<PAGE> 1
--------------------------------------------------------------------------------
Flexible Premium
Variable Life Insurance Policy
--------------------------------------------------------------------------------
Supplements to:
Prospectus Portfolio Dated May 1, 2000
Flexible Premium Variable Life Insurance Policy
Issued by
MONY Life Insurance Company of America
MONY America Variable Account L
-- Supplement dated and effective September 26, 2000
-- Supplement dated and effective July 10, 2000
--------------------------------------------------------------------------------
Supplement to:
The Universal Institutional Funds, Inc. Value Portfolio Prospectus dated May 1,
2000
-- Supplement dated September 1, 2000
--------------------------------------------------------------------------------
<PAGE> 2
SUPPLEMENT DATED SEPTEMBER 26, 2000
to
PROSPECTUS DATED MAY 1, 2000
for
Flexible Premium Variable Life Insurance Policy
Issued by
MONY Life Insurance Company of America
MONY America Variable Account L
Effective September 26, 2000 this Supplement updates certain information
contained in your Prospectus. Please read it and keep it with your prospectus
for future reference.
SUPPLEMENT HIGHLIGHTS
The following is a listing of the major changes implemented by this Supplement.
- Addition of the new Strategic Value Subaccount which purchases shares of the
Janus Aspen Series Strategic Value Portfolio. (See items 4, 5, 10, and 12)
- Withdrawal of the Value Subaccount for contracts applied for on or after
September 26, 2000. (See item 8)
- Crediting of interest on premium held in the general account based on the
London Interbank Offered Rate in states where approval has been given for the
declaration of interest on a daily basis. (See items 14, 15, 25, and 34)
- Addition of a Maturity Extension Rider. (See item 23)
- Option to defer payment on partial surrenders from the Guaranteed Interest
Account for up to 6 months. (See item 37)
- The fee for the transfer of Account Value is corrected to $25 maximum at the
Company's option. (See items 2, 29, 32 and 36)
Your Prospectus is updated as follows:
1. THE TABLE OF CONTENTS IS REVISED TO REFERENCE A NEW PROSPECTUS SECTION
ENTITLED "GUARANTEED PAID-UP INSURANCE" AT PAGE 35.
2. THE TABLE ON PAGE 3 UNDER "TRANSACTION AND OTHER CHARGES" IS AMENDED TO
CORRECT THE TRANSFER CHARGE AS FOLLOWS:
<TABLE>
<S> <C>
------------------------------------------------------------------------------------
-Transfer of Account Value Maximum of $25(2)
------------------------------------------------------------------------------------
</TABLE>
----------------------
(2) Currently the Company does not assess a transfer charge. The Company
reserves the right to charge up to a maximum of $25 for transfers.
3. THE TABLE ON PAGE 3 UNDER "TRANSACTION AND OTHER CHARGES" IS AMENDED TO
DELETE THE INFORMATION STATING THAT PREMIUM ALLOCATION CHANGES (OVER
TWO IN ANY POLICY YEAR) INCUR A CHARGE OF $25.
1
<PAGE> 3
4. THE TABLE ON PAGES 5-6 IS AMENDED TO ADD THE INFORMATION ON THE
STRATEGIC VALUE PORTFOLIO UNDER THE HEADING "JANUS ASPEN SERIES."
<TABLE>
<CAPTION>
DISTRIBUTION OTHER TOTAL
MANAGEMENT FEES (12b-1) FEES EXPENSES EXPENSES
--------------- ------------- -------- --------
<S> <C> <C> <C> <C>
Strategic Value Portfolio (Service
Shares) 0.65% 0.25% 0.35% 1.25%(8)
</TABLE>
----------------------
(8) Expenses are based on the estimated expenses the new Service Shares
Class of the Portfolio expects to incur in its initial fiscal year.
All expenses are shown without the effect of any expense offset
arrangements.
5. THE TABLE ON PAGE 10 IS AMENDED TO ADD THE FOLLOWING INFORMATION ON THE
STRATEGIC VALUE PORTFOLIO UNDER THE HEADING "JANUS ASPEN SERIES."
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------
<S> <C>
Strategic Value Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------
</TABLE>
6. THE SECOND SENTENCE IN THE SECOND PARAGRAPH UNDER THE HEADING "PREMIUM
FEATURES" ON PAGE 11 IS AMENDED TO READ AS FOLLOWS:
The policy owner elects to receive a premium notice on an annual,
semiannual, quarterly or monthly basis.
7. THE EIGHTH LINE IN THE "ALLOCATION OPTIONS" SECTION ON PAGE 12 IS
CORRECTED BY DELETING "MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS,
INC." AND SUBSTITUTING "THE UNIVERSAL INSTITUTIONAL FUNDS, INC."
8. PAGE 16 IS AMENDED BY THE ADDITION OF A NEW LAST SENTENCE IN THE FIFTH
PARAGRAPH UNDER THE HEADING "MONY AMERICA VARIABLE ACCOUNT L" TO READ
AS FOLLOWS:
The subaccount purchasing shares of The Universal Institutional Funds,
Inc. Value Portfolio is not available for contracts applied for on or
after September 26, 2000.
9. THE TABLE ON PAGE 21 IS AMENDED TO ADD THE FOLLOWING:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
SUBACCOUNT, UNDERLYING MUTUAL FUND AND INVESTMENT OBJECTIVE
DESIGNATED PORTFOLIO
------------------------------------------------------------------------------------
<S> <C>
STRATEGIC VALUE SUBACCOUNT Seeks long-term growth of capital by
Janus Aspen Series investing primarily in common stocks with
Strategic Value Portfolio the potential for long-term growth of
capital using a "value" approach. The
value approach emphasizes investment in
companies the portfolio manager believes
are undervalued relative to their
intrinsic worth.
------------------------------------------------------------------------------------
</TABLE>
10. THE SECTION ENTITLED "THE FUNDS" ON PAGE 23 IS AMENDED TO ADD THE
STRATEGIC VALUE PORTFOLIO TO THE LISTING IN SECOND LINE IN THE
PARENTHESIS AND TO THE LISTING IN THE THIRD LINE.
11. THE SECOND SENTENCE IN THE PARAGRAPH UNDER THE HEADING "JANUS ASPEN
SERIES" ON PAGE 30 IS AMENDED TO READ AS FOLLOWS:
The shares of the portfolios in the table below can be purchased by the
subaccounts available to you.
12. THE TABLE ON PAGE 30 IS AMENDED BY THE ADDITION OF THE FOLLOWING:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------
<S> <C>
JANUS ASPEN SERIES STRATEGIC VALUE Annual rate of 0.65% of the portfolio's
PORTFOLIO average daily net assets.
------------------------------------------------------------------------------------
</TABLE>
2
<PAGE> 4
13. THE SECOND PARAGRAPH, SECOND SENTENCE ON PAGE 33 IS CORRECTED TO READ
AS FOLLOWS:
Except as provided below, interest is credited on the premiums held in
the Company's general account.
14. THE SECOND PARAGRAPH ON PAGE 33 IS AMENDED BY THE ADDITION OF NEW
LANGUAGE AFTER THE THIRD SENTENCE TO READ AS FOLLOWS:
As of July 10, 2000 in states where approval has been given for the
declaration of interest on a daily basis the rate will be based on the
London Interbank Offered Rate. The interest rate credited for premiums
held in the general account will vary in accordance with such rate.
Annual credits can be less than, equal to or greater than LIBOR ("
LIBOR Rate"). For policies issued prior to July 10, 2000, the
availability of the LIBOR Rate is subject to the Company having
received state approval. If your policy was issued prior to July 10,
2000 and state approval has been received, you may receive the LIBOR
Rate only if you make an affirmative election and the appropriate
election form is received by the Company.
15. THE PARAGRAPH UNDER THE HEADING "INITIAL PREMIUM PAYMENT" ON PAGE 33 IS
AMENDED BY THE ADDITION OF A NEW LANGUAGE BEFORE THE LAST SENTENCE IN
THE PARAGRAPH TO READ AS FOLLOWS:
Interest will be credited annually from the later of the Policy Date
and the Valuation Date that coincides with or next follows the date the
premium is received by the Company. During the Right to Return Policy
Period, premiums will be allocated to the general account or the Money
Market subaccount depending on the state in which your contract has
been issued. Premiums allocated to the general account will be credited
with the LIBOR Rate. In states where the premium is allocated to the
Money Market subaccount, the payment amount will increase or decrease
in value based on the investment experience of the Money Market
subaccount.
16. THE THIRD SENTENCE IN THE PARAGRAPH UNDER THE HEADING "SCHEDULED
PREMIUMS" ON PAGE 35 IS AMENDED TO READ AS FOLLOWS:
Each policy owner will receive a premium reminder notice for the
scheduled premium payment amount on an annual, semiannual, quarterly or
monthly basis, at the policy owner's option.
17. THE SECOND SENTENCE UNDER THE HEADING "CHOICE OF DEFINITION OF LIFE
INSURANCE" ON PAGE 35 IS CORRECTED TO READ AS FOLLOWS:
These tests are the Cash Value Accumulation Test and the Guideline
Premium/Cash Value Corridor Test.
18. THE SECOND SENTENCE UNDER THE HEADING "ALLOCATION OF NET PREMIUM" ON
PAGE 36 IS REVISED TO READ AS FOLLOWS:
Allocations must be made in whole percentages, and no allocation may be
for less than 1% of a net premium.
19. THE FIRST PARAGRAPH, FIFTH SENTENCE UNDER THE HEADING "DEATH BENEFITS
UNDER THE POLICY" ON PAGE 36 IS CORRECTED TO READ AS FOLLOWS:
The Target Death Benefit can be scheduled at issue in level or
increasing amounts over the lifetime of the insured.
20. THE FIRST SENTENCE UNDER THE HEADING "DECREASES IN TARGET DEATH
BENEFITS" ON PAGE 40 IS CORRECTED TO READ AS FOLLOWS:
Any decrease in Specified Amount will reduce the Target Death Benefit
of the policy and may reduce the Specified Amount of the policy at
issue.
3
<PAGE> 5
21. THE LAST LINE ON PAGE 41 IS CORRECTED TO READ AS FOLLOWS:
(2) the number of complete months since the policy date.
22. THE CONTINUATION OF THE SECTION ENTITLED "DECREASES IN TARGET DEATH
BENEFITS" ON PAGE 41 IS REVISED BY THE DELETION OF THE PARAGRAPH WHICH
BEGINS "INCREASES IN THE SPECIFIED AMOUNT..."
23. THE HEADING ENTITLED "BENEFITS AT MATURITY" ON PAGE 43 IS REVISED TO
READ "BENEFITS AT MATURITY AND MATURITY EXTENSION RIDER." IN ADDITION,
NEW LANGUAGE IS ADDED TO THE END OF THE PARAGRAPH TO READ AS FOLLOWS.
At your option, payment of the benefit may be deferred until the date
of the insured's death (Maturity Extension Rider). Death proceeds
payable immediately after the maturity date equal the Cash Value of the
policy multiplied by the death benefit percentage at the insured's age
95. Premiums will not be accepted, nor will monthly deductions be made,
after the maturity date.
Please refer to the policy for additional information on the Maturity
Extension Rider. This rider is available only in states where approval
has been received.
24. THE FIRST SENTENCE IN THE LAST PARAGRAPH ON PAGE 44 IS CORRECTED TO
READ AS FOLLOWS:
Transactions are processed when a premium or an acceptable written
request is received.
25. THE THIRD PARAGRAPH ON PAGE 46 IS AMENDED BY THE ADDITION OF THE
FOLLOWING SENTENCE AT THE END OF THE PARAGRAPH:
Annual credits can be less than, equal to or greater than LIBOR.
26. THE NUMBER (1) IN THE FIFTH PARAGRAPH ON PAGE 46 IS CORRECTED TO READ
AS FOLLOWS:
(1) the Account Value minus Outstanding Debt is insufficient to cover
the monthly deduction against the policy's Account Value on any monthly
anniversary day, and
27. THE SECOND SENTENCE IN THE FIRST PARAGRAPH ENTITLED "PARTIAL SURRENDER"
ON PAGE 47 IS AMENDED AND A NEW SENTENCE ADDED TO READ AS FOLLOWS:
The policy owner may request a partial surrender beginning in the first
policy year in states where approval has been received. In states where
approval has not been received, the policy owner may request a partial
surrender after the first policy anniversary.
28. THE NUMBER (1) UNDER THE HEADING "PARTIAL SURRENDER" ON PAGE 47 IS
CORRECTED TO READ AS FOLLOWS:
(1) the Valuation Date that we receive your request at our
administrative office, or
29. THE TABLE ON PAGE 50 UNDER "TRANSACTION AND OTHER CHARGES" IS AMENDED
TO CORRECT THE TRANSFER CHARGE AS FOLLOWS:
<TABLE>
<S> <C>
------------------------------------------------------------------------------------
-Transfer of Account Value Maximum of $25(2)
------------------------------------------------------------------------------------
</TABLE>
----------------------
(2) Currently the Company does not assess a transfer charge. The Company
reserves the right to charge up to a maximum of $25 for transfers.
30. THE TABLE ON PAGE 50 UNDER "TRANSACTION AND OTHER CHARGES" IS AMENDED
TO DELETE THE INFORMATION STATING THAT PREMIUM ALLOCATION CHANGES (OVER
TWO IN ANY POLICY YEAR) INCUR A CHARGE OF $25.
31. THE FOURTH SENTENCE IN THE SECOND PARAGRAPH UNDER "COST OF INSURANCE"
ON PAGE 52 IS REVISED TO READ AS FOLLOWS.
Unisex rates are used for cases purchased on a split dollar basis and
where appropriate under applicable law, including in policies purchased
by employers and employee organizations in connection with employment
related insurance or benefit programs including policies purchased on a
split dollar basis and where appropriate under the law.
4
<PAGE> 6
32. THE TRANSFER OF ACCOUNT VALUE ITEM UNDER "TRANSACTION AND OTHER
CHARGES"ON PAGE 53 IS AMENDED TO READ AS FOLLOWS.
Transfer of Account Value - Currently the Company does not assess a
transfer charge. The Company reserves the right to charge up to a
maximum of $25 for transfers.
33. THE THIRD ITEM UNDER "TRANSACTION AND OTHER CHARGES" ON PAGE 53 STATING
THAT PREMIUM ALLOCATION CHANGES INCUR A CHARGE OF $25 FOR MORE THAN 2
IN ANY POLICY YEAR IS DELETED.
34. THE FIFTH SENTENCE IN THE SECOND PARAGRAPH UNDER THE HEADING "GENERAL
DESCRIPTION" ON PAGE 62 OF THE PROSPECTUS IS AMENDED AND A NEW SENTENCE
ADDED TO READ AS FOLLOWS.
In addition, the Company may in its sole discretion declare a current
interest rate in excess of the 4.0% rate, which will be guaranteed for
one year if a LIBOR Rate is used and for approximately one year in all
other cases.
35. THE SECTION ENTITLED "TRANSFERS" ON PAGE 63 IS AMENDED BY THE DELETION
OF THE FIRST BULLET IN THE FIRST PARAGRAPH.
36. THE FIRST SENTENCE IN THE SECOND PARAGRAPH UNDER "TRANSFERS" ON PAGE 63
IS AMENDED AND A NEW SENTENCE ADDED TO READ AS FOLLOWS.
Currently there is no charge on transfers of Account Value between
subaccounts or between the Guaranteed Interest Account and the
subaccounts. The Company reserves the right to charge up to a maximum
of $25 for transfers.
37. THE SECOND PARAGRAPH UNDER "PAYMENTS" ON PAGE 65 IS AMENDED TO READ AS
FOLLOWS.
However, payment of any partial surrender or loan payment involving a
determination of account value in the Guaranteed Interest Account
(except when used to pay premium) may be postponed for up to 6 months
from the date we receive the request for surrender or loan. The Company
can also postpone the calculation of payment if such a payment or
transfer of amounts is based on investment performance of the
subaccounts and 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.
38. A NEW THIRD PARAGRAPH IS ADDED UNDER "PAYMENTS" ON PAGE 65 TO READ AS
FOLLOWS.
Interest will be paid on death proceeds from the date of the insured's
death to the date of payment. We will determine the interest rate for
each year, and this rate will not be less than the annual rate paid
under Settlement Option 1.
Form No. 14352 SL (Supp. 9/26/00) Registration No. 333-06071
5
<PAGE> 7
The financial statements that follow supplement the Financial Statements
and Notes to Financial Statements found beginning on page F-1 of the Flexible
Premium Variable Life Insurance Policy Prospectus Portfolio dated May 1, 2000.
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY America Variable Account L:
Statements of assets and liabilities as of April 30, 2000
(unaudited)............................................ F- 2
Statements of operations for the period ended April 30,
2000 (unaudited)....................................... F- 8
Statements of changes in net assets for the periods ended
April 30, 2000 (unaudited) and December 31, 1998....... F-14
Notes to financial statements............................. F-21
With respect to MONY Life Insurance Company of America:
Unaudited interim condensed balance sheets as of March 31,
2000 and December 31, 1999............................. F-24
Unaudited interim condensed statements of income and
comprehensive income for the three-month periods ended
March 31, 2000 and 1999................................ F-25
Unaudited interim condensed statements of changes in
shareholder's equity for the three-month period ended
March 31, 2000......................................... F-26
Unaudited interim condensed statements of cash flows for
the three-month periods ended March 31, 2000 and
1999................................................... F-27
Notes to unaudited interim condensed financial
statements............................................. F-28
</TABLE>
F-1
<PAGE> 8
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------
MONY SERIES FUND, INC.
-------------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ----------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.............. 5,485,265 208,652 1,656,301 207,243
========== ========== =========== ==========
Investments at cost.......................... $5,485,265 $2,263,539 $22,473,013 $2,264,309
========== ========== =========== ==========
Investments in respective Funds at net asset
value...................................... $5,485,265 $2,126,168 $19,776,232 $2,157,399
---------- ---------- ----------- ----------
Amount due from MONY America................. 170,698 7 0 0
Amount due from respective Funds............. 1,901 0 0 0
---------- ---------- ----------- ----------
Total assets................................. 5,657,864 2,126,175 19,776,232 2,157,399
---------- ---------- ----------- ----------
LIABILITIES
Amount due to MONY America................... 1,901 0 0 0
Amount due to respective Funds............... 170,698 7 0 0
---------- ---------- ----------- ----------
Total liabilities............................ 172,599 7 0 0
---------- ---------- ----------- ----------
Net assets................................... $5,485,265 $2,126,168 $19,776,232 $2,157,399
========== ========== =========== ==========
Net assets consist of:
Contractholders' net payments.............. $4,935,595 $2,107,054 $20,218,404 $2,093,888
Undistributed net investment income........ 549,670 168,627 2,377,260 170,615
Accumulated net realized loss on
investments............................. 0 (12,142) (122,651) (195)
Net unrealized depreciation of
investments............................. 0 (137,371) (2,696,781) (106,909)
---------- ---------- ----------- ----------
Net assets................................... $5,485,265 $2,126,168 $19,776,232 $2,157,399
========== ========== =========== ==========
Number of units outstanding*................. 479,863 198,324 1,870,593 199,902
---------- ---------- ----------- ----------
Net asset value per unit outstanding*........ $ 11.43 $ 10.72 $ 10.57 $ 10.79
========== ========== =========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-2
<PAGE> 9
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD SMALL COMPANY
EQUITY VALUE MANAGED GROWTH BOND GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds...................... 54,375 21,070 10,270 134,728 4,073,006 30,153 16,620
========== ======== ======== ========== =========== ======== ========
Investments at cost.......... $2,191,632 $628,954 $411,519 $ 988,395 $21,767,519 $252,748 $105,868
========== ======== ======== ========== =========== ======== ========
Investments in respective
Funds at net asset value... $2,329,440 $648,745 $368,604 $1,143,842 $19,713,351 $261,425 $105,204
---------- -------- -------- ---------- ----------- -------- --------
Amount due from MONY
America.................... 0 0 0 4 4 0 0
Amount due from respective
Funds...................... 0 0 0 1,133 964 0 0
---------- -------- -------- ---------- ----------- -------- --------
Total assets................. 2,329,440 648,745 368,604 1,144,978 19,714,319 261,425 105,204
---------- -------- -------- ---------- ----------- -------- --------
LIABILITIES
Amount due to MONY America... 0 0 0 1,133 964 0 0
Amount due to respective
Funds...................... 0 0 0 4 4 0 0
---------- -------- -------- ---------- ----------- -------- --------
Total liabilities............ 0 0 0 1,137 968 0 0
---------- -------- -------- ---------- ----------- -------- --------
Net assets................... $2,329,440 $648,745 $368,604 $1,143,842 $19,713,351 $261,425 $105,204
========== ======== ======== ========== =========== ======== ========
Net assets consist of:
Contractholders' net
payments................. $2,058,751 $563,251 $288,100 $ 935,073 $19,641,127 $252,459 $105,879
Undistributed net
investment income........ 111,969 80,067 142,360 38,121 2,230,027 0 0
Accumulated net realized
gain (loss) on
investments.............. 20,912 (14,364) (18,943) 15,201 (103,635) 289 (12)
Net unrealized appreciation
(depreciation) of
investments.............. 137,808 19,791 (42,913) 155,447 (2,054,168) 8,677 (663)
---------- -------- -------- ---------- ----------- -------- --------
Net assets................... $2,329,440 $648,745 $368,604 $1,143,842 $19,713,351 $261,425 $105,204
========== ======== ======== ========== =========== ======== ========
Number of units
outstanding*............... 152,610 43,295 30,295 84,421 1,761,652 23,639 10,587
---------- -------- -------- ---------- ----------- -------- --------
Net asset value per unit
outstanding*............... $ 15.26 $ 14.98 $ 12.17 $ 13.55 $ 11.19 $ 11.06 $ 9.94
========== ======== ======== ========== =========== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 10
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------------------
DREYFUS VARIABLE INVESTMENT
FUND VAN ECK WORLDWIDE INSURANCE TRUST
---------------------------- DREYFUS DREYFUS ------------------------------------------
CAPITAL SMALL COMPANY STOCK SOCIALLY HARD WORLDWIDE WORLDWIDE
APPRECIATION STOCK INDEX RESPONSIBLE ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ----------- ----------- ---------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds................... 57,596 45,880 906,457 2,062 456 6,931 5,880
========== ======== =========== ======= ====== ======= =======
Investments at cost....... $2,204,085 $697,292 $31,280,376 $70,036 $4,805 $75,359 $68,832
========== ======== =========== ======= ====== ======= =======
Investments in respective
Funds at net asset
value................... $2,298,664 $804,279 $34,445,374 $80,606 $4,994 $68,545 $75,203
---------- -------- ----------- ------- ------ ------- -------
Amount due from MONY
America................. 4 0 2,935 5 0 0 3
Amount due from respective
Funds................... 496 0 2,864 268 0 0 0
---------- -------- ----------- ------- ------ ------- -------
Total assets.............. 2,299,164 804,279 34,451,173 80,880 4,994 68,545 75,206
---------- -------- ----------- ------- ------ ------- -------
LIABILITIES
Amount due to MONY
America................. 496 0 2,864 268 0 0 0
Amount due to respective
Funds................... 4 0 2,935 5 0 0 3
---------- -------- ----------- ------- ------ ------- -------
Total liabilities......... 500 0 5,799 273 0 0 3
---------- -------- ----------- ------- ------ ------- -------
Net assets................ $2,298,664 $804,279 $34,445,374 $80,606 $4,994 $68,545 $75,203
---------- -------- ----------- ------- ------ ------- -------
Net assets consist of:
Contractholders' net
payments.............. $2,071,293 $680,987 $30,113,573 $67,130 $4,732 $71,243 $59,913
Undistributed net
investment income..... 20,327 2,695 587,716 2,686 45 4,171 197
Accumulated net realized
gain (loss) on
investments........... 112,465 13,610 579,086 221 27 (55) 8,722
Net unrealized
appreciation
(depreciation) of
investments........... 94,579 106,987 3,164,999 10,569 190 (6,814) 6,371
---------- -------- ----------- ------- ------ ------- -------
Net assets................ $2,298,664 $804,279 $34,445,374 $80,606 $4,994 $68,545 $75,203
========== ======== =========== ======= ====== ======= =======
Number of units
outstanding*............ 155,200 75,637 2,155,090 6,715 494 6,887 9,027
---------- -------- ----------- ------- ------ ------- -------
Net asset value per unit
outstanding*............ $ 14.81 $ 10.63 $ 15.98 $ 12.00 $10.10 $ 9.95 $ 8.33
========== ======== =========== ======= ====== ======= =======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 11
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------------------------------
T. ROWE PRICE
--------------------------------------------------------------------------------------
EQUITY PRIME INTERNATIONAL LIMITED NEW AMERICA PERSONAL STRATEGY
INCOME RESERVE STOCK TERM GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ----------- -----------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds..................... 45,181 103,646 28,840 6,995 14,873 28,894
======== ======== ======== ======= ======== ========
Investments at cost......... $880,496 $103,646 $502,349 $33,678 $376,381 $456,337
======== ======== ======== ======= ======== ========
Investments in respective
Funds at net asset
value..................... $809,648 $103,646 $516,245 $33,297 $382,383 $455,657
-------- -------- -------- ------- -------- --------
Amount due from MONY
America................... 20 0 8 0 0 0
Amount due from respective
Funds..................... 0 0 0 0 253 0
-------- -------- -------- ------- -------- --------
Total assets................ 809,669 103,646 516,253 33,297 382,636 455,657
-------- -------- -------- ------- -------- --------
LIABILITIES
Amount due to MONY
America................... 0 0 0 0 253 0
Amount due to respective
Funds..................... 20 0 8 0 0 0
-------- -------- -------- ------- -------- --------
Total liabilities........... 20 0 8 0 253 0
-------- -------- -------- ------- -------- --------
Net assets.................. $809,648 $103,646 $516,245 $33,297 $382,383 $455,657
======== ======== ======== ======= ======== ========
Net assets consist of:
Contractholders' net
payments............... $826,875 $ 97,613 $496,261 $33,477 $348,347 $434,754
Undistributed net
investment income...... 56,150 6,033 2,296 204 20,704 16,954
Accumulated net realized
gain (loss) on
investments............ (2,529) 0 3,792 (3) 7,330 4,630
Net unrealized
appreciation
(depreciation) of
investments............ (70,847) 0 13,896 (381) 6,002 (681)
-------- -------- -------- ------- -------- --------
Net assets.................. $809,648 $103,646 $516,245 $33,297 $382,383 $455,657
======== ======== ======== ======= ======== ========
Number of units
outstanding*.............. 78,388 9,740 39,069 3,267 30,669 40,362
-------- -------- -------- ------- -------- --------
Net asset value per unit
outstanding*.............. $ 10.33 $ 10.64 $ 13.22 $ 10.19 $ 12.47 $ 11.29
======== ======== ======== ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-5
<PAGE> 12
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE THE UNIVERSAL
PRODUCTS FUNDS INSTITUTIONAL FUNDS, INC.
----------------------------------------------------------------- -------------------------
VIP III VIP II VIP III
VIP VIP II GROWTH ASSET GROWTH & EQUITY FIXED
GROWTH CONTRA OPPORTUNITIES MANAGER INCOME GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds... 13,178 57,761 104 42,798 356,114 12,089 356,194
======== ========== ====== ======== ========== ======== ==========
Investments at cost............... $681,459 $1,467,184 $2,220 $698,033 $5,373,928 $242,416 $3,565,505
======== ========== ====== ======== ========== ======== ==========
Investments in respective Funds at
net asset value................. $662,316 $1,450,382 $2,130 $711,731 $5,444,980 $257,247 $3,618,934
-------- ---------- ------ -------- ---------- -------- ----------
Amount due from MONY America...... 8 52 0 0 0 5 0
Amount due from respective
Funds........................... 0 0 0 0 0 0 0
-------- ---------- ------ -------- ---------- -------- ----------
Total assets...................... 662,324 1,450,433 2,130 711,731 5,444,980 257,252 3,618,934
-------- ---------- ------ -------- ---------- -------- ----------
LIABILITIES
Amount due to MONY America........ 0 0 0 0 0 0 0
Amount due to respective Funds.... 8 52 0 0 0 5 0
-------- ---------- ------ -------- ---------- -------- ----------
Total liabilities................. 8 52 0 0 0 5 0
-------- ---------- ------ -------- ---------- -------- ----------
Net assets........................ $662,316 $1,450,382 $2,130 $711,731 $5,444,980 $257,247 $3,618,934
======== ========== ====== ======== ========== ======== ==========
Net assets consist of:
Contractholders' net payments... $640,437 $1,466,064 $2,221 $697,410 $5,377,388 $238,091 $3,565,427
Undistributed net investment
income........................ 40,092 6,303 0 0 6,457 4,239 0
Accumulated net realized gain
(loss) on investments......... 931 (5,184) (1) 623 (9,917) 87 78
Net unrealized appreciation
(depreciation) of
investments................... (19,144) (16,801) (90) 13,698 71,052 14,830 53,429
-------- ---------- ------ -------- ---------- -------- ----------
Net assets........................ $662,316 $1,450,382 $2,130 $711,731 $5,444,980 $257,247 $3,618,934
======== ========== ====== ======== ========== ======== ==========
Number of units outstanding*...... 54,981 138,438 222 70,017 562,522 22,862 356,551
-------- ---------- ------ -------- ---------- -------- ----------
Net asset value per unit
outstanding*.................... $ 12.05 $ 10.48 $ 9.59 $ 10.17 $ 9.68 $ 11.25 $ 10.15
======== ========== ====== ======== ========== ======== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-6
<PAGE> 13
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------
JANUS ASPEN SERIES
-------------------------------------------------------------------
AGGRESSIVE FLEXIBLE INTERNATIONAL WORLDWIDE CAPITAL
GROWTH INCOME GROWTH GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............ 13,580 12,646 855 40,057 3,408
======== ======== ======= ========== ========
Investments at cost........................ $802,499 $144,588 $33,813 $2,065,271 $114,263
======== ======== ======= ========== ========
Investments in respective Funds at net
asset value.............................. $779,763 $144,540 $34,509 $1,973,607 $114,904
-------- -------- ------- ---------- --------
Amount due from MONY America............... 211 3 6 17 3
Amount due from respective Funds........... 0 0 0 0 0
-------- -------- ------- ---------- --------
Total assets............................... 779,974 144,542 34,515 1,973,624 114,907
-------- -------- ------- ---------- --------
LIABILITIES
Amount due to MONY America................. 0 0 0 0 0
Amount due to respective Funds............. 211 3 6 17 3
-------- -------- ------- ---------- --------
Total liabilities.......................... 211 3 6 17 3
-------- -------- ------- ---------- --------
Net assets................................. $779,763 $144,540 $34,509 $1,973,607 $114,904
======== ======== ======= ========== ========
Net assets consist of:
Contractholders' net payments............ $800,704 $144,276 $33,715 $2,057,021 $114,253
Undistributed net investment income...... 0 437 0 0 0
Accumulated net realized gain (loss) on
investments........................... 1,795 (124) 99 8,250 10
Net unrealized appreciation
(depreciation) of investments......... (22,737) (49) 695 (91,664) 641
-------- -------- ------- ---------- --------
Net assets................................. $779,763 $144,540 $34,509 $1,973,607 $114,904
======== ======== ======= ========== ========
Number of units outstanding*............... 71,675 14,429 2,719 166,118 11,371
-------- -------- ------- ---------- --------
Net asset value per unit outstanding*...... $ 10.88 $ 10.02 $ 12.69 $ 11.88 $ 10.11
======== ======== ======= ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-7
<PAGE> 14
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
Dividend and net investment income................... $141,841 $ 125,578 $1,339,956 $115,614
-------- --------- ---------- --------
Realized and unrealized loss on investments:
Net realized loss on investments................... 0 (5,575) (48,112) (463)
Net change in unrealized appreciation
(depreciation) of investments................... 0 (113,986) (542,468) (92,497)
-------- --------- ---------- --------
Net realized and unrealized loss on investments...... 0 (119,561) (590,580) (92,960)
-------- --------- ---------- --------
Net increase in net assets resulting from
operations......................................... $141,841 $ 6,017 $ 749,376 $ 22,654
======== ========= ========== ========
</TABLE>
See notes to financial statements.
F-8
<PAGE> 15
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------
SMALL COMPANY INTERNATIONAL
EQUITY VALUE MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
ENDED ENDED ENDED ENDED
APRIL 30, APRIL 30, APRIL 30, APRIL 30,
2000 2000 2000 2000
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Dividend and net investment income....... $ 0 $ 0 $ 0 $ 0
-------- -------- ------- ---------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments.......................... 8,109 1,316 (5,137) 5,269
Net change in unrealized appreciation
(depreciation) of investments........ 117,315 (13,340) 1,370 (106,836)
-------- -------- ------- ---------
Net realized and unrealized gain (loss)
on investments......................... 125,424 (12,024) (3,767) (101,567)
-------- -------- ------- ---------
Net increase (decrease) in net assets
resulting from operations.............. $125,424 $(12,024) $(3,767) $(101,567)
======== ======== ======= =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------
HIGH YIELD SMALL COMPANY EQUITY
BOND GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- ------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
ENDED ENDED FEBRUARY 4, 2000 *
APRIL 30, APRIL 30, THROUGH
2000 2000 APRIL 30, 2000
-------------- -------------- ------------------
<S> <C> <C> <C>
Dividend and net investment income....... $ 620,298 $ 0 $ 0
--------- ------- -----
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments.......................... (32,064) 290 (12)
Net change in unrealized appreciation
(depreciation) of investments........ (844,979) (2,424) (663)
--------- ------- -----
Net realized and unrealized gain (loss)
on investments......................... (877,043) (2,134) (675)
--------- ------- -----
Net increase (decrease) in net assets
resulting from operations.............. $(256,745) $(2,134) $(675)
========= ======= =====
</TABLE>
---------------
* Commencement of operations.
See notes to financial statements.
F-9
<PAGE> 16
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE PERIOD ENDED APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------------------
DREYFUS VARIABLE INVESTMENT
FUND VAN ECK WORLDWIDE INSURANCE TRUST
---------------------------- DREYFUS DREYFUS ------------------------------------------
CAPITAL SMALL COMPANY STOCK SOCIALLY HARD WORLDWIDE WORLDWIDE
APPRECIATION STOCK INDEX RESPONSIBLE ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ---------- ----------- ---------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend and net investment
income................... $ 92 $ 1,649 $ 115,522 $ 12 $42 $ 3,021 $ 0
------- ------- --------- ---- --- ------- --------
Realized and unrealized
gain (loss) on
investments:
Net realized gain (loss)
on investments......... 10,412 22,271 167,718 139 36 (66) 5,095
Net change in unrealized
appreciation
(depreciation) of
investments............ (7,679) 18,633 (477,135) (53) 4 (4,915) (12,924)
------- ------- --------- ---- --- ------- --------
Net realized and unrealized
gain (loss) on
investments.............. 2,733 40,904 (309,417) 86 40 (4,981) (7,829)
------- ------- --------- ---- --- ------- --------
Net increase (decrease) in
net assets resulting from
operations............... $ 2,825 $42,553 $(193,895) $ 98 $82 $(1,960) $ (7,829)
======= ======= ========= ==== === ======= ========
</TABLE>
---------------
* Commencement of operations.
See notes to financial statements.
F-10
<PAGE> 17
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE PERIOD ENDED APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------
T. ROWE PRICE
----------------------------------------------------------------------------------------
EQUITY PRIME INTERNATIONAL LIMITED TERM NEW AMERICA PERSONAL STRATEGY
INCOME RESERVE STOCK BOND GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ------------ ----------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Dividend and net investment income..... $ 17,016 $1,856 $ 0 $ 159 $ 0 $1,484
-------- ------ -------- ----- ------- ------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments....................... (5,655) 0 2,252 (1) 261 (599)
Net change in unrealized appreciation
(depreciation) of investments..... (21,001) 0 (13,329) (343) (5,321) (330)
-------- ------ -------- ----- ------- ------
Net realized and unrealized loss on
investments.......................... (26,656) 0 (11,077) (344) (5,060) (929)
-------- ------ -------- ----- ------- ------
Net increase (decrease) in net assets
resulting from operations............ $ (9,640) $1,856 $(11,077) $(185) $(5,060) $ 555
======== ====== ======== ===== ======= ======
</TABLE>
---------------
* Commencement of operations.
See notes to financial statements.
F-11
<PAGE> 18
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS
--------------------------------------------------
VIP VIP II VIP III
GROWTH CONTRA GROWTH OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ --------------------
FOR THE FOR THE FOR THE PERIOD
PERIOD ENDED PERIOD ENDED MACH 31, 2000*
APRIL 30, APRIL 30, THROUGH
2000 2000 APRIL 30, 2000
------------ ------------ --------------------
<S> <C> <C> <C>
Dividend and net investment
income............................ $ 40,092 $ 6,303 $ 0
-------- -------- ----
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments..................... 905 (5,184) (1)
Net change in unrealized
appreciation (depreciation) of
investments..................... (27,873) (18,771) (90)
-------- -------- ----
Net realized and unrealized gain
(loss) on investments............. (26,968) (23,955) (91)
-------- -------- ----
Net increase (decrease) in net
assets resulting from
operations...................... $ 13,124 $(17,652) $(91)
======== ======== ====
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE THE UNIVERSAL INSTITUTIONAL FUNDS,
PRODUCTS FUNDS INC.
------------------------------------- -----------------------------------
VIP II VIP III EQUITY FIXED
ASSET MANAGER GROWTH AND INCOME GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ----------------- -------------- ------------------
FOR THE PERIOD FOR THE PERIOD FOR THE FOR THE PERIOD
FEBRUARY 4, 2000* JANUARY 13, 2000* PERIOD ENDED JANUARY 6, 2000*
THROUGH THROUGH APRIL 30, THROUGH
APRIL 30, 2000 APRIL 30, 2000 2000 APRIL 30, 2000
----------------- ----------------- -------------- ------------------
<S> <C> <C> <C> <C>
Dividend and net investment
income............................ $ 0 $ 6,457 $ 0 $ 0
------- ------- ------- -------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments..................... 623 (9,917) 87 78
Net change in unrealized
appreciation (depreciation) of
investments..................... 13,698 71,052 9,926 53,429
------- ------- ------- -------
Net realized and unrealized gain
(loss) on investments............. 14,321 61,135 10,013 53,507
------- ------- ------- -------
Net increase (decrease) in net
assets resulting from
operations...................... $14,321 $67,592 $10,013 $53,507
======= ======= ======= =======
</TABLE>
---------------
* Commencement of operations.
See notes to financial statements.
F-12
<PAGE> 19
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------
JANUS ASPEN SERIES
------------------------------------------------------------------------------
AGGRESSIVE FLEXIBLE INTERNATIONAL WORLDWIDE CAPITAL
GROWTH INCOME GROWTH GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------- ------------ -----------------
FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD
PERIOD ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED FEBRUARY 4, 2000*
APRIL 30, APRIL 30, APRIL 30, APRIL 30, THROUGH
2000 2000 2000 2000 APRIL 30, 2000
------------ ------------ ------------- ------------ -----------------
<S> <C> <C> <C> <C> <C>
Dividend and net investment income... $ 0 $ 0 $ 0 $ 0 $ 0
-------- ----- ---- -------- ----
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments..................... 1,793 (124) 99 8,241 10
Net change in unrealized
appreciation (depreciation) of
investments..................... (47,216) 376 202 (98,664) 641
-------- ----- ---- -------- ----
Net realized and unrealized gain
(loss) on investments.............. (45,423) 252 301 (90,423) 651
-------- ----- ---- -------- ----
Net increase (decrease) in net assets
resulting from operations.......... $(45,423) $ 252 $301 $(90,423) $651
======== ===== ==== ======== ====
</TABLE>
See notes to financial statements.
F-13
<PAGE> 20
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
MONY SERIES FUND, INC
---------------------------------------------------------
MONEY INTERMEDIATE
MARKET TERM BOND
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD ENDED FOR THE
APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............. $ 141,841 $ 345,020 $ 125,578 $ 35,406
Net realized loss on
investments..................... 0 0 (5,575) (6,511)
Net change in unrealized
appreciation (depreciation) of
investments..................... 0 0 (113,986) (28,840)
------------ ------------ ---------- ---------
Net increase (decrease) in net
assets resulting from
operations........................ 141,841 345,020 6,017 55
------------ ------------ ---------- ---------
From unit transactions:
Net proceeds from the issuance of
units........................... 9,586,675 77,560,082 1,331,768 696,328
Net asset value of units redeemed
or used to meet contract
obligations..................... (23,461,140) (61,373,092) (30,671) (181,862)
------------ ------------ ---------- ---------
Net increase (decrease) from unit
transactions...................... (13,874,465) 16,186,990 1,301,097 514,466
------------ ------------ ---------- ---------
Net increase (decrease) in net
assets............................ (13,732,624) 16,532,010 1,307,114 514,521
Net assets beginning of period..... 19,217,889 2,685,879 819,054 304,533
------------ ------------ ---------- ---------
Net assets end of period*.......... $ 5,485,265 $19,217,889 $2,126,168 $ 819,054
============ ============ ========== =========
Unit transactions:
Units outstanding beginning of
period............................ 1,712,047 251,238 76,605 28,549
Units issued during the period..... 891,408 8,571,435 124,602 65,528
Units redeemed during the period... (2,123,592) (7,110,626) (2,883) (17,472)
------------ ------------ ---------- ---------
Units outstanding end of period.... 479,863 1,712,047 198,324 76,605
============ ============ ========== =========
---------------
* Includes undistributed net
investment income of:........... $ 549,670 $ 407,829 $ 168,627 $ 43,049
============ ============ ========== =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
MONY SERIES FUND, INC
---------------------------------------------------------
LONG TERM GOVERNMENT
BOND SECURITIES
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD ENDED FOR THE
APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............. $ 1,339,956 $ 1,028,956 $ 115,614 $ 36,509
Net realized loss on
investments..................... (48,112) (74,609) (463) (267)
Net change in unrealized
appreciation (depreciation) of
investments..................... (542,468) (2,165,463) (92,497) (27,741)
----------- ----------- ---------- ----------
Net increase (decrease) in net
assets resulting from
operations........................ 749,376 (1,211,116) 22,654 8,501
----------- ----------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units........................... 676,328 20,478,061 140,972 1,186,866
Net asset value of units redeemed
or used to meet contract
obligations..................... (316,984) (936,588) (28,351) (49,795)
----------- ----------- ---------- ----------
Net increase (decrease) from unit
transactions...................... 359,344 19,541 112,621 1,137,071
----------- ----------- ---------- ----------
Net increase (decrease) in net
assets............................ 1,108,720 18,330,357 135,275 1,145,572
Net assets beginning of period..... 18,667,512 337,155 2,022,124 876,552
----------- ----------- ---------- ----------
Net assets end of period*.......... $19,776,232 $18,667,512 $2,157,399 $2,022,124
=========== =========== ========== ==========
Unit transactions:
Units outstanding beginning of
period............................ 1,836,729 30,651 189,531 82,700
Units issued during the period..... 64,207 1,909,822 13,046 119,022
Units redeemed during the period... (30,343) (103,744) (2,675) (12,191)
----------- ----------- ---------- ----------
Units outstanding end of period.... 1,870,593 1,836,729 199,902 189,531
=========== =========== ========== ==========
---------------
* Includes undistributed net
investment income of:........... $ 2,377,260 $ 1,037,304 $ 170,615 $ 55,001
=========== =========== ========== ==========
</TABLE>
** Commencement of operations.
See notes to financial statements.
F-14
<PAGE> 21
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD ENDED FOR THE PERIOD ENDED FOR THE
APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 0 $ 110,007 $ 0 $ 35,776 $ 0 $ 56,019
Net realized gain (loss) on
investments................. 8,109 6,521 1,316 (17,101) (5,137) (14,912)
Net change in unrealized
appreciation (depreciation)
investments................. 117,315 20,255 (13,340) 57,257 1,370 29,662
---------- ---------- -------- --------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations.................... 125,424 136,783 (12,024) 75,932 (3,767) 70,769
---------- ---------- -------- --------- -------- ---------
From unit transactions:
Net proceeds from the issuance
of units.................... 841,702 1,307,396 109,171 469,522 37,220 294,982
Net asset value of units
redeemed or used to meet
contract obligations........ (51,761) (64,000) (11,448) (413,361) (21,320) (861,595)
---------- ---------- -------- --------- -------- ---------
Net increase (decrease) from
unit transactions............. 789,941 1,243,396 97,723 56,161 15,900 (566,613)
---------- ---------- -------- --------- -------- ---------
Net increase (decrease) in net
assets........................ 915,365 1,380,179 85,699 132,093 12,133 (495,844)
Net assets beginning of
period........................ 1,414,075 33,896 563,045 430,952 356,471 852,315
---------- ---------- -------- --------- -------- ---------
Net assets end of period*...... $2,329,440 $1,414,075 $648,745 $ 563,045 $368,604 $ 356,471
========== ========== ======== ========= ======== =========
Unit transactions:
Units outstanding beginning of
period........................ 102,764 2,848 36,787 34,921 28,967 75,641
Units issued during the
period........................ 53,475 109,654 7,293 37,233 3,275 25,257
Units redeemed during the
period........................ (3,629) (9,738) (785) (35,367) (1,947) (71,931)
---------- ---------- -------- --------- -------- ---------
Units outstanding end of
period........................ 152,610 102,764 43,295 36,787 30,295 28,967
========== ========== ======== ========= ======== =========
---------------
* Includes undistributed net
investment income of:....... $ 111,969 $ 1,962 $ 80,067 $ 80,067 $142,360 $ 142,360
========== ========== ======== ========= ======== =========
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD SMALL COMPANY
GROWTH BOND GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- -------------------------------
FOR THE FOR THE FOR THE FOR THE PERIOD
PERIOD ENDED FOR THE PERIOD ENDED FOR THE PERIOD ENDED DECEMBER 8, 1999
APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED APRIL 30, THROUGH
2000 DECEMBER 31, 2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------ ------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 0 $ 23,845 $ 620,298 $ 1,578,167 $ 0 $ 0
Net realized gain (loss) on
investments................. 5,269 9,678 (32,064) (71,226) 290 (1)
Net change in unrealized
appreciation (depreciation)
investments................. (106,836) 259,460 (844,979) (1,182,329) (2,424) 11,101
---------- ---------- ----------- ----------- -------- --------
Net increase (decrease) in net
assets resulting from
operations.................... (101,567) 292,983 (256,745) 324,612 (2,134) 11,100
---------- ---------- ----------- ----------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 217,800 292,983 228,218 20,539,013 116,863 137,592
Net asset value of units
redeemed or used to meet
contract obligations........ (15,288) (29,145) (317,751) (1,183,708) (1,808) (188)
---------- ---------- ----------- ----------- -------- --------
Net increase (decrease) from
unit transactions............. 202,512 521,394 (89,533) 19,355,305 115,055 137,404
---------- ---------- ----------- ----------- -------- --------
Net increase (decrease) in net
assets........................ 100,945 814,377 (346,278) 19,679,917 112,921 148,504
Net assets beginning of
period........................ 1,042,897 228,520 20,059,629 379,712 148,504 0
---------- ---------- ----------- ----------- -------- --------
Net assets end of period*...... $1,143,842 $1,042,897 $19,713,351 $20,059,629 $261,425 $148,504
========== ========== =========== =========== ======== ========
Unit transactions:
Units outstanding beginning of
period........................ 70,342 21,906 1,769,481 34,788 13,697 0
Units issued during the
period........................ 15,156 52,464 20,475 1,854,079 10,094 13,716
Units redeemed during the
period........................ (1,077) (4,028) (28,304) (119,386) (152) (19)
---------- ---------- ----------- ----------- -------- --------
Units outstanding end of
period........................ 84,421 70,342 1,761,652 1,769,481 23,639 13,697
========== ========== =========== =========== ======== ========
---------------
* Includes undistributed net
investment income of:....... $ 38,121 $ 38,121 $ 2,230,027 $ 1,609,729 $ 0 $ 0
========== ========== =========== =========== ======== ========
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------
ENTERPRISE ACCUMULATION TRUST
------------------
EQUITY
GROWTH
SUBACCOUNT
------------------
FOR THE PERIOD
FEBRUARY 4, 2000 *
THROUGH
APRIL 30, 2000
(UNAUDITED)
------------------
<S> <C>
From operations:
Net investment income......... $ 0
Net realized gain (loss) on
investments................. (12)
Net change in unrealized
appreciation (depreciation)
investments................. (663)
--------
Net increase (decrease) in net
assets resulting from
operations.................... (675)
--------
From unit transactions:
Net proceeds from the issuance
of units.................... 106,420
Net asset value of units
redeemed or used to meet
contract obligations........ (541)
--------
Net increase (decrease) from
unit transactions............. 105,879
--------
Net increase (decrease) in net
assets........................ 105,204
Net assets beginning of
period........................ 0
--------
Net assets end of period*...... $105,204
========
Unit transactions:
Units outstanding beginning of
period........................ 0
Units issued during the
period........................ 10,642
Units redeemed during the
period........................ (55)
--------
Units outstanding end of
period........................ 10,587
========
---------------
* Includes undistributed net
investment income of:....... $ 0
========
** Commencement of operations
</TABLE>
See notes to financial statements.
F-15
<PAGE> 22
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------
DREYFUS VARIABLE INSURANCE FUND
------------------------------------------------------------------------
DREYFUS
CAPITAL SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ------------
FOR THE FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD ENDED FOR THE PERIOD ENDED
APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED APRIL 30,
2000 DECEMBER 31, 2000 DECEMBER 31, 2000
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income..................... $ 92 $ 16,245 $ 1,649 $ 0 $ 115,522
Net realized gain (loss) on investments... 10,412 100,007 22,271 (7,540) 167,718
Net change in unrealized appreciation
(depreciation) of investments........... (7,679) 35,110 18,633 82,425 (477,135)
---------- ---------- --------- --------- -----------
Net increase (decrease) in net assets
resulting from operations................. 2,825 151,362 42,553 74,885 (193,895)
---------- ---------- --------- --------- -----------
From unit transactions:
Net proceeds from the issuance of units... 656,870 1,490,345 74,883 526,467 4,436,774
Net asset value of units redeemed or used
to meet contract obligations............ (119,787) (363,376) (103,241) (106,947) (477,299)
---------- ---------- --------- --------- -----------
Net increase (decrease) from unit
transactions.............................. 537,083 1,126,969 (28,358) 419,520 3,959,475
---------- ---------- --------- --------- -----------
Net increase in net assets................. 539,908 1,278,331 14,195 494,405 3,765,580
Net assets beginning of period............. 1,758,756 480,425 790,084 295,679 30,679,794
---------- ---------- --------- --------- -----------
Net assets end of period*.................. $2,298,664 $1,758,756 $ 804,279 $ 790,084 $34,445,374
========== ========== ========= ========= ===========
Unit transactions:
Units outstanding beginning of period...... 118,872 36,191 78,184 32,362 1,903,421
Units issued during the period............. 44,573 116,773 7,362 58,620 282,028
Units redeemed during the period........... (8,245) (34,092) (9,909) (12,798) (30,359)
---------- ---------- --------- --------- -----------
Units outstanding end of period............ 155,200 118,872 75,637 78,184 2,155,090
========== ========== ========= ========= ===========
---------------
* Includes undistributed net investment
income of:.............................. $ 20,327 $ 20,235 $ 2,695 $ 1,046 $ 587,716
========== ========== ========= ========= ===========
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------
DREYFUS VARIABLE INSURANCE FUND
---------------------------------------------------
DREYFUS DREYFUS
STOCK SOCIALLY
INDEX RESPONSIBLE
SUBACCOUNT SUBACCOUNT
------------ ------------------------------------
FOR THE FOR THE PERIOD
FOR THE PERIOD ENDED SEPTEMBER 30,
YEAR ENDED APRIL 30, THROUGH
DECEMBER 31, 2000 DECEMBER 31,
1999 (UNAUDITED) 1999
------------ ------------ ---------------------
<S> <C> <C> <C>
From operations:
Net investment income..................... $ 432,056 $ 12 $ 2,674
Net realized gain (loss) on investments... 386,134 139 82
Net change in unrealized appreciation
(depreciation) of investments........... 3,009,797 (53) 10,622
----------- ------- -------
Net increase (decrease) in net assets
resulting from operations................. 3,827,987 98 13,378
----------- ------- -------
From unit transactions:
Net proceeds from the issuance of units... 23,789,517 1,709 67,417
Net asset value of units redeemed or used
to meet contract obligations............ (840,260) (1,210) (786)
----------- ------- -------
Net increase (decrease) from unit
transactions.............................. 22,949,257 499 66,631
----------- ------- -------
Net increase in net assets................. 26,777,244 597 80,009
Net assets beginning of period............. 3,902,550 80,009 0
----------- ------- -------
Net assets end of period*.................. $30,679,794 $80,606 $80,009
=========== ======= =======
Unit transactions:
Units outstanding beginning of period...... 291,990 6,671 0
Units issued during the period............. 1,696,879 147 6,742
Units redeemed during the period........... (85,448) (103) (71)
----------- ------- -------
Units outstanding end of period............ 1,903,421 6,715 6,671
=========== ======= =======
---------------
* Includes undistributed net investment
income of:.............................. $ 472,194 $ 2,686 $ 2,674
=========== ======= =======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-16
<PAGE> 23
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE TRUST
---------------------------------------------------------------------------------------
HARD WORLDWIDE WORLDWIDE
ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD ENDED FOR THE PERIOD ENDED FOR THE
APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income................. $ 42 $ 3 $ 3,021 $ 1,150 $ 0 $ 0
Net realized gain (loss) on
investments......................... 36 (4) (66) (19) 5,095 8,133
Net change in unrealized appreciation
(depreciation) of investments....... 4 211 (4,915) (3,363) (12,924) 24,877
------ ------ ------- ------- -------- --------
Net increase (decrease) in net assets
resulting from operations............. 82 210 (1,960) (2,232) (7,829) 33,010
------ ------ ------- ------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units............................... 1,605 3,174 18,991 35,112 27,441 29,369
Net asset value of units redeemed or
used to meet contract obligations... (115) (173) (786) (1,399) (14,902) (17,369)
------ ------ ------- ------- -------- --------
Net increase (decrease) from unit
transactions.......................... 1,490 3,001 18,205 33,713 12,539 12,000
------ ------ ------- ------- -------- --------
Net increase in net assets.............. 1,572 3,211 16,245 31,481 4,710 45,010
Net assets beginning of period.......... 3,422 211 52,300 20,819 70,493 25,483
------ ------ ------- ------- -------- --------
Net assets end of period*............... $4,994 $3,422 $68,545 $52,300 $ 75,203 $ 70,493
====== ====== ======= ======= ======== ========
Unit transactions:
Units outstanding beginning of period... 343 26 5,105 1,873 7,590 5,495
Units issued during the period.......... 174 335 1,874 3,398 2,861 4,827
Units redeemed during the period........ (23) (18) (92) (166) (1,424) (2,732)
------ ------ ------- ------- -------- --------
Units outstanding end of period......... 494 343 6,887 5,105 9,027 7,590
====== ====== ======= ======= ======== ========
---------------
* Includes undistributed net investment
income of:........................... $ 45 $ 3 $ 4,171 $ 1,150 $ 197 $ 197
====== ====== ======= ======= ======== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
F-17
<PAGE> 24
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------------
T. ROWE PRICE
---------------------------------------------------------------------------------------------
EQUITY INCOME PRIME RESERVE INTERNATIONAL STOCK
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------------- ---------------------------
FOR THE FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD ENDED FOR THE PERIOD PERIOD ENDED FOR THE
APRIL 30, YEAR ENDED APRIL 30, FEBRUARY 1, 1999** APRIL 30, YEAR ENDED
2000 DECEMBER 31, 2000 THROUGH 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) 1999
------------ ------------ ------------ ------------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 17,016 $ 37,491 $ 1,856 $ 4,177 $ 0 $ 2,061
Net realized gain (loss) on
investments................. (5,655) 3,114 0 0 2,252 1,541
Net change in unrealized
appreciation (depreciation)
of investments.............. (21,001) (48,742) 0 0 (13,329) 26,668
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations.................... (9,640) (8,137) 1,856 4,177 (11,077) 30,270
-------- -------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 189,921 745,478 832 103,722 395,788 105,728
Net asset value of units
redeemed or used to meet
contract obligations........ (85,323) (72,035) (645) (6,296) (6,588) (12,925)
-------- -------- -------- -------- -------- --------
Net increase from unit
transactions.................. 104,598 673,443 187 97,426 389,200 92,803
-------- -------- -------- -------- -------- --------
Net increase in net assets..... 94,958 665,306 2,043 101,603 378,123 123,073
Net assets beginning of
period........................ 714,690 49,384 101,603 0 138,122 15,049
-------- -------- -------- -------- -------- --------
Net assets end of period*...... $809,648 $714,690 $103,646 $101,603 $516,245 $138,122
======== ======== ======== ======== ======== ========
Unit transactions:
Units outstanding beginning of
period........................ 67,719 4,853 9,723 0 9,827 1,427
Units issued during the
period........................ 19,093 69,677 79 10,380 29,766 9,599
Units redeemed during the
period........................ (8,424) (6,811) (62) (657) (524) (1,199)
-------- -------- -------- -------- -------- --------
Units outstanding end of
period........................ 78,388 67,719 9,740 9,723 39,069 9,827
======== ======== ======== ======== ======== ========
---------------
* Includes undistributed net
investment income of: $ 56,150 $ 39,134 $ 6,033 $ 4,177 $ 2,296 $ 235
======== ======== ======== ======== ======== ========
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------------
T. ROWE PRICE
---------------------------------------------------------------------------------------------
LIMITED TERM NEW AMERICA GROWTH PERSONAL STRATEGY BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------------- --------------------------- ---------------------------
FOR THE FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD PERIOD ENDED FOR THE PERIOD ENDED FOR THE
APRIL 30, FEBRUARY 1, 1999** APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED
2000 THROUGH 2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 159 $ 45 $ 0 $ 19,751 $ 1,484 $ 15,098
Net realized gain (loss) on
investments................. (1) (2) 261 7,059 (599) 5,226
Net change in unrealized
appreciation (depreciation)
of investments.............. (343) (38) (5,321) 7,101 (330) (278)
------- ------ -------- --------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations.................... (185) 5 (5,060) 33,911 555 20,046
------- ------ -------- --------- -------- ---------
From unit transactions:
Net proceeds from the issuance
of units.................... 32,551 1,021 56,488 367,884 358,784 324,297
Net asset value of units
redeemed or used to meet
contract obligations........ (29) (66) (17,578) (101,482) (5,046) (251,898)
------- ------ -------- --------- -------- ---------
Net increase from unit
transactions.................. 32,522 955 38,910 266,402 353,738 72,399
------- ------ -------- --------- -------- ---------
Net increase in net assets..... 32,337 960 33,850 300,313 354,293 92,445
Net assets beginning of
period........................ 960 0 348,533 48,220 101,364 8,919
------- ------ -------- --------- -------- ---------
Net assets end of period*...... $33,297 $ 960 $382,383 $ 348,533 $455,657 $ 101,364
======= ====== ======== ========= ======== =========
Unit transactions:
Units outstanding beginning of
period........................ 95 0 27,453 4,282 8,978 856
Units issued during the
period........................ 3,175 104 4,821 31,991 32,226 31,131
Units redeemed during the
period........................ (3) (9) (1,605) (8,820) (842) (23,009)
------- ------ -------- --------- -------- ---------
Units outstanding end of
period........................ 3,267 95 30,669 27,453 40,362 8,978
======= ====== ======== ========= ======== =========
---------------
* Includes undistributed net
investment income of: $ 204 $ 45 $ 20,704 $ 20,704 $ 16,954 $ 15,470
======= ====== ======== ========= ======== =========
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-18
<PAGE> 25
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS
-----------------------------------------------------------------------
VIP VIP II
GROWTH CONTRA
SUBACCOUNT SUBACCOUNT
---------------------------------- ----------------------------------
FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD PERIOD ENDED FOR THE PERIOD
APRIL 30, NOVEMBER 2, 1999** APRIL 30, DECEMBER 8, 1999**
2000 THROUGH 2000 THROUGH
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------ ------------------- ------------ -------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income................. $ 40,092 $ 0 $ 6,303 $ 0
Net realized gain (loss) on
investments......................... 905 26 (5,184) 0
Net change in unrealized appreciation
(depreciation) of investments....... (27,873) 8,729 (18,771) 1,970
-------- -------- ---------- -------
Net increase (decrease) in net assets
resulting from operations............. 13,124 8,755 (17,652) 1,970
-------- -------- ---------- -------
From unit transactions:
Net proceeds from the issuance of
units............................... 477,906 180,982 1,442,236 36,973
Net asset value of units redeemed or
used to meet contract obligations... (18,242) (209) (13,098) (47)
-------- -------- ---------- -------
Net increase from unit transactions.... 459,664 180,773 1,429,138 36,926
-------- -------- ---------- -------
Net increase in net assets............. 472,788 189,528 1,411,486 38,896
Net assets beginning of period......... 189,528 0 38,896 0
-------- -------- ---------- -------
Net assets end of period*.............. $662,316 $189,528 $1,450,382 $38,896
======== ======== ========== =======
Unit transactions:
Units outstanding beginning of
period................................ 16,127 0 3,667 0
Units issued during the period......... 40,451 16,147 135,975 3,672
Units redeemed during the period....... (1,597) (20) (1,204) (5)
-------- -------- ---------- -------
Units outstanding end of period........ 54,981 16,127 138,438 3,667
======== ======== ========== =======
---------------
* Includes undistributed net
investment income of: $ 40,092 $ 0 $ 6,303 $ 0
======== ======== ========== =======
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS
------------------------------------------------------------
VIP III VIP II VIP III
GROWTH OPPORTUNITIES ASSET MANAGER GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------- ----------------- -----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MARCH 31, 2000* FEBRUARY 4, 2000* JANUARY 13, 2000*
THROUGH THROUGH THROUGH
APRIL 30, 2000 APRIL 30, 2000 APRIL 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
-------------------- ----------------- -----------------
<S> <C> <C> <C>
From operations:
Net investment income................. $ 0 $ 0 $ 6,457
Net realized gain (loss) on
investments......................... (1) 623 (9,917)
Net change in unrealized appreciation
(depreciation) of investments....... (90) 13,698 71,052
------ -------- ----------
Net increase (decrease) in net assets
resulting from operations............. (91) 14,321 67,592
------ -------- ----------
From unit transactions:
Net proceeds from the issuance of
units............................... 2,231 703,841 5,427,594
Net asset value of units redeemed or
used to meet contract obligations... (10) (6,431) (50,206)
------ -------- ----------
Net increase from unit transactions.... 2,221 697,410 5,377,388
------ -------- ----------
Net increase in net assets............. 2,130 711,731 5,444,980
Net assets beginning of period......... 0 0 0
------ -------- ----------
Net assets end of period*.............. $2,130 $711,731 $5,444,980
====== ======== ==========
Unit transactions:
Units outstanding beginning of
period................................ 0 0 0
Units issued during the period......... 223 70,645 567,662
Units redeemed during the period....... (1) (628) (5,140)
------ -------- ----------
Units outstanding end of period........ 222 70,017 562,522
====== ======== ==========
---------------
* Includes undistributed net
investment income of: $ 0 $ 0 $ 6,457
====== ======== ==========
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
-----------------------------------------------------
EQUITY FIXED
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
---------------------------------- ----------------
FOR THE FOR THE PERIOD
PERIOD ENDED FOR THE PERIOD JANUARY 6, 2000*
APRIL 30, DECEMBER 8, 1999** THROUGH
2000 THROUGH APRIL 30, 2000
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED)
------------ ------------------- ----------------
<S> <C> <C> <C>
From operations:
Net investment income................. $ 0 $ 4,239 $ 0
Net realized gain (loss) on
investments......................... 87 0 78
Net change in unrealized appreciation
(depreciation) of investments....... 9,926 4,904 53,429
-------- -------- ----------
Net increase (decrease) in net assets
resulting from operations............. 10,013 9,143 53,507
-------- -------- ----------
From unit transactions:
Net proceeds from the issuance of
units............................... 118,077 121,757 3,572,645
Net asset value of units redeemed or
used to meet contract obligations... (1,555) (188) (7,218)
-------- -------- ----------
Net increase from unit transactions.... 116,522 121,569 3,565,427
-------- -------- ----------
Net increase in net assets............. 126,535 130,712 3,618,934
Net assets beginning of period......... 130,712 0 0
-------- -------- ----------
Net assets end of period*.............. $257,247 $130,712 $3,618,934
======== ======== ==========
Unit transactions:
Units outstanding beginning of
period................................ 12,171 0 0
Units issued during the period......... 10,833 12,190 357,265
Units redeemed during the period....... (142) (19) (714)
-------- -------- ----------
Units outstanding end of period........ 22,862 12,171 356,551
======== ======== ==========
---------------
* Includes undistributed net
investment income of: $ 4,239 $ 4,239 $ 0
======== ======== ==========
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-19
<PAGE> 26
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------
JANUS ASPEN SERIES
----------------------------------------------------------------------
AGGRESSIVE FLEXIBLE
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
--------------------------------- ----------------------------------
FOR THE FOR THE
PERIOD ENDED FOR THE PERIOD PERIOD ENDED FOR THE PERIOD
APRIL 30, DECEMBER 8, 1999** APRIL 30, DECEMBER 27, 1999**
2000 THROUGH 2000 THROUGH
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------ ------------------ ------------ -------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income.................. $ 0 $ 0 $ 0 $ 437
Net realized gain (loss) on
investments.......................... 1,793 2 (124) 0
Net change in unrealized appreciation
(depreciation) of investments........ (47,216) 24,479 376 (425)
-------- -------- -------- -------
Net increase (decrease) in net assets
resulting from operations.............. (45,423) 24,481 252 12
-------- -------- -------- -------
From unit transactions:
Net proceeds from the issuance of
units................................ 582,469 228,583 134,770 12,891
Net asset value of units redeemed or
used to meet contract obligations.... (10,065) (282) (3,385) 0
-------- -------- -------- -------
Net increase from unit transactions..... 572,404 228,301 131,385 12,891
-------- -------- -------- -------
Net increase in net assets.............. 526,981 252,782 131,637 12,903
Net assets beginning of period.......... 252,782 0 12,903 0
-------- -------- -------- -------
Net assets end of period*............... $779,763 $252,782 $144,540 $12,903
======== ======== ======== =======
Unit transactions:
Units outstanding beginning of period... 22,352 0 1,289 0
Units issued during the period.......... 50,247 22,380 13,576 1,289
Units redeemed during the period........ (924) (28) (436) 0
-------- -------- -------- -------
Units outstanding end of period......... 71,675 22,352 14,429 1,289
======== ======== ======== =======
---------------
* Includes undistributed net investment
income of: $ 0 $ 0 $ 437 $ 437
======== ======== ======== =======
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------
JANUS ASPEN SERIES
-----------------------------------------------------------------------------------------
WORLDWIDE CAPITAL
INTERNATIONAL STOCK GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------------- --------------------------------- -----------------
FOR THE FOR THE FOR THE PERIOD
PERIOD ENDED FOR THE PERIOD PERIOD ENDED FOR THE PERIOD FEBRUARY 4, 2000*
APRIL 30, DECEMBER 2, 1999** APRIL 30, DECEMBER 2, 1999** THROUGH
2000 THROUGH 2000 THROUGH APRIL 30, 2000
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED)
------------ ------------------ ------------ ------------------ -----------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income.................. $ 0 $ 0 $ 0 $ 0 $ 0
Net realized gain (loss) on
investments.......................... 99 0 8,241 9 10
Net change in unrealized appreciation
(depreciation) of investments........ 202 493 (98,664) 7,000 641
------- ------ ---------- -------- --------
Net increase (decrease) in net assets
resulting from operations.............. 301 493 (90,423) 7,009 651
------- ------ ---------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units................................ 30,651 3,366 1,967,705 110,815 114,929
Net asset value of units redeemed or
used to meet contract obligations.... (294) (8) (21,397) (102) (676)
------- ------ ---------- -------- --------
Net increase from unit transactions..... 30,357 3,358 1,946,308 110,713 114,253
------- ------ ---------- -------- --------
Net increase in net assets.............. 30,658 3,851 1,855,885 117,722 114,904
Net assets beginning of period.......... 3,851 0 117,722 0 0
------- ------ ---------- -------- --------
Net assets end of period*............... $34,509 $3,851 $1,973,607 $117,722 $114,904
======= ====== ========== ======== ========
Unit transactions:
Units outstanding beginning of period... 317 0 10,224 0 0
Units issued during the period.......... 2,443 318 157,670 10,234 11,439
Units redeemed during the period........ (41) (1) (1,776) (10) (68)
------- ------ ---------- -------- --------
Units outstanding end of period......... 2,719 317 166,118 10,224 11,371
======= ====== ========== ======== ========
---------------
* Includes undistributed net investment
income of: $ 0 $ 0 $ 0 $ 0 $ 0
======= ====== ========== ======== ========
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-20
<PAGE> 27
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance Policies,
which include Variable Life Insurance (Strategist), Variable Universal Life
(MONYEquity Master, MONY Custom Equity Master and MONY Custom Estate Master) and
Corporate Sponsored Variable Universal Life Insurance Policies. These policies
are issued by MONY America, which is a wholly-owned subsidiary of MONY Life
Insurance Company ("MONY"). For presentation purposes, the information related
only to the Corporate Sponsored Variable Universal Life Insurance Policies
(CSVUL) is presented here.
There are currently thirty seven Corporate Sponsored Variable Universal
Subaccounts within the Variable Account, each invests only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund"), the Enterprise
Accumulation Trust ("Enterprise"), the Dreyfus Variable Investment Fund, the
Dreyfus Stock Index Fund, the Dreyfus Socially Responsible Growth Fund, Inc. ,
the Van Eck Worldwide Insurance Trust, the T. Rowe Price Equity Series, Inc.,
the T. Rowe Price Fixed Income Series, Inc., the T. Rowe Price International
Series, Inc., Fidelity Variable Insurance Products Funds, Janus Aspen Series and
The Universal Institutional Funds, Inc. (collectively the "Funds"). Thirty-six
of the thirty seven subaccounts of the CSVUL commenced operations during 1997
through April 2000. The Funds are registered under the 1940 Act as open-end,
diversified, management investment companies. The Fund and Enterprise are
affiliated with MONY.
A full presentation of the related financial statements and footnotes of
each of the Funds contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset value of the respective portfolio as reported by
such portfolio. Net asset values are based upon market or fair valuations of the
securities held in each of the corresponding portfolios of the Funds. For the
money market portfolios, the net asset value is based on amortized cost of the
securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on ex-dividend date. Dividend income includes distributions
of net investment income and net realized capital gains received from the
respective portfolios of the Funds. Dividend income received is reinvested in
additional shares of the respective portfolios of the Funds.
F-21
<PAGE> 28
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 to
the insurance policies are deducted monthly from the cash value of the contract
to compensate MONY America. A surrender charge may be imposed by MONY America
when a full or partial surrender is requested by the policyholders. These
deductions are treated as contractholder redemptions by the Variable Account.
The amount deducted for the Corporate Sponsored Variable Universal Life
Subaccounts for the period ended April 30, 2000 aggregated $1,564,766.
As investment adviser to the Fund, MONY America receives amounts paid by
the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares of acquired and proceeds from shares redeemed, during the
period ended April 30, 2000 were as follows:
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE SUBACCOUNTS
<TABLE>
<CAPTION>
COST OF SHARES ACQUIRED PROCEEDS FROM SHARES REDEEMED
----------------------- -----------------------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio........................ $24,612,123 $38,344,747
Intermediate Term Bond Portfolio.............. 1,509,286 82,611
Long Term Bond Portfolio...................... 2,035,407 336,107
Government Securities Portfolio............... 263,455 35,220
</TABLE>
F-22
<PAGE> 29
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES ACQUIRED PROCEEDS FROM SHARES REDEEMED
----------------------- -----------------------------
<S> <C> <C>
Enterprise Accumulation Trust
Equity Portfolio.............................. $ 843,877 $ 53,936
Small Company Value Portfolio................. 109,677 11,953
Managed Portfolio............................. 42,283 26,382
International Growth Portfolio................ 219,665 17,154
High Yield Bond Portfolio..................... 849,068 318,303
Small Company Growth Portfolio................ 116,863 1,808
Growth Portfolio.............................. 106,420 541
Dreyfus Variable Investment Fund
Capital Appreciation Portfolio................ 664,598 127,423
Small Company Stock Portfolio................. 77,469 104,178
Stock Index Fund.............................. 4,692,459 614,602
Socially Responsible Growth Fund, Inc......... 1,721 1,210
Van Eck Worldwide Insurance Trust
Hard Assets Portfolio......................... 1,752 219
Worldwide Bond Portfolio...................... 22,166 940
Worldwide Emerging Markets Portfolio.......... 27,592 15,053
T. Rowe Price Equity Series, Inc.
Equity Income Portfolio....................... 212,521 90,906
Prime Reserve Portfolio....................... 2,689 646
International Stock Portfolio................. 398,149 8,950
Limited Term Portfolio........................ 32,711 29
New America Growth Portfolio.................. 58,763 19,853
Personal Strategy Balance Portfolio........... 367,333 12,111
Fidelity Variable Insurance Product Funds
VIP Growth Portfolio.......................... 519,252 19,496
VIP II Contrafund Portfolio................... 1,495,861 60,420
VIP III Growth Opportunities Portfolio........ 2,231 10
VIP II Asset Manager Portfolio................ 731,758 34,348
VIP III Growth & Income Portfolio............. 5,642,817 258,973
Janus Aspen Series
Aggressive Growth Portfolio................... 583,435 11,031
Flexible Income Portfolio..................... 135,769 4,385
International Growth Portfolio................ 30,872 515
Worldwide Growth Portfolio.................... 2,033,718 87,410
Capital Appreciation Portfolio................ 114,942 689
The Universal Institutional Funds, Inc.
Equity Growth Portfolio....................... 118,077 1,555
Fixed Income Portfolio........................ 3,572,645 7,218
</TABLE>
F-23
<PAGE> 30
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED BALANCE SHEETS
MARCH 31, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
--------- ------------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair
value..................................................... $1,017.8 $1,048.8
Mortgage loans on real estate............................... 165.7 165.0
Policy loans................................................ 62.8 58.8
Real estate................................................. 7.1 6.9
Other invested assets....................................... 2.5 2.3
-------- --------
1,255.9 1,281.8
-------- --------
Cash and cash equivalents................................... 37.9 28.9
Accrued investment income................................... 21.2 20.4
Amounts due from reinsurers................................. 18.0 18.6
Deferred policy acquisition costs........................... 431.5 406.4
Current federal income taxes receivable..................... 5.4 2.3
Other assets................................................ 21.8 24.9
Separate account assets..................................... 4,391.6 4,387.2
-------- --------
Total assets...................................... $6,183.3 $6,170.5
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits...................................... $ 125.1 $ 123.4
Policyholders' account balances............................. 1,122.4 1,154.1
Other policyholders' liabilities............................ 55.9 54.0
Accounts payable and other liabilities...................... 109.3 79.5
Note payable to affiliate (Note 5).......................... 48.5 49.0
Deferred federal income taxes............................... 23.9 19.4
Separate account liabilities................................ 4,391.6 4,387.2
-------- --------
Total liabilities................................. 5,876.7 5,866.6
Commitments and contingencies (Note 4)
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.................................... 199.7 199.7
Retained earnings........................................... 112.4 109.0
Accumulated other comprehensive loss........................ (8.0) (7.3)
-------- --------
Total shareholder's equity........................ 306.6 303.9
-------- --------
Total liabilities and shareholder's equity........ $6,183.3 $6,170.5
======== ========
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-24
<PAGE> 31
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
THREE-MONTH PERIODS ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ ------
($ IN MILLIONS)
<S> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $38.1 $32.5
Premiums.................................................... 4.9 1.0
Net investment income....................................... 23.7 24.2
Net realized gains on investments........................... (0.1) 0.2
Other income................................................ 3.3 1.6
----- -----
69.9 59.5
----- -----
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 12.5 9.8
Interest credited to policyholders' account balances........ 16.1 16.5
Amortization of deferred policy acquisition costs........... 12.9 10.0
Other operating costs and expenses.......................... 23.1 19.0
----- -----
64.6 55.3
----- -----
Income before income taxes.................................. 5.3 4.2
Income tax expense.......................................... 1.9 1.5
----- -----
Net income.................................................. 3.4 2.7
Other comprehensive loss, net............................... (0.7) (3.5)
----- -----
Comprehensive income........................................ $ 2.7 $(0.8)
===== =====
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-25
<PAGE> 32
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENT
OF CHANGES IN SHAREHOLDER'S EQUITY
THREE-MONTH PERIOD ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
ACCUMULATED
CAPITAL OTHER TOTAL
COMMON IN EXCESS RETAINED COMPREHENSIVE SHAREHOLDER'S
STOCK OF PAR EARNINGS INCOME/(LOSS) EQUITY
------ --------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1999............... $2.5 $199.7 $109.0 $(7.3) $303.9
Capital contribution..................... -- --
Comprehensive income:
Net income............................. 3.4 3.4
Other comprehensive income:
Unrealized losses on investments,
net of unrealized gains,
reclassification adjustments, and
taxes............................. (0.7) (0.7)
------
Comprehensive income..................... 2.7
---- ------ ------ ----- ------
Balance, March 31, 2000.................. $2.5 $199.7 $112.4 $(8.0) $306.6
==== ====== ====== ===== ======
</TABLE>
See accompanying notes to unaudited intermin condensed financial statements.
F-26
<PAGE> 33
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS
THREE-MONTH PERIODS ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------- -------
($ IN MILLIONS)
<S> <C> <C>
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES......... $ 9.7 $ (20.3)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayments of:
Fixed maturities.......................................... 56.3 47.2
Mortgage loans on real estate............................. 3.2 7.7
Other invested assets..................................... -- 0.5
Acquisitions of investments:
Fixed maturities.......................................... (29.0) (89.0)
Mortgage loans on real estate............................. (3.7) (13.9)
Real estate............................................... (0.3) (0.2)
Other invested assets..................................... (0.1) (0.1)
Policy loans, net......................................... (4.1) (1.1)
Other, net................................................ -- (0.2)
------- -------
Net cash provided by/(used in) investing activities......... 22.3 (49.1)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Note payable to affiliate................................... -- 50.5
Repayment of note to affiliate.............................. (0.5) --
Receipts from annuity and universal life policies credited
to policyholders' account balances........................ 467.9 276.4
Return of policyholders' account balances on annuity and
universal life policies................................... (490.4) (248.5)
------- -------
Net cash (used in)/provided by financing activities......... (23.0) 78.4
------- -------
Net increase in cash and cash equivalents................... 9.0 9.0
Cash and cash equivalents, beginning of year................ 28.9 133.4
------- -------
Cash and cash equivalents, end of period.................... $ 37.9 $ 142.4
======= =======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-27
<PAGE> 34
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED 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"), formerly The Mutual Life Insurance Company of
New York, which converted from a mutual life insurance company to a stock life
insurance company (the "Demutualization"). 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 in 49 states (not including New York), the District of
Columbia, the U.S. Virgin Islands and Puerto Rico.
2. BASIS OF PRESENTATION
The accompanying unaudited interim condensed financial statements are
prepared in conformity with generally accepted accounting principles ("GAAP")
which 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. In the opinion of
management, these statements include all adjustments which were normal recurring
adjustments necessary to present fairly the financial position, results of
operations and cash flows for the periods presented. These statements should be
read in conjunction with the financial statements of the Company for the year
ended December 31, 1999 in the Company's 1999 Annual Report on Form 10-K. The
results of operations for the three-month period ended March 31, 2000 are not
necessarily indicative of the results to be expected for the full year.
3. FEDERAL INCOME TAXES
Federal income taxes for interim periods have been computed using an
estimated annual effective tax rate. This rate is revised, if necessary, at the
end of each successive interim period to reflect the current estimate of the
annual effective tax rate.
4. COMMITMENTS AND CONTINGENCIES
Since late 1995 a number of purported class actions have been commenced in
various state and federal courts against the Company alleging that the Company
engaged in deceptive sales practices in connection with the sale of whole and
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 violation of state insurance and/or
deceptive business practice laws). Plaintiffs in these cases 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 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 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 one of those
cases, Goshen v. The Mutual Life Insurance Company of New York and MONY Life
Insurance Company of America, the Goshen case, being the first of the
aforementioned class actions filed, as a nationwide class consisting of all
persons or
F-28
<PAGE> 35
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
entities who have, or at the time of the policy's termination had, an ownership
interest in a whole life or universal life insurance policy issued by the
Company 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 judgement on all counts of the
complaint. All of the other putative class actions 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.
On October 21, 1997, the New York State Supreme Court granted the Company's
motion for summary judgement and dismissed all claims filed in the Goshen case
against the Company. On December 20, 1999, the New York State Court of Appeals
affirmed the dismissal of all but one of the claims in the Goshen case (a claim
under New York's General Business Law), which has been remanded back to the New
York State Supreme Court for further proceedings consistent with the opinion.
The Company intends to defend itself vigorously against the sole remaining
claim. There can be no assurance that the present litigation relating to sales
practices will not have a material adverse effect on the Company.
In addition to the matters discussed above, the Company is involved in
various other legal actions and proceedings in connection with its business. The
claimants in certain of these actions and proceedings seek damages of
unspecified amounts.
While the outcome of such matters cannot be predicted with certainty, in
the opinion of management, any liability resulting from the resolution of these
matters will not have a material adverse effect on the Company's financial
position or results of operations.
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 March 31, 2000, the Company had commitments outstanding of $2.7 million
for fixed rate agricultural loans with periodic interest rate reset dates. The
initial interest rates on such agricultural loans range from 8.65% to 8.81%.
There were no commitments outstanding for commercial mortgages as of March 31,
2000. The Company had commitments outstanding to purchase $24.8 million of
private fixed maturity securities as of March 31, 2000 with interest rates
ranging from 6.2% to 7.9%.
5. NOTE PAYABLE TO AFFILIATE
On March 5, 1999, the Company borrowed $50.5 million from MONY Benefits
Management Corp. ("MBMC"), an affiliate, in exchange for a note payable in the
same amount. The note bears interest at 6.75% per annum and matures on March 5,
2014. Principal and interest are payable quarterly to MBMC. The carrying value
of the note as of March 31, 2000 is $48.5 million.
6. INTERCOMPANY REINSURANCE AGREEMENTS
The Company entered into a modified coinsurance agreement with U.S.
Financial Life Insurance Company ("USFL"), an affiliate, effective January 1,
1999, whereby the Company agrees to reinsure 90% of all level term life
insurance policies written by USFL after January 1, 1999. Under the agreement,
the Company will share in all premiums and benefits for such policies based on
the 90% quota share percentage, after consideration of existing reinsurance
agreements previously in force on this business. In addition, the Company will
reimburse USFL for its quota share of expense allowances, as defined in the
agreement. At March 31, 2000 the Company recorded a payable of $5.6 million to
USFL in connection with this agreement which is included in Accounts Payable and
Other Liabilities in the balance sheet.
F-29
<PAGE> 36
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
Effective September 1, 1999, the Company recaptured its reinsurance
agreements with MONY Life for all in force and new business. The Company
simultaneously entered into new reinsurance agreements with third party
reinsurers which reinsured the same block of business as that previously
reinsured by MONY Life. Under the new reinsurance agreements, the Company
increased its retention limits on new business for any one person for individual
products from $0.5 million to $4.0 million and on last survivor products from
$0.5 million to $6.0 million.
F-30
<PAGE> 37
MONY Life Insurance Company of America
Administrative Offices
1740 Broadway, New York, NY 10019
[THE MONY GROUP LOGO]
MONY Life Insurance Company of America and MONY
Securities Corporation are members of The MONY Group
--------------------------------------------------------------------------------
Form No. 14352 SL (Supp. 9/26/00)
Form No. 14352 SL (Supp. 7/10/00)
