50
policies) -- Monthly
Medical Underwriting Charge (applicable $5.00
policies) -- Monthly
Guaranteed Issue Underwriting Charge $3.00
(applicable policies) -- Monthly
- ----------------------------------------------------------------------------------------------
Guaranteed Death Benefit Charge $0.01 per $1,000 of policy Specified
Monthly Charge for Death Benefit Rider (not Amount. Please note that the Rider requires
available in all states) that premiums on the policy itself be paid
in order to remain in effect.
- ----------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge -- As applicable.
Monthly Deduction for any other optional
insurance Benefits added by rider.
- ----------------------------------------------------------------------------------------------
Transaction and Other Charges
-- Partial Surrender Fee Lesser of $25 or 2% of the partial
surrender amount
-- Transfer of Account Value (transfers $50
exceeding 12 in any policy year)
-- Premium allocation changes (over two in $25
any policy year
-- Reinstatement Fee $150
- ----------------------------------------------------------------------------------------------
</TABLE>

The following provides additional details of the deductions from premium
payments under a policy prior to allocating net premium payments to the
subaccounts of the MONY America Variable Account L or to the Guaranteed Interest
Account and of th deductions from MONY America Variable Account L and from the
policy's Account Value.

DEDUCTIONS FROM PREMIUMS

Deductions for sales charge and tax charges are made from each premium
payment up to the Target Premium prior to applying the net premium payment to
the Account Value.

Sales Charge -- During the first ten policy years and during the
ten policy years following an increase in Specified
Amount -- 9%
After the tenth policy year -- 0%

The Target Premium is an amount equal to the maximum amount of premium which may
be paid for a death benefit Option 1 policy without violating the limits imposed
by the Federal income tax law definition of a modified endowment contract. See
"Modified Endowment Contracts," page 53. The Target Premium is not based on
scheduled premium. The Target Premium for the policy and Specified Amount
coverage segments added since the policy date will be stated in the policy.

The sales charge compensates us for the cost of distributing the policies.
This charge is not expected to be enough to cover sales and distribution
expenses for the policies. To the extent that sales and distribution expenses
exceed sales charges, amounts derived from surrender charges will be used.
Expenses in excess of the sales and surrender charges may be recovered from
other charges, including amount indirectly derived from the charge for mortality
and expense risks and mortality gains.

45
<PAGE> 56

A portion of the sales charges previously deducted from premium payments
may be refunded if:

(1) the policy is surrendered in the first three policy years, and

(2) the policy is not in default.

<TABLE>
<CAPTION>
YEAR OF SURRENDER AMOUNT OF REFUND
- ----------------- ----------------
<S> <C>
First policy year.................... Sum of all sales charge deductions in that year
Second policy year................... 66.67% of sales charge deductions in the first policy year
Third policy year.................... 33.33% of sales charge deductions in the first policy year
</TABLE>

No refund will be paid if the policy is in default.

Tax Charges -- State and local premium tax -- currently 0%-4%
Federal tax for deferred acquisition costs of the
Company -- 1.25%

All states levy taxes on life insurance premium payments. These taxes vary
from state to state and may vary from jurisdiction to jurisdiction within a
state. Currently, these taxes range from 0% to 4%. We deduct an amount equal to
the actual premium, tax imposed by the applicable jurisdiction. The charge is
used to pay the premium taxes and we do not expect to profit from this charge.

The 1.25% current charge against each premium covers our estimated cost for
the Federal income tax treatment of deferred acquisition costs. This is
determined solely by the amount of life insurance premiums received. We believe
this charge is reasonable in relation to our increased federal tax burden under
IRC Section 848 resulting from the receipt of premium payments. No charge will
be deducted where premiums received from you are not subject to this tax.

We reserve the right to increase or decrease the charge for taxes due to
any change in tax law or due to any change in the cost to us. In addition, if an
insured changes his or her place of residence, we should be notified of the
change. Any change in the tax rate will be effective on the next policy
anniversary.

DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L

A charge is deducted daily from each subaccount of MONY America Variable
Account L for the mortality and expense risks assumed by the Company.

Mortality and Expense Risk
Charge -- First 10 policy years -- .05% per month of
subaccount value which is equivalent to an annual
rate of .60% of subaccount value.

After the 10th policy year -- Charge expected to be
reduced to an amount equal to .025% per month of
subaccount value equivalent to .30% annually. A
reduction to an annual rate of .45% of subaccount
value is guaranteed.

This charge compensates us for assuming mortality and expense risks under
the policies. The mortality risk assumed is that insureds, as a group, may live
for a shorter period of time than estimated. Therefore, the cost of insurance
charges specified in the policy will not be enough to meet our actual claims. We
assume an expense risk that other expenses incurred in issuing and administering
the policies and operating MONY America Variable Account L will be greater than
the amount estimated when setting the charges for these expenses. We will
realize a profit from this fee to the extent it is not needed to provide
benefits and pay expenses under the policies. We may use this profit for other
purposes. These purposes may include any distribution expenses not covered by
the sales charge or surrender charge.

This charge is not assessed against the amount of the policy Account Value
that is allocated to the Guaranteed Interest Account, nor to amounts in the loan
account.

46
<PAGE> 57

DEDUCTIONS FROM ACCOUNT VALUE

A charge called the Monthly Deduction is deducted from the Account Value on
each monthly anniversary day. The Monthly Deduction consists of the following
items:

Cost of Insurance -- This charge compensates us for the anticipated cost
of paying death benefits in excess of Account Value
to insureds' beneficiaries. The amount of the
charge is equal to a current cost of insurance rate
multiplied by the net amount at risk under the
policy at the beginning of each policy month. Here,
net amount at risk equals the death benefit payable
at the beginning of the policy month less the
Account Value at that time.

The policy contains guaranteed cost of insurance rates that may not be
increased. The guaranteed rates are based on the 1980 Commissioners Standard
Ordinary Smoker and Nonsmoker Mortality Tables. (For issue ages under 18, no
smoker/nonsmoker adjustment is made until attained age 15. Where unisex cost of
insurance rates apply, the 1980 Commissioners Ordinary Smoker and Nonsmoker
Mortality Table B applies.) These rates are based on the age and underwriting
class of the insured. They are also based on the gender of the insured, but
unisex rates are used where appropriate under applicable law. Unisex laws
including the States of Montana and Massachusetts and in policies purchased by
employers and employee organizations in connection with employment related
insurance or benefit programs. As of the date of this prospectus, we charge
"current rates" that are lower (i.e., less expensive) than the guaranteed rates.
We may change current rates in the future. Like the guaranteed rates, the
current rates also vary with the age, gender, smoking status, and underwriting
class of the insured. In addition, they also vary with the policy duration. The
cost of insurance rate generally increases with the age of the insured.

Lower cost of insurance rates are offered at most ages for insureds who:

(1) qualify for the standard underwriting class, and

(2) whose applications are fully underwritten (i.e., subject to
evidence of the insured's insurability).

Current insurance rates are generally higher if the policies are issued on
a guaranteed issue basis, where evidence of insurability is not required.
Policies issued to employers, trustees and similar entities are often issued on
a guaranteed issue basis. Only limited underwriting information is obtained when
underwriting on a guaranteed issue basis. Therefore, policies in this
underwriting class may present an additional mortality expense to us relative to
fully underwritten policies. The additional risk is generally reflected in
higher current insurance rates, which are nevertheless guaranteed not to exceed
the 1980 Commissioners' Standard Ordinary Mortality Tables.

We may offer insurance coverage up to $2.5 million on a guaranteed issue or
simplified issue basis under policies in a single case that meet our
requirements at the time of policy issue.

If there have been increases in the Specified Amount, then for purposes of
calculating the cost of insurance charge, the Account Value will first be
applied to the initial Specified Amount. If the Account Value exceeds the
initial Specified Amount, the excess will then be applied to any increase in
Specified Amount in the order of the increases. If the Base Death Benefit equals
the Surrender Value multiplied by the applicable death benefit percentage, any
increase in Account Value will cause an automatic increase in the Base Death
Benefit. The underwriting class and duration for such increase will be the same
as that used for the most recent increase in Specified Amount (that has not been
eliminated through a later decrease in Specified Amount.

Administrative Charge -- $7.50 per month (all policies)

Medical Underwriting
Charge -- $5.00 per month (applicable policies)

Guaranteed Issue Charge -- $3.00 per month (applicable policies)

47
<PAGE> 58

The administrative charge, medical underwriting charge and guaranteed issue
charge reimburses us for expenses associated with administration and maintenance
of the policies. The charge is guaranteed never to exceed $7.50. We do not
expect to profit from these charges.

Guaranteed Death Benefit
Charge -- If you elect the Guaranteed Death Benefit Rider,
you will be charged $0.01 per $1,000 of policy
Specified Amount per month during the term of the
Guaranteed Death Benefit Rider. This charge is
guaranteed never to exceed this amount.

Optional Insurance Benefits
Charge -- A monthly deduction for any other optional
insurance benefits added to the policy by rider.

Transaction and Other
Charges -- Partial Surrender Fee -- lesser of $25 or 2% of the
partial surrender amount

Transfer of Account Value -- $50 for more than 12
transfers between subaccounts in any policy year

Premium allocation changes -- $25 for more than 2
in any policy year

Reinstatement fee -- $150

The charges for the partial surrender fee, transfer of account value,
premium allocation changes and reinstatement are guaranteed not to exceed the
amounts stated above.

We may charge the subaccounts for federal income taxes that are incurred by
us and are attributable to MONY America Variable Account L and its subaccounts.
No such charge is currently assessed. See "Charge for Company Income Taxes,"
page 55.

We will bear the direct operating expenses of MONY America Variable Account
L. The subaccounts purchase shares of the corresponding portfolio of the
underlying Fund. The Fund's expenses are not fixed or specified under the terms
of the policy.

FEES AND EXPENSES OF THE FUNDS

The Fund and each of its portfolios incur certain charges including the
investment advisory fee and certain operating expenses. These fees and expenses
vary by portfolio and are set forth below. Their Boards govern the Funds. The
advisory fees are summarized at pages 19-23. Fees and expenses of the Funds are
described in more detail in the Funds' prospectuses.

48
<PAGE> 59

Information contained in the following table was provided by the respective
Funds and has not been independently verified by us.

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

<TABLE>
<S> <C> <C> <C> <C>
ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------------------------
OTHER EXPENSES
(AFTER
FUND/PORTFOLIO MANAGEMENT FEES REIMBURSEMENT) TOTAL EXPENSES
- --------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
- --------------------------------------------------------------------------------------------------
Intermediate Term Bond
Portfolio .50% .11%(1) .61%
- --------------------------------------------------------------------------------------------------
Long Term Bond Portfolio .50% .07%(1) .57%
- --------------------------------------------------------------------------------------------------
Government Securities Portfolio .50% .13%(1) .63%
- --------------------------------------------------------------------------------------------------
Money Market Portfolio .40% .05%(1) .45%
- --------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
- --------------------------------------------------------------------------------------------------
Equity Portfolio .78% .05%(2) .83%
- --------------------------------------------------------------------------------------------------
Small Company Value Portfolio .80% .05%(2) .85%
- --------------------------------------------------------------------------------------------------
Managed Portfolio .72% .04%(2) .76%
- --------------------------------------------------------------------------------------------------
International Growth Portfolio .85% .37%(2) 1.22%
- --------------------------------------------------------------------------------------------------
High Yield Bond Portfolio .60% .12%(2) .72%
- --------------------------------------------------------------------------------------------------
Small Company Growth Portfolio 1.00% .40%(3) 1.40%(4)
- --------------------------------------------------------------------------------------------------
Growth Portfolio 0.75% .40%(3) 1.15%(4)
- --------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY SERIES,
INC.
- --------------------------------------------------------------------------------------------------
Equity Income Portfolio .85% .00% .85%
- --------------------------------------------------------------------------------------------------
New America Growth Portfolio .85% .00% .85%
- --------------------------------------------------------------------------------------------------
Personal Strategy Balanced
Portfolio .90% .00% .90%
- --------------------------------------------------------------------------------------------------
T. ROWE PRICE FIXED INCOME
SERIES, INC.
- --------------------------------------------------------------------------------------------------
Limited Term Bond Portfolio .70% .00% .70%
- --------------------------------------------------------------------------------------------------
Prime Reserve Portfolio .55% .00% .55%
- --------------------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL
SERIES, INC.
- --------------------------------------------------------------------------------------------------
International Stock Portfolio 1.05% .00% 1.05%
- --------------------------------------------------------------------------------------------------
</TABLE>

49
<PAGE> 60
<TABLE>
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE
TRUST
- --------------------------------------------------------------------------------------------------
Worldwide Bond Fund 1.00% .15% 1.15%
- --------------------------------------------------------------------------------------------------
Worldwide Hard Assets Fund 1.00% .16% 1.16%
- --------------------------------------------------------------------------------------------------
Worldwide Emerging Markets Fund 1.00% .50% 1.50%
- --------------------------------------------------------------------------------------------------
DREYFUS VARIABLE INVESTMENT
FUND
- --------------------------------------------------------------------------------------------------
Capital Appreciation Portfolio .75% .05% .80%
- --------------------------------------------------------------------------------------------------
Small Company Stock Portfolio .75% .23% .98%
- --------------------------------------------------------------------------------------------------
Stock Index Fund 0.245% 0.015% 0.26%
- --------------------------------------------------------------------------------------------------
Socially Responsible Growth
Fund 0.75% 0.05% 0.80%(4)
- --------------------------------------------------------------------------------------------------
SALOMON BROTHERS VARIABLE
SERIES FUND, INC.
- --------------------------------------------------------------------------------------------------
Capital Fund 0.85% 0.15% 1.00%(4)
- --------------------------------------------------------------------------------------------------
Strategic Bond Fund 0.75% 0.25% 1.00%(4)
- --------------------------------------------------------------------------------------------------
Investors Fund 0.70% 0.30% 1.00%(4)
- --------------------------------------------------------------------------------------------------
MORGAN STANLEY UNIVERSAL FUNDS,
INC.
- --------------------------------------------------------------------------------------------------
Equity Growth Portfolio 0.55% 0.30% 0.85%(4)
- --------------------------------------------------------------------------------------------------
Value Portfolio 0.55% 0.30% 0.85%(4)
- --------------------------------------------------------------------------------------------------
Fixed Income Portfolio 0.40% 0.30% 0.70%(4)
- --------------------------------------------------------------------------------------------------
</TABLE>

1. Expenses also include custodial credit percentages as follows: Intermediate
Term Bond - .009%; Long Term Bond - .005%; Government Securities - .012%;
Money Market - .004%. Absent these custodial credits, expenses would have
been as follows: Intermediate Term Bond - .62%, Long Term Bond - .58%,
Government Securities - .64%, Money Market - .45%.

2. Reflects expense reimbursements in effect since May 1, 1996. Absent these
expense reimbursements, expenses would have been as follows: Equity - .83%;
Small Company Value - .85%; Managed - .76%; International Growth - 1.22%; and
High Yield Bond - .72%. The Equity, Small Company Value, and Managed
Portfolio reimbursements relate to mutual fund accounting expense.

3. These subaccounts have not yet commenced operations. The Small Company Growth
and Growth Portfolios commenced operations on December 1, 1998. Absent
expense reimbursements, expenses would have been as follows: Small Company
Growth - 60.67%; Growth - 25.33%. The Small Company Growth and Growth
Portfolio reimbursements relate to operating expenses.

4. Expenses are shown on a pro forma basis.

GUARANTEE OF CERTAIN CHARGES

We guarantee that certain charges will not increase. This includes:

(1) Mortality and expense risk charge.

(2) Administrative charge.

(3) Guaranteed Death Benefit charge.

(4) Sales charge.

50
<PAGE> 61

(5) Guaranteed cost of insurance rates.

(6) Certain transaction charges.

Any changes in the current cost of insurance charges related to the Base
Death Benefit or the monthly charge for the Term Insurance Rider will be made
based on the class of the insured. Changes will be based on changes in:

(1) Future expectations with respect to investment earnings,

(2) Mortality,

(3) Length of time policies will remain in effect,

(4) Expenses, and

(5) Taxes.

In no event will they exceed the guaranteed rates defined in the policy.

CORPORATE PURCHASERS -- REDUCTION OF CHARGES

The policy is available for purchase by individuals and by corporations and
other institutions. We may reduce the amount of sales charge, mortality and
expense risk charge, the cost of insurance charges, underwriting charge or issue
charge if:

(1) Corporate or other group or sponsored arrangements, purchase one
or more policies constituting a case, and

(2) The expenses associated with the sale of the policy or policies or
the underwriting or other administrative costs associated with the policy
or policies are reduced.

Sales, underwriting or other administrative expenses may be reduced for
reasons such as expected economies resulting from a corporate purchase or a
group or sponsored arrangement. In addition, we may reduce the minimum Specified
Amount, Target Death Benefit, or Minimum Annual Premium for policies
representing the case. Any reduction will be:

(1) Reasonable

(2) Apply uniformly to all prospective policy purchasers in the class,
and

(3) Not be unfairly discriminatory to the interests of any policy
owner.

OTHER INFORMATION

FEDERAL INCOME TAX CONSIDERATIONS

The following provides a general description of the federal income tax
considerations relating to the policy. This discussion is based upon our
understanding of the present federal income tax laws as the Internal Revenue
Service ("IRS") currently interprets them. This discussion is not intended as
tax advice. Tax laws are very complex and tax results will vary according to
your individual circumstances. A person considering the purchase of the policy
may need tax advice. It should be understood that these comments on federal
income tax consequences are not an exhaustive discussion of all tax questions
that might arise under the policy. Special rules that are not discussed here may
apply in certain situations. We make no representation as to the likelihood of
continuation of federal income tax or estate or gift tax laws or of the current
interpretations of the IRS or the courts. Future legislation may adversely
affect the tax treatment of life insurance policies or other tax rules that we
describe here or that relate directly or indirectly to life insurance policies.
Our comments do not take into account any state or local income tax
considerations that may be involved in the purchase of the policy.

51
<PAGE> 62

Definition of Life Insurance

Under section 7702 of the Internal Revenue Code (the "Code"), a policy will
be treated as a life insurance policy for federal tax purposes if one of two
alternate tests are met. These tests are:

(1) "Cash Value Accumulation Test"

(2) "Guideline Premium/Cash Value Corridor Test"

When you apply for a policy you will irrevocably choose which of these two tests
will be applied to your policy.

If your policy is tested under the Guideline Premium/Cash Value Corridor
Test. This test provides for, among other things:

(1) A maximum allowable premium per thousand dollars of death benefit,
known as the "guideline annual premium," and

(2) A minimum ongoing "corridor" of death benefit in relation to the
Account Value of the policy, known as the "death benefit percentage."

See Appendix A, for a table of the Guideline Premium/Cash Value Corridor Test
factors. If your policy is tested under the Cash Value Accumulation Test, a
table of factors will be shown in your policy.

We believe that the policy meets this statutory definition of life
insurance and hence will receive federal income tax treatment consistent with
that of fixed life insurance. Thus, the death benefit should be excludable from
the gross income of the beneficiary (whether the beneficiary is a corporation,
individual or other entity) under Section 101 (a) (1) of the Code for purposes
of the regular federal income tax. You generally should not be considered to be
in constructive receipt of the cash values under the policy until a full
surrender, maturity of the policy, or a partial surrender. In addition, certain
policy loans may be taxable in the case of policies that are modified endowment
contracts. Prospective policy owners that intend to use policies to fund
deferred compensation arrangements for their employees are urged to consult
their tax advisors with respect to the tax consequences of such arrangements.
Prospective corporate owners should consult their tax advisors about the
treatment of life insurance in their particular circumstances for purposes of
the alternative minimum tax applicable to corporations.

Diversification Requirements

To comply with regulations under Section 8179h) of the Code, each portfolio
is required to diversify its investments. Generally, on the last day of each
quarter of a calendar year,

(1) No more than 55% of the value of the portfolio's assets can be
represented by any one investment,

(2) No more than 70% can be represented by any two investments,

(3) No more than 80% can be represented by any three investments, and

(4) No more than 90% can be represented by any four investments.

Securities of a single issuer generally are treated for purposes of Section
817(h) as a single investment. However, for this purpose, each U.S. Government
agency or instrumentality is treated as a separate issuer. Any security issued,
guaranteed, or insured (to the extent guaranteed and insured) by the U.S. or by
an agency or instrumentality of the U.S. is treated as a security issued by the
U.S. Government or its agency or instrumentality, as applicable.

Currently, for federal income tax purposes, the portfolio shares underlying
the policies are owned by the Company and not by you or any beneficiary.
However, no representation is or can be made regarding the likelihood of the
continuation of current interpretations by the IRS.

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Tax Treatment of Policies

The Technical and Miscellaneous Revenue Act of 1988 established a new class
of life insurance contracts referred to as modified endowment contracts. A life
insurance contract becomes a "modified endowment contract" if, at any time
during the first seven contract years, the sum of actual premiums paid exceeds
the sum of the "seven-pay premium." Generally, the "seven-pay premium" is the
level annual premium, which if paid for each of the first seven years, will
fully pay for all future death and endowment benefits under a contract.

Example: "Seven-pay premium" = $1,000
Maximum premium to avoid "modified endowment" treatment =
First year -- $1,000
Through first two years -- $2,000
Through first three years -- $3,000 etc.

Under this test, a policy may or may not be a modified endowment contract. The
outcome depends on the amount of premiums paid during each of the policy's first
seven contract years. Changes in benefits may require testing to determine if
the policy is to be classified as a modified endowment contract. A modified
endowment contract is treated differently for tax purposes then a conventional
life insurance contract.

Conventional Life Insurance Policies

If a policy is not a modified endowment contract distributions are treated
as follows. Upon a full surrender or maturity of a policy for its Cash Value,
the excess if any, of the Cash Value plus Outstanding Debt divided by cost basis
under a policy will be treated as ordinary income for federal income tax
purposes. A policy's cost basis will usually equal the premiums paid less any
premiums previously recovered through partial surrenders. Under Section 7702 of
the Code, special rules apply to determine whether part or all the cash received
through partial surrenders in the first 15 policy years is paid out of the
income of the policy and therefore subject to income tax. Cash distributed to a
policy owner on partial surrenders occurring more than 15 years after the policy
date will be taxable as ordinary income to the policy owner to the extent that
it exceeds the cost basis under a policy.

We believe that loans received under policies that are not modified
endowment contracts will be treated as indebtedness of the owner. Thus, no part
of any loan under the policy will constitute income to the owner unless the
policy is surrendered or upon maturity of the policy. Interest paid (or accrued
by an accrual basis taxpayer) on a loan under a policy that is not a modified
endowment contract may be deductible. Deductibility will be subject to several
limitations, depending upon (1) the use to which the proceeds are put and (2)
the tax rules applicable to the policy owner. If, for example, an individual for
business or investment purposes uses the loan proceeds, all or part of the
interest expense may be deductible. Generally, if an individual uses the policy
loan for personal purposes, the interest expense is not deductible. The
deductibility of loan interest (whether incurred under a policy loan or other
indebtedness) also may be subject to other limitations.

For example, the interest may be deductible to the extent that the interest
is attributable to the first $50,000 of the Outstanding Debt where:

- The interest is paid (or accrued by an accrual basis taxpayer) on a loan
under a policy, and

- The policy covers the life of an officer, employee, or person financially
interested in the trade or business of the policy owners.

Other tax law provisions may limit the deduction of interest payable on loan
proceeds that are used to purchase or carry certain life insurance policies.

Modified Endowment Contracts

Pre-death distributions from modified endowment contracts may result in
taxable income. Upon full surrender or maturity of the policy, the policy owner
would recognize ordinary income for federal income
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tax purposes. Ordinary income will equal the amount by which the Cash Value plus
Outstanding Debt exceeds the investment in the policy. (The investment in the
policy is usually the premiums paid plus certain pre-death distributions that
were taxable less any premiums previously recovered that were excludable from
gross income.) Upon partial surrenders and policy loans the policy owner would
recognize ordinary income to the extent allocable to income (which includes all
previously non-taxed gains) on the policy. The amount allocated to income is the
amount by which the Account Value of the policy exceeds investment in the policy
immediately before distribution. The tax law provides for aggregation of two or
more policies classified as modified endowment contracts if:

(1) The policies are purchased from any one insurance company
(including the Company), and

(2) The purchases take place during a calendar year.

The policies are aggregated for the purpose of determining the part of the
pre-death distributions allocable to income on the policies and the part
allocable to investment in the policies.

Amounts received under a modified endowment contract that are included in
gross income are subject to an additional tax. This additional tax is equal to
10% of the amount included in gross income, unless an exception applies. The 10%
additional tax does not apply to any amount received:

(1) When the taxpayer is at least 59 1/2 years old;

(2) Which is attributable to the taxpayer becoming disabled; or

(3) Which is part of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life expectancy)
of the taxpayer or the joint lives (or joint life expectancies) of the
taxpayer and his or her beneficiary.

A contract may not be a modified endowment contract originally but may
become one later. Treasury Department regulations, yet to be prescribed, cover
pre-death distributions received in anticipation of the policy's failure to meet
the seven-pay premium test. These distributions are to be treated as pre-death
distributions from a modified endowment contract (and, therefore, are to be
taxed as described above). This treatment is applied even though the policy was
not yet a modified endowment contract. The Code defines a distribution in
anticipation of failing the test as one made within two years of the policy
being classified as a modified endowment contract.

It is unclear whether interest paid (or accrued by an accrual basis
taxpayer) on Outstanding Debt with respect to a modified endowment contract
constitutes interest for federal income tax purposes. If it does constitute
interest, its deductibility will be subject to the same limitations as
conventional life insurance contracts (see "Conventional Life Insurance
Policies," page 53.)

Reasonableness Requirement for Charges

The tax law also deals with allowable mortality costs and other expenses
used in the calculations to determine whether a contract qualifies as life
insurance for income tax purposes. For policies entered into on or after October
21, 1988, the calculations must be based upon, (1) reasonable mortality charges,
and (2) other charges reasonably expected to be paid. The Treasury Department is
expected to declare regulations governing reasonableness standards for mortality
charges. We believe our mortality costs and other expenses used in these
calculations meet the current requirements. It is possible that future
regulations will contain standards that would require us to modify our mortality
charges for these calculations. We reserve the right to make modifications to
retain the policy's qualification as life insurance for federal income tax
purposes.

Pension and Profit Sharing Plans

Policies purchased by a fund, which is part of a pension or profit sharing
plan (under Sections 401(a) or 403 of the Code), will be treated differently
from that described above. For participants in these plans, the current cost of
insurance for the net amount at risk is treated as a "current fringe benefit."
The current

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cost of insurance must be included annually in the plan participant's gross
income. This cost (referred to as the "P.S. 58" cost) is reported to the
participant annually. The excess of the death benefit over the policy Account
Value will not be subject to federal income tax if:

(1) The plan participant dies while covered by the plan, and

(2) The policy proceeds are paid to the participant's beneficiary.

However, the policy Account Value will generally be taxable to the extent it
exceeds the sum of (1) $5,000 plus (2) the participant's cost basis in the
policy. The participant's cost basis will generally include the costs of
insurance previously reported as income to the participant. Special rules may
apply if the participant has borrowed from his or her policy or was an
owner-employee under the plan.

There are limits on the amounts of life insurance that may be purchased on
behalf of a participant in a pension or profit sharing plan. Complex rules, in
addition to those discussed above, apply whenever life insurance is purchased by
a tax-qualified plan.

Other Employee Benefit Programs

Complex rules may apply when a policy is held by an employer or a trust, or
acquired by an employee, to provide for employee benefits. These policy owners
also must consider whether the policy was applied for by or issued to a person
having an insurable interest under applicable state law. The lack of insurable
interest may, among other things, affect the qualification of the policy as life
insurance for federal income tax purposes. It may also affect the right of the
beneficiary to death benefits. Employers and employer-created trusts may be
subject to reporting, disclosure, and fiduciary obligations under the Employee
Retirement Income Security Act of 1974 (ERISA). The policy owner's legal advisor
should be consulted to address these issues.

Other

Federal estate and gift and state and local estate, inheritance, and other
tax consequences of ownership or receipt of policy proceeds depend on the
jurisdiction and the circumstances of each owner or beneficiary.

For complete information on federal, state, local and other tax
considerations, a qualified tax advisor should be consulted.

THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING
THE TAX STATUS OF ANY POLICY

CHARGE FOR COMPANY INCOME TAXES

For federal income tax purposes, variable life insurance generally is
treated in a manner consistent with fixed life insurance. The Company will
review the question of a charge to the Variable Account for the Company's
federal income taxes periodically. A charge may be made for any federal income
taxes incurred by the Company that are attributable to the Variable Account.
This might become necessary if:

(1) The tax treatment of the Company is ultimately determined to be
other than what the Company currently believes it to be,

(2) There are changes made in the federal income tax treatment of
variable life insurance at the insurance company level, or

(3) There is a change in the Company's tax status.

Under current laws, the Company may incur state and local taxes (in
addition to premium taxes imposed by the states) in several states. At present,
these taxes are not significant. If there is a material

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change in applicable state or local tax laws or in the cost to the Company, the
Company reserves the right to charge the Account for any such taxes attributable
to the Account.

VOTING OF FUND SHARES

Based on its view of present applicable law, the Company will exercise
voting rights attributable to the shares of each portfolio of the Funds held in
the subaccounts. We will exercise such rights at any regular and special
meetings of the shareholders of the Funds on matters requiring shareholder
voting under the Investment Company Act of 1940. Our will exercise of these
voting rights will be based on instructions received from persons having the
voting interest in corresponding subaccounts of MONY America Variable Account L.
We may elect to vote the shares of the Funds in our own right if:

(1) The Investment Company Act of 1940 or any regulations thereunder
is amended, or

(2) The present interpretation of the Act should change, and

(3) As a result we determine that it is permitted to vote the shares
of the Funds in our own right.

The person having the voting interest under a policy is the policy owner.
Unless otherwise required by applicable law, a policy owner will have the right
to instruct for the number of votes of any portfolio determined by dividing his
or her Account Value in the subaccount that corresponds to the portfolio by
$100. Fractional votes will be counted. The number policy owner votes will be
determined as of the date set by the Company. However, such date will not be
more than 90 days prior to the date established by the corresponding Fund for
determining shareholders eligible to vote at that Fund's meeting. If required by
the Securities and Exchange Commission, the Company reserves the right to
determine the voting rights in a different fashion. Voting instructions may be
cast in person or by proxy.

If the Company does not receive voting instructions from the policy owner
on time, the Company will vote his or her votes. The Company will vote in the
same proportion as voting instructions received on time for all policies
participating in that subaccount. The Company will also exercise the voting
rights from assets in each subaccount, which are not otherwise attributable to
policy owners. These votes will be exercised in the same proportion as the
voting instructions that are received on time for all policies participating in
that subaccount. Generally, the Company will vote any voting rights attributable
to shares of portfolios of the Funds held in its General Account. These votes
will be exercised in the same proportion as the aggregate votes cast with
respect to shares of portfolios of the Funds held by MONY America Variable
Account L and other separate accounts of the Company.

DISREGARD OF VOTING INSTRUCTIONS

The Company may disregard voting instructions when required by state
insurance regulatory authorities, if, (1) the instructions require that voting
rights be exercised so as to cause a change in the subclassification or
investment objective of a Portfolio, or (2) to approve or disapprove an
investment advisory contract. In addition, the Company itself may disregard
voting instructions of changes initiated by policy owners in the investment
policy or the investment adviser (or portfolio manager) of a portfolio. The
Company's disapproval of such change must be reasonable and must be based on a
good faith determination that the change would be contrary to state law or
otherwise inappropriate, considering the portfolio's objectives and purpose, and
considering the effect the change would have on the Company. If Company does
disregard voting instructions; a summary of that action and the reasons for such
action will be included in the next report to policy owners.

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REPORT TO POLICY OWNERS

A statement will be sent at least annually to each policy owner setting
forth:

(1) A summary of the transactions which occurred since the last
statement, and

(2) Indicating the death benefit, Specified Amount, Account Value,
Cash Value, and any Outstanding Debt.

In addition, the statement will indicate the allocation of Account Value among
the Guaranteed Interest Account, the Loan Account and the subaccounts, and any
other information required by law. Confirmations will be sent out upon premium
payments, transfers, loans, loan repayments, withdrawals, and surrenders.

Each policy owner will also receive an annual and a semiannual report
containing financial statements for MONY America Variable Account L and the
Funds. The Funds' statement will include a list of the portfolio securities of
the Funds, as required by the Investment Company Act of 1940, and/or such other
reports as may be required by federal securities laws.

SUBSTITUTION OF INVESTMENTS AND RIGHT TO CHANGE OPERATIONS

The Company reserves the right, subject to compliance with the law as then
in effect, to make additions to, deletions from, or substitutions for the
securities that are held by or may be purchased by MONY America Variable Account
L or any of its other separate accounts. The Company may substitute shares of
another portfolio of the Funds or of a different fund for shares already
purchased, or to be purchased in the future under the policies if:

(1) Shares of any or all of the portfolios of the Funds should no
longer be available for investment or,

(2) In the judgment of the Company's management, further investment in
shares of any or all portfolios of the Funds should become inappropriate in
view of the purposes of the policies.

Where required, the Company will not substitute any shares attributable to
a policy owner's interest in MONY America Variable Account L without notice,
policy owner approval, or prior approval of the Securities and Exchange
Commission. The Company will also follow the filing or other procedures
established by applicable state insurance regulators. Applicable state insurance
regulators include the Commissioner of Insurance of the State of Arizona.

The Company also reserves the right to establish additional subaccounts of
MONY America Variable Account L. Each additional subaccount would invest in (1)
a new portfolio of the Funds, or (2) in shares of another investment company, a
portfolio thereof, or (3) another suitable investment vehicle, with a specified
investment objective. New subaccounts may be established when, in the sole
discretion of the Company, marketing needs or investment conditions warrant, and
any new Subaccounts will be made available to existing Policy Owners on a basis
to be determined by the Company. The Company may also eliminate one or more
subaccounts if, in its sole discretion, marketing, tax, or investment conditions
so warrant.

If a substitution or change is made, the Company may make changes in this
and other policies as may be necessary or appropriate to reflect such
substitution or change. If the Company considers it to be in the best interests
of persons having voting rights under the policies, MONY America Variable
Account L may:

(1) Be operated as a management investment company under the
Investment Company Act of 1940 or any other form permitted by law,

(2) Be deregistered under that Act if such registration is no longer
required, or

(3) Be combined with other separate accounts of the Company or an
affiliate thereof.

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Subject to compliance with applicable law, the Company also may combine one or
more Subaccounts and may establish a committee, board, or other group to manage
one or more aspects of the operation of MONY America Variable Account L.

CHANGES TO COMPLY WITH LAW

The Company reserves the right to make any change without consent of policy
owners to the provisions of the policy to comply with, or give policy owners the
benefit of, any Federal or State statute, rule, or regulation. Federal and State
laws include but not limited to requirements for life insurance contracts under
the Internal Revenue Code, and regulations of the United States Treasury
Department or any state.

PERFORMANCE INFORMATION

Performance information for the subaccounts of MONY America Variable
Account L may appear in advertisements, sales literature, or reports to policy
owners or prospective purchasers. Performance information in advertisements or
sales literature may be expressed in any fashion permitted under applicable law.
This may include presentation of a change in a policy owner's Account Value
attributable to the performance of one or more subaccounts, or as a change in a
policy owner's death benefit. Performance quotations may be expressed as a
change in a policy owner's Account Value over time or in terms of the average
annual compounded rate of return on the policy owner's Account Value. Such
performance is based upon a hypothetical policy in which premiums have been
allocated to a particular Variable Account over certain periods of time that
will include one, five and ten years, or from the commencement of operation of
the Variable Account if less than one, five, or ten years. Any such quotation
may reflect the deduction of all applicable charges to the policy including
premium load, the cost of insurance, the administrative charge, and the
mortality and expense risk charge. The quotation may also reflect the deduction
of the surrender charge, if applicable, by assuming surrender at the end of the
particular period. However, other quotations may simultaneously be given that do
not assume surrender and do not take into account deduction of the surrender
charge.

Performance information for MONY America Variable Account L may be
compared, in advertisements, sales literature, and reports to policy owners to:

(1) Other variable life separate accounts or investment products
tracked by research firms, ratings services, companies, publications, or
persons who rank separate accounts or investment products on overall
performance or other criteria, and

(2) The Consumer Price Index (measure for inflation) to assess the
real rate of return from the purchase of a policy.

Reports and promotional literature may also contain the Company's rating or a
rating of the Company's claim paying ability as determined by firms that analyze
and rate insurance companies and by nationally recognized statistical rating
organizations.

Performance information for any subaccount of MONY America Variable Account
L reflects only the performance of a hypothetical policy whose Account Value is
allocated to MONY America Variable Account L during a particular time period on
which the calculations are based. Performance information should be considered
in light of the investment objectives and policies, characteristics and quality
of the portfolios of the Funds in which MONY America Variable Account L invests.
The market conditions during the given period of time, and should not be
considered as a representation of what may be achieved in the future.

THE GUARANTEED INTEREST ACCOUNT

You may allocate all or a portion of your net premiums and transfer Account
Value to the Guaranteed Interest Account of the Company. Amounts allocated to
the Guaranteed Interest Account
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become part of the "General Account" of the Company, which supports insurance
and annuity obligations. The amounts allocated to the General Account of the
Company are subject to the liabilities arising from the business the Company
conducts. Descriptions of the Guaranteed Interest Account are included in this
Prospectus for the convenience of the purchaser. The Guaranteed Interest Account
and the General Account of the Company have not been registered under the
Securities Act of 1933 and the Investment Company Act of 1940. Accordingly,
neither the Guaranteed Interest Account nor any interest therein is generally
subject to the provisions of these Acts and, as a result, the staff of the
Securities and Exchange Commission has not reviewed the disclosure in this
prospectus relating to the Guaranteed Interest Account. Disclosures regarding
the Guaranteed Interest Account may, however, be subject to certain generally
applicable provisions of the federal securities laws relating to the accuracy
and completeness of statements made in the prospectus. For more details
regarding the Guaranteed Interest Account, see the policy.

GENERAL DESCRIPTION

Amounts allocated to the Guaranteed Interest Account become part of the
General Account of Company which consists of all assets owned by the Company
other than those in MONY America Variable Account L and other separate accounts
of the Company. Subject to applicable law, the Company has sole discretion over
the investment of the assets of its General Account.

You may elect to allocate net premiums to the Guaranteed Interest Account,
MONY America Variable Account L, or both. You may also transfer Account Value
from the subaccounts of MONY America Variable Account L to the Guaranteed
Interest Account or from the Guaranteed Interest Account to the subaccounts. The
Company guarantees that the Account Value in the Guaranteed Interest Account
will be credited with a minimum interest rate of 0.0121% daily, compounded
daily, for a minimum effective annual rate of 4.5%. Such interest will be paid
regardless of the actual investment experience of the Guaranteed Interest
Account. In addition, Company may in its sole discretion declare current
interest in excess of the 4.5% annual rate, which will be guaranteed for
approximately one year. (The portion of a Policy Owner's Account Value that has
been used to secure Outstanding Debt will be credited with a guaranteed interest
rate of 0.0121% daily, compounded daily, for a minimum effective annual rate of
4.5%.)

The Company bears the full investment risk for the Account Value allocated
to the Guaranteed Interest Account.

LIMITATIONS ON AMOUNTS IN THE GUARANTEED INTEREST ACCOUNT

We will not accept any net premium or transfer to the Guaranteed Interest
Account that would cause the Guaranteed Interest Account to exceed $250,000 on
the date of the payment or transfer. We reserve the right to increase or
decrease this limit in the future. For payments which exceed the limit, we will
accept the portion of the payment up to $250,000 and will return the excess
payment to the policy owner. For transfers which exceed the limit, we will
accept the portion of the transfer up to $250,000. The amount of the requested
transfer which would otherwise cause the Guaranteed Interest Account to exceed
$250,000 will be retained in the subaccounts in the same proportion that the
amount actually transferred bears to the total requested transfer amount. These
limits are waived in the event the policy owner elects the Right to Exchange
Policy. See "Right to Exchange Policy," page 40.

POLICY CHARGES

Deductions from premium, monthly deductions from the Account Value, other
than the mortality and expense risk fee, will be the same for policy owners who
allocate net premiums or transfer Account Value to the Guaranteed Interest
Account or allocate net premiums to the subaccounts. These charges include the
sales and tax charges; the charges for the cost of insurance, administrative
charge, issue charge, and the charge for the Term Insurance Rider. Fees for
partial surrenders and, if applicable, transfer charges, will also be deducted
from the Guaranteed Interest Account.

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You will not directly or indirectly pay charges applicable to the
portfolios, including the operating expenses of the portfolios, and the
investment advisory fee charged by the portfolio managers if your Account Value
is allocated to the Guaranteed Interest Account. Likewise, the mortality and
expense risk charge applicable to the Account Value allocated to the subaccounts
is not deducted from Account Value allocated to the Guaranteed Interest Account.
Any amounts that the Company pays for income taxes allocable to the subaccounts
will not be charged against the Guaranteed Interest Account. However, it is
important to remember that you will not participate in the investment experience
of the subaccounts to the extent that Account Values are allocated to the
Guaranteed Interest Account.

TRANSFERS

Amounts may be transferred after the Right to Return Policy Period from the
subaccounts to the Guaranteed Interest Account and from the Guaranteed Interest
Account to the subaccounts, subject to the following limitations.

- Transfers to the Guaranteed Interest Account may be made at any time and
in any amount, subject to the $250,000 limit referenced above (this limit
is waived if the policy owner elects the Right to Exchange the Policy).

- Transfers from the Guaranteed Interest Account to the subaccounts are
limited to one in any policy year.

- Transfers from the Guaranteed Interest Account are limited to the greater
of $5,000 and 25% of the Account Value allocated to the Guaranteed
Interest Account on the date of the transfer.

- Transfers from the Guaranteed Interest Account may only be made during
the time period which begins on the policy anniversary and which ends 30
days after the policy anniversary.

If the transfer request is received on the policy anniversary, it will be
processed as of the policy anniversary. If the transfer request is received
within 30 days after the policy anniversary, the transfer will be effective as
of the close of business on the day received if it is a Valuation Date. If it is
not a Valuation Date, then at the close of business on the next day which is a
Valuation Date. Any request received within 10 days before the policy
anniversary will be considered received on the policy anniversary. Any transfer
requests received at other times will not be honored, and will be returned to
the policy owner.

We assess a $50 charge on transfers of Account Value between subaccounts or
between the Guaranteed Interest Account and the subaccounts which exceed twelve
in any policy year. In addition, we reserve the right to impose other
limitations on the number of transfers, the amount of transfers, and the amount
remaining in the Guaranteed Interest Account or subaccounts after a transfer.

SURRENDERS AND POLICY LOANS

You may also make full surrenders and partial surrenders from the
Guaranteed Interest Account to the same extent as if you had invested in the
subaccounts. See "Full Surrender," page 41 and "Partial Surrender", page 41.
Transfers and surrenders payable from the Guaranteed Interest Account, and the
payment of policy loans allocated to the Guaranteed Interest Account, may be
delayed for up to six months. However, with respect to policies issued for
delivery to residents of the Commonwealth of Pennsylvania, the Company will not
delay payment of surrenders or loans, the proceeds of which will be used to pay
premiums on the policy.

MORE ABOUT THE POLICY

OWNERSHIP

The policy owner is the individual named as such in the application or in
any later change shown in the Company's records. While the insured is living,
the policy owner alone has the right to receive all benefits and exercise all
rights that the policy grants or the Company allows.
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Joint Owners

If more than one person is named as policy owner, they are joint owners.
Any policy transaction requires the signature of all persons named jointly.
Unless otherwise provided, if a joint owner dies, ownership passes to the
surviving joint owner(s). When the last joint owner dies, ownership passes
through that person's estate, unless otherwise provided.

BENEFICIARY

The beneficiary is the individual named as such in the application or any
later change shown in the Company's records. The policy owner may change the
beneficiary at any time during the life of the insured by written request on
forms provided by the Company. The Company must receive the request at its
administrative office. The change will be effective as of the date this form is
signed. Contingent and/or concurrent beneficiaries may be designated. The policy
owner may designate a permanent beneficiary, whose rights under the policy
cannot be changed without his or her consent. Unless otherwise provided, if no
designated beneficiary is living upon the death of the insured, the policy owner
or the policy owner's estate is the beneficiary.

The Company will pay the death benefit proceeds to the beneficiary. Unless
otherwise provided, the beneficiary must be living at the time of the insured's
death to receive the proceeds.

The Policy

This Policy is a contract between the policy owner and the Company. The
entire contract consists of the policy, a copy of the initial application, all
subsequent applications to change the policy, any endorsements, all riders, and
all additional policy information sections (specification pages) added to the
policy.

NOTIFICATION AND CLAIMS PROCEDURES

Any election, designation, change, assignment, or request made by you must
be in writing on a form acceptable to the Company. The Company is not liable for
any action taken before such written notice is received and recorded. The
Company may require that the policy be returned for any policy change or upon
its surrender.

If an insured dies while the policy is in effect, notice should be given to
the Company as soon as possible. Claim procedure instructions will be sent
immediately. As due proof of death, the Company may require proof of age and a
certified copy of a death certificate. The Company may also require the
beneficiary and the insured's next of kin to sign authorizations as part of this
process. These authorization forms allow the Company to obtain information about
the insured, including but not limited to medical records of physicians and
hospitals used by the insured.

PAYMENTS

Within seven days after the Company receives all the information needed for
processing a payment, the Company will:

(1) Pay death benefit proceeds,

(2) Pay the Cash Value on surrender, partial surrenders and loan
proceeds based on allocations made to the subaccounts, and

(3) Effect a transfer between subaccounts or from the Variable Account
to the Guaranteed Interest Account.

61
<PAGE> 72

However, the Company can postpone the calculation or payment of such a
payment or transfer of amounts based on investment performance of the
subaccounts if:

- The New York Stock Exchange is closed on other than customary weekend and
holiday closing or trading on the New York Stock Exchange is restricted
as determined by the SEC; or

- An emergency exists, as determined by the SEC, as a result of which
disposal of securities is not reasonably practicable or it is not
reasonably practicable to determine the value of the Account's net
assets.

PAYMENT PLAN/SETTLEMENT PROVISIONS

Maturity or surrender benefits may be used to purchase a payment plan
providing monthly income for the lifetime of the Insured. Death benefit proceeds
may be used to purchase a payment plan providing monthly income for the lifetime
of the beneficiary. The monthly payments consisting of proceeds plus interest
will be paid in equal installments for at least ten years. The purchase rates
for the payment plan are guaranteed not to exceed those shown in the policy, but
current rates that are lower (i.e., providing greater income) may be established
by the Company from time to time. This benefit is not available if the income
would be less than $25 a month. Maturity or surrender benefits or death benefit
proceeds may be used to purchase any other payment plan that the Company makes
available at that time.

PAYMENT IN CASE OF SUICIDE

If the insured dies by suicide, (1) while sane or insane, (2) within two
years from the policy date or reinstatement date, the Company will limit the
death benefit proceeds to the premium payments less any partial surrender
amounts (and their fees) and any Outstanding Debt. If an insured dies by
suicide, (1) while sane or insane, (2) within two years of the effective date of
any increase in the Specified Amount, the Company will refund the cost of
insurance charges made with respect to such increase.

ASSIGNMENT

You may assign your policy as collateral security for a loan or other
obligation. No assignment will bind the Company unless the original, or a copy,
is received at the Company's administrative office. The assignment will be
effective only when recorded by the Company. An assignment does not change the
ownership of the policy. However, after an assignment, the rights of any policy
owner or beneficiary will be subject to the assignment. The entire policy,
including any attached payment option or rider, will be subject to the
assignment. The Company will rely solely on the assignee's statement as to the
amount of the assignee's interest. The Company will not be responsible for the
validity of any assignment. Unless otherwise provided, the assignee may exercise
all rights this policy grants except (a) the right to change the policy owner or
beneficiary, and (b) the right to elect a payment option. Assignment of a policy
that is a modified endowment contract may generate taxable income. (See "Federal
Income Tax Considerations", page .)

ERRORS ON THE APPLICATION

If the age or gender of the insured has been misstated, the death benefit
under this policy will be the greater of:

(1) What would be purchased by the most recent cost of insurance
charge at the correct age and gender, or

(2) The death benefit derived by multiplying the Account Value by the
death benefit percentage for the correct age and gender.

If unisex cost of insurance rates apply, no adjustment will be made for a
misstatement of gender. See "Deductions from Account Value-Cost of Insurance,"
page 47.

62
<PAGE> 73

INCONTESTABILITY

The Company may contest the validity of this policy if any material
misstatements are made in the application. However, the policy will be
incontestable as follows:

(1) The initial Specified Amount cannot be contested after the policy
has been in force during the insured's lifetime for two years from the
policy date; and

(2) An increase in the Specified Amount or any reinstatement cannot be
contested after the increase or the reinstated policy has been in force
during an Insured's lifetime for two years from its effective date.

POLICY ILLUSTRATIONS

Upon request, the Company will send you an illustration of future benefits
under the policy based on both guaranteed and current cost assumptions.

DISTRIBUTION OF THE POLICY

MONY Securities Corp. ("MSC"), a wholly owned subsidiary of MONY Life
Insurance Company, is principal underwriter (distributor) of the policies. MSC
is a New York corporation organized on September 26, 1969. MSC is registered as
a broker-dealer under the Securities Exchange Act of 1934 and is a member of the
National Association of Securities Dealers. The policies are sold by individuals
who are registered representatives of MSC and who are also licensed as life
insurance agents for the Company. The policies may also be sold through other
broker/dealers authorized by MSC and applicable law to do so.

Except where MSC has authorized other broker/dealers to sell the policies
(as described in the preceding paragraph), compensation payable for the sale of
the policies will be based upon the following schedule. After issue of the
Contract, commissions will equal at most:

- 15 percent of Target Premiums paid in policy years 1 and 2,

- 12% of Target Premiums paid in policy years 3 through 5, and

- 10% of Target Premiums paid in policy years 6 through 10.

In addition, for as long as the policy is in effect, we may pay a commission up
to .20% of the Account Value allocated to the subaccounts. Upon any subsequent
unscheduled increase in Specified Amount, the same commission rates will apply
to the premium amounts allocated to the new coverage segment. Further,
registered representatives may be eligible to receive certain bonuses and other
benefits based on the amount of earned commissions.

Commissions may be required to be repaid to us if sales charges are
refunded upon a full surrender or partial surrender of the policy or upon
exercise of the exchange privileges during the first 24 months after the policy
date.

In addition, registered representatives who meet specified production
levels may qualify, under sales incentive programs adopted by Company, to
receive noncash compensation such as expense-paid trips, expense-paid
educational seminars and merchandise. Company makes no separate deductions,
other than previously described, from premiums to pay sales commissions or sales
expenses.

POLICY OWNER SERVICES

The Company currently offers policy owners two services: Dollar Cost
Averaging and Automatic Rebalancing. These services may be terminated at any
time; owners of Policies in force at the time of termination utilizing these
services will receive 30 days prior notice. There currently are no charges for
these services and any transfers as a result of the operation of these services
are not counted toward the limit of 12 transfers per Policy Year without a
transfer charge. If the Company elects to impose a charge for these services,
owners of policies in force at that time utilizing these services will receive
30 days prior

63
<PAGE> 74

notice. These services involve the sale of units in one or more subaccounts and
the purchase of units in one or more other Subaccounts. This may result in a
loss of Account Value.

Dollar Cost Averaging

Dollar Cost Averaging is available to owners of policies with Account Value
allocated to the Money Market Subaccount. The main objective of Dollar Cost
Averaging is to protect the Account Value from short-term price fluctuations.
Under Dollar Cost Averaging the same dollar amount is transferred to other
Subaccounts each period. Therefore, more units are purchased in a Subaccount if
the value per unit that period is low, and fewer units are purchased if the
value per unit that period is high. This plan of investing keeps the Policy
Owner from investing too much when the price of shares is high and too little
when the price of shares is low. There is no guarantee that this service will
generate a profit or avoid a loss.

Dollar Cost Averaging may be elected by completing and returning the form
provided by us to Customer Service Center. Once the election is made, a
designated dollar amount of Account Value will be transferred automatically from
the Money Market Subaccount to one or more other Subaccounts of the Variable
Account each period. Dollar Cost Averaging allocations may be made either
monthly or quarterly. (Dollar Cost Averaging transfers may not be made to the
Guaranteed Interest Account.) Dollar Cost Averaging may be terminated at a
designated date or when the Money Market Subaccount reaches a pre-defined
minimum balance.

Each transfer under Dollar Cost Averaging must be at least $250. Each
automatic monthly transfer will take place on the 10th day of each calendar
month; automatic quarterly transfers take place on the 10th day of the last
month of each calendar quarter. If Dollar Cost Averaging is elected at the time
of application, transfers will begin in the appropriate calendar month following
completion of the Right to Return Policy Period. If elected after issuance of
the Policy, transfers will begin in the appropriate calendar month which is at
least 30 days following our receipt of the request for Dollar Cost Averaging.
If, at the time of any transfer, the amount in the Money Market Subaccount is
equal to or less than the amount elected to be transferred, the entire remaining
balance will be transferred and Dollar Cost Averaging will end. The amount to be
transferred or the Subaccounts to which transfers are to be made may be changed
once each Policy year. Dollar Cost Averaging may be canceled at any time by
sending notice to our Customer Service Center which is received at the Center at
least 10 days before the next transfer date.

If both Dollar Cost Averaging and Automatic Rebalancing are elected, Dollar
Cost Averaging will take place first. Automatic Rebalancing will begin only
after a monthly or quarterly Dollar Cost Averaging transfer has been completed.

Automatic Rebalancing

Automatic Rebalancing provides a method for maintaining a balanced approach
to allocating Account Values among Subaccounts and simplifies the process of
asset allocation over time.

Automatic Rebalancing may be elected when application for a Policy is made
or at any subsequent time by completing and returning to the Company at the
Customer Service Center the form provided by the Company. Automatic Rebalancing
matches Subaccount Account Value allocations over time to the most recently
filed allocation percentages for new premiums allocated to the Subaccounts. As
of the 10th day of the last month of each calendar quarter, the Company will
automatically re-allocate the amounts in each of the Subaccounts into which
premiums are allocated to match the premium allocation percentages. This will
rebalance Subaccount Account Values that may be out of line with the allocation
percentages indicated, which may result, for example, from Subaccounts which
underperform other Subaccounts in certain quarters. Allocations to the
Guaranteed Interest Account will not be rebalanced.

If Automatic Rebalancing is elected with the application, the first
transfer will occur on the 10th day of the last month of the calendar quarter
which begins after the end of the Right to Return Policy Period.

64
<PAGE> 75

If elected after Policy issue, transfers will begin as of the 10th day of the
last month of the calendar quarter which follows the Company's receipt of
notification at the Customer Service Center.

The Automatic Rebalancing feature percentages may be adjusted by changing
the Policy's premium allocation percentages. If the Automatic Rebalancing
feature is active on a Policy and a premium allocation which does not meet the
Company's requirement is received, the Company will notify the Policy Owner that
the allocation must be changed; any such request will not be processed unless a
request for discontinuance of Automatic Rebalancing is received.

Automatic Rebalancing may be terminated at any time, so long as notice of
the termination is received at the Customer Service Center at least 10 days
prior to the next scheduled transfer.

If both Dollar Cost Averaging and Automatic Rebalancing are elected, Dollar
Cost Averaging will take place first. Automatic Rebalancing will begin only
after Dollar Cost Averaging has ended.

MORE ABOUT THE COMPANY

MANAGEMENT

The directors and officers of the Company are listed below. The business
address for all directors and officers of MONY Life Insurance Company of America
is 1740 Broadway, New York, New York 10019. All of the officers have held their
respective positions listed below for five or more years.

Current Officers and Directors of MONY America are:

<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------
<S> <C>
Michael I. Roth.............................. Director, Chairman of the Board and Chief
Executive Officer
Samuel J. Foti............................... Director, President and Chief Operating
Officer
Kenneth M. Levine............................ Director and Executive Vice President
Richard E. Connors........................... Director
Richard Daddario............................. Director, Vice President and Controller
Phillip A. Eisenberg......................... Director, Vice President and Actuary
Margaret G. Gale............................. Director, Vice President
Stephen J. Hall.............................. Director
Charles P. Leone............................. Director, Vice President and Chief
Compliance Officer
Sam Chiodo................................... Vice President - Corporate & Strategic
Marketing
Edward E. Hill............................... Vice President - Compliance
William D. Goodwin........................... Vice President
Evelyn L. Peos............................... Vice President and Illustration Actuary
Jacob Poleyeff............................... Vice President - Agency Operations
Michael Slipowitz............................ Vice President
David S. Waldman............................. Secretary
David V. Weigel.............................. Treasurer
</TABLE>

No officer or director listed above receives any compensation from MONY
America Variable Account L. The Company or any of its affiliates has paid no
separately allocable compensation to any person listed for services rendered to
the Account.

65
<PAGE> 76

STATE REGULATION

The Company is subject to the laws of the state of Arizona governing
insurance companies and to regulation by the Commissioner of Insurance of
Arizona. In addition, it is subject to the insurance laws and regulations of the
other states and jurisdictions in which it is licensed or may become licensed to
operate. An annual statement in a prescribed form must be filed with the
Commissioner of Insurance of Arizona and with regulatory authorities of other
states on or before March 1st in each year. This statement covers the operations
of the Company for the preceding year and its financial condition as of December
31st of that year. The Company's affairs are subject to review and examination
at any time by the Commissioner of Insurance or his agents, and subject to full
examination of Company's operations at periodic intervals.

RECORDS AND ACCOUNTS

Andesa, TPA, Inc., Suite 502, 1605 N. Cedar Crest Boulevard, Allentown,
Pennsylvania, 18104, will act as transfer agent on behalf of the Company as it
relates to the policies described in this Prospectus. In the role of transfer
agent, Andesa will perform administrative functions, such as decreases,
increases, surrenders, and partial surrenders, fund allocation changes and
transfers on behalf of the Company.

All records and accounts relating to the Separate Account and the Funds
will be maintained by the Company. All financial transactions will be handled by
the Company. All reports required to be made and information required to be
given will be provided by Andesa on behalf of the Company.

LEGAL PROCEEDINGS

There are no legal proceedings pending to which MONY America Variable
Account L is a party, or which would materially affect MONY America Variable
Account L.

LEGAL MATTERS

Legal matters have been passed on by the then Vice President and Deputy
General Counsel of The Mutual Life Insurance Company at New York (now MONY Life
Insurance Company) in connection with:

(1) The issue and sale of the policies described in this prospectus,

(2) The organization of the Company,

(3) The Company's authority to issue the policies under Arizona law, and

(4) The validity of the forms of the policies under Arizona law.

Edward P. Bank, then Vice President and Deputy General Counsel of The
Mutual Life Insurance Company of New York (now MONY Life Insurance Company) has
passed upon legal matters relating to the federal securities and federal income
tax laws.

REGISTRATION STATEMENT

A Registration Statement under the Securities Act of 1933 has been filed
with the SEC relating to the offering described in this Prospectus. This
Prospectus does not include all of the information set forth in the Registration
Statement, as portions have been omitted pursuant to the rules and regulations
of the SEC. The omitted information may be obtained at the SEC's principal
office in Washington, D.C., upon payment of the SEC's prescribed fees.

INDEPENDENT ACCOUNTANTS

The audited financial statements for MONY America Variable Account L and
for the Company included in this Prospectus and in the Registration Statement
have been audited by PricewaterhouseCoopers LLP, independent accountants, as
indicated in their reports herein. The audited financial statements are included
in reliance upon the authority of said firm as experts in accounting and
auditing. PricewaterhouseCoopers LLP's office is located at 1177 Avenue of the
Americas, New York, New York, 10036.

66
<PAGE> 77

FINANCIAL STATEMENTS

The audited financial statements for MONY America Variable Account L are
set forth herein, starting on page F-2. The audited financial statements of the
Company are set forth herein, starting on page F-29.

The financial statements of MONY America Variable Account L and of the
Company have been audited by PricewaterhouseCoopers LLP. The financial
statements of the Company should be distinguished from the financial statements
of MONY America Variable Account L and should be considered only as bearing upon
the ability of the Company to meet its obligations under the Policies.

67
<PAGE> 78

[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 79

FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS

INDEX TO FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY America Variable Account L:
Report of Independent Accountants......................... F-2
Statements of assets and liabilities as of December 31,
1998................................................... F-3
Statements of operations for the periods ended December
31, 1998............................................... F-7
Statements of changes in net assets for the periods ended
December 31, 1998 and 1997............................. F-11
Notes to financial statements............................. F-15
Report of Independent Accountants......................... F-20
Statements of assets and liabilities as of December 31,
1997................................................... F-21
Statements of operations for the periods ended December
31, 1997............................................... F-23
Statements of changes in net assets for the periods ended
December 31, 1997...................................... F-25
Notes to financial statements............................. F-26
With respect to MONY Life Insurance Company of America:
Report of Independent Accountants......................... F-29
Balance sheets as of December 31, 1998 and 1997........... F-30
Statements of income and comprehensive income for the
years ended December 31, 1998, 1997 and 1996........... F-31
Statements of changes in shareholder's equity for the
years ended December 31, 1998, 1997 and 1996........... F-32
Statements of cash flows for the years ended December 31,
1998, 1997 and 1996.................................... F-33
Notes to financial statements............................. F-35
</TABLE>

F-1
<PAGE> 80

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of
MONY Life Insurance Company of America and the Contractholders of
MONY America Variable Account L -- Corporate Sponsored Variable Universal Life:

In our opinion, the accompanying statements of assets and liabilities and
the related statements of operations and of changes in net assets present
fairly, in all material respects, the financial position of each of the
respective subaccounts constituting MONY America Variable Account L (comprising,
respectively, Corporate Sponsored Variable Universal Life's Money Market,
Intermediate Term Bond, Long Term Bond, Government Securities, Equity, Small
Cap, Managed, International Growth, High Yield Bond, Capital Appreciation, Small
Company Stock, Stock Index, Hard Assets, Worldwide Bond, Worldwide Emerging
Markets, Equity Income, International Stock, New America Growth, and Personal
Strategy Balance Subaccounts) at December 31, 1998, and the results of each of
their operations and the changes in each of their net assets for the periods
presented, in conformity with generally accepted accounting principles. These
financial statements are the responsibility of MONY Life Insurance Company of
America's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities owned at
December 31, 1998 by correspondence with the custodian, provide a reasonable
basis for the opinion expressed above.

PricewaterhouseCoopers LLP
New York, New York
February 12, 1999

F-2
<PAGE> 81

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 1998

<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
Investments at cost (Note 4)..................... $2,685,879 $299,078 $326,005 $863,223
========== ======== ======== ========
Investments in MONY Series Fund, Inc. at net
asset value (Note 2)........................... $2,685,879 $304,533 $337,155 $876,552
---------- -------- -------- --------
Net assets....................................... $2,685,879 $304,533 $337,155 $876,552
========== ======== ======== ========
Net assets consist of:
Contractholders' net payments............... $2,795,950 $296,720 $323,607 $862,480
Cost of insurance and mortality & expense
risk withdrawals (Note 3)................. (172,880) (5,229) (6,020) (18,284)
Undistributed net investment income......... 62,809 7,643 8,348 18,492
Accumulated net realized gain (loss) on
investments............................... 0 (56) 70 535
Unrealized appreciation of investments...... 0 5,455 11,150 13,329
---------- -------- -------- --------
Net assets....................................... $2,685,879 $304,533 $337,155 $876,552
========== ======== ======== ========
Number of units outstanding*..................... 251,238 28,549 30,651 82,700
---------- -------- -------- --------
Net asset value per unit outstanding*............ $ 10.69 $ 10.67 $ 11.00 $ 10.60
========== ======== ======== ========
</TABLE>

- ---------------
* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.
F-3
<PAGE> 82
MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 1998

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4).......... $33,658 $455,079 $926,260 $225,697 $406,572
======= ======== ======== ======== ========
Investments in Enterprise Accumulation
Trust at net asset value (Note 2)... $33,896 $430,952 $852,315 $228,520 $379,712
------- -------- -------- -------- --------
Net assets............................ $33,896 $430,952 $852,315 $228,520 $379,712
======= ======== ======== ======== ========
Net assets consist of:
Contractholders' net payments.... $29,773 $421,241 $863,191 $218,324 $385,960
Cost of insurance and mortality &
expense risk withdrawals
(Note 3)....................... (4,359) (11,874) (24,378) (7,157) (10,605)
Undistributed net investment
income......................... 1,962 44,291 86,341 14,276 31,562
Accumulated net realized gain
(loss) on investments.......... 6,282 1,421 1,106 254 (345)
Unrealized appreciation
(depreciation) of
investments.................... 238 (24,127) (73,945) 2,823 (26,860)
------- -------- -------- -------- --------
Net assets............................ $33,896 $430,952 $852,315 $228,520 $379,712
======= ======== ======== ======== ========
Number of units outstanding*.......... 2,848 34,921 75,641 21,906 34,788
------- -------- -------- -------- --------
Net asset value per unit
outstanding*........................ $ 11.90 $ 12.34 $ 11.27 $ 10.43 $ 10.91
======= ======== ======== ======== ========
</TABLE>

- ---------------
* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.
F-4
<PAGE> 83
MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 1998

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------
DREYFUS VAN ECK WORLDWIDE INSURANCE TRUST
-------------------------------------- ------------------------------------
SMALL WORLDWIDE
CAPITAL COMPANY STOCK HARD WORLDWIDE EMERGING
APPRECIATION STOCK INDEX ASSETS BOND MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)....... $413,277 $289,750 $3,270,213 $ 236 $19,355 $31,065
======== ======== ========== ===== ======= =======
Investments in Dreyfus at net asset
value (Note 2)................... $480,425 $295,679 $3,902,550 $ 0 $ 0 $ 0
Investments in Van Eck Worldwide
Insurance Trust at net asset
value (Note 2)................... 0 0 0 211 20,819 25,483
-------- -------- ---------- ----- ------- -------
Net assets......................... $480,425 $295,679 $3,902,550 $ 211 $20,819 $25,483
======== ======== ========== ===== ======= =======
Net assets consist of:
Contractholders' net
payments.................... $418,884 $300,532 $3,278,262 $ 249 $19,734 $37,221
Cost of insurance and
mortality & expense risk
withdrawals (Note 3)........ (11,643) (10,707) (73,421) (8) (409) (1,847)
Undistributed net investment
income...................... 3,990 1,046 40,138 0 0 197
Accumulated net realized gain
(loss) on investments....... 2,046 (1,121) 25,234 (5) 30 (4,506)
Unrealized appreciation
(depreciation) of
investments................. 67,148 5,929 632,337 (25) 1,464 (5,582)
-------- -------- ---------- ----- ------- -------
Net assets......................... $480,425 $295,679 $3,902,550 $ 211 $20,819 $25,483
======== ======== ========== ===== ======= =======
Number of units outstanding*....... 36,191 32,362 291,990 26 1,873 5,495
-------- -------- ---------- ----- ------- -------
Net asset value per unit
outstanding*..................... $ 13.27 $ 9.14 $ 13.37 $8.25 $ 11.11 $ 4.64
======== ======== ========== ===== ======= =======
</TABLE>

- ---------------
* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.
F-5
<PAGE> 84
MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 1998

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------
T. ROWE PRICE
--------------------------------------------------------
PERSONAL
EQUITY INTERNATIONAL NEW AMERICA STRATEGY
INCOME STOCK GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ----------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..................... $50,488 $14,492 $43,998 $8,992
======= ======= ======= ======
Investments in T. Rowe Price at net asset value
(Note 2)....................................... $49,384 $15,049 $48,220 $8,919
------- ------- ------- ------
Net assets....................................... $49,384 $15,049 $48,220 $8,919
======= ======= ======= ======
Net assets consist of:
Contractholders' net payments............... $49,520 $14,458 $43,641 $8,738
Cost of insurance and mortality & expense
risk withdrawals (Note 3)................. (687) (200) (606) (121)
Undistributed net investment income......... 1,643 235 953 372
Accumulated net realized gain (loss) on
investments............................... 12 (1) 10 3
Unrealized appreciation (depreciation) of
investments............................... (1,104) 557 4,222 (73)
------- ------- ------- ------
Net assets....................................... $49,384 $15,049 $48,220 $8,919
======= ======= ======= ======
Number of units outstanding*..................... 4,853 1,427 4,282 856
------- ------- ------- ------
Net asset value per unit outstanding*............ $ 10.18 $ 10.54 $ 11.26 $10.41
======= ======= ======= ======
</TABLE>

- ---------------
* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.
F-6
<PAGE> 85

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF OPERATIONS

<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
------------ ----------------- ----------------- -----------------
FOR THE YEAR FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
ENDED JANUARY 23, 1998* JANUARY 23, 1998* FEBRUARY 9, 1998*
DECEMBER 31, THROUGH THROUGH THROUGH
1998 DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1998
------------ ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Dividend income........................ $ 49,821 $ 7,643 $ 8,348 $ 18,492
----------- ------- ------- --------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................. 5,606,246 6,353 7,236 76,822
Cost of shares sold.................. (5,606,246) (6,409) (7,166) (76,287)
----------- ------- ------- --------
Net realized gain (loss) on
investments.......................... 0 (56) 70 535
Net increase in unrealized appreciation
of investments....................... 0 5,455 11,150 13,329
----------- ------- ------- --------
Net realized and unrealized gain on
investments.......................... 0 5,399 11,220 13,864
----------- ------- ------- --------
Net increase in net assets resulting
from operations...................... $ 49,821 $13,042 $19,568 $ 32,356
=========== ======= ======= ========
</TABLE>

- ---------------
* Commencement of operations.

See notes to financial statements.
F-7
<PAGE> 86
MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 1998

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income....................... $ 1,531 $ 26,454 $ 67,233 $ 11,028 $ 29,756
-------- -------- -------- -------- --------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales................. 46,739 25,047 24,170 19,253 13,117
Cost of shares sold................. (40,498) (23,794) (23,204) (18,939) (13,479)
-------- -------- -------- -------- --------
Net realized gain (loss) on
investments......................... 6,241 1,253 966 314 (362)
Net increase (decrease) in unrealized
appreciation of investments......... (12) (13,120) (57,275) 5,752 (26,236)
-------- -------- -------- -------- --------
Net realized and unrealized gain
(loss) on investments............... 6,229 (11,867) (56,309) 6,066 (26,598)
-------- -------- -------- -------- --------
Net increase in net assets resulting
from operations..................... $ 7,760 $ 14,587 $ 10,924 $ 17,094 $ 3,158
======== ======== ======== ======== ========
</TABLE>

See notes to financial statements.
F-8
<PAGE> 87
MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------
DREYFUS
------------------------------------------------
CAPITAL SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------------ ------------
FOR THE YEAR FOR THE PERIOD FOR THE YEAR
ENDED FEBRUARY 13, 1998* ENDED
DECEMBER 31, THROUGH DECEMBER 31,
1998 DECEMBER 31, 1998 1998
------------ ------------------ ------------
<S> <C> <C> <C>
Dividend income........... $ 2,695 $ 1,046 $ 39,642
-------- ------- ---------
Realized and unrealized
gain (loss) on
investments (Note 2):
Proceeds from sales..... 15,339 8,286 282,082
Cost of shares sold..... (13,284) (9,407) (256,862)
-------- ------- ---------
Net realized gain (loss)
on investments.......... 2,055 (1,121) 25,220
Net increase (decrease) in
unrealized appreciation
of investments.......... 68,575 5,929 632,283
-------- ------- ---------
Net realized and
unrealized gain (loss)
on
investments............. 70,630 4,808 657,503
-------- ------- ---------
Net increase (decrease) in
net assets resulting
from operations......... $ 73,325 $ 5,854 $ 697,145
======== ======= =========

<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE TRUST
---------------------------------------------------------
HARD WORLDWIDE WORLDWIDE
ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ------------------ ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE YEAR
JUNE 15, 1998* FEBRUARY 13, 1998* ENDED
THROUGH THROUGH DECEMBER 31,
DECEMBER 31, 1998 DECEMBER 31, 1998 1998
----------------- ------------------ ----------------
<S> <C> <C> <C>
Dividend income........... $ 0 $ 0 $ 197
---- ------ -------
Realized and unrealized
gain (loss) on
investments (Note 2):
Proceeds from sales..... 27 600 4,017
Cost of shares sold..... (32) (570) (8,462)
---- ------ -------
Net realized gain (loss)
on investments.......... (5) 30 (4,445)
Net increase (decrease) in
unrealized appreciation
of investments.......... (25) 1,464 (1,662)
---- ------ -------
Net realized and
unrealized gain (loss)
on
investments............. (30) 1,494 (6,107)
---- ------ -------
Net increase (decrease) in
net assets resulting
from operations......... $(30) $1,494 $(5,910)
==== ====== =======
</TABLE>

- ---------------
* Commencement of operations.

See notes to financial statements.
F-9
<PAGE> 88
MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF OPERATIONS (CONTINUED)

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------------
EQUITY INTERNATIONAL NEW AMERICA PERSONAL STRATEGY
INCOME STOCK GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ------------------ ------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
NOVEMBER 19, 1998* NOVEMBER 19, 1998* NOVEMBER 19, 1998* NOVEMBER 19, 1998*
THROUGH THROUGH THROUGH THROUGH
DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1998
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Dividend income............ $ 1,643 $ 235 $ 953 $ 372
------- ----- ------- -----
Realized and unrealized
gain (loss) on
investments
(Note 2):
Proceeds from sales...... 1,211 351 1,067 214
Cost of shares sold...... (1,199) (352) (1,057) (211)
------- ----- ------- -----
Net realized gain (loss) on
investments.............. 12 (1) 10 3
Net increase (decrease) in
unrealized appreciation
of investments........... (1,104) 557 4,222 (73)
------- ----- ------- -----
Net realized and unrealized
gain (loss) on
investments.............. (1,092) 556 4,232 (70)
------- ----- ------- -----
Net increase in net assets
resulting from
operations............... $ 551 $ 791 $ 5,185 $ 302
======= ===== ======= =====
</TABLE>

- ---------------
* Commencement of operations.

See notes to financial statements.
F-10
<PAGE> 89

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS 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 PERIOD FOR THE PERIOD
FOR THE YEAR JULY 10, 1997** JANUARY 23, 1998**
ENDED THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998
------------ --------------- ------------------
<S> <C> <C> <C>
From operations:
Net investment income...................... $ 49,821 $ 12,988 $ 7,643
Net realized gain (loss) on investments.... 0 0 (56)
Net increase in unrealized appreciation of
investments.............................. 0 0 5,455
----------- ----------- --------
Net increase in net assets resulting from
operations................................. 49,821 12,988 13,042
----------- ----------- --------
From unit transactions:
Net proceeds from the issuance of units.... 6,078,380 1,961,819 296,772
Net asset value of units redeemed or used
to meet contract obligations............. (4,286,177) (1,130,952) (5,281)
----------- ----------- --------
Net increase from unit transactions.......... 1,792,203 830,867 291,491
----------- ----------- --------
Net increase in net assets................... 1,842,024 843,855 304,533
Net assets beginning of period............... 843,855 0 0
----------- ----------- --------
Net assets end of period*.................... $ 2,685,879 $ 843,855 $304,533
=========== =========== ========
Units outstanding beginning of period........ 83,085 0 0
Units issued during the period............... 494,235 194,816 29,060
Units redeemed during the period............. (326,082) (111,731) (511)
----------- ----------- --------
Units outstanding end of period.............. 251,238 83,085 28,549
=========== =========== ========

- ---------------
*Includes undistributed net investment
income of:................................. $ 62,809 $ 12,988 $ 7,643
**Commencement of operations.

<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------- ------------------------------
LONG TERM GOVERNMENT
BOND SECURITIES EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 23, 1998** FEBRUARY 9, 1998** FOR THE YEAR JULY 23, 1997**
THROUGH THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1998 1998 1997
------------------ ------------------ ------------ ---------------
<S> <C> <C> <C> <C>
From operations:
Net investment income...................... $ 8,348 $ 18,492 $ 1,531 $ 431
Net realized gain (loss) on investments.... 70 535 6,241 41
Net increase in unrealized appreciation of
investments.............................. 11,150 13,329 (12) 250
-------- -------- ------- -------
Net increase in net assets resulting from
operations................................. 19,568 32,356 7,760 722
-------- -------- ------- -------
From unit transactions:
Net proceeds from the issuance of units.... 323,690 886,032 59,447 13,447
Net asset value of units redeemed or used
to meet contract obligations............. (6,103) (41,836) (46,311) (1,169)
-------- -------- ------- -------
Net increase from unit transactions.......... 317,587 844,196 13,136 12,278
-------- -------- ------- -------
Net increase in net assets................... 337,155 876,552 20,896 13,000
Net assets beginning of period............... 0 0 13,000 0
-------- -------- ------- -------
Net assets end of period*.................... $337,155 $876,552 $33,896 $13,000
======== ======== ======= =======
Units outstanding beginning of period........ 0 0 1,232 0
Units issued during the period............... 31,230 86,711 5,434 1,345
Units redeemed during the period............. (579) (4,011) (3,818) (113)
-------- -------- ------- -------
Units outstanding end of period.............. 30,651 82,700 2,848 1,232
======== ======== ======= =======
- ---------------
*Includes undistributed net investment
income of:................................. $ 8,348 $ 18,492 $ 1,962 $ 431
**Commencement of operations.
</TABLE>

See notes to financial statements.

F-11
<PAGE> 90

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------
SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** FOR THE YEAR JULY 23, 1997**
ENDED THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
From operations:
Net investment income.................... $ 26,454 $ 17,837 $ 67,233 $ 19,108
Net realized gain (loss) on
investments............................ 1,253 168 966 140
Net increase (decrease) in unrealized
appreciation of investments............ (13,120) (11,007) (57,275) (16,670)
-------- -------- -------- --------
Net increase in net assets resulting from
operations............................... 14,587 6,998 10,924 2,578
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.................................. 230,882 205,099 442,750 423,645
Net asset value of units redeemed or used
to meet contract obligations........... (24,242) (2,372) (22,989) (4,593)
-------- -------- -------- --------
Net increase from unit transactions........ 206,640 202,727 419,761 419,052
-------- -------- -------- --------
Net increase in net assets................. 221,227 209,725 430,685 421,630
Net assets beginning of period............. 209,725 0 421,630 0
-------- -------- -------- --------
Net assets end of period*.................. $430,952 $209,725 $852,315 $421,630
======== ======== ======== ========
Units outstanding beginning of period...... 18,628 0 40,391 0
Units issued during the period............. 18,280 18,848 37,287 40,836
Units redeemed during the period........... (1,987) (220) (2,037) (445)
-------- -------- -------- --------
Units outstanding end of period............ 34,921 18,628 75,641 40,391
======== ======== ======== ========

- ---------------
*Includes undistributed net investment
income of:............................... $ 44,291 $ 17,837 $ 86,341 $ 19,108
**Commencement of operations.

<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------
INTERNATIONAL GROWTH HIGH YIELD BOND
SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** FOR THE YEAR JULY 23, 1997**
ENDED THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
From operations:
Net investment income.................... $ 11,028 $ 3,248 $ 29,756 $ 1,806
Net realized gain (loss) on
investments............................ 314 (60) (362) 17
Net increase (decrease) in unrealized
appreciation of investments............ 5,752 (2,929) (26,236) (624)
-------- -------- -------- --------
Net increase in net assets resulting from
operations............................... 17,094 259 3,158 1,199
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.................................. 120,360 110,383 232,444 157,186
Net asset value of units redeemed or used
to meet contract obligations........... (18,780) (796) (12,715) (1,560)
-------- -------- -------- --------
Net increase from unit transactions........ 101,580 109,587 219,729 155,626
-------- -------- -------- --------
Net increase in net assets................. 118,674 109,846 222,887 156,825
Net assets beginning of period............. 109,846 0 156,825 0
-------- -------- -------- --------
Net assets end of period*.................. $228,520 $109,846 $379,712 $156,825
======== ======== ======== ========
Units outstanding beginning of period...... 12,091 0 14,882 0
Units issued during the period............. 11,665 12,113 21,095 15,033
Units redeemed during the period........... (1,850) (22) (1,189) (151)
-------- -------- -------- --------
Units outstanding end of period............ 21,906 12,091 34,788 14,882
======== ======== ======== ========
- ---------------
*Includes undistributed net investment
income of:............................... $ 14,276 $ 3,248 $ 31,562 $ 1,806
**Commencement of operations.
</TABLE>

See notes to financial statements.

F-12
<PAGE> 91

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------
DREYFUS
-------------------------------------------------------------------
CAPITAL SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------ ------------------- ------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** FEBRUARY 13, 1998** FOR THE YEAR
ENDED THROUGH THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1998
------------ --------------- ------------------- ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income....................... $ 2,695 $ 1,295 $ 1,046 $ 39,642
Net realized gain (loss) on investments..... 2,055 (9) (1,121) 25,220
Net increase (decrease) in unrealized
appreciation of investments............... 68,575 (1,427) 5,929 632,283
-------- -------- -------- ----------
Net increase (decrease) in net assets
resulting from operations................. 73,325 (141) 5,854 697,145
-------- -------- -------- ----------
From unit transactions:
Net proceeds from the issuance of units..... 265,531 157,623 296,497 3,380,123
Net asset value of units redeemed or used to
meet contract obligations................. (14,387) (1,526) (6,672) (187,687)
-------- -------- -------- ----------
Net increase from unit transactions........... 251,144 156,097 289,825 3,192,436
-------- -------- -------- ----------
Net increase in net assets.................... 324,469 155,956 295,679 3,889,581
Net assets beginning of period................ 155,956 0 0 12,969
-------- -------- -------- ----------
Net assets end of period*..................... $480,425 $155,956 $295,679 $3,902,550
======== ======== ======== ==========
Units outstanding beginning of period......... 15,519 0 0 1,244
Units issued during the period................ 22,391 15,672 33,108 306,624
Units redeemed during the period.............. (1,719) (153) (746) (15,878)
-------- -------- -------- ----------
Units outstanding end of period............... 36,191 15,519 32,362 291,990
======== ======== ======== ==========

- ---------------
*Includes undistributed net investment income
of:......................................... $ 3,990 $ 1,295 $ 1,046 $ 40,138
**Commencement of operations.

<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------
DREYFUS VAN ECK WORLDWIDE INSURANCE TRUST
--------------- -------------------------------------
STOCK HARD WORLDWIDE
INDEX ASSETS BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------- --------------- -------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JULY 23, 1997** JUNE 15, 1998** FEBRUARY 13, 1998**
THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1998 1998
--------------- --------------- -------------------
<S> <C> <C> <C>
From operations:
Net investment income....................... $ 496 $ 0 $ 0
Net realized gain (loss) on investments..... 14 (5) 30
Net increase (decrease) in unrealized
appreciation of investments............... 54 (25) 1,464
------- ---- -------
Net increase (decrease) in net assets
resulting from operations................. 564 (30) 1,494
------- ---- -------
From unit transactions:
Net proceeds from the issuance of units..... 13,566 249 19,806
Net asset value of units redeemed or used to
meet contract obligations................. (1,161) (8) (481)
------- ---- -------
Net increase from unit transactions........... 12,405 241 19,325
------- ---- -------
Net increase in net assets.................... 12,969 211 20,819
Net assets beginning of period................ 0 0 0
------- ---- -------
Net assets end of period*..................... $12,969 $211 $20,819
======= ==== =======
Units outstanding beginning of period......... 0 0 0
Units issued during the period................ 1,357 27 1,919
Units redeemed during the period.............. (113) (1) (46)
------- ---- -------
Units outstanding end of period............... 1,244 26 1,873
======= ==== =======
- ---------------
*Includes undistributed net investment income
of:......................................... $ 496 $ 0 $ 0
**Commencement of operations.
</TABLE>

See notes to financial statements.

F-13
<PAGE> 92

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------
VAN ECK WORLDWIDE
INSURANCE TRUST T. ROWE PRICE
------------------------------ -------------------
WORLDWIDE EQUITY
EMERGING MARKETS INCOME
SUBACCOUNT SUBACCOUNT
------------------------------ -------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** NOVEMBER 19, 1998**
ENDED THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998
------------ --------------- -------------------
<S> <C> <C> <C>
From operations:
Net investment income.......................... $ 197 $ 0 $ 1,643
Net realized gain (loss) on investments........ (4,445) (61) 12
Net increase (decrease) in unrealized
appreciation of investments.................. (1,662) (3,920) (1,104)
------- ------- -------
Net increase in net assets resulting from
operations..................................... (5,910) (3,981) 551
------- ------- -------
From unit transactions:
Net proceeds from the issuance of units........ 22,510 17,333 49,656
Net asset value of units redeemed or used to
meet contract obligations.................... (3,996) (473) (823)
------- ------- -------
Net increase from unit transactions.............. 18,514 16,860 48,833
------- ------- -------
Net increase in net assets....................... 12,604 12,879 49,384
Net assets beginning of period................... 12,879 0 0
------- ------- -------
Net assets end of period*........................ $25,483 $12,879 $49,384
======= ======= =======
Units outstanding beginning of period............ 1,829 0 0
Units issued during the period................... 4,961 1,883 4,934
Units redeemed during the period................. (1,295) (54) (81)
------- ------- -------
Units outstanding end of period.................. 5,495 1,829 4,853
======= ======= =======

- ---------------
*Includes undistributed net investment income
of:............................................ $ 197 $ 0 $ 1,643
**Commencement of operations.

<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------

T. ROWE PRICE
---------------------------------------------------------------
INTERNATIONAL NEW AMERICA PERSONAL STRATEGY
STOCK GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ------------------- -------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
NOVEMBER 19, 1998** NOVEMBER 19, 1998** NOVEMBER 19, 1998**
THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1998 1998
------------------- ------------------- -------------------
<S> <C> <C> <C>
From operations:
Net investment income.......................... $ 235 $ 953 $ 372
Net realized gain (loss) on investments........ (1) 10 3
Net increase (decrease) in unrealized
appreciation of investments.................. 557 4,222 (73)
------- ------- -------
Net increase in net assets resulting from
operations..................................... 791 5,185 302
------- ------- -------
From unit transactions:
Net proceeds from the issuance of units........ 14,497 43,761 8,762
Net asset value of units redeemed or used to
meet contract obligations.................... (239) (726) (145)
------- ------- -------
Net increase from unit transactions.............. 14,258 43,035 8,617
------- ------- -------
Net increase in net assets....................... 15,049 48,220 8,919
Net assets beginning of period................... 0 0 0
------- ------- -------
Net assets end of period*........................ $15,049 $48,220 $ 8,919
======= ======= =======
Units outstanding beginning of period............ 0 0 0
Units issued during the period................... 1,451 4,354 870
Units redeemed during the period................. (24) (72) (14)
------- ------- -------
Units outstanding end of period.................. 1,427 4,282 856
======= ======= =======
- ---------------
*Includes undistributed net investment income
of:............................................ $ 235 $ 953 $ 372
**Commencement of operations.
</TABLE>

See notes to financial statements.

F-14
<PAGE> 93

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 Flexible Premium Variable Life Insurance Policies,
which include Variable Life Insurance (Strategist), Variable Universal Life
(MONYEquity Master and MONY Custom Equity 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 is presented
here.

There are currently nineteen 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 Investment Fund ("Dreyfus Fund"),
the Dreyfus Stock Index Fund ("Dreyfus Index Fund"), and the Van Eck Worldwide
Insurance Trust ("Van Eck Trust") (collectively, the "Funds"). The subaccounts
of the Corporate Sponsored Variable Universal Life commenced operations during
1997 and 1998. The Funds are registered under the 1940 Act as open end,
diversified, management investment companies.

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

Investment:

The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Funds. Except for the Money Market
Portfolios, net asset values are based upon market valuations of the securities
held in each of the corresponding portfolios of the Funds. For the Money Market
Portfolios, the net asset values are based on amortized cost of the securities
held, which approximates value.

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.

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 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 the Corporate Sponsored Variable
Universal Life Subaccounts for 1998 aggregated $279,079.

F-15
<PAGE> 94
MONY AMERICA

VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

3. RELATED PARTY TRANSACTIONS (CONTINUED)
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 Enterprise, and it receives amounts paid by
Enterprise for those services.

4. INVESTMENTS

Investments in the MONY Series Funds, Inc. at cost, at December 31, 1998
consist of the following:

<TABLE>
<CAPTION>
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ --------- ----------
<S> <C> <C> <C> <C>
Shares beginning of year:
Shares................................... 843,855 0 0 0
Amount................................... $ 843,855 $ 0 $ 0 $ 0
----------- -------- -------- --------
Shares acquired:
Shares................................... 7,398,449 26,737 23,678 83,672
Amount................................... $ 7,398,449 $297,844 $324,823 $921,018
Shares received for reinvestment of
dividends:
Shares................................... 49,821 714 641 1,748
Amount................................... $ 49,821 $ 7,643 $ 8,348 $ 18,492
Shares redeemed:
Shares................................... (5,606,246) (572) (525) (6,946)
Amount................................... $(5,606,246) $ (6,409) $ (7,166) $(76,287)
----------- -------- -------- --------
Net change:
Shares................................... 1,842,024 26,879 23,794 78,474
Amount................................... $ 1,842,024 $299,078 $326,005 $863,223
----------- -------- -------- --------
Shares end of year:
Shares................................... 2,685,879 26,879 23,794 78,474
Amount................................... $ 2,685,879 $299,078 $326,005 $863,223
=========== ======== ======== ========
</TABLE>

F-16
<PAGE> 95
MONY AMERICA

VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

4. INVESTMENTS (CONTINUED)
Investments in Enterprise Accumulation Trust at cost, at December 31, 1998
consist of the following:

<TABLE>
<CAPTION>
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------- --------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares....................... 370 7,855 10,339 17,774 27,465
Amount....................... $ 12,750 $220,732 $438,300 $112,775 $157,449
-------- -------- -------- -------- --------
Shares acquired:
Shares....................... 1,696 7,762 9,584 17,233 40,190
Amount....................... $ 59,875 $231,687 $443,931 $120,833 $232,846
Shares received for
reinvestment of dividends:
Shares....................... 42 1,010 1,658 1,699 5,435
Amount....................... $ 1,531 $ 26,454 $ 67,233 $ 11,028 $ 29,756
Shares redeemed:
Shares....................... (1,187) (876) (567) (2,801) (2,380)
Amount....................... $(40,498) $(23,794) $(23,204) $(18,939) $(13,479)
-------- -------- -------- -------- --------
Net change:
Shares....................... 551 7,896 10,675 16,131 43,245
Amount....................... $ 20,908 $234,347 $487,960 $112,922 $249,123
-------- -------- -------- -------- --------
Shares end of year:
Shares....................... 921 15,751 21,014 33,905 70,710
Amount....................... $ 33,658 $455,079 $926,260 $225,697 $406,572
======== ======== ======== ======== ========
</TABLE>

F-17
<PAGE> 96
MONY AMERICA

VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

4. INVESTMENTS (CONTINUED)
Investments in Dreyfus and Van Eck Worldwide Insurance Trust at cost, at
December 31, 1998 consist of the following:

<TABLE>
<CAPTION>
DREYFUS VAN ECK WORLDWIDE INSURANCE TRUST
------------------------------------------- ------------------------------------------
CAPITAL SMALL COMPANY STOCK HARD WORLDWIDE WORLDWIDE
APPRECIATION STOCK INDEX ASSETS BOND EMERGING MARKETS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- ---------- --------- --------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares.................. 5,590 0 503 0 0 1,171
Amount.................. $157,383 $ 0 $ 12,915 $ 0 $ 0 $16,799
-------- -------- ---------- ---- ------- -------
Shares acquired:
Shares.................. 8,112 20,093 128,278 26 1,747 2,930
Amount.................. $266,483 $298,111 $3,474,518 $268 $19,925 $22,531
Shares received for
reinvestment of
dividends:
Shares.................. 77 68 1,333 0 0 20
Amount.................. $ 2,695 $ 1,046 $ 39,642 $ 0 $ 0 $ 197
Shares redeemed:
Shares.................. (475) (567) (10,110) (3) (52) (542)
Amount.................. $(13,284) $ (9,407) $ (256,862) $(32) $ (570) $(8,462)
-------- -------- ---------- ---- ------- -------
Net change:
Shares.................. 7,714 19,594 119,501 23 1,695 2,408
Amount.................. $255,894 $289,750 $3,257,298 $236 $19,355 $14,266
-------- -------- ---------- ---- ------- -------
Shares end of year:
Shares.................. 13,304 19,594 120,004 23 1,695 3,579
Amount.................. $413,277 $289,750 $3,270,213 $236 $19,355 $31,065
======== ======== ========== ==== ======= =======
</TABLE>

F-18
<PAGE> 97
MONY AMERICA

VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

4. INVESTMENTS (CONTINUED)
Investments in T. Rowe Price at cost, at December 31, 1998 consist of the
following:

<TABLE>
<CAPTION>
EQUITY INTERNATIONAL NEW AMERICA PERSONAL STRATEGY
INCOME STOCK GROWTH BALANCE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------- ----------- -----------------
<S> <C> <C> <C> <C>
Shares beginning of year:
Shares................................. 0 0 0 0
Amount................................. $ 0 $ 0 $ 0 $ 0
------- ------- ------- ------
Shares acquired:
Shares................................. 2,539 1,045 1,953 541
Amount................................. $50,044 $14,609 $44,102 $8,831
Shares received for reinvestment of
dividends:
Shares................................. 87 17 43 24
Amount................................. $ 1,643 $ 235 $ 953 $ 372
Shares redeemed:
Shares................................. (61) (25) (47) (13)
Amount................................. $(1,199) $ (352) $(1,057) $ (211)
------- ------- ------- ------
Net change:
Shares................................. 2,565 1,037 1,949 552
Amount................................. $50,488 $14,492 $43,998 $8,992
------- ------- ------- ------
Shares end of year:
Shares................................. 2,565 1,037 1,949 552
Amount................................. $50,488 $14,492 $43,998 $8,992
======= ======= ======= ======
</TABLE>

F-19
<PAGE> 98

REPORT OF INDEPENDENT ACCOUNTANTS

TO THE BOARD OF TRUSTEES
MONY LIFE INSURANCE COMPANY OF AMERICA AND THE CONTRACTHOLDERS OF
MONY AMERICA VARIABLE ACCOUNT L--CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE:

We have audited the accompanying statements of assets and liabilities of
MONY America Variable Account L--Corporate Sponsored Variable Universal Life
(comprising the MONY Series Fund, Inc.'s Money Market Subaccount; the Enterprise
Accumulation Trust's Equity, Small Cap, Managed, International Growth, and High
Yield Bond Subaccounts; the Dreyfus Capital Appreciation and Stock Index Fund
Subaccounts; and the Van Eck Insurance Trust Worldwide Emerging Markets
Subaccount) as of December 31, 1997, and the related statements of operations
and the statements of changes in net assets for the period from July 23, 1997
(commencement of operations) to December 31, 1997, except for the MONY Series
Fund, Inc.'s Money Market Subaccount for which the period is from July 10, 1997
(commencement of operations) to December 31, 1997. These financial statements
are the responsibility of MONY America's management. Our responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1997, by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of each of the respective
subaccounts constituting MONY America Variable Account L--Corporate Sponsored
Variable Universal Life as of December 31, 1997, the results of their operations
and the changes in their net assets for each of the periods referred to above,
in conformity with generally accepted accounting principles.

COOPERS & LYBRAND L.L.P.

New York, New York
February 11, 1998

F-20
<PAGE> 99

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 1997

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------
MONEY INTERNATIONAL HIGH YIELD
MARKET EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)........ $843,855 $12,750 $220,732 $438,300 $112,775 $157,449
======== ======= ======== ======== ======== ========
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)................................ $843,855 $ 0 $ 0 $ 0 $ 0 $ 0
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................... 0 13,000 209,725 421,630 109,846 156,825
Amount due from MONY Series Fund,
Inc............................... 2,432 0 0 0 0 0
-------- ------- -------- -------- -------- --------
Total assets.............. 846,287 13,000 209,725 421,630 109,846 156,825
-------- ------- -------- -------- -------- --------
LIABILITIES
Amount due to MONY America.......... 2,432 0 0 0 0 0
-------- ------- -------- -------- -------- --------
Net assets.......................... $843,855 $13,000 $209,725 $421,630 $109,846 $156,825
======== ======= ======== ======== ======== ========
Net assets consist of:
Contractholders' net
payments..................... $868,575 $12,812 $203,828 $421,745 $110,374 $156,573
Cost of insurance and mortality
& expense risk withdrawals
(Note 3)..................... (37,708) (534) (1,101) (2,693) (787) (947)
Undistributed net investment
income....................... 12,988 431 17,837 19,108 3,248 1,806
Accumulated net realized gain
(loss) on investments........ 0 41 168 140 (60) 17
Unrealized appreciation
(depreciation) of
investments.................. 0 250 (11,007) (16,670) (2,929) (624)
-------- ------- -------- -------- -------- --------
Net assets.......................... $843,855 $13,000 $209,725 $421,630 $109,846 $156,825
======== ======= ======== ======== ======== ========
Number of units outstanding*........ 83,085 1,232 18,628 40,391 12,091 14,882
-------- ------- -------- -------- -------- --------
Net asset value per unit
outstanding*...................... $ 10.16 $ 10.55 $ 11.26 $ 10.44 $ 9.08 $ 10.54
======== ======= ======== ======== ======== ========
</TABLE>

- ---------------
* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.
F-21
<PAGE> 100

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 1997

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------
WORLDWIDE
CAPITAL STOCK EMERGING
APPRECIATION INDEX MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- ------------ ------------
<S> <C> <C> <C>
ASSETS
Investments at cost (Note 4)................................ $157,383 $12,915 $16,799
======== ======= =======
Investments in Dreyfus at net asset value (Note 2).......... $155,956 $12,969 $ 0
Investments in Van Eck Worldwide Trust at net asset value
(Note 2).................................................. 0 0 12,879
-------- ------- -------
Net assets.................................................. $155,956 $12,969 $12,879
======== ======= =======
Net assets consist of:
Contractholders' net payments.......................... $157,033 $12,938 $17,328
Cost of insurance and mortality & expense risk
withdrawals (Note 3)................................. (936) (533) (468)
Undistributed net investment income.................... 1,295 496 0
Accumulated net realized gain (loss) on investments.... (9) 14 (61)
Unrealized appreciation (depreciation) of
investments.......................................... (1,427) 54 (3,920)
-------- ------- -------
Net assets.................................................. $155,956 $12,969 $12,879
======== ======= =======
Number of units outstanding*................................ 15,519 1,244 1,829
-------- ------- -------
Net asset value per unit outstanding*....................... $ 10.05 $ 10.42 $ 7.04
======== ======= =======
</TABLE>

- ---------------
* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.
F-22
<PAGE> 101

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------------------
MONEY INTERNATIONAL HIGH YIELD
MARKET EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JULY 10, 1997* JULY 23, 1997* JULY 23, 1997* JULY 23, 1997* JULY 23, 1997* JULY 23, 1997*
THROUGH THROUGH THROUGH THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1997 1997 1997 1997
-------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.......... $ 12,988 $ 431 $ 17,837 $ 19,108 $ 3,248 $1,806
---------- ------ -------- -------- ------- ------
Realized and unrealized
gain (loss) on
investments (Note 2):
Proceeds from sales.... 1,130,952 1,169 2,372 4,593 796 1,560
Cost of shares sold.... 1,130,952 1,128 2,204 4,453 856 1,543
---------- ------ -------- -------- ------- ------
Net realized gain (loss)
on investments......... 0 41 168 140 (60) 17
Net increase (decrease)
in unrealized
appreciation of
investments............ 0 250 (11,007) (16,670) (2,929) (624)
---------- ------ -------- -------- ------- ------
Net realized and
unrealized gain (loss)
on investments......... 0 291 (10,839) (16,530) (2,989) (607)
---------- ------ -------- -------- ------- ------
Net increase in net
assets resulting from
operations............. $ 12,988 $ 722 $ 6,998 $ 2,578 $ 259 $1,199
========== ====== ======== ======== ======= ======
</TABLE>

- ---------------
*Commencement of operations.

See notes to financial statements.
F-23
<PAGE> 102

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF OPERATIONS (CONTINUED)

<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------
CAPITAL STOCK WORLDWIDE
APPRECIATION INDEX EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JULY 23, 1997* JULY 23, 1997* JULY 23, 1997*
THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1997
-------------- -------------- ----------------
<S> <C> <C> <C>
Dividend income....................................... $ 1,295 $ 496 $ 0
------- ------ -------
Realized and unrealized gain (loss) on investments
(Note 2):
Proceeds from sales................................. 1,526 1,161 473
Cost of shares sold................................. 1,535 1,147 534
------- ------ -------
Net realized gain (loss) on investments............... (9) 14 (61)
Net increase (decrease) in unrealized appreciation of
investment.......................................... (1,427) 54 (3,920)
------- ------ -------
Net realized and unrealized gain (loss) on
investments......................................... (1,436) 68 (3,981)
------- ------ -------
Net increase (decrease) in net assets resulting from
operations.......................................... $ (141) $ 564 $(3,981)
======= ====== =======
</TABLE>

- ---------------
*Commencement of operations.

See notes to financial statements.
F-24
<PAGE> 103

MONY AMERICA

VARIABLE ACCOUNT L

STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------
MONEY INTERNATIONAL
MARKET EQUITY SMALL CAP MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------- --------------- --------------- --------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JULY 10, 1997** JULY 23, 1997** JULY 23, 1997** JULY 23, 1997** JULY 23, 1997**
THROUGH THROUGH THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1997 1997 1997
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income............... $ 12,988 $ 431 $ 17,837 $ 19,108 $ 3,248
Net realized gain (loss) on
investments....................... 0 41 168 140 (60)
Net increase (decrease) in
unrealized appreciation of
investments....................... 0 250 (11,007) (16,670) (2,929)
----------- ------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations........... 12,988 722 6,998 2,578 259
----------- ------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units............................. 1,961,819 13,447 205,099 423,645 110,383
Net asset value of units redeemed or
used to meet contract
obligations....................... (1,130,952) (1,169) (2,372) (4,593) (796)
----------- ------- -------- -------- --------
Net increase from unit transactions... 830,867 12,278 202,727 419,052 109,587
----------- ------- -------- -------- --------
Net increase in net assets............ 843,855 13,000 209,725 421,630 109,846
Net assets beginning of period........ 0 0 0 0 0
----------- ------- -------- -------- --------
Net assets end of period*............. $ 843,855 $13,000 $209,725 $421,630 $109,846
=========== ======= ======== ======== ========
Units outstanding beginning of
period.............................. 0 0 0 0 0
Units issued during the period........ 194,816 1,345 18,848 40,836 12,113
Units redeemed during the period...... (111,731) (113) (220) (445) (22)
----------- ------- -------- -------- --------
Units outstanding end of period....... 83,085 1,232 18,628 40,391 12,091
=========== ======= ======== ======== ========

- ---------------
*Includes undistributed net
investment income of:............... $ 12,988 $ 431 $ 17,837 $ 19,108 $ 3,248
**Commencement of operations.

<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------
HIGH YIELD CAPITAL STOCK WORLDWIDE
BOND APPRECIATION INDEX EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------- --------------- --------------- ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JULY 23, 1997** JULY 23, 1997** JULY 23, 1997** JULY 23, 1997**
THROUGH THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1997 1997
--------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............... $ 1,806 $ 1,295 $ 496 $ 0
Net realized gain (loss) on
investments....................... 17 (9) 14 (61)
Net increase (decrease) in
unrealized appreciation of
investments....................... (624) (1,427) 54 (3,920)
-------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations........... 1,199 (141) 564 (3,981)
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units............................. 157,186 157,623 13,566 17,333
Net asset value of units redeemed or
used to meet contract
obligations....................... (1,560) (1,526) (1,161) (473)
-------- -------- -------- --------
Net increase from unit transactions... 155,626 156,097 12,405 16,860
-------- -------- -------- --------
Net increase in net assets............ 156,825 155,956 12,969 12,879
Net assets beginning of period........ 0 0 0 0
-------- -------- -------- --------
Net assets end of period*............. $156,825 $155,956 $ 12,969 $ 12,879
======== ======== ======== ========
Units outstanding beginning of
period.............................. 0 0 0 0
Units issued during the period........ 15,033 15,672 1,357 1,883
Units redeemed during the period...... (151) (153) (113) (54)
-------- -------- -------- --------
Units outstanding end of period....... 14,882 15,519 1,244 1,829
======== ======== ======== ========
- ---------------
*Includes undistributed net
investment income of:............... $ 1,806 $ 1,295 $ 496 $ 0
**Commencement of operations.
</TABLE>

See notes to financial statements.

F-25
<PAGE> 104

MONY AMERICA

VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION AND BUSINESS

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) and Corporate Sponsored Variable 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"). For presentation
purposes, the information related only to the Corporate Sponsored Variable
Universal Life Insurance policies are presented here.

There are currently fifteen Corporate Sponsored Variable Universal
Subaccounts within the Variable Account. Six of the subaccounts have no assets
and nine invest only in a corresponding portfolio of the MONY Series Fund, Inc.
(the "Fund"), the Enterprise Accumulation Trust ("Enterprise"), the Dreyfus
Investment Fund ("Dreyfus Fund"), the Dreyfus Stock Index Fund ("Dreyfus Index
Fund"), and the Van Eck Insurance Trust ("Van Eck Trust") (collectively, the
"Funds"). The subaccounts of the Corporate Sponsored Variable Universal Life
commenced operations during 1997. The Funds are registered under the 1940 Act as
open end, diversified, management investment companies.

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

Investment:

The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Funds. Except for the Money Market
Portfolios, 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
Portfolios, the net asset values are based on amortized cost of the securities
held which approximates value.

Taxes:

3. RELATED PARTY TRANSACTIONS

MONY America is the legal owner of the assets held by the Variable Account.

F-26
<PAGE> 105
MONY AMERICA

VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

3. RELATED PARTY TRANSACTIONS (CONTINUED)
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 Enterprise, and it receives amounts paid by
Enterprise for those services.

4. INVESTMENTS

Investments in Corporate Sponsored Variable Universal Life at cost, at
December 31, 1997 consist of the following:

<TABLE>
<CAPTION>
MONEY INTERNATIONAL HIGH YIELD
MARKET EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares..................... 0 0 0 0 0 0
Amount..................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
----------- ------- -------- -------- -------- --------
Shares acquired:
Shares..................... 1,961,819 391 7,272 9,979 17,370 27,422
Amount..................... $ 1,961,819 $13,447 $205,099 $423,645 $110,383 $157,186
Shares received for
reinvestment of dividends:
Shares..................... 12,988 12 668 469 526 316
Amount..................... $ 12,988 $ 431 $ 17,837 $ 19,108 $ 3,248 $ 1,806
Shares redeemed:
Shares..................... (1,130,952) (33) (85) (109) (122) (273)
Amount..................... $(1,130,952) $(1,128) $ (2,204) $ (4,453) $ (856) $ (1,543)
----------- ------- -------- -------- -------- --------
Net change:
Shares..................... 843,855 370 7,855 10,339 17,774 27,465
Amount..................... $ 843,855 $12,750 $220,732 $438,300 $112,775 $157,449
----------- ------- -------- -------- -------- --------
Shares end of period:
Shares..................... 843,855 370 7,855 10,339 17,774 27,465
Amount..................... $ 843,855 $12,750 $220,732 $438,300 $112,775 $157,449
=========== ======= ======== ======== ======== ========
</TABLE>

F-27
<PAGE> 106
MONY AMERICA

VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

4. INVESTMENTS (CONTINUED)
Investments in Corporate Sponsored Variable Universal Life at cost, at
December 31, 1997 consist of the following:

<TABLE>
<CAPTION>
CAPITAL STOCK WORLDWIDE
APPRECIATION INDEX EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------------
<S> <C> <C> <C>
Shares beginning of period:
Shares............................................ 0 0 0
Amount............................................ $ 0 $ 0 $ 0
-------- ------- -------
Shares acquired:
Shares............................................ 5,598 529 1,205
Amount............................................ $157,623 $13,566 $17,333
Shares received for reinvestment of dividends:
Shares............................................ 47 19 0
Amount............................................ $ 1,295 $ 496 $ 0
Shares redeemed:
Shares............................................ (55) (45) (34)
Amount............................................ $ (1,535) $(1,147) $ (534)
-------- ------- -------
Net change:
Shares............................................ 5,590 503 1,171
Amount............................................ $157,383 $12,915 $16,799
-------- ------- -------
Shares end of period:
Shares............................................ 5,590 503 1,171
Amount............................................ $157,383 $12,915 $16,799
======== ======= =======
</TABLE>

F-28
<PAGE> 107

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of
MONY Life Insurance Company of America

In our opinion, the accompanying balance sheets and the related statements
of income and comprehensive income, changes in shareholder's equity and cash
flows present fairly, in all material respects, the financial position of MONY
Life Insurance Company of America (the "Company") at December 31, 1998 and 1997,
and the results of its operations and its cash flows for each of the three years
in the period ended December 31, 1998, in conformity with generally accepted
accounting principles. These financial statements are the responsibility of the
Company's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.

As discussed in Note 2 to the financial statements, the Company adopted in
1996, Statements of Financial Accounting Standards No. 120 (SFAS 120) and
Statements of Financial Accounting Standards Board Interpretation No. 40 (FIN
40) which required implementation of several accounting pronouncements not
previously adopted. The effects of adopting SFAS 120 and FIN 40 were
retroactively applied to the Company's previously issued financial statements,
consistent with the implementation guidance of those standards.

PricewaterhouseCoopers LLP

New York, New York
February 15, 1999, except for Note 12(b),
as to which the date is March 22, 1999.

F-29
<PAGE> 108

MONY LIFE INSURANCE COMPANY OF AMERICA

BALANCE SHEETS
DECEMBER 31, 1998 AND 1997

<TABLE>
<CAPTION>
1998 1997
-------- --------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
INVESTMENTS:
Fixed maturity securities available-for-sale, at fair
value..................................................... $1,044.2 $1,099.4
Mortgage loans on real estate (Note 8)...................... 120.1 132.5
Policy loans................................................ 52.1 45.9
Real estate to be disposed of (Note 8)...................... 0.0 19.2
Real estate held for investment (Note 8).................... 8.3 2.8
Other invested assets....................................... 4.7 5.1
-------- --------
1,229.4 1,304.9
======== ========
Cash and cash equivalents................................... 133.4 46.0
Accrued investment income................................... 19.5 22.4
Amounts due from reinsurers................................. 24.4 13.0
Deferred policy acquisition costs........................... 318.6 281.6
Other assets................................................ 15.3 16.9
Separate account assets..................................... 4,148.8 3,606.7
-------- --------
Total assets...................................... $5,889.4 $5,291.5
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits...................................... $ 112.0 $ 106.1
Policyholders' account balances............................. 1,187.1 1,215.7
Other policyholders' liabilities............................ 56.9 41.2
Accounts payable and other liabilities...................... 67.9 34.5
Current federal income taxes payable........................ 13.2 17.8
Deferred federal income taxes (Note 5)...................... 13.7 7.5
Separate account liabilities................................ 4,148.8 3,606.7
-------- --------
Total liabilities................................. 5,599.6 5,029.5
Commitments and contingencies (Note 12)
Common stock $1.00 par value; 5,000,000 shares authorized,
2,500,000 issued and outstanding.......................... 2.5 2.5
Capital in excess of par.................................... 189.7 177.2
Retained earnings........................................... 89.6 75.4
Accumulated other comprehensive income...................... 8.0 6.9
-------- --------
Total shareholder's equity........................ 289.8 262.0
-------- --------
Total liabilities and shareholder's equity........ $5,889.4 $5,291.5
======== ========
</TABLE>

See accompanying notes to financial statements.
F-30
<PAGE> 109

MONY LIFE INSURANCE COMPANY OF AMERICA

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996

<TABLE>
<CAPTION>
1998 1997 1996
------ ------ ------
($ IN MILLIONS)
<S> <C> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $122.0 $100.8 $ 80.8
Premiums.................................................... 1.7 0.1 0.0
Net investment income (Note 6).............................. 94.6 99.1 102.0
Net realized gains on investments (Note 6).................. 7.1 2.7 0.9
Other income................................................ 7.6 5.5 4.8
------ ------ ------
233.0 208.2 188.5
------ ------ ------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 34.9 30.6 26.4
Interest credited to policyholders' account balances........ 65.1 72.5 73.0
Amortization of deferred policy acquisition costs........... 35.5 46.3 36.6
Other operating costs and expenses.......................... 75.6 46.0 39.4
------ ------ ------
211.1 195.4 175.4
------ ------ ------
Income before income taxes.................................. 21.9 12.8 13.1
Income tax expense.......................................... 7.7 4.5 4.6
------ ------ ------
Net income.................................................. 14.2 8.3 8.5
Other comprehensive income, net (Note 6).................... 1.1 3.3 (5.8)
------ ------ ------
Comprehensive income........................................ $ 15.3 $ 11.6 $ 2.7
====== ====== ======
</TABLE>

See accompanying notes to financial statements.
F-31
<PAGE> 110

MONY LIFE INSURANCE COMPANY OF AMERICA

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996

<TABLE>
<CAPTION>
ACCUMULATED
CAPITAL OTHER TOTAL
COMMON IN EXCESS RETAINED COMPREHENSIVE SHAREHOLDER'S
STOCK OF PAR EARNINGS INCOME EQUITY
------ --------- -------- ------------- ---------------
($ IN MILLIONS)
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1995............. $2.5 $153.0 $ 58.6 $ 9.4 $223.5
Capital contribution................... 13.4 13.4
Comprehensive income
Net income........................... 8.5 8.5
Other comprehensive income:
Unrealized gains on investments,
net of unrealized losses,
reclassification adjustments,
and taxes (Note 6).............. (5.8) (5.8)
---- ------ ------ ----- ------
Comprehensive income................... 2.7
------
Balance, December 31, 1996............. 2.5 166.4 67.1 3.6 239.6
Capital contribution................... 10.8 10.8
Comprehensive income
Net income........................... 8.3 8.3
Other comprehensive income:
Unrealized losses on investments,
net of unrealized gains,
reclassification adjustments,
and taxes (Note 6).............. 3.3 3.3
---- ------ ------ ----- ------
Comprehensive income................... 11.6
------
Balance, December 31, 1997............. 2.5 177.2 75.4 6.9 262.0
Capital contribution................... 12.5 12.5
Comprehensive income
Net income........................... 14.2 14.2
Other comprehensive income:
Unrealized gains on investments,
net of unrealized losses,
reclassification adjustments,
and taxes (Note 6).............. 1.1 1.1
---- ------ ------ ----- ------
Comprehensive income................... 15.3
------
Balance, December 31, 1998............. $2.5 $189.7 $ 89.6 $ 8.0 $289.8
==== ====== ====== ===== ======
</TABLE>

See accompanying notes to financial statements.
F-32
<PAGE> 111

MONY LIFE INSURANCE COMPANY OF AMERICA

STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996

<TABLE>
<CAPTION>
1998 1997 1996
------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES (SEE NOTE 2):
Net income.................................................. $ 14.2 $ 8.3 $ 8.5
Adjustments to reconcile net income to net cash (used
in)/provided by operating activities:
Interest credited to policyholders' account balances...... 64.1 71.5 72.5
Universal life and investment-type product policy fee
income................................................. (107.0) (98.1) (85.3)
Capitalization of deferred policy acquisition costs....... (74.9) (73.8) (68.5)
Amortization of deferred policy acquisition costs......... 35.5 46.3 36.6
Provision for depreciation and amortization............... 1.0 0.4 1.4
Provision for deferred federal income taxes............... (1.1) (13.4) (10.6)
Net realized gains on investments......................... (7.1) (2.7) (0.9)
Change in other assets and accounts payable and other
liabilities............................................ 45.3 29.6 28.2
Change in future policy benefits.......................... 5.9 0.2 1.2
Change in other policyholders' liabilities................ 15.7 5.0 2.0
Change in current federal income taxes payable............ (4.6) (11.2) 15.0
------- ------- -------
Net cash (used in) provided by operating activities......... (13.0) (37.9) 0.1
------- ------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayments of:
Fixed maturities.......................................... 171.4 130.6 134.8
Equity securities......................................... 0.8 1.0 0.0
Mortgage loans on real estate............................. 37.6 37.7 53.2
Real estate............................................... 17.0 18.6 19.8
Other invested assets..................................... 0.6 1.5 0.0
Acquisitions of investments:
Fixed maturities.......................................... (109.2) (157.6) (163.8)
Equity securities......................................... (0.1) (0.1) 0.0
Mortgage loans on real estate............................. (24.3) (13.6) (38.7)
Real estate............................................... (0.6) (1.5) (3.4)
Other invested assets..................................... (0.3) (0.1) (0.3)
Policy loans, net......................................... (6.2) (4.4) (3.3)
Other..................................................... (0.5) 0.3 (0.9)
------- ------- -------
Net cash provided by (used in) investing activities......... $ 86.2 $ 12.4 $ (2.6)
------- ------- -------
</TABLE>

See accompanying notes to financial statements.
F-33
<PAGE> 112
MONY LIFE INSURANCE COMPANY OF AMERICA

STATEMENTS OF CASH FLOWS -- (CONTINUED)
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996

<TABLE>
<CAPTION>
1998 1997 1996
------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Receipts from annuity and universal life policies credited
to policyholders' account balances........................ $ 811.8 $ 810.4 $ 753.5
Return of policyholders' account balances on annuity
policies and universal life policies...................... (797.6) (829.1) (786.0)
------- ------- -------
Net cash provided by (used in) financing activities......... 14.2 (18.7) (32.5)
------- ------- -------
Net increase (decrease) in cash and cash equivalents........ 87.4 (44.2) (35.0)
Cash and cash equivalents, beginning of year................ 46.0 90.2 125.2
------- ------- -------
Cash and cash equivalents, end of year...................... $ 133.4 $ 46.0 $ 90.2
======= ======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Income taxes................................................ $ 13.4 $ 29.1 $ 0.0
</TABLE>

See accompanying notes to financial statements.
F-34
<PAGE> 113

MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION AND DESCRIPTION OF BUSINESS:

MONY Life Insurance Company of America (the "Company"), an Arizona stock
life insurance company, is a wholly-owned subsidiary of MONY Life Insurance
Company of New York (MONY Life), a stock life insurance company. MONY Life is a
wholly owned subsidiary of The MONY Group, Inc. (the "MONY Group").

The Company's primary business is to provide asset accumulation and life
insurance products to business owners, growing families, and pre-retirees. The
Company's insurance and financial products are marketed and distributed directly
to individuals primarily through MONY Life's career agency sales force. These
products are sold throughout the United States (except New York) and Puerto
Rico.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Basis of Presentation

The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles ("GAAP"). Prior to 1996, the Company,
as a wholly-owned stock insurance subsidiary of a mutual life insurance company
(MONY Life), prepared its financial statements in conformity with accounting
practices prescribed or permitted by the Arizona State Insurance Department
("SAP"), which accounting practices were considered to be GAAP for mutual life
insurance companies and their wholly-owned stock insurance subsidiaries. As of
January 1, 1996, the Company adopted Financial Accounting Standards Board
("FASB") Interpretation No. 40, Applicability of Generally Accepted Accounting
Principles to Mutual Life Insurance and Other Enterprises (the
"Interpretation"), and Statement of Financial Accounting Standards ("SFAS") No.
120, Accounting and Reporting by Mutual Life Insurance Enterprises and by
Insurance Enterprises for Certain Long Duration Participating Policies (the
"Standard"). The Interpretation and the Standard require mutual life insurance
companies and their wholly-owned stock insurance subsidiaries to adopt all
applicable authoritative GAAP pronouncements in their general purpose financial
statements. Accordingly, the initial effect of applying the Interpretation and
the Standard has been reported retroactively through the restatement of
previously issued financial statements presented herein for comparative purposes
(see Note 13).

The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ significantly
from those estimates. The most significant estimates made in conjunction with
the preparation of the Company's financial statements include those used in
determining (i) deferred policy acquisition costs, (ii) the liability for future
policy benefits, and (iii) valuation allowances for mortgage loans and real
estate to be disposed of, and impairment writedowns for real estate held for
investment.

During 1997, the Company adopted SFAS No. 130, Reporting Comprehensive
Income, which was issued by the FASB in June of 1997. SFAS No. 130 established
standards for reporting and display of comprehensive income and its components
in general purpose financial statements. All periods presented herein reflect
the provisions of SFAS No. 130.

Valuation of Investments and Realized Gains and Losses

All of the Company's fixed maturity securities are classified as
available-for-sale and are reported at estimated fair value. Unrealized gains
and losses on fixed maturity securities are reported as a separate component of
other comprehensive income, net of deferred income taxes and an adjustment for
the effect on deferred policy acquisition costs that would have occurred if such
gains and losses had been realized. The cost of fixed maturity securities is
adjusted for impairments in value deemed to be other than temporary. These

F-35
<PAGE> 114
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

adjustments are reflected as realized losses on investments. Realized gains and
losses on sales of investments are determined on the basis of specific
identification.

Mortgage loans on real estate are stated at their unpaid principal
balances, net of valuation allowances. Valuation allowances are established for
the excess of the carrying value of a mortgage loan over its estimated fair
value when the loan is considered to be impaired. Mortgage loans are considered
to be impaired when, based on current information and events, it is probable
that the Company will be unable to collect all amounts due according to the
contractual terms of the loan agreement. Estimated fair value is based on either
the present value of expected future cash flows discounted at the loan's
original effective interest rate, or the loan's observable market price (if
considered to be a practical expedient), or the fair value of the collateral if
the loan is collateral dependent and if foreclosure of the loan is considered
probable. The provision for loss is reported as a realized loss on investment.
Loans in foreclosure and loans considered to be impaired, other than
restructured loans, are placed on non-accrual status. Interest received on
non-accrual status mortgage loans is included in investment income in the period
received. Interest income on restructured mortgage loans is accrued at the
restructured loans' interest rate.

Real estate held for investment, as well as related improvements, are
generally stated at cost less depreciation. Depreciation is determined using the
straight-line method over the estimated useful life of the asset (which may
range from 5 to 40 years). Cost is adjusted for impairment whenever events or
changes in circumstances indicate that the carrying amount of the asset may not
be recoverable. In performing the review for recoverability, management
estimates the future cash flows expected from real estate investments, including
the proceeds on disposition. If the sum of the expected undiscounted future cash
flows is less than the carrying amount of the real estate, an impairment loss is
recognized. Impairment losses are based on the estimated fair value of the real
estate, which is generally computed using the present value of expected future
cash flows from the real estate discounted at a rate commensurate with the
underlying risks. Real estate acquired in satisfaction of debt is recorded at
estimated fair value at the date of foreclosure. Real estate that management
intends to sell is classified as "to be disposed of". Real estate to be disposed
of is reported at the lower of its current carrying value or estimated fair
value less estimated sales costs. Changes in reported values relating to real
estate to be disposed of and impairments of real estate held for investment are
reported as realized gains or losses on investments.

Policy loans are carried at their unpaid principal balances.

Cash and cash equivalents include cash on hand, amounts due from banks and
highly liquid debt instruments with an original maturity of three months or
less.

Recognition of Insurance Revenue and Related Benefits

Premiums from universal life and investment-type contracts are reported as
deposits to policyholders' account balances. Revenue from these types of
products consists of amounts assessed during the period against policyholders'
account balances for policy administration charges, cost of insurance and
surrender charges. Policy benefits charged to expense include benefit claims
incurred in the period in excess of the related policyholders' account balance.

Premiums from non-participating term life and annuity policies with life
contingencies are recognized as premium income when due. Benefits and expenses
are matched with such income so as to result in the recognition of profits over
the life of the contracts. This match is accomplished by means of the provision
for liabilities for future policy benefits and the deferral and subsequent
amortization of policy acquisition costs.

Deferred Policy Acquisition Costs ("DAC")

The costs of acquiring new business, principally commissions, underwriting,
agency, and policy issue expenses, all of which vary with and are primarily
related to the production of new business, are deferred.
F-36
<PAGE> 115
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

For universal life products and investment-type products, DAC is amortized
over the expected life of the contracts (ranging from 15 to 30 years) as a
constant percentage based on the present value of estimated gross profits
expected to be realized over the life of the contracts using the initial
locked-in contract rate. The contract rate for all products is 8 percent.
Estimated gross profits arise principally from investment results, mortality and
expense margins and surrender charges.

For non-participating term policies, DAC is amortized over the expected
life of the contracts (ranging from 5 to 20 years) based on the present value of
the estimated gross premiums.

DAC is subject to recoverability testing at the time of policy issuance and
loss recognition testing at the end of each accounting period. The effect on the
amortization of DAC of revisions in estimated experience is reflected in
earnings in the period such estimates are revised. In addition, the effect on
the DAC asset that would result from the realization of unrealized gains
(losses) is recognized through an offset to Other Comprehensive Income as of the
balance sheet date.

Policyholders' Account Balances and Future Policy Benefits

Policyholders' account balances for universal life and investment-type
contracts represent an accumulation of gross premium payments plus credited
interest less expense and mortality charges and withdrawals. The weighted
average interest crediting rate for universal life products was approximately
5.7%, 5.8%, and 5.8% for the years ended December 31, 1998, 1997, and 1996,
respectively. The weighted average interest crediting rate for investment-type
products was approximately 5.6% for each of the years ended December 31, 1998,
1997, and 1996, respectively.

GAAP reserves for non-participating term life policies are calculated using
a net level premium method on the basis of actuarial assumptions equal to
expected investment yields, mortality, terminations, and expenses applicable at
the time the insurance contracts are made, including a provision for the risk of
adverse deviation.

Federal Income Taxes

The Company files a consolidated federal income tax return with its parent,
MONY Life, along with MONY Life's other life and non-life subsidiaries. Deferred
income tax assets and liabilities are recognized based on the difference between
financial statement carrying amounts and income tax bases of assets and
liabilities using enacted income tax rates and laws.

The method of allocation between the companies is subject to written
agreement, approved by the Board of Directors. The allocation of federal income
taxes will be based upon separate return calculations with current credit for
losses and other federal income tax credits provided to the life insurance
members of the affiliated group. Intercompany balances are settled annually in
the fourth quarter of the year in which the return is filed.

Reinsurance

The Company has reinsured certain of its life insurance and annuity
business with life contingencies with MONY Life and other insurance companies
under various agreements. Amounts due from reinsurers are estimated based on
assumptions consistent with those used in establishing the liabilities related
to the underlying reinsured contracts. Policy and contract liabilities are
reported gross of reserve credits. Gains on reinsurance are deferred and
amortized into income over the remaining life of the underlying reinsured
contracts.

The reinsurer's investment in a reinsurance contract consists of amounts
paid to the ceding company at the inception of the contract (e.g. expense
allowances and the excess of liabilities assumed by the reinsurer

F-37
<PAGE> 116
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

over the assets transferred to the reinsurer under the contract) plus the amount
of capital required to support such business consistent with prudent business
practices, regulatory requirements, and the reinsurer's credit rating. The
Company estimates the capital required to support such business based on what it
considers to be an appropriate level of risk-based capital in light of
regulatory requirements and prudent business practices.

Separate Accounts

Separate accounts are established in conformity with insurance laws and are
generally not chargeable with liabilities that arise from any other business of
the Company. Separate account assets are subject to general account claims only
to the extent that the value of such assets exceeds the separate account
liabilities. Investments held in separate accounts and liabilities of the
separate accounts are reported separately as assets and liabilities.
Substantially all separate account assets are reported at estimated fair value.
Investment income and gains or losses on the investments of separate accounts
accrue directly to contractholders and, accordingly, are not reflected in the
Company's statements of income and cash flows. Fees charged to the separate
accounts by the Company (including mortality charges, policy administration fees
and surrender charges) are reflected in the Company's revenues.

Statements of Cash Flows -- Non-cash Transactions

For the years ended December 31, 1998, 1997, and 1996, respectively, real
estate of $0.5 million, $0.0 million, and $0.0 million was acquired in
satisfaction of debt. At December 31, 1998 and 1997, the Company owned real
estate acquired in satisfaction of debt of $8.0 million and $21.7 million,
respectively.

New Accounting Pronouncements

In January 1998, the American Institute of Certified Public Accountants
issued Statement of Position (SOP) 97-3, "Accounting by Insurance and Other
Enterprises for Insurance-Related Assessments". SOP 97-3 provides guidance for
determining when an entity should recognize a liability for guaranty fund and
other insurance-related assessments and when it may recognize an asset for a
portion or all of the assessment liability or paid assessment that can be
recovered through premium tax offsets or policy surcharges. SOP 97-3 is
effective for fiscal years beginning after December 15, 1998. Adoption of SOP
97-3 is not expected to have a material effect on the Company's financial
condition or results of operations.

In June 1998, The FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." SFAS 133 requires all derivatives to be
recognized in the statement of financial position as either assets or
liabilities and measured at fair value. The corresponding derivative gains and
losses should be reported based on the hedge relationship that exists, if there
is one. Changes in the fair value of derivatives that are not designated as
hedges or that do not meet the hedge accounting criteria in SFAS 133, are
required to be reported in earnings. SFAS 133 is effective for fiscal years
beginning after June 15, 1999. Adoption of SFAS 133 is not expected to have a
material effect on the Company's financial condition or results of operations.

3. RELATED PARTY TRANSACTIONS:

MONY Life has guaranteed to certain states that the statutory surplus of
the Company will be maintained at amounts at least equal to the minimum surplus
for admission to those states.

At December 31, 1998 and 1997, approximately 23% and 26% of the Company's
investments in mortgages were held through joint participation with MONY Life,
respectively. In addition, 100% of the Company's real estate and joint venture
investments were held through joint participation with MONY Life at December 31,
1998 and 1997.

F-38
<PAGE> 117
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

The Company and MONY Life are parties to an agreement whereby MONY Life
agrees to reimburse the Company to the extent that the Company's recognized loss
as a result of mortgage loan default or foreclosure or subsequent sale of the
underlying collateral exceeds 75 percent of the appraised value of the loan at
origination for each such mortgage loan. Pursuant to the agreement, the Company
received payments from MONY Life of $0.1 million in each of the years ending
December 31, 1998, 1997 and 1996.

The Company has a service agreement with MONY Life whereby MONY Life
provides personnel services, facilities, supplies and equipment to the Company
to conduct its business. The associated costs related to the service agreement
are allocated to the Company based on methods that management believes are
reasonable, including a review of the nature of such costs and time studies
analyzing the amount of employee compensation costs incurred by the Company. For
the years ended December 31, 1998, 1997, and 1996, the Company incurred expenses
of $63.6 million, $37.1 million and $32.3 million as a result of such
allocations. The allocated costs, however, are only partially reimbursable to
MONY Life by the Company. Accordingly, the Company recorded capital
contributions from MONY Life of $12.5 million, $10.8 million, and $13.4 million
during 1998, 1997 and 1996 respectively. At December 31, 1998 and 1997 the
Company had a payable to MONY Life in connection with this service agreement of
$9.0 million and $10.7 million, respectively, which is reflected in Accounts
Payable and Other Liabilities.

The Company has an investment advisory agreement with MONY Life whereby
MONY Life provides investment advisory services with respect to the investment
and management of the Company's investment portfolio. The amount of expenses
incurred by the Company related to this agreement was $0.9 million; $1.0 million
and $0.7 million for 1998, 1997 and 1996, respectively. In addition, the Company
recorded an intercompany payable of $88,401 and $81,414 at December 31, 1998 and
1997, respectively, related to this agreement which is included in Accounts
payable and other liabilities in the balance sheet.

In addition to the agreements discussed above, the Company has various
other service and investment advisory agreements with MONY Life and affiliates
of the Company. The amount of expenses incurred by the Company related to these
agreements was $2.0 million, $2.6 million and $2.6 million for 1998, 1997 and
1996, respectively. In addition, the Company recorded an intercompany
(receivable)/payable of $(0.2) million and $0.3 million at December 31, 1998 and
1997, respectively, related to these agreements.

4. DEFERRED POLICY ACQUISITION COSTS:

Policy acquisition costs deferred and amortized in 1998, 1997 and 1996 are
as follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
------ ------ ------
<S> <C> <C> <C>
Balance, beginning of year.................................. $281.6 $262.3 $219.4
Costs deferred during the year.............................. 75.0 73.8 68.5
Amortized to expense during the year........................ (35.5) (46.3) (36.6)
Effect on DAC from unrealized gains (losses) (see Note 2)... (2.5) (8.2) 11.0
------ ------ ------
Balance, end of year........................................ $318.6 $281.6 $262.3
====== ====== ======
</TABLE>

5. FEDERAL INCOME TAXES:

The Company files a consolidated federal income tax return with MONY Life
and MONY Life's other subsidiaries. Federal income taxes have been calculated in
accordance with the provisions of the Internal

F-39
<PAGE> 118
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

Revenue Code of 1986, as amended. A summary of the Federal income tax expense
(benefit) is presented below ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Federal income tax expense (benefit):
Current................................................... $ 8.8 $17.9 $15.2
Deferred.................................................. (1.1) (13.4) (10.6)
----- ----- -----
Total............................................. $ 7.7 $ 4.5 $ 4.6
===== ===== =====
</TABLE>

Federal income taxes reported in the statements of income may be different
from the amounts determined by multiplying the earnings before federal income
taxes by the statutory federal income tax rate of 35%. The sources of the
difference and the tax effects of each are as follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Tax at statutory rate....................................... $ 7.7 $ 4.5 $ 4.6
Dividends received deduction................................ (1.1) (1.2) (0.8)
Other....................................................... 1.1 1.2 0.8
----- ----- -----
Provision for income taxes.................................. $ 7.7 $ 4.5 $ 4.6
===== ===== =====
</TABLE>

The Company's federal income tax returns for years through 1991 have been
examined by the Internal Revenue Service ("IRS"). No material adjustments were
proposed by the IRS as a result of these examinations. In the opinion of
management, adequate provision has been made for any additional taxes which may
become due with respect to open years.

The components of deferred tax liabilities and assets at December 31, 1998
and 1997 are as follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997
------ -----
<S> <C> <C>
Deferred policy acquisition costs........................... $ 91.8 $81.7
Fixed maturities............................................ 12.0 9.6
Other (net)................................................. 4.4 5.1
------ -----
Total deferred tax liabilities.............................. 108.2 96.4
------ -----
Policyholder and separate account liabilities............... 93.7 88.8
Real estate and mortgages................................... 0.8 0.1
------ -----
Total deferred tax assets................................... 94.5 88.9
------ -----
Net deferred tax liability.................................. $ 13.7 $ 7.5
====== =====
</TABLE>

The Company is required to establish a valuation allowance for any portion
of the deferred tax asset that management believes will not be realized. In the
opinion of management, it is more likely than not that it will realize the
benefit of the deferred tax assets and, therefore, no such valuation allowance
has been established.

F-40
<PAGE> 119
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

6. INVESTMENT INCOME, REALIZED AND UNREALIZED INVESTMENT GAINS (LOSSES), AND
OTHER COMPREHENSIVE INCOME:

Net investment income for the years ended December 31, 1998, 1997 and 1996
was derived from the following sources ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ------ ------
<S> <C> <C> <C>
NET INVESTMENT INCOME
Fixed maturities............................................ $77.2 $ 78.4 $ 76.7
Mortgage loans.............................................. 11.0 12.1 14.7
Real estate................................................. 0.5 2.0 3.7
Policy loans................................................ 3.6 3.5 2.7
Other investments (including cash & cash equivalents)....... 5.3 6.4 7.3
----- ------ ------
Total investment income..................................... 97.6 102.4 105.1
Investment expenses......................................... 3.0 3.3 3.1
----- ------ ------
Net investment income....................................... $94.6 $ 99.1 $102.0
===== ====== ======
</TABLE>

Net realized gains (losses) on investments for the years ended December 31,
1998, 1997 and 1996 are summarized as follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ------ ------
<S> <C> <C> <C>
NET REALIZED GAINS (LOSSES) ON INVESTMENTS
Fixed maturities............................................ $ 2.6 $ (0.7) $ 0.1
Mortgage loans.............................................. 1.4 2.4 0.7
Real estate................................................. 2.5 0.5 0.8
Other invested assets....................................... 0.6 0.5 (0.7)
----- ------ ------
Net realized gains on investments........................... $ 7.1 $ 2.7 $ 0.9
===== ====== ======
</TABLE>

The net change in unrealized investment gains (losses) represents the only
component of other comprehensive income for the years ended December 31, 1998,
1997, and 1996. Following is a summary of the change in unrealized investment
gains (losses) net of related deferred income taxes and adjustment for deferred
policy acquisition costs (see Note 2), which are reflected in Accumulated Other
Comprehensive Income for the periods presented ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ----- ------
<S> <C> <C> <C>
CHANGE IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Fixed maturities............................................ $ 4.8 $13.2 $(20.4)
Other....................................................... (0.6) 0.1 0.5
----- ----- ------
Subtotal.................................................... 4.2 13.3 (19.9)
Effect on unrealized gains (losses) on investments
attributable to:
DAC....................................................... (2.5) (8.2) 11.0
Deferred federal income taxes............................. (0.6) (1.8) 3.1
----- ----- ------
Change in unrealized gains (losses) on investments, net..... $ 1.1 $ 3.3 $ (5.8)
===== ===== ======
</TABLE>

F-41
<PAGE> 120
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

The following table sets forth the reclassification adjustments required
for the years ended December 31, 1998, 1997, and 1996 to avoid double-counting
in comprehensive income items that are included as part of net income for a
period that also had been part of other comprehensive income in earlier periods
($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ----- ------
<S> <C> <C> <C>
RECLASSIFICATION ADJUSTMENTS
Unrealized gains (losses) on investments arising during
period.................................................... $ 1.9 $ 3.3 $ (5.8)
Reclassification adjustment for gains included in net
income.................................................... (0.8) 0.0 0.0
----- ----- ------
Unrealized gains (losses) on investments, net of
reclassification adjustments.............................. $ 1.1 $ 3.3 $ (5.8)
===== ===== ======
</TABLE>

Unrealized gains (losses) on investments arising during the period reported
in the above table for the years ended December 31, 1998, 1997 and 1996 are net
of income tax expense (benefit) of $0.1 million, $1.8 million, and ($3.1)
million, respectively, and ($0.5) million, ($8.2) million, and $11.0 million,
respectively, relating to the effect of such unrealized gains (losses) on DAC.

Reclassification adjustments reported in the above table for the years
ended December 31, 1998, 1997 and 1996 are net of income tax expense (benefit)
of $0.5 million, $0.0 million and $0.0 million, respectively, and ($2.0)
million, $0.0 million and $0.0 million, respectively, relating to the effect of
such amounts on DAC.

7. INVESTMENTS:

Fixed Maturity Securities Available-For-Sale:

The amortized cost, gross unrealized gains and losses, and estimated fair
value of fixed maturity securities available for sale as of December 31, 1998
and December 31, 1997 are as follows ($ in millions):

<TABLE>
<CAPTION>
GROSS GROSS ESTIMATED
AMORTIZED UNREALIZED UNREALIZED FAIR
COST GAINS LOSSES VALUE
------------------- ------------- ----------- -------------------
1998 1997 1998 1997 1998 1997 1998 1997
-------- -------- ----- ----- ---- ---- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
US Treasury securities and obligations of
U.S government agencies................. $ 5.3 $ 5.9 $ 0.0 $ 0.0 $0.0 $0.0 $ 5.3 $ 5.9
Collateralized mortgage obligations:
Government agency-backed................ 106.3 123.7 1.9 2.2 0.0 0.1 108.2 125.8
Non-agency backed....................... 37.7 40.6 1.8 2.0 0.0 0.1 39.5 42.5
Other asset-backed securities:
Government agency-backed................ 0.1 0.2 0.0 0.0 0.0 0.0 0.1 0.2
Non-agency backed....................... 83.4 87.5 1.9 2.1 0.3 0.1 85.0 89.5
Utilities................................. 120.9 123.8 5.0 3.1 2.7 0.2 123.2 126.7
Corporate bonds........................... 645.8 676.5 23.2 18.0 0.8 1.7 668.2 692.8
Affiliates................................ 14.7 16.0 0.0 0.0 0.0 0.0 14.7 16.0
-------- -------- ----- ----- ---- ---- -------- --------
Total............................ $1,014.2 $1,074.2 $33.8 $27.4 $3.8 $2.2 $1,044.2 $1,099.4
======== ======== ===== ===== ==== ==== ======== ========
</TABLE>

The carrying value of the Company's fixed maturity securities at December
31, 1998 and 1997 is net of adjustments for impairments in value deemed to be
other than temporary of $0.5 million and $0.9 million, respectively.

At December 31, 1998 and 1997, there were no fixed maturity securities
which were non-income producing for the twelve months preceding such dates.

The Company classifies fixed maturity securities which, (i) are in default
as to principal or interest payments, (ii) are to be restructured pursuant to
commenced negotiations, (iii) went into bankruptcy subsequent to acquisition or
(iv) are deemed to have other than temporary impairments to value, as "problem

F-42
<PAGE> 121
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

fixed maturity securities." At December 31, 1998 and 1997, the carrying value of
problem fixed maturities held by the Company was $4.4 million and $4.6 million,
respectively. In addition, at December 31, 1998, the Company held $2.7 million
of fixed maturity securities which had been restructured. There were no fixed
maturity securities which were restructured at December 31, 1997. Gross interest
income that would have been recorded in accordance with the original terms of
restructured fixed maturity securities amounted to $0.3 million for the year
ended December 31, 1998. Gross interest income on these fixed maturity
securities included in net investment income aggregated $0.5 million for the
year ended December 31, 1998.

The amortized cost and estimated fair value of fixed maturity securities,
by contractual maturity dates, (excluding scheduled sinking funds) as of
December 31, 1998 are as follows ($ in millions):

<TABLE>
<CAPTION>
1998
-----------------------
AMORTIZED ESTIMATED
COST FAIR VALUE
--------- ----------
<S> <C> <C>
Due in one year or less..................................... $ 90.0 $ 90.4
Due after one year through five years....................... 306.8 315.5
Due after five years through ten years...................... 284.7 299.2
Due after ten years......................................... 105.2 106.3
-------- --------
Subtotal.......................................... 786.7 811.4
Mortgage- and asset-backed securities....................... 227.5 232.8
-------- --------
Total............................................. $1,014.2 $1,044.2
======== ========
</TABLE>

Fixed maturity securities that are not due at a single maturity date have
been included in the preceding table in the year of final maturity. Actual
maturities may differ from contractual maturities because borrowers may have the
right to call or prepay obligations with or without call or prepayment
penalties.

Proceeds from sales of fixed maturity securities during 1998, 1997 and 1996
were $45.1 million, $31.3 million and $13.3 million, respectively. Gross gains
of $0.7 million, $0.5 million, and $0.2 million and gross losses of $0.1
million, $1.1 million, and $0.3 million were realized on these sales,
respectively.

8. MORTGAGE LOANS ON REAL ESTATE AND REAL ESTATE:

Mortgage loans on real estate at December 31, 1998 and 1997 consist of the
following ($ in millions):

<TABLE>
<CAPTION>
1998 1997
------ ------
<S> <C> <C>
Commercial mortgage loans................................... $ 28.5 $ 35.5
Agricultural and other loans................................ 93.5 99.5
------ ------
Total loans................................................. 122.0 135.0
Less: valuation allowances.................................. (1.9) (2.5)
------ ------
Mortgage loans, net of valuation allowances................. $120.1 $132.5
====== ======
</TABLE>

An analysis of the valuation allowances for 1998, 1997 and 1996 is as
follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Balance, beginning of year.................................. $ 2.5 $ 4.6 $ 5.1
Increase (decrease) in allowance............................ (0.4) (0.3) (0.5)
Reduction due to pay downs and pay offs..................... 0.0 (1.8) 0.0
Transfers to real estate.................................... (0.2) 0.0 0.0
----- ----- -----
Balance, end of year........................................ $ 1.9 $ 2.5 $ 4.6
===== ===== =====
</TABLE>

F-43
<PAGE> 122
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

Impaired mortgage loans along with related valuation allowances were as
follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997
----- -----
<S> <C> <C>
Investment in impaired mortgage loans (before valuation
allowances):
Loans that have valuation allowances........................ $ 9.4 $ 9.9
Loans that do not have valuation allowances................. 5.8 6.5
----- -----
Subtotal.......................................... 15.2 16.4
Valuation allowances........................................ (0.5) (0.9)
----- -----
Impaired mortgage loans, net of valuation
allowances....................................... $14.7 $15.5
===== =====
</TABLE>

Impaired mortgage loans that do not have valuation allowances are loans
where the net present value of the expected future cash flows related to the
loan or the fair value of the collateral equals or exceeds the recorded
investment in the loan. Such loans primarily consist of restructured loans or
loans on which impairment writedowns were taken prior to the adoption of SFAS
No. 114, "Accounting by Creditors for Impairment of a Loan".

During 1998 and 1997, the average recorded investment in impaired mortgage
loans was approximately $15.1 million and $16.3 million, respectively. During
1998, 1997, and 1996, the Company recognized $1.1 million, $1.1 million, and
$1.4 million, respectively, of interest income on impaired loans.

At December 31, 1998 and 1997, there were no mortgage loans which were
non-income producing for the twelve months preceding such dates.

At December 31, 1998 and 1997, the Company had restructured mortgage loans
of $14.3 million and $13.5 million, respectively. Interest income of $1.0
million, $1.0 million, and $1.2 million was recognized on restructured mortgage
loans in 1998, 1997, and 1996, respectively. Gross interest income on these
loans that would have been recorded in accordance with the original terms of
such loans amounted to approximately $1.4 million in 1998, 1997 and 1996.

The following table summarizes the Company's real estate at December 31,
1998 and 1997 ($ in millions):

<TABLE>
<CAPTION>
AS OF DECEMBER 31,
------------------
1998 1997
------ ------
<S> <C> <C>
Real estate to be disposed of(1)............................ $ -- $30.3
Impairment writedowns....................................... -- (8.9)
Valuation allowance......................................... -- (2.2)
----- -----
Carrying value of real estate to be disposed of............. $ -- $19.2
===== =====
Real estate held for investment(2).......................... $10.2 $ 3.3
Impairment writedowns....................................... (1.9) (0.5)
----- -----
Carrying value of real estate held for investment........... $ 8.3 $ 2.8
===== =====
</TABLE>

- ---------------
(1) Amounts presented as of December 31, 1998 and 1997 are net of $0.0 million
and $8.9 million, respectively, relating to impairments taken upon
foreclosure of mortgage loans.

(2) Amounts presented as of December 31, 1998 and 1997 are net of $1.6 million
and $0.6 million, respectively, relating to impairments taken upon
foreclosure of mortgage loans.

F-44
<PAGE> 123
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

An analysis of the valuation allowances relating to real estate classified
as to be disposed of for the years ended December 31, 1998, 1997 and 1996 is as
follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Balance, beginning of year.................................. $ 2.2 $ 2.2 $ 2.5
Increase (decrease) due to/from transfers of properties to
real estate to be disposed of during the year............. (0.3) 1.2 0.6
Increases (decreases) in valuation allowances from the end
of the prior period on properties still held for
disposal.................................................. 0.0 (0.2) (0.2)
Decreases as a result of sales.............................. (1.9) (1.0) (0.7)
----- ----- -----
Balance, end of year........................................ $ 0.0 $ 2.2 $ 2.2
===== ===== =====
</TABLE>

Real estate is net of accumulated depreciation of $1.9 million and $2.8
million for 1998 and 1997, respectively, and depreciation expense recorded was
$0.6 million, $0.4 million and $0.8 million for the years ended December 31,
1998, 1997 and 1996, respectively.

At December 31, 1998 and 1997, there was no real estate which was
non-income producing for the twelve months preceding such dates.

The carrying value of impaired real estate as of December 31, 1998 and 1997
was $8.3 million and $2.8 million, respectively. The depreciated cost of such
real estate as of December 31, 1998 and 1997 was $10.2 million and $3.3 million
before impairment writedowns of $1.9 million and $0.5 million, respectively. The
aforementioned impairments occurred primarily as a result of low occupancy
levels and other market related factors. There were no losses recorded during
1998, 1997, and 1996 related to impaired real estate.

9. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS:

The estimated fair values of the Company's financial instruments
approximate their carrying amounts. The methods and assumptions utilized in
estimating the fair values of the Company's financial instruments are summarized
as follows:

Fixed Maturities

The estimated fair values of fixed maturity securities are based upon
quoted market prices, where available. The fair values of fixed maturity
securities not actively traded and other non-publicly traded securities are
estimated using values obtained from independent pricing services or, in the
case of private placements, by discounting expected future cash flows using a
current market interest rate commensurate with the credit quality and term of
the investments.

Mortgage Loans

The fair values of mortgage loans are estimated by discounting expected
future cash flows, using current interest rates for similar loans to borrowers
with similar credit risk. Loans with similar characteristics are aggregated for
purposes of the calculations. The fair value of mortgages in process of
foreclosure is the estimated fair value of the underlying collateral.

Policy Loans

Policy loans are an integral component of insurance contracts and have no
maturity dates. Management has determined that it is not practicable to estimate
the fair value of policy loans.

F-45
<PAGE> 124
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

Separate Account Assets and Liabilities

The estimated fair value of assets held in Separate Accounts is based on
quoted market prices. The fair value of liabilities related to Separate Accounts
is the amount payable on demand, which includes surrender charges.

Investment-Type Contracts

The fair values of annuities are based on estimates of the value of
payments available upon full surrender. The fair values of the Company's
liabilities under guaranteed investment contracts are estimated by discounting
expected cash outflows using interest rates currently offered for similar
contracts with maturities consistent with those remaining for the contracts
being valued.

10. REINSURANCE:

Life insurance business is ceded on a yearly renewable term basis under
various reinsurance contracts. The Company's general practice is to retain no
more than $0.5 million of risk on any one person for individual products and
$0.5 million for last survivor products.

The following table summarizes the effect of reinsurance for the years
indicated ($ in millions):

<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Direct premiums............................................. $ 2.5 $ 0.1 $ 0.0
Reinsurance ceded........................................... (0.8) 0.0 0.0
----- ----- -----
Net premiums........................................... $ 1.7 $ 0.1 $ 0.0
===== ===== =====
Universal life and investment type product policy fee income
ceded..................................................... $17.4 $16.1 $14.6
===== ===== =====
Policyholders' benefits ceded............................... $21.8 $12.1 $17.6
===== ===== =====
</TABLE>

The Company is contingently liable with respect to ceded insurance should
any reinsurer be unable to meet its obligations under these agreements. To limit
the possibility of such losses, the Company evaluates the financial condition of
its reinsurers and monitors concentration of credit risk.

11. OFF-BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK:

Financial Instruments with Off-Balance Sheet Risk:

Pursuant to a securities lending agreement with a major financial
institution, the Company from time to time lends securities to approved
borrowers. At December 31, 1998 and 1997, securities loaned by the Company under
this agreement had a carrying value of approximately $4.1 million and $0.1
million, respectively. The minimum collateral on securities loaned is 102
percent of the market value of the loaned securities. Such securities are marked
to market on a daily basis and the collateral is correspondingly increased or
decreased.

Concentration of Credit Risk:

At December 31, 1998 and 1997, the Company had no single investment or
series of investments with a single issuer, (excluding US Treasury securities
and obligations of U.S. government agencies) exceeding 1.5% of total cash and
invested assets.

The Company's fixed maturity securities are diversified by industry type.
The industries that comprise 10% or more of the carrying value of the fixed
maturity securities at December 31, 1998 are Consumer Goods and Services of
$138.5 million (13.3%), Non-Government Asset/Mortgage-Backed of $124.5 million

F-46
<PAGE> 125
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

(11.9%), Public Utilities of $123.2 million (11.8%), Financial Services of
$119.8 million (11.5%), Other Manufacturing of $116.4 million (11.1%),
Government and Agencies of $113.6 million (10.9%), and Energy of $112.1 million
(10.7%).

At December 31, 1997 the industries that comprise 10% or more of the
carrying value Company's fixed maturity securities were Financial Services of
$136.1 million (12.4%), Non-Government Asset/Mortgage Backed of $132.0 million
(12.0%), Government and Agencies of $131.9 million (12.0%), Energy of $131.2
million (11.9%), Public Utilities of $126.7 million (11.5%), and Consumer Goods
and Services of $121.4 million (11.1%).

The Company holds below investment grade fixed maturity securities with a
carrying value of $52.3 million at December 31, 1998. These investments consist
mostly of privately issued bonds which are monitored by the Company through
extensive internal analysis of the financial condition of the issuers and which
generally include protective debt covenants. At December 31, 1997, the carrying
value of the Company's investments in below investment grade fixed maturity
securities amounted to $79.2 million.

The Company has investments in commercial and agricultural mortgage loans
and real estate (including partnerships). The locations of property
collateralizing mortgage loans and real estate investment carrying values at
December 31, 1998 and 1997 are as follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
<S> <C> <C> <C> <C>
GEOGRAPHIC REGION
West.................................................... $ 54.9 42.7% $ 53.4 34.5%
Mountain................................................ 25.9 20.2 34.1 22.1
Southwest............................................... 14.6 11.4 16.2 10.5
Northeast............................................... 13.9 10.8 24.0 15.5
Midwest................................................. 13.2 10.3 14.5 9.4
Southeast............................................... 5.9 4.6 12.3 8.0
------ ----- ------ -----
Total.............................................. $128.4 100.0% $154.5 100.0%
====== ===== ====== =====
</TABLE>

The states with the largest concentrations of mortgage loans and real
estate investments at December 31, 1998 are: California, $31.3 million (24.4%);
Washington, $17.0 million (13.2%); New York, $13.9 million (10.8%); Texas, $9.7
million (7.6%); Idaho, $8.1 million (6.3%); Missouri, $7.4 million (5.8%); and
Oregon, $6.6 million (5.1%).

As of December 31, 1998 and 1997, the real estate and mortgage loan
portfolio was also diversified as follows ($ in millions):

<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
<S> <C> <C> <C> <C>
PROPERTY TYPE
Agricultural.............................................. $ 92.5 72.0% $ 98.5 63.7%
Office buildings.......................................... 14.9 11.6 23.1 15.0
Retail.................................................... 6.0 4.7 9.5 6.1
Hotel..................................................... 5.1 4.0 8.6 5.6
Industrial................................................ 4.6 3.6 7.2 4.7
Other..................................................... 3.9 3.0 4.3 2.8
Apartment Buildings....................................... 1.4 1.1 3.3 2.1
------ ----- ------ -----
Total................................................ $128.4 100.0% $154.5 100.0%
====== ===== ====== =====
</TABLE>

F-47
<PAGE> 126
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

12. COMMITMENTS AND CONTINGENCIES:

(a) In late 1995 and thereafter, a number of purported class actions were
commenced in various state and federal courts against MONY Life and the Company
("the Companies") alleging that the Companies engaged in deceptive sales
practices in connection with the sale of whole and/or universal life insurance
policies in the 1980s and 1990s. Although the claims asserted in each case are
not identical, they seek substantially the same relief under essentially the
same theories of recovery (i.e., breach of contract, fraud, negligent
misrepresentation, negligent supervision and training, breach of fiduciary duty,
unjust enrichment and/or violation of state insurance and/or deceptive business
practice laws). Plaintiffs in these cases (including the Goshen case discussed
below) seek primarily equitable relief (e.g., reformation, specific performance,
mandatory injunctive relief prohibiting the Company from canceling policies for
failure to make required premium payments, imposition of a constructive trust
and/or creation of a claims resolution facility to adjudicate any individual
issues remaining after resolution of all class-wide issues) as opposed to
compensatory damages, although they also seek compensatory damages in
unspecified amounts. The Company has answered the complaints in each action
(except for one recently filed action and another being voluntarily held in
abeyance), has denied any wrongdoing and has asserted numerous affirmative
defenses.

On June 7, 1996, the New York State Supreme Court certified the Goshen
case, being the first of the aforementioned class actions filed, as a nationwide
class consisting of all persons or entities who have, or at the time of the
policy's termination had, an ownership interest in a whole or universal life
insurance policy issued by the Companies and sold on an alleged "vanishing
premium" basis during the period January 1, 1982 to December 31, 1995. On March
27, 1997, the Company filed a motion to dismiss or, alternatively, for summary
judgment on all counts of the complaint. All of the other putative class actions
(with one exception discussed below) have been consolidated and transferred by
the Judicial Panel on Multidistrict Litigation to the United States District
Court for the District of Massachusetts, or are being voluntarily held in
abeyance pending the outcome of the Goshen case. The Massachusetts District
Court in the Multidistrict Litigation has entered an order essentially holding
all of the federal cases in abeyance pending the outcome of the Goshen case. On
October 21, 1997, the New York State Supreme Court granted the Companies' motion
for summary judgment and dismissed all claims filed in the Goshen case against
the Companies' on the merits.

In addition to the foregoing, from time to time the Company is a party to
litigation and arbitration proceedings in the ordinary course of its business,
none of which is expected to have a material adverse effect on the Company.

Insurance companies are subject to assessments, up to statutory limits, by
state guaranty funds for losses of policyholders of insolvent insurance
companies. In the opinion of management, such assessments will not have a
material adverse effect on the financial position and the results of operations
of the Company.

At December 31, 1998, the Company had commitments to issue $9.7 million of
fixed rate agricultural loans with periodic interest rate reset dates. The
initial interest rates on such loans range from approximately 6.75% to 7.50%.
The Company had no private fixed maturity securities commitments outstanding as
of December 31, 1998. In addition, at that date the Company had no outstanding
commitments to issue any fixed rate commercial mortgage loans.

(b) The order, referred to above, by the New York State Supreme Court on
October 21, 1997 was affirmed by the New York State Appellate Division, First
Department on March 18, 1999. All actions before the United States District
Court for the District of Massachusetts are still pending. In addition, on or
about February 25, 1999, a purported class action was filed against the Company
in Kentucky State Court covering policyholders who purchased individual
universal life insurance policies from the Company after January 1, 1988
claiming breach of contract and violations of the Kentucky Consumer Protection
Act. On March 26, 1999, the Company removed that action to the United States
District Court for the Eastern District of Kentucky, requested the Judicial
Panel on the multidistrict litigation to transfer the action to the
multidistrict

F-48
<PAGE> 127
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

litigation in the District of Massachusetts and sought a stay of further
proceedings in the Kentucky District Court pending a determination on the
multidistrict transfer. The Company intends vigorously to defend that
litigation. Due to the early stage of this litigation no determination can be
made as to whether the Company will incur any loss with respect to this matter.

13. STATUTORY FINANCIAL INFORMATION AND REGULATORY RISK-BASED CAPITAL
DISCLOSURE:

Financial statements of the Company prepared in accordance with SAP for
filing with the Arizona State Insurance Department (the "Department") differ
from financial statements of the Company prepared in accordance with GAAP. The
principal differences result from the following: (i) acquisition costs are
charged to operations as incurred under SAP rather than being amortized over the
expected life of the contracts under GAAP; (ii) certain assets designated as
"non-admitted assets" are charged directly to statutory surplus under SAP but
are reflected as assets under GAAP; (iii) federal income taxes are provided only
on taxable income for which income taxes are currently payable under SAP,
whereas under GAAP deferred income taxes are recognized; (iv) an interest
maintenance reserve ("IMR") and asset valuation reserve ("AVR") are computed
based on specific statutory requirements and recorded under SAP, whereas under
GAAP, such reserves are not recognized; (v) premiums for universal life and
investment-type products are recognized as revenue when due under SAP, whereas
under GAAP, such amounts are recorded as deposits and not included in the
Company's revenues; (vi) future policy benefit reserves are based on specific
statutory requirements regarding mortality and interest, without consideration
of withdrawals, and are reported net of reinsurance under SAP, whereas, under
GAAP, such reserves are calculated using a net level premium method based on
actuarial assumptions equal to guaranteed mortality rates and are reported gross
of reinsurance; (vii) investments in bonds are generally carried at amortized
cost under SAP, whereas under GAAP, such investments are classified as
"available for sale" and reported at estimated fair value; and (viii) methods
used for calculating real estate and mortgage loan impairments, valuation
allowances, and real estate depreciation under GAAP are different from those
permitted under SAP.

The Company is restricted as to the amounts it may pay as dividends to MONY
Life. Under the Arizona Insurance Law, the Arizona Superintendent has broad
discretion to determine whether the financial condition of a stock life
insurance company would support the payment of dividends to its shareholders.
Under the insurance laws of the State of Arizona, the Company's state of
domicile, dividends or distributions in a twelve-month period exceeding the
lesser of either 10 percent of an insurance company's surplus or 100% of net
income, excluding realized gains, for the previous calendar year are generally
considered extraordinary and require such approval. Insurance Department has
established informal guidelines for the Superintendent's determinations which
focus upon, among other things, the overall financial condition and
profitability of the insurer under SAP.

Set forth below are reconciliations of the Company's combined capital and
surplus and the net change in capital and surplus, determined in accordance with
SAP, with its equity and net income reported in accordance with GAAP as of and
for each year ended December 31, 1998, 1997, and 1996, respectively. The
reconciliations for 1996 also present the effect of restating previously
reported amounts as of and for the year ended December 31, 1996 for the adoption
of the Interpretation and the Standard (see Note 2).

<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
($ IN MILLIONS)
<S> <C> <C> <C>
Capital and surplus......................................... $ 146.8 $ 133.2 $ 121.8
AVR......................................................... 15.0 16.3 17.9
-------- -------- --------
Capital and surplus, and AVR................................ 161.8 149.5 139.7
</TABLE>

F-49
<PAGE> 128
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
($ IN MILLIONS)
<S> <C> <C> <C>
Adjustments:
Future policy benefits and policyholders' account
balances............................................... (226.3) (207.3) (173.2)
Deferred policy acquisition costs......................... 318.6 281.6 262.3
Valuation of investments:
Real estate............................................ 2.7 2.4 (0.5)
Mortgage loans......................................... (1.8) (2.3) (4.7)
Fixed maturity securities.............................. 29.5 24.7 12.0
Other.................................................. 5.4 4.0 3.6
Deferred federal income taxes............................. (13.7) (7.5) (13.3)
Other, net................................................ 13.6 16.9 13.7
-------- -------- --------
GAAP equity................................................. $ 289.8 $ 262.0 $ 239.6
======== ======== ========

Net change in capital and surplus........................... $ 13.6 $ 11.4 $ 6.2
Change in AVR............................................... (1.3) (1.6) 3.9
-------- -------- --------
Net change in capital and surplus, and AVR.................. 12.3 9.8 10.1
Adjustments:
Future policy benefits and policyholders' account
balances............................................... (19.0) (34.1) (25.7)
Deferred policy acquisition costs......................... 39.4 27.5 31.9
Valuation of investments
Real estate............................................ 0.3 2.9 1.5
Mortgage loans......................................... 0.5 2.4 0.4
Fixed maturity securities.............................. 0.0 (0.5) (1.8)
Other.................................................. 1.4 0.4 0.5
Deferred federal income taxes............................. 1.1 13.4 10.6
Other, net................................................ (21.8) (13.5) (19.0)
-------- -------- --------
Net income.................................................. $ 14.2 $ 8.3 $ 8.5
======== ======== ========
</TABLE>

The difference between statutory basis "net income" and the "net change in
capital and surplus, and AVR" reflected in the reconciliation above primarily
relates to the AVR, unrealized gains (losses) on equity securities, non-admitted
assets, and certain contingency provisions. which for statutory reporting
purposes are charged directly to surplus and are not reflected in statutory
basis net income. Statutory net income reported by the Company for the years
ended December 31, 1998, 1997, and 1996 was $11.1 million, $9.7 million, and
$8.0 million, respectively.

In March 1998, the National Association of Insurance Commissioners ("NAIC")
voted to adopt its Codification of Statutory Accounting Principles project
(referred to hereafter as "codification"). Codification is a modified form of
statutory accounting principles that will result in changes to the current NAIC
Accounting Practices and Procedures Manual applicable to insurance enterprises.
Although adoption of codification by all states is not a certainty, the NAIC has
recommended that all states enact codification as soon as practicable with an
effective date of January 1, 2001. It is currently anticipated that codification
will become a NAIC state accreditation requirement starting in 2002. In
addition, the American Institute of Certified Public Accountants and the NAIC
have agreed to continue to allow the use of certain permitted

F-50
<PAGE> 129
MONY LIFE INSURANCE COMPANY OF AMERICA

NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

accounting practices when codification becomes effective in 2001. Any accounting
differences from codification principles, however, must be disclosed and
quantified in the footnotes to the audited financial statements. Therefore,
codification will likely result in changes to what are currently considered
prescribed statutory insurance accounting practices.

Each insurance company's state of domicile imposes minimum risk-based
capital requirements. The formulas for determining the amount of risk-based
capital specify various weighting factors that are applied to financial balances
or various levels of activity based on the perceived degree of risk. Regulatory
compliance is determined by a ratio of the Company's regulatory total adjusted
capital, as defined by the NAIC, to its authorized control level risk-based
capital, as defined by the NAIC. Companies below specific trigger points or
ratios are classified within certain levels, each of which requires specified
corrective action. The Company exceeded the minimum risk based capital
requirements.

As part of their routine regulatory oversight, the Department recently
completed an examination of the Company for each of the three years in the
period ended December 31, 1996. The report did not cite any matters which will
result in a material effect on the Company's financial condition or results of
operations.

F-51
<PAGE> 130

[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 131

APPENDIX A

DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST

<TABLE>
<CAPTION>
ATTAINED AGE DEATH BENEFIT
------------ -------------
<S> <C>
40 and Under............................................ 250%
41...................................................... 243
42...................................................... 236
43...................................................... 229
44...................................................... 222
45...................................................... 215
46...................................................... 209
47...................................................... 203
48...................................................... 197
49...................................................... 191
50...................................................... 185
51...................................................... 178
52...................................................... 171
53...................................................... 164
54...................................................... 157
55...................................................... 150
56...................................................... 146
57...................................................... 142
58...................................................... 138
59...................................................... 134
60...................................................... 130
61...................................................... 128
62...................................................... 126
63...................................................... 124
64...................................................... 122
65...................................................... 120
66...................................................... 119
67...................................................... 118
68...................................................... 117
69...................................................... 116
70...................................................... 115
71...................................................... 113
72...................................................... 111
73...................................................... 109
74...................................................... 107
75-90................................................... 105
91...................................................... 104
92...................................................... 103
93...................................................... 102
94...................................................... 101
95...................................................... 100
</TABLE>

A-1
<PAGE> 132

[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 133

APPENDIX B

ALTERNATE DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST

<TABLE>
<CAPTION>
ATTAINED AGE APPLICABLE PERCENTAGE
------------ ---------------------
<S> <C>
40 and Under.................................... 250%
41.............................................. 243
42.............................................. 236
43.............................................. 229
44.............................................. 222
45.............................................. 215
46.............................................. 209
47.............................................. 203
48.............................................. 197
49.............................................. 191
50.............................................. 185
51.............................................. 178
52.............................................. 211
53.............................................. 210
54.............................................. 208
55.............................................. 206
56.............................................. 204
57.............................................. 203
58.............................................. 202
59.............................................. 203
60.............................................. 204
61.............................................. 205
62.............................................. 206
63.............................................. 207
64.............................................. 208
65.............................................. 209
66.............................................. 210
67.............................................. 211
68.............................................. 212
69.............................................. 213
70.............................................. 214
71.............................................. 215
72.............................................. 216
73.............................................. 217
74.............................................. 218
75.............................................. 214
76.............................................. 207
77.............................................. 199
78.............................................. 192
79.............................................. 186
80.............................................. 180
81.............................................. 174
82.............................................. 169
83.............................................. 164
84.............................................. 159
85.............................................. 145
86.............................................. 133
</TABLE>

B-1
<PAGE> 134

<TABLE>
<CAPTION>
ATTAINED AGE APPLICABLE PERCENTAGE
------------ ---------------------
<S> <C>
87.............................................. 120
88.............................................. 105
89.............................................. 105
90.............................................. 105
91.............................................. 104
92.............................................. 103
93.............................................. 102
94.............................................. 101
95.............................................. 100
</TABLE>

B-2
<PAGE> 135

APPENDIX C

DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST

MALE

<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
18......................... 728.68% 590.77%
19......................... 707.62 574.17
20......................... 687.37 558.07
21......................... 667.46 542.22
22......................... 647.92 526.63
23......................... 628.74 511.31
24......................... 609.54 496.26
25......................... 590.76 481.26
26......................... 572.38 466.56
27......................... 554.10 451.96
28......................... 536.27 437.70
29......................... 518.88 423.75
30......................... 501.92 410.14
31......................... 485.40 397.00
32......................... 469.31 384.18
33......................... 453.85 371.79
34......................... 438.80 359.81
35......................... 424.14 348.23
36......................... 410.04 337.03
37......................... 396.46 326.18
38......................... 383.38 315.76
39......................... 370.76 305.81
40......................... 358.57 296.22
41......................... 346.81 287.04
42......................... 335.54 278.22
43......................... 324.63 269.81
44......................... 314.16 261.75
45......................... 304.09 254.03
46......................... 294.39 246.61
47......................... 285.04 239.50
48......................... 276.02 232.68
49......................... 267.36 226.16
50......................... 259.04 219.90
51......................... 251.02 213.88
52......................... 243.33 208.11
53......................... 235.94 202.60
54......................... 228.86 197.34
55......................... 222.06 192.33
56......................... 215.56 187.55
57......................... 209.33 182.99
58......................... 203.37 178.63
59......................... 197.66 174.46
60......................... 192.20 170.45
61......................... 186.98 166.61
</TABLE>

C-1
<PAGE> 136

<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
62......................... 181.99 162.94
63......................... 177.22 159.45
64......................... 172.68 156.13
65......................... 168.35 152.99
66......................... 164.24 150.02
67......................... 160.33 147.20
68......................... 156.60 144.52
69......................... 153.06 141.95
70......................... 149.67 139.49
71......................... 146.45 137.14
72......................... 143.43 134.90
73......................... 140.55 132.78
74......................... 137.83 130.79
75......................... 135.30 128.92
76......................... 132.92 127.18
77......................... 130.69 125.56
78......................... 128.59 124.03
79......................... 126.59 122.59
80......................... 124.70 121.20
81......................... 122.89 119.86
82......................... 121.17 118.59
83......................... 119.55 117.37
84......................... 118.03 116.23
85......................... 116.60 115.14
86......................... 115.26 114.11
87......................... 113.97 113.09
88......................... 112.72 112.05
89......................... 111.47 111.00
90......................... 110.17 109.86
91......................... 108.76 108.59
92......................... 107.18 107.09
93......................... 105.31 105.27
94......................... 103.00 102.99
95......................... 100.00 100.00
</TABLE>

C-2
<PAGE> 137

APPENDIX D

DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST

FEMALE

<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
18......................... 834.33% 734.20%
19......................... 807.96 710.85
20......................... 782.15 688.01
21......................... 756.99 666.21
22......................... 733.03 644.93
23......................... 709.65 624.17
24......................... 686.84 603.93
25......................... 664.60 584.56
26......................... 642.93 565.67
27......................... 621.82 547.24
28......................... 601.64 529.58
29......................... 581.97 512.35
30......................... 562.81 495.56
31......................... 544.16 479.44
32......................... 526.29 463.72
33......................... 508.89 448.60
34......................... 491.95 434.04
35......................... 475.69 420.02
36......................... 459.86 406.34
37......................... 444.65 393.15
38......................... 430.01 380.55
39......................... 415.92 368.49
40......................... 402.34 356.94
41......................... 389.25 345.85
42......................... 376.74 335.30
43......................... 364.65 325.13
44......................... 353.07 315.41
45......................... 341.85 306.10
46......................... 331.09 297.10
47......................... 320.73 288.44
48......................... 310.68 280.11
49......................... 300.99 272.07
50......................... 291.71 264.37
51......................... 282.75 256.96
52......................... 274.14 249.83
53......................... 265.85 242.95
54......................... 257.86 236.34
55......................... 250.15 229.97
56......................... 242.74 223.86
57......................... 235.60 217.95
58......................... 228.71 212.21
59......................... 222.05 206.64
60......................... 215.61 201.22
61......................... 209.36 195.96
</TABLE>

D-1
<PAGE> 138

<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
62......................... 203.34 190.86
63......................... 197.56 185.95
64......................... 192.00 181.25
65......................... 186.70 176.77
66......................... 181.65 172.48
67......................... 176.83 168.37
68......................... 172.20 164.42
69......................... 167.73 160.60
70......................... 163.41 156.89
71......................... 159.25 153.30
72......................... 155.27 149.84
73......................... 151.47 146.54
74......................... 147.87 143.42
75......................... 144.48 140.48
76......................... 141.28 137.72
77......................... 138.27 135.12
78......................... 135.43 132.65
79......................... 132.74 130.32
80......................... 130.18 128.09
81......................... 127.75 125.96
82......................... 125.46 123.93
83......................... 123.30 122.01
84......................... 121.27 120.20
85......................... 119.37 118.50
86......................... 117.58 116.89
87......................... 115.88 115.36
88......................... 114.25 113.87
89......................... 112.64 112.39
90......................... 111.03 110.86
91......................... 109.35 109.25
92......................... 107.54 107.49
93......................... 105.49 105.47
94......................... 103.05 103.05
95......................... 100.00 100.00
</TABLE>

D-2
<PAGE> 139

APPENDIX E

ALTERNATE DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST
MALE

<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
18 728.68% 590.77%
19 707.62 574.17
20 687.37 558.07
21 667.46 542.22
22 647.92 526.63
23 628.74 511.31
24 609.54 496.26
25 590.76 481.26
26 572.38 466.56
27 554.10 451.96
28 536.27 437.70
29 518.88 423.75
30 501.92 410.14
31 485.40 397.00
32 469.31 384.18
33 453.85 371.79
34 438.80 359.81
35 424.14 348.23
36 410.04 337.03
37 396.46 326.18
38 383.38 315.76
39 370.76 305.81
40 358.57 296.22
41 346.81 287.04
42 335.54 278.22
43 324.63 269.81
44 314.16 261.75
45 304.09 254.03
46 294.39 246.61
47 285.04 239.50
48 276.02 232.68
49 267.36 226.16
50 259.04 219.90
51 251.02 213.88
52 247.00 211.25
53 244.00 209.53
54 241.00 207.81
55 238.00 206.14
56 235.00 204.47
57 232.00 202.80
58 230.00 202.03
</TABLE>

E-1
<PAGE> 140

<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
59 230.00 203.00
60 230.00 203.98
61 230.00 204.95
62 230.00 205.93
63 230.00 206.95
64 230.00 207.96
65 230.00 209.01
66 230.00 210.08
67 230.00 211.17
68 230.00 212.25
69 230.00 213.31
70 230.00 214.36
71 230.00 215.38
72 230.00 216.32
73 230.00 217.29
74 230.00 218.24
75 221.89 211.43
76 214.00 204.76
77 205.18 197.13
78 196.74 189.77
79 189.89 183.88
80 183.31 178.16
81 176.96 172.61
82 170.85 167.21
83 164.98 161.98
84 159.34 156.91
85 145.75 143.93
86 132.55 131.22
87 119.67 118.74
88 112.72 112.05
89 111.47 111.00
90 110.17 109.86
91 108.76 108.59
92 107.18 107.09
93 105.31 105.27
94 103.00 102.99
95 100.00 100.00
</TABLE>

E-2
<PAGE> 141

APPENDIX F

ALTERNATE DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST
FEMALE

<TABLE>
<CAPTION>
ATTAINED APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
AGE NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
18 834.33% 734.20%
19 807.96 710.85
20 782.15 688.01
21 756.99 666.21
22 733.03 644.93
23 709.65 624.17
24 686.84 603.93
25 664.60 584.56
26 642.93 565.67
27 621.82 547.24
28 601.64 529.58
29 581.97 512.35
30 562.81 495.56
31 544.16 479.44
32 526.29 463.72
33 508.89 448.60
34 491.95 434.04
35 475.69 420.02
36 459.86 406.34
37 444.65 393.15
38 430.01 380.55
39 415.92 368.49
40 402.34 356.94
41 389.25 345.85
42 376.74 335.30
43 364.65 325.13
44 353.07 315.41
45 341.85 306.10
46 331.09 297.10
47 320.73 288.44
48 310.68 280.11
49 300.99 272.07
50 291.71 264.37
51 282.75 256.96
52 278.27 253.60
53 274.93 251.25
54 271.54 248.87
55 268.10 246.47
56 264.63 244.05
57 261.11 241.54
58 258.66 240.00
59 258.39 240.05
</TABLE>

F-1
<PAGE> 142

<TABLE>
<CAPTION>
ATTAINED APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
AGE NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
60 258.02 240.80
61 257.53 241.05
62 256.99 241.22
63 256.40 241.34
64 255.74 241.41
65 255.07 241.50
66 254.38 241.53
67 253.67 241.53
68 252.90 241.48
69 252.06 241.33
70 251.12 241.10
71 250.12 240.76
72 248.99 240.27
73 247.88 239.81
74 246.75 239.32
75 236.94 230.39
76 227.46 221.72
77 217.08 212.13
78 207.21 202.96
79 199.11 195.47
80 191.37 188.29
81 183.97 181.38
82 176.90 174.74
83 170.15 168.37
84 163.72 162.26
85 149.21 148.13
86 135.22 134.43
87 121.68 121.13
88 114.25 113.87
89 112.64 112.39
90 111.03 110.86
91 109.35 109.25
92 107.54 107.49
93 105.49 105.47
94 103.05 103.05
95 100.00 100.00
</TABLE>

F-2
<PAGE> 143

APPENDIX G

ILLUSTRATIONS OF DEATH PROCEEDS, ACCOUNT VALUES AND
SURRENDER VALUES, AND ACCUMULATED PREMIUMS

The following tables illustrate how the key financial elements of the
Policy work, specifically, how the Death Proceeds and Surrender Values can vary
over an extended period of time. In addition, each table compares these values
with premium paid accumulated with interest.

The Policies illustrated include the following:

<TABLE>
<CAPTION>
DEF. OF DEATH TARGET
LIFE INS. BENEFIT SPECIFIED DEATH SEE
SEX AGE UNDERWRITING METHOD SMOKER TEST OPTION AMOUNT BENEFIT PAGES
- ---- --- ------------------- ------ ---------- ------- --------- --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Male 45 Medical Issue Preferred Non-Smoker CVAT 1 1,000,000 1,000,000 G-6
Male 45 Medical Issue Preferred Non-Smoker CVAT 2 1,000,000 1,000,000 G-7
Male 45 Medical Issue Preferred Non-Smoker GPT 1 1,000,000 1,000,000 G-8
Male 45 Medical Issue Preferred Non-Smoker GPT 2 1,000,000 1,000,000 G-9
Male 45 Guaranteed Issue Non-Smoker CVAT 1 1,000,000 1,000,000 G-10
Male 45 Guaranteed Issue Non-Smoker CVAT 2 1,000,000 1,000,000 G-11
Male 45 Guaranteed Issue Non-Smoker GPT 1 1,000,000 1,000,000 G-12
Male 45 Guaranteed Issue Non-Smoker GPT 2 1,000,000 1,000,000 G-13
</TABLE>

The tables show how Death Proceeds and Surrender Values of a hypothetical
Policy could vary over an extended period of time if the Subaccounts of the
Variable Account had constant hypothetical gross annual investment returns of 0%
or 12% over the periods indicated in each table. The values will differ from
those shown in the tables if the annual investment returns are not absolutely
constant. That is, the Death Proceeds and Surrender Values will be different if
the returns averaged 0% or 12% over a period of years but went above or below
those figures in individual Policy years. These illustrations assume that no
Policy Loan has been taken. The amounts shown would differ if unisex rates were
used.

The fourth column of each table shows what would happen if an amount equal
to the premiums (shown in the third column) were invested to earn interest,
after taxes, of 5% compounded annually. All premium payments are illustrated as
if they were made at the beginning of the year.

The amounts shown for Death Proceeds and Surrender Values sections reflect
the fact that the net investment return on the Policy is lower than the gross
investment return on the Subaccounts of the Variable Account. This results from
the charges levied, including the premium loads, administrative charges,
mortality and expense risk charges, and Sales Charges. The difference between
the Account Value and the Surrender Value in the first three years is the refund
of Sales Charges. Account Value is not shown in the accompanying tables.

The tables illustrate cost of insurance and expense charges at both current
rates (which are described under Cost of Insurance, page 47) and at the maximum
rates guaranteed in the Policies. The amounts shown at the end of the Policy
year reflect a daily charge against the Portfolios. These charges include the
charge to Portfolio assets for investment management and direct expenses. The
initial mortality and expense risk charge is .60% annually on a guaranteed
basis; illustrations showing current rates reflect a mortality and expense risk
charge of .30% annually beginning after the tenth Policy Anniversary; and
illustrations showing guaranteed rates reflect a mortality and expense risk
charge of .45% annually beginning on and after the tenth Policy Anniversary.

Since the Company is unable to predict how a particular Policy owner will
allocate net premium payments and cash values among the available Subaccounts,
the Company has assumed that the daily investment advisory fee and other
expenses of the hypothetical portfolio was deducted at a rate equivalent to
0.87% of the aggregate average daily net assets of the Portfolio. Of course, the
investment advisory fee and other expenses actually incurred will depend upon
the Policy owner's choice of Subaccounts. Actual fees and other expenses vary by
Portfolio and may be subject to agreements by the sponsor to waive or otherwise
reimburse each Portfolio for operating expenses which exceed certain limits.
There can be no assurance that

G-1
<PAGE> 144

the expense reimbursement arrangements will continue in the future, and any
unreimbursed expenses would be reflected in the values included in the tables.

The effect of these investment management and direct expenses on a 0% gross
rate of return would result in a net rate of return of -0.87%, and on 12% it
would be 11.13%.

The tables assume the deduction of charges including administrative and
sale charges. For each age, there are tables using current and guaranteed policy
cost factors. The tables reflect the fact that the Company does not currently
make any charge against the Variable Account for state or federal taxes. If such
a charge is made in the future, it will take a higher rate of return to produce
after-tax returns of 0% and 12%.

The Company will furnish, upon request, a comparable illustration based on
the age and the sex of the proposed insured, underwriting and premium class
assumptions and an initial Specified Amount, Target Death Benefit and Schedule
Premium Payments of the applicant's choice. In addition, the individual chosen
Definition of Life Insurance Test will be illustrated. If a Policy is purchased,
an individualized illustration will be delivered reflecting the Schedule Premium
Payment chosen and the Insured's actual risk class. After issuance, the Company
will provide, upon request, an illustration of future Policy benefits based on
both guaranteed and current cost factor assumptions and actual Account Value.

This page, beginning with the next paragraph, page G-3, and page G-4 to the
section headed "Additional Riders and Benefits Included in This Proposal", will
precede each of the flexible premium variable life to age 95 compliance reports
statements and page G-4 from and after the section headed "Additional Riders and
Benefits Included in This Proposal" on page G-4 and concluding on page G-5 will
follow each of the flexible premium variable life to age 95 compliance reports
statements which begin on page G-6.

The Corporate Sponsored Variable Universal Life is a flexible premium
variable life insurance policy which provides insurance to maturity age 95. The
initial premium is due on or before delivery of the policy. You can choose the
amount and frequency of premium payments within certain limits.

The Death Proceeds, Account Value and Surrender Value under CSVUL Flexible
Premium Variable Life Insurance may vary up and down to reflect the investment
experience of the subaccounts of the Separate Account and are based on
hypothetical investments return assumptions. Each illustration assumes that the
combination of the amounts allocated by a policyowner to the subaccounts
experienced hypothetical gross rate of investment return equivalent to 0% and
any other rate specified to a maximum of 12%.

Subject to the terms of the policy, the policyowner may select and change
the death benefit Option. So long as the Policy remains in force, the death
benefit under either Option will never be less than the Specified Amount of the
Policy. Under Option 1, the death benefit will be equal to the Specified Amount
of the Policy or, if greater, the Cash Value on the date of death multiplied by
a Death Benefit Percentage. Under Option 2, the death benefit will be equal to
the Specified Amount of the Policy plus the Account Value on the date of death
or, if greater, the Cash Value on the date of death multiplied by a Death
Benefit Percentage.

These illustrations of Death Proceeds, Account Value and Surrender Value
are designed to show the way in which variable life insurance operates. The
hypothetical returns are not intended as estimates of the future performance of
any subaccounts. MONY Life Insurance Company of America is not able to predict
the future performance of the subaccounts.

The values of each subaccount may vary up and down and the policyowner may
vary how premiums and cash values are allocated among the subaccounts.
Illustrations are based on assumed allocations and hypothetical rates of return
and reflect both guaranteed and non-guaranteed charges, fees and deductions.
These assumptions are made for illustrative purposes only and actual performance
may differ from what is shown.

Death Proceeds, Account Value and Surrender Value under the policy are
discussed in the prospectus and in your policy. The amounts for the Death
Proceeds, Account Value and Surrender Value are as of the end of the policy year
and take into consideration the charges and expenses assessed by the policy as
well as those assessed by the underlying funds.

The daily charge for investment advisory services and other costs and
expenses of operating the underlying Fund Portfolio varies by subaccount and
ranges from 0.45% to 1.50% on an annualized basis. Since

G-2
<PAGE> 145

a specific allocation amongst subaccounts is not assumed in the illustration,
the charge assumed is equivalent to an annual rate of 0.87%. The actual charge
will depend upon the policyowner's choice of subaccounts.

The daily charges discussed in the second paragraph above are effectively
subtracted from the hypothetical gross investment rate of return. The resulting
net investment rate of return is shown in parentheses next to the hypothetical
gross rate.

COLUMN DESCRIPTIONS
AND KEY TERMS Age EOY: Insured's attained age at the end of the
policy year.

Net Premium Outlay: The annualized out-of-pocket
payments for each policy year including scheduled
and any anticipated unscheduled premium payments
less any illustrated surrenders or loans plus loan
interest, if any. Premium payments are assumed to
be paid at the beginning of each premium paying
period.

Premium Accumulated at 5%: The amount to which the
premiums paid for the policy to the end of the
policy year would accumulate if an amount equal to
such premium were invested to earn interest, after
taxes at 5% compounded annually.

Annual Loan: Reflects any loans that have been
requested.

Partial Surrenders from Insurance Policy: Reflects
any partial surrenders that have been requested. A
partial surrender could reduce the Death Proceeds,
and will reduce the Account Value and Surrender
Value by the amount surrendered plus a transaction
fee, which is the lesser of $25 or 2% of the amount
surrendered.

Cash Value: Account Value plus any applicable
refund of sales charge.

Death Benefit: The greater of the Target Death
Benefit and the Base Death Benefit.

GUARANTEED CHARGES AT 0.00%

Surrender Value: The value of the subaccount at
the end of the policy year assuming a 0.00%
hypothetical rate of return on the Funds, less all
charges, fees and deductions at their guaranteed
maximum plus the return of loads if the policy were
surrendered prior to the end of the first three
years. The surrender value also takes into account
any loans or partial surrenders illustrated.

Death Proceeds: The benefit payable under the
policy and any riders if the insured's death occurs
at the end of the policy year, assuming a 0.00%
hypothetical rate of return on the Funds, less all
charges, fees and deductions at their guaranteed
maximums.

GUARANTEED CHARGES AT 12.00%

Surrender Value: The value of the subaccount at
the end of the policy year assuming a 12.00%
hypothetical rate of return on the Funds, less all
charges, fees and deductions at their guaranteed
maximum plus the return of loads if the policy were
surrendered prior to the end of the first three
years. The surrender value also takes into account
any loans or partial surrenders illustrated.

Death Proceeds: The benefit payable under the
policy and any riders if the insured's death occurs
at the end of the policy year, assuming a

G-3
<PAGE> 146

12.00% hypothetical rate of return on the Funds,
less all charges, fees and deductions at their
guaranteed maximums.

CURRENT CHARGES AT 12.00%

Surrender Value: The value of the subaccount at
the end of the policy year assuming a 12.00%
hypothetical rate of return on the Funds, less all
charges, fees and deductions at the current
non-guaranteed rate plus the return of loads if the
policy were surrendered prior to the end of the
first three years. The surrender value also takes
into account any loans or partial surrenders
illustrated.

Death Proceeds: The benefit payable under the
policy and any rider if the insured's death occurs
at the end of the policy year, assuming a 12.00%
hypothetical rate of return on the Funds, less all
charges, fees and deductions at the current
non-guaranteed rates.

ADDITIONAL RIDERS AND BENEFITS INCLUDED IN THIS PROPOSAL

This illustration includes the following optional insurance benefits that
can be added to the policy by Rider. A charge will be deducted monthly from the
Account Value for each of the optional benefits added to the Policy. The
following is a brief summary of the Riders. Refer to the prospectus for further
explanations of each Rider.

Term Insurance Rider: None.

ADDITIONAL INFORMATION

This policy has been tested for the possibility of classification as a
modified endowment. This test is not a guarantee that a policy will not be
classified as modified endowment.

This illustration has been checked against federal tax laws relating to the
definition of life insurance and is in compliance based on proposed premium
payments and coverages. Any decrease in specified amount and/or change in death
benefit and/or surrenders occurring in the first 15 years may cause a taxable
event. In addition, if the policy is defined as a modified endowment contract, a
loan, surrender, or assignment or pledge (unless such assignment or pledge is
for burial expenses and the maximum death benefit is not in excess of $25,000)
may be considered a taxable distribution and a ten percent penalty may be added
to any tax on the distribution. Please consult your tax advisor for advice.

<TABLE>
<S> <C>
- - Initial 7-pay premium.............. $52,449.81
- - Target premium..................... $52,449.81
Note: this amount is shown, if
applicable, on each illustration
- - Initial Guideline single........... which follows
Note: this amount is shown, if
applicable, on each illustration
- - Initial Guideline annual........... which follows
</TABLE>

Premiums are assumed to be paid at the beginning of the payment period.
Policy values and ages are shown as of the end of the policy year and reflects
the effect of all loans and surrenders. The death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.

The policy's Surrender Value includes any sales charge refund on full
surrender. The sale charge refund equals the sales charge collected in the first
policy year or the first policy year of an increase adjusted by the following
schedule: Year 1 - 100%, Year 2 - 66.67%, Year 3 - 33.33%.

Premiums less the following deductions are added to the Account Value. (1)
A premium tax charge of 2.00% of gross premium in all years, (2) a sales charge
of the gross premium equal to 9.00% up to the target

G-4
<PAGE> 147

premium in years 1 - 10, 0% in policy years 11 and after, and 0% of premium in
excess of the target premium in all years, (3) a DAC tax charge of 1.25% of
gross premium in all years. An administrative charge is deducted each month.
During the first 36 months the charge is $12.50 per month for fully underwritten
policies and $10.50 per month for guaranteed issue policies; thereafter, the
charge is $7.50 per month.

Those columns assuming guaranteed charges use the current monthly mortality
charge and current charges for rider benefits, if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter, these columns use guaranteed charges for monthly mortality charges,
rider benefits, if any, and the assumed hypothetical gross annual investment
indicated. Those columns assuming current charges are based upon "current
charges" and the assumed gross annual investment return indicated.

The current charges are declared by MONY Life Insurance Company of America,
are guaranteed for the first policy year, and apply to policies issued as of the
preparation date shown. After the first policy year, current charges are not
guaranteed, and may be changed at the discretion of MONY Life Insurance Company
of America.

[INCLUDED IF LOAN IS ILLUSTRATED]

A policy loan will have a permanent effect on benefits under this policy.
Loan interest at an annual rate of 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. It is anticipated but not
guaranteed that after the 10th policy anniversary the annual interest rate
applicable to this loan amount will be .30% higher than the rate applicable to
policies of the same type which have not reached their 10th anniversary. This
increase is based on current expectations as to mortality, investment earnings,
persistency and expenses and is not guaranteed. If loan interest is not paid by
the policyholder when due, the amount of the loan interest will be added to the
amount of loan outstanding. This will have the effect of reducing the cash value
of the policy and may reduce benefits available under the policy. Depending upon
the performance of the subaccounts chosen by the policyholder, the cash value
available for loans may be more or less than the amount of the premiums paid by
the policyholder. Similarly, the amount of cash value available for surrenders
will depend upon the performance of the subaccounts chosen by the policyholder,
and the cash value available for surrenders may be more or less than the amount
of premiums paid by the policyholder. Adverse tax consequences could occur if a
policy subject to loans is surrendered or permitted to lapse. In addition, loan
interest may not be deductible. Please consult your tax advisor for advice
surrounding the deductibility of loan interest and other tax consequences.

G-5
<PAGE> 148

LIFE INSURANCE ILLUSTRATION
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

6 51 52,449 374,591 0 0 243,354 1,000,000 371,896 1,000,000 379,361 1,000,000
7 52 52,449 448,392 0 0 281,225 1,000,000 457,811 1,149,196 467,513 1,173,551
8 53 0 470,812 0 0 272,802 1,000,000 501,380 1,220,009 513,951 1,250,596
9 54 0 494,352 0 0 264,017 1,000,000 548,896 1,295,066 565,145 1,333,404
10 55 0 519,070 0 0 254,863 1,000,000 600,735 1,374,843 621,592 1,422,575

11 56 0 545,023 0 0 245,615 1,000,000 658,205 1,461,609 685,791 1,522,868
12 57 0 572,275 0 0 235,782 1,000,000 720,846 1,553,856 756,587 1,630,899
13 58 0 600,888 0 0 225,350 1,000,000 789,158 1,651,945 834,668 1,747,212
14 59 0 630,933 0 0 214,210 1,000,000 863,583 1,756,269 920,229 1,871,470
15 60 0 662,479 0 0 202,249 1,000,000 944,602 1,867,101 1,013,890 2,004,056

16 61 0 695,603 0 0 189,345 1,000,000 1,032,738 1,984,922 1,116,202 2,145,340
17 62 0 730,383 0 0 175,370 1,000,000 1,128,558 2,110,178 1,228,003 2,296,121
18 63 0 766,902 0 0 160,187 1,000,000 1,232,686 2,243,365 1,349,959 2,456,791
19 64 0 805,247 0 0 143,444 1,000,000 1,345,551 2,384,586 1,483,607 2,629,248
20 65 0 845,510 0 0 125,075 1,000,000 1,467,989 2,534,924 1,630,130 2,814,908

@age 70 0 1,079,108 0 0 lapsed lapsed 2,248,568 3,441,657 2,631,528 4,027,817
@age 85 0 2,243,387 0 0 7,331,061 8,652,851 10,534,703 12,434,111
@age 95 0 3,654,240 0 0 16,015,215 16,495,671 26,315,657 27,105,126
</TABLE>

- ---------------
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Account Value
Borrowed funds are credited at 4.60% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment portfolios. The Account Value, Surrender Value
and Death Proceeds for a policy would be different from those shown if the
actual rates of investment return applicable to the policy averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual policy years. No representation can be made that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.

G-6
<PAGE> 149

LIFE INSURANCE ILLUSTRATION

CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

INSURED NAME, MALE, PREFERRED NON-SMOKER, AGE 45
INITIAL TARGET DEATH BENEFIT: $1,000,000
INITIAL SPECIFIED AMOUNT: $1,000,000
ANNUAL PREMIUM: $52,449.00
INITIAL DEATH BENEFIT OPTION: OPTION 2
TAX BRACKET %: 33% (EE)/40%(ER)
LOAN INTEREST RATE: 4.6% IN ARREARS
DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: FULLY UNDERWRITTEN
<TABLE>
<CAPTION>
GUARANTEED POLICY CHARGES
-----------------------------------------------
HYPOTHETICAL RATES OF RETURN
PARTIAL 0.00% (-0.87% NET) 12.00% (11.13% NET)
NET PREMIUM SURRENDER --------------------- -----------------------
POLICY AGE PREMIUM ACCUM. ANNUAL FR INSUR SURRENDER DEATH SURRENDER DEATH
YR EOY OUTLAY @ 5% LOAN POLICY VALUE PROCEEDS VALUE PROCEEDS
- ------ --- ------- --------- ------ --------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 52,449 55,071 0 0 48,255 1,043,534 53,628 1,048,907
2 47 52,449 112,896 0 0 87,673 1,084,526 104,052 1,100,905
3 48 52,449 173,613 0 0 126,253 1,124,680 159,664 1,158,090
4 49 52,449 237,365 0 0 163,948 1,163,948 220,943 1,220,943
5 50 52,449 304,305 0 0 202,284 1,202,284 289,993 1,289,993

6 51 52,449 374,591 0 0 239,703 1,239,703 365,889 1,365,889
7 52 52,449 448,392 0 0 276,097 1,276,097 449,221 1,449,221
8 53 0 470,812 0 0 266,132 1,266,132 489,926 1,489,926
9 54 0 494,352 0 0 255,717 1,255,717 534,257 1,534,257
10 55 0 519,070 0 0 244,859 1,244,859 582,593 1,582,593

11 56 0 545,023 0 0 233,802 1,233,802 636,188 1,636,188
12 57 0 572,275 0 0 222,056 1,222,056 694,592 1,694,592
13 58 0 600,888 0 0 209,630 1,209,630 758,317 1,758,317
14 59 0 630,933 0 0 196,415 1,196,415 827,802 1,827,802
15 60 0 662,479 0 0 182,300 1,182,300 903,533 1,903,533

16 61 0 695,503 0 0 167,179 1,167,179 986,046 1,986,046
17 62 0 730,383 0 0 150,946 1,150,946 1,075,935 2,075,935
18 63 0 766,902 0 0 133,496 1,133,496 1,173,858 2,173,858
19 64 0 805,247 0 0 114,488 1,114,488 1,280,289 2,280,289
20 65 0 845,510 0 0 93,942 1,093,942 1,396,120 2,396,120

@age 69 0 1,027,722 0 0 lapsed lapsed 1,965,280 3,077,628
@age 85 0 2,243,387 0 0 6,969,948 8,226,629
@age 95 0 3,654,240 0 0 14,861,668 15,861,668

<CAPTION>
CURRENT POLICY CHARGES
-----------------------
HYPOTHETICAL RATES OF RETURN
12.00% (11.13% NET)
-----------------------
POLICY SURRENDER DEATH
YR VALUE PROCEEDS
- ------ ---------- ----------
<S> <C> <C>
1 53,628 1,048,907
2 105,700 1,102,553
3 162,878 1,161,305
4 225,889 1,225,889
5 296,851 1,296,851
6 375,239 1,375,239
7 461,831 1,461,831
8 506,644 1,506,644
9 556,147 1,556,147
10 610,831 1,610,831
11 673,133 1,673,133
12 741,908 1,741,908
13 817,855 1,817,855
14 901,114 1,901,114
15 992,346 1,992,346
16 1,092,160 2,099,132
17 1,201,412 2,246,401
18 1,320,706 2,403,552
19 1,445,455 2,572,268
20 1,594,801 2,753,902
@age 69 2,340,473 3,665,180
@age 85 10,306,276 12,164,497
@age 95 25,698,251 26,698,251
</TABLE>

- ---------------
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Account Value.
Borrowed funds are credited at 4.60% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment portfolios. The Account Value, Surrender Value
and Death Proceeds for a policy would be different from those shown if the
actual rates of investment return applicable to the policy averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual policy years. No representation can be made that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.

G-7
<PAGE> 150

LIFE INSURANCE ILLUSTRATION

CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

INSURED NAME, MALE, PREFERRED NON-SMOKER, AGE 45
INITIAL TARGET DEATH BENEFIT: $1,000,000
INITIAL SPECIFIED AMOUNT: $1,000,000
ANNUAL PREMIUM: $19,856.92
INITIAL DEATH BENEFIT OPTION: OPTION 1
INITIAL GUIDELINE ANNUAL PREMIUM: $19,856.92
INITIAL GUIDELINE SINGLE PREMIUM: $215,570.68
TAX BRACKET %: 33%(EE)/40%(ER)
LOAN INTEREST RATE: 4.6% IN ARREARS
DEFINITION OF LIFE INSURANCE: GPT
UNDERWRITING CLASS: FULLY UNDERWRITTEN

6 51 19,857 141,818 0 0 77,906 1,000,000 121,289 1,000,000 130,051 1,000,000
7 52 19,857 169,759 0 0 88,981 1,000,000 148,245 1,000,000 159,914 1,000,000
8 53 19,857 199,097 0 0 99,525 1,000,000 177,762 1,000,000 193,010 1,000,000
9 54 19,857 229,901 0 0 109,447 1,000,000 210,053 1,000,000 229,687 1,000,000
10 55 19,857 262,246 0 0 118,764 1,000,000 245,469 1,000,000 270,335 1,000,000

11 56 19,857 296,208 0 0 129,362 1,000,000 286,740 1,000,000 318,234 1,000,000
12 57 19,857 331,868 0 0 139,186 1,000,000 332,147 1,000,000 371,317 1,000,000
13 58 19,857 369,311 0 0 148,256 1,000,000 382,252 1,000,000 430,194 1,000,000
14 59 19,857 408,627 0 0 156,490 1,000,000 437,616 1,000,000 495,207 1,000,000
15 60 19,857 449,908 0 0 163,806 1,000,000 498,906 1,000,000 567,106 1,000,000

16 61 19,857 493,253 0 0 170,124 1,000,000 566,911 1,000,000 646,726 1,000,000
17 62 19,857 538,765 0 0 175,361 1,000,000 642,560 1,000,000 735,161 1,000,000
18 63 19,857 586,553 0 0 179,432 1,000,000 726,960 1,000,000 833,515 1,050,229
19 64 19,857 636,731 0 0 182,056 1,000,000 821,347 1,018,470 942,336 1,168,497
20 65 19,857 689,417 0 0 183,236 1,000,000 925,927 1,129,631 1,062,603 1,296,376

@age 77 19,857 1,475,344 0 0 lapsed lapsed 3,406,500 3,576,825 4,024,565 4,225,793
@age 85 19,857 2,518,643 0 0 7,568,843 7,947,285 9,205,197 9,665,456
@age 95 19,857 4,364,849 0 0 19,338,629 19,532,015 24,924,932 25,174,181
</TABLE>

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

This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Account Value
Borrowed funds are credited at 4.60% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment portfolios. The Account Value, Surrender Value
and Death Proceeds for a policy would be different from those shown if the
actual rates of investment return applicable to the policy averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual policy years. No representation can be made that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.

G-8
<PAGE> 151

LIFE INSURANCE ILLUSTRATION

CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

INSURED NAME, MALE, PREFERRED NON-SMOKER, AGE 45
INITIAL TARGET DEATH BENEFIT: $1,000,000
INITIAL SPECIFIED AMOUNT: $1,000,000
ANNUAL PREMIUM: $49,136.68
INITIAL DEATH BENEFIT OPTION: OPTION 2
INITIAL GUIDELINE ANNUAL PREMIUM: $49,136.68
INITIAL GUIDELINE SINGLE PREMIUM: $215,570.68
TAX BRACKET %: 33%(EE)/40%(ER)
LOAN INTEREST RATE: 4.6% IN ARREARS
DEFINITION OF LIFE INSURANCE: GPT
UNDERWRITING CLASS: FULLY UNDERWRITTEN

6 51 49,137 350,935 0 0 223,135 1,223,135 340,824 1,340,824 350,174 1,350,174
7 52 49,137 420,075 0 0 256,908 1,256,908 418,322 1,418,322 430,932 1,430,932
8 53 49,137 492,672 0 0 289,710 1,289,710 503,423 1,503,423 520,141 1,520,141
9 54 49,137 568,899 0 0 321,436 1,321,436 596,796 1,596,796 618,686 1,618,686
10 55 49,137 648,937 0 0 352,103 1,352,103 699,306 1,699,306 727,544 1,727,544

11 56 49,137 732,978 0 0 386,550 1,386,550 817,903 1,817,903 855,121 1,855,121
12 57 49,137 821,220 0 0 419,710 1,419,710 948,219 1,948,219 996,218 1,996,218
13 58 49,137 913,875 0 0 451,600 1,451,600 1,091,500 2,091,500 1,152,296 2,152,296
14 59 49,137 1,011,162 0 0 482,116 1,482,116 1,249,000 2,249,000 1,324,337 2,324,337
15 60 49,137 1,113,313 0 0 511,158 1,511,158 1,422,101 2,422,101 1,513,937 2,513,937

16 61 49,137 1,220,573 0 0 538,627 1,538,627 1,612,336 2,612,336 1,722,740 2,722,740
17 62 49,137 1,333,195 0 0 564,423 1,564,423 1,821,400 2,821,400 1,952,818 2,952,818
18 63 49,137 1,451,448 0 0 588,450 1,588,450 2,051,167 3,051,167 2,206,214 3,206,214
19 64 49,137 1,575,613 0 0 610,373 1,610,373 2,303,457 3,303,457 2,485,954 3,485,954
20 65 49,137 1,705,987 0 0 630,220 1,603,220 2,580,668 3,580,665 2,794,883 3,794,883

@age 86 49,137 6,595,693 0 0 lapsed lapsed 21,563,529 22,641,704 26,122,847 27,428,988
@age 90 49,137 8,518,643 0 0 31,267,183 32,830,541 38,866,185 40,809,492
@age 95 49,137 4,364,849 0 0 49,802,161 50,802,161 63,852,027 64,852,027
</TABLE>

G-9
<PAGE> 152

LIFE INSURANCE ILLUSTRATION

CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

INSURED NAME, MALE, NON-SMOKER, AGE 45
INITIAL TARGET DEATH BENEFIT: $1,000,000
INITIAL SPECIFIED AMOUNT: $1,000,000
ANNUAL PREMIUM: $52,449.00
INITIAL DEATH BENEFIT OPTION: OPTION 1
TAX BRACKET %: 33%(EE)/40%(ER)
LOAN INTEREST RATE: 4.6% IN ARREARS
DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE

6 51 52,449 374,591 0 0 243,422 1,000,000 372,012 1,000,000 375,475 1,000,000
7 52 52,449 448,392 0 0 281,293 1,000,000 457,937 1,149,514 461,899 1,159,459
8 53 0 470,812 0 0 272,870 1,000,000 501,519 1,220,347 506,120 1,231,542
9 54 0 494,352 0 0 264,084 1,000,000 549,048 1,295,425 554,539 1,308,378
10 55 0 519,070 0 0 254,929 1,000,000 600,902 1,375,224 607,569 1,390,483

11 56 0 545,023 0 0 245,681 1,000,000 658,387 1,462,014 669,043 1,485,676
12 57 0 572,275 0 0 235,848 1,000,000 721,046 1,554,287 736,776 1,588,195
13 58 0 600,888 0 0 225,415 1,000,000 789,377 1,652,403 811,106 1,697,888
14 59 0 630,933 0 0 214,275 1,000,000 863,823 1,756,756 892,696 1,815,476
15 60 0 662,479 0 0 202,314 1,000,000 944,864 1,867,619 982,169 1,941,356

16 61 0 695,603 0 0 189,410 1,000,000 1,033,024 1,985,473 1,080,559 2,076,834
17 62 0 730,383 0 0 175,435 1,000,000 1,128,871 2,110,764 1,189,160 2,223,491
18 63 0 766,902 0 0 160,252 1,000,000 1,233,028 2,243,987 1,308,671 2,381,651
19 64 0 805,247 0 0 143,510 1,000,000 1,345,925 2,385,247 1,440,497 2,552,849
20 65 0 845,510 0 0 125,141 1,000,000 1,468,397 2,535,628 1,585,940 2,738,602

@age 70 0 1,079,108 0 0 lapsed lapsed 2,249,192 3,442,613 2,559,123 3,916,993
@age 85 0 2,243,387 0 0 7,333,096 8,655,254 10,457,346 12,342,806
@age 95 0 3,654,240 0 0 16,019,662 16,500,252 26,897,668 27,704,597
</TABLE>

G-10
<PAGE> 153

LIFE INSURANCE ILLUSTRATION

CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

INSURED NAME, MALE, NON-SMOKER, AGE 45
INITIAL TARGET DEATH BENEFIT: $1,000,000
INITIAL SPECIFIED AMOUNT: $1,000,000
ANNUAL PREMIUM: $52,449.00
INITIAL DEATH BENEFIT OPTION: OPTION 2
TAX BRACKET %: 33%(EE)/40%(ER)
LOAN INTEREST RATE: 4.6% IN ARREARS
DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE

6 51 52,449 374,591 0 0 239,770 1,239,770 366,003 1,366,003 369,990 1,369,990
7 52 52,449 448,392 0 0 276,163 1,276,163 449,347 1,449,347 454,004 1,454,004
8 53 0 470,812 0 0 266,197 1,266,197 490,064 1,490,064 495,590 1,495,590
9 54 0 494,352 0 0 255,781 1,255,781 534,410 1,534,410 541,147 1,541,147
10 55 0 519,070 0 0 244,922 1,244,922 582,762 1,582,762 591,092 1,591,092

11 56 0 545,023 0 0 233,864 1,233,864 636,375 1,636,375 649,613 1,649,613
12 57 0 572,275 0 0 222,118 1,222,118 694,799 1,694,799 714,198 1,714,198
13 58 0 600,888 0 0 209,691 1,209,691 758,546 1,758,546 785,123 1,785,123
14 59 0 630,933 0 0 196,475 1,196,475 828,056 1,828,056 863,070 1,863,070
15 60 0 662,479 0 0 182,359 1,182,359 903,813 1,903,813 948,671 1,948,671

16 61 0 695,603 0 0 167,238 1,167,238 986,356 1,986,356 1,043,008 2,043,008
17 62 0 730,383 0 0 151,004 1,151,004 1,076,278 2,076,278 1,147,403 2,147,403
18 63 0 766,902 0 0 133,553 1,133,553 1,174,238 2,174,238 1,262,521 2,297,663
19 64 0 805,247 0 0 114,545 1,114,545 1,280,708 2,280,708 1,389,654 2,462,744
20 65 0 845,510 0 0 93,998 1,093,998 1,396,584 2,411,621 1,529,960 2,641,934

@age 69 0 1,027,722 0 0 lapsed lapsed 1,965,942 3,078,665 2,244,515 3,514,910
@age 85 0 2,243,387 0 0 6,972,297 8,229,402 10,088,035 11,906,908
@age 95 0 3,654,240 0 0 14,867,134 15,867,134 25,915,977 26,915,977
</TABLE>

G-11
<PAGE> 154

LIFE INSURANCE ILLUSTRATION

CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

INSURED NAMED, MALE, NON-SMOKER, AGE 45
INITIAL TARGET DEATH BENEFIT: $1,000,000
INITIAL SPECIFIED AMOUNT: $1,000,000
ANNUAL PREMIUM: $19,852.79
INITIAL DEATH BENEFIT OPTION: OPTION 1
INITIAL GUIDELINE ANNUAL PREMIUM: $19,852.79
INITIAL GUIDELINE SINGLE PREMIUM: $215,502.48
TAX BRACKET %: 33%(EE)/40%(ER)
LOAN INTEREST RATE: 4.6% IN ARREARS
DEFINITION OF LIFE INSURANCE: GPT
UNDERWRITING CLASS: GUARANTEED ISSUE

<TABLE>
<CAPTION>
GUARANTEED POLICY CHARGES CURRENT POLICY CHARGES
----------------------------------------------- -----------------------
HYPOTHETICAL RATES OF RETURN
PARTIAL 0.00% (-0.87% NET) 12.00% (11.13% NET) 12.00% (11.13% NET)
NET PREMIUM SURRENDER --------------------- ----------------------- -----------------------
POLICY AGE PREMIUM ACCUM. ANNUAL FR INSUR SURRENDER DEATH SURRENDER DEATH SURRENDER DEATH
YR EOY OUTLAY @ 5% LOAN POLICY VALUE PROCEEDS VALUE PROCEEDS VALUE PROCEEDS
- ------ --- ------- --------- ------ --------- --------- --------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 19,853 20,845 0 0 17,188 1,000,000 19,154 1,000,000 19,154 1,000,000
2 47 19,853 42,733 0 0 29,945 1,000,000 35,816 1,000,000 37,163 1,000,000
3 48 19,853 65,715 0 0 42,326 1,000,000 54,112 1,000,000 56,326 1,000,000
4 49 19,853 89,846 0 0 54,265 1,000,000 74,150 1,000,000 77,076 1,000,000
5 50 19,853 115,184 0 0 66,335 1,000,000 96,693 1,000,000 100,056 1,000,000
6 51 19,853 141,789 0 0 77,953 1,000,000 121,373 1,000,000 125,217 1,000,000
7 52 19,853 169,724 0 0 89,025 1,000,000 148,335 1,000,000 152,821 1,000,000
8 53 19,853 199,055 0 0 99,565 1,000,000 177,858 1,000,000 183,157 1,000,000
9 54 19,853 229,853 0 0 109,483 1,000,000 210,155 1,000,000 216,551 1,000,000
10 55 19,853 262,192 0 0 118,796 1,000,000 245,578 1,000,000 253,369 1,000,000
11 56 19,853 296,147 0 0 129,390 1,000,000 286,857 1,000,000 298,184 1,000,000
12 57 19,853 331,799 0 0 139,210 1,000,000 332,274 1,000,000 347,912 1,000,000
13 58 19,853 369,235 0 0 148,276 1,000,000 382,388 1,000,000 402,902 1,000,000
14 59 19,853 408,542 0 0 156,505 1,000,000 437,764 1,000,000 463,825 1,000,000
15 60 19,853 449,814 0 0 163,818 1,000,000 499,068 1,000,000 531,377 1,000,000
16 61 19,853 493,150 0 0 170,131 1,000,000 567,087 1,000,000 606,538 1,000,000
17 62 19,853 538,653 0 0 175,364 1,000,000 642,754 1,000,000 690,403 1,000,000
18 63 19,853 586,431 0 0 179,432 1,000,000 727,173 1,000,000 783,906 1,000,000
19 64 19,853 636,598 0 0 182,052 1,000,000 821,582 1,018,761 887,936 1,101,041
20 65 19,853 689,274 0 0 183,228 1,000,000 926,181 1,129,941 1,003,085 1,223,763
@age 77 19,853 1,569,634 0 0 lapsed lapsed 3,070,993 3,407,215 3,826,303 4,017,618
@age 85 19,853 2,518,119 0 0 7,570,331 7,750,311 8,799,188 9,239,147
@age 95 19,853 4,363,939 0 0 19,342,298 19,342,298 24,115,956 24,357,115
</TABLE>

G-12
<PAGE> 155

LIFE INSURANCE ILLUSTRATION

CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

COMPLIANCE REPORT

INSURED NAMED, MALE, NON-SMOKER, AGE 45
INITIAL TARGET DEATH BENEFIT: $1,000,000
INITIAL SPECIFIED AMOUNT: $1,000,000
ANNUAL PREMIUM: $49,133.41
INITIAL DEATH BENEFIT OPTION: OPTION 2
INITIAL GUIDELINE ANNUAL PREMIUM: $49,133.41
INITIAL GUIDELINE SINGLE PREMIUM: $215,502.48
TAX BRACKET %: 33%(EE)/40%(ER)
LOAN INTEREST RATE: 4.6% IN ARREARS
DEFINITION OF LIFE INSURANCE: GPT
UNDERWRITING CLASS: GUARANTEED ISSUE
<TABLE>
<CAPTION>
GUARANTEED POLICY CHARGES
-----------------------------------------------
HYPOTHETICAL RATES OF RETURN
PARTIAL 0.00% (-0.87% NET) 12.00% (11.13% NET)
NET PREMIUM SURRENDER --------------------- -----------------------
POLICY AGE PREMIUM ACCUM. ANNUAL FR INSUR SURRENDER DEATH SURRENDER DEATH
YR EOY OUTLAY @ 5% LOAN POLICY VALUE PROCEEDS VALUE PROCEEDS
- ------ --- ------- ---------- ------ --------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 49,133 51,590 0 0 45,113 1,040,691 50,141 1,045,719
2 47 49,133 105,760 0 0 81,829 1,078,881 97,142 1,094,194
3 48 49,133 162,638 0 0 117,749 1,116,275 148,963 1,147,489
4 49 49,133 222,360 0 0 152,799 1,152,799 206,018 1,206,018
5 50 49,133 285,068 0 0 188,432 1,188,432 270,293 1,270,293
6 51 49,133 350,911 0 0 223,186 1,223,186 340,913 1,340,913
7 52 49,133 420,047 0 0 256,955 1,256,955 418,417 1,418,417
8 53 49,133 492,639 0 0 289,754 1,289,754 503,525 1,503,525
9 54 49,133 568,861 0 0 321,477 1,321,477 596,905 1,596,905
10 55 49,133 648,894 0 0 352,140 1,352,140 699,424 1,699,424
11 56 49,133 732,929 0 0 386,584 1,386,584 818,029 1,818,029
12 57 49,133 821,166 0 0 419,740 1,419,740 948,355 1,948,355
13 58 49,133 913,814 0 0 451,626 1,451,626 1,091,648 2,091,648
14 59 49,133 1,011,095 0 0 482,139 1,482,139 1,249,159 2,249,159
15 60 49,133 1,113,240 0 0 511,178 1,511,178 1,422,274 2,422,274
16 61 49,133 1,220,492 0 0 538,643 1,538,643 1,612,524 2,612,524
17 62 49,133 1,333,106 0 0 564,436 1,564,436 1,821,604 2,821,604
18 63 49,133 1,451,351 0 0 588,460 1,588,460 2,051,389 3,051,389
19 64 49,133 1,575,509 0 0 610,379 1,610,379 2,303,700 3,303,700
20 65 49,133 1,705,874 0 0 630,223 1,630,223 2,580,931 3,580,931

@age 86 49,133 6,595,256 0 0 lapsed lapsed 21,565,491 22,643,765
@age 90 49,133 8,238,934 0 0 31,269,991 32,833,490
@age 95 49,133 10,800,263 0 0 49,806,649 50,806,649

<CAPTION>
CURRENT POLICY CHARGES
-----------------------
HYPOTHETICAL RATES OF RETURN
12.00% (11.13% NET)
-----------------------
POLICY SURRENDER DEATH
YR VALUE PROCEEDS
- ------ ---------- ----------
<S> <C> <C>
1 50,141 1,045,719
2 98,536 1,095,588
3 151,263 1,149,789
4 209,067 1,209,067
5 273,787 1,273,787
6 344,900 1,344,900
7 423,075 1,423,075
8 509,050 1,509,050
9 603,643 1,603,643
10 707,754 1,707,754
11 831,540 1,831,540
12 968,437 1,968,437
13 1,119,481 2,119,481
14 1,286,198 2,286,198
15 1,470,155 2,470,155
16 1,673,465 2,673,465
17 1,898,600 2,898,600
18 2,147,535 3,147,535
19 2,423,094 3,423,094
20 2,728,151 3,728,151
@age 86 25,718,283 27,004,196
@age 90 38,453,464 40,376,136
@age 95 63,567,735 64,567,735
</TABLE>

G-13
<PAGE> 156

The complete registration statement and other filed documents for MONY America
Variable Account L can be reviewed and copied at the Securities and Exchange
Commission's Public Reference Room in Washington, D.C. You may get information
on the operation of the public reference room by calling the Securities and
Exchange Commission at 1-800-SEC-0330. The registration statement and other
filed documents for MONY America Variable Account L are available on the
Securities and Exchange Commission's Internet site at http://www.sec.gov. You
may get copies of this information by paying a duplicating fee, and writing the
Public Reference Section of the Securities and Exchange Commission, Washington,
D.C. 20549-6009.
<PAGE> 157

PART II

(INFORMATION NOT REQUIRED IN PROSPECTUS)
<PAGE> 158

PART II

UNDERTAKING TO FILE REPORTS

Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the Registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and Reports as may be prescribed by any rule or regulation of the
Commission heretofore, or hereafter duly adopted pursuant to authority conferred
in that Section.

RULE 484 UNDERTAKING

The By-Laws of MONY Life Insurance Company of America ("MONY America")
provide, in Article VI as follows:

SECTION 1. The Corporation shall indemnify any existing or former
director, officer, employee or agent of the Corporation against all
expenses incurred by them and each of them which may arise or be incurred,
rendered or levied in any legal action brought or threatened against any of
them for or on account of any action or omission alleged to have been
committed while acting within the scope of employment as director, officer,
employee or agent of the Corporation, whether or not any action is or has
been filed against them and whether or not any settlement or compromise is
approved by a court, all subject and pursuant to the provisions of the
Articles of Incorporation of this Corporation.

SECTION 2. The indemnification provided in this By-Law shall not be
deemed exclusive of any other rights to which those seeking indemnification
may be entitled under By-Law, agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in his official
capacity and as to action in another capacity while holding office, and
shall continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors
and administrators of such a person.

Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification for such
liabilities (other than the payment by the Registrant of expense incurred or
paid by a director, officer, or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant, will (unless in the opinion of its counsel the
matter has been settled by controlling precedent) submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.

REPRESENTATIONS RELATING TO SECTION 26
OF THE INVESTMENT COMPANY ACT OF 1940

Registrant and MONY Life Insurance Company of America represent that the
fees and charges deducted under the contract, in the aggregate, are reasonable
in relation to the services rendered, the expenses expected to be incurred, and
the risks assumed by MONY Life Insurance Company of America.

II-1
<PAGE> 159

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement comprises the following papers and documents:

The Facing Sheet.

Cross-Reference to items required by Form N-8B-2.

Prospectus consisting of __ pages.

The Undertaking to file reports.

The signatures.

Written consents of the following persons:

a. Edward P. Bank, Vice President and Deputy General Counsel, MONY Life
Insurance Company

b. Evelyn L. Peos, FSA

c. PricewaterhouseCoopers LLP, Independent Accountants

The following exhibits:

1. The following exhibits correspond to those required by paragraph A of
the instructions as exhibits to Form N-8B2:

(1) Resolution of the Board of Directors of MONY Life Insurance Company
of America authorizing establishment of MONY America Variable
Account L, filed as Exhibit 1 to Registration Statement on Form S-6
dated February 21, 1985 (Registration Nos. 2-95900 and 811-4235) is
incorporated herein by reference.

(2) Not applicable.

(3) (a) Underwriting Agreement between MONY Life Insurance Company of
America, MONY Series Fund, Inc. and MONY Securities Corp., filed
as Exhibit 3(a) to Pre-Effective Amendment No. 1 to Registration
Statement on Form S-6, dated January 6, 1995 (Registration Nos.
33-82570 and 811-4235), is incorporated herein by reference.

(b) Proposed specimen agreement between MONY Securities Corp. and
registered representatives, filed as Exhibit 3(b) of
Pre-Effective Amendment No. 1, dated December 17, 1990, to
Registration Statement on Form N-4 (Registration Nos. 33-37722
and 811-6126) is incorporated herein by reference.

(c) Commission schedule (with Commission Contract), filed as Exhibit
3(c) to Pre-Effective Amendment No. 1 to Registration Statement
on Form S-6 (Registration No. 333-06071), is incorporated herein
by reference.

(4) Not applicable.

(5) Form of policy, filed as Exhibit 5 to Pre-Effective Amendment No. 1
to Registration Statement on Form S-6 (Registration No. 333-06071),
is incorporated herein by reference.

(6) Articles of Incorporation and By-Laws of MONY Life Insurance Company
of America filed as Exhibits 6(a) and (b), respectively, to
Registration Statement (Registration No. 33-13183) dated April 6,
1987, is incorporated herein by reference.

(7) Not applicable.

(8) (a) Form of agreement to purchase shares.

(b) Amended Investment Advisory Agreement between MONY Life
Insurance Company of America and MONY Series Fund, Inc. filed as
Exhibit 5(i) to Post-Effective Amendment No. 14 to Registration
Statement (Registrations Nos. 2-95501 and 811-4209) dated
February 27, 1998, is incorporated herein by reference.

Investment Advisory Agreement between Enterprise Capital
Management, Inc. ("Enterprise Capital") and The Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and OpCap Advisors, as sub-advisor, filed as Exhibit 5 to Post-

II-2
<PAGE> 160

Effective Amendment No. 8, dated September 30, 1994, to
Registration Statement on Form N-1A (Registrations No.
33-21534), is incorporated herein by reference.

Investment Advisory Agreement between Enterprise Capital
Management, Inc., ("Enterprise Capital") and The Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and , as sub-adviser [to be filed by amendment]

(c) Services Agreement between The Mutual Life Insurance Company of
New York and MONY Life Insurance Company of America filed as
Exhibit 5(ii) to Pre-Effective Amendment to Registration
Statement (Registrations Nos. 2-95501 and 811-4209) dated July
19, 1985, is incorporated herein by reference.

(9) Not applicable.

(10) Application Form for Flexible Premium Variable Universal Life
Insurance Policy.

2. Opinion and Consent of Edward P. Bank, Vice President and Deputy General
Counsel, MONY Life Insurance Company, as to legality of the securities
being registered, filed as Exhibit 2 to Pre-Effective Amendment No. 1 to
Registration Statement on Form S-6 (Registration No. 333-06071), is
incorporated herein by reference.

3. Not applicable.

4. Not applicable.

5. Not applicable.

6. Opinion and consent of Evelyn L. Peos, FSA, as to actuarial matters,
filed as Exhibit 6 to Pre-Effective Amendment No. 1 to Registration
Statement on Form S-6 (Registration No. 333-06071), is incorporated
herein by reference.

7. (a) Consent of PricewaterhouseCoopers, LLP as to financial statements of
MONY America Variable Account L. (b) Consent of MONY Life Insurance
Company of America, filed as Exhibit 7.(a) to Post-Effective Amendment
No. 7 to Registration Statement on Form S-6 (Registration No. 333-
06071), is incorporated herein by reference.

II-3
<PAGE> 161

SIGNATURES

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT,
MONY LIFE INSURANCE COMPANY OF AMERICA, HAS DULY CAUSED THIS POST-EFFECTIVE
AMENDMENT NO. 8 TO THE REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED, THEREUNTO DULY AUTHORIZED, IN THE CITY OF NEW YORK AND THE STATE OF
NEW YORK, ON THIS 18TH DAY OF APRIL, 1999.

MONY America Variable Account L of
MONY LIFE INSURANCE COMPANY OF AMERICA

By: /s/ MICHAEL I. ROTH
-----------------------------------------
MICHAEL I. ROTH, DIRECTOR, CHAIRMAN OF
THE BOARD AND CHIEF EXECUTIVE OFFICER

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS
POST-EFFECTIVE AMENDMENT NO. 8 TO THE REGISTRATION STATEMENT HAS BEEN DULY
SIGNED BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES AND ON THE DATE
INDICATED.

<TABLE>
<CAPTION>
SIGNATURE DATE
--------- ----
<S> <C> <C>
/s/ MICHAEL I. ROTH Director, Chairman of the Board and April 18, 1999
- ------------------------------------------------ Chief Executive Officer
MICHAEL I. ROTH

/s/ SAMUEL J. FOTI Director, President and April 18, 1999
- ------------------------------------------------ Chief Operating Officer
SAMUEL J. FOTI

/s/ RICHARD DADDARIO Director, Vice President April 18, 1999
- ------------------------------------------------ and Controller
RICHARD DADDARIO (Principal Financial and
Accounting Officer)

/s/ KENNETH M. LEVINE Director and April 18, 1999
- ------------------------------------------------ Executive Vice President
KENNETH M. LEVINE

/s/ PHILLIP A. EISENBERG Director, Vice President April 18, 1999
- ------------------------------------------------ and Actuary
PHILLIP A. EISENBERG

/s/ MARGARET G. GALE Director and Vice President April 18, 1999
- ------------------------------------------------
MARGARET G. GALE

/s/ CHARLES P. LEONE Director, Vice President April 18, 1999
- ------------------------------------------------ and Chief Compliance Officer
CHARLES P. LEONE

/s/ RICHARD E. CONNORS Director April 18, 1999
- ------------------------------------------------
RICHARD E. CONNORS

/s/ STEPHEN J. HALL Director April 18, 1999
- ------------------------------------------------
STEPHEN J. HALL
</TABLE>

II-4