<PAGE> 1
REGISTRATION NO. 33-82570
REGISTRATION NO. 811-4235
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-6
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 [X]
OF SECURITIES OF UNIT
INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2
PRE-EFFECTIVE AMENDMENT NO.
POST-EFFECTIVE AMENDMENT NO. 11
MONY AMERICA VARIABLE ACCOUNT L
(Exact Name of Trust)
MONY LIFE INSURANCE COMPANY OF AMERICA
(Name of Depositor)
1740 BROADWAY
NEW YORK, NEW YORK 10019
(Address of Principal Executive Office)
FREDERICK C. TEDESCHI, ESQ.
VICE PRESIDENT AND CHIEF COUNSEL
MONY LIFE INSURANCE COMPANY
1740 BROADWAY
NEW YORK, NEW YORK 10019
(Name and Address of Agent for Service)
It is proposed that this filing become effective on March 1, 2001 pursuant
to Rule 485(b).
---------------
STATEMENT PURSUANT TO RULE 24f-2
The Registrant registers an indefinite number or amount of its variable
life insurance contracts under the Securities Act of 1933 pursuant to Rule 24f-2
under the Investment Company Act of 1940. The Rule 24f-2 notice for Registrant's
fiscal year ending December 31, 1999 was filed March 29, 2000.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE> 2
CROSS REFERENCE TO ITEMS REQUIRED BY FORM N-8B-2
<TABLE>
<CAPTION>
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
----------- ---------------------
<S> <C>
1.......................................... Cover Page
2.......................................... Cover Page
3.......................................... Not Applicable
4.......................................... DISTRIBUTION OF THE POLICY
5.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
6.......................................... MONY America Variable Account L
7.......................................... Not required
8.......................................... Not required
9.......................................... Legal Proceedings
10.......................................... THE POLICY; INFORMATION ABOUT THE COMPANY AND THE
VARIABLE ACCOUNT; CHARGES AND DEDUCTIONS; OTHER
INFORMATION; VOTING OF FUND SHARES; MORE ABOUT THE
POLICY
11.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE FUNDS; PURCHASE OF PORTFOLIO SHARES BY THE
VARIABLE ACCOUNT
12.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE FUNDS; PURCHASE OF PORTFOLIO SHARES BY THE
VARIABLE ACCOUNT
13.......................................... THE POLICY; CHARGES AND DEDUCTIONS; THE FUNDS
14.......................................... THE POLICY
15.......................................... THE POLICY
16.......................................... THE FUNDS; THE POLICY; INFORMATION ABOUT THE COMPANY AND
THE VARIABLE ACCOUNT
17.......................................... THE POLICY
18.......................................... THE FUNDS; THE POLICY; INFORMATION ABOUT COMPANY AND THE
VARIABLE ACCOUNT
19.......................................... VOTING OF FUND SHARES; MORE ABOUT THE POLICY
20.......................................... Not applicable
21.......................................... THE POLICY
22.......................................... Not applicable
23.......................................... Not applicable
24.......................................... IMPORTANT TERMS; MORE ABOUT THE POLICY
25.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
26.......................................... Not applicable
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
----------- ---------------------
<S> <C>
27.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
28.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
29.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
30.......................................... Not applicable
31.......................................... Not applicable
32.......................................... Not applicable
33.......................................... Not applicable
34.......................................... Not applicable
35.......................................... MORE ABOUT THE POLICY
36.......................................... Not applicable
37.......................................... Not applicable
38.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
MORE ABOUT THE POLICY
39.......................................... MORE ABOUT THE POLICY
40.......................................... Not applicable
41.......................................... MORE ABOUT THE POLICY
42.......................................... Not applicable
43.......................................... Not applicable
44.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
45.......................................... Not applicable
46.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
47.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
48.......................................... Not applicable
49.......................................... Not applicable
50.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
51.......................................... Cover Page; INFORMATION ABOUT THE COMPANY AND THE
VARIABLE ACCOUNT; THE POLICY; MORE ABOUT THE POLICY
52.......................................... OTHER INFORMATION
53.......................................... OTHER INFORMATION
54.......................................... Not applicable
55.......................................... Not applicable
56.......................................... Not required
57.......................................... Not required
58.......................................... Not required
59.......................................... FINANCIAL STATEMENTS
</TABLE>
2
<PAGE> 4
SUPPLEMENT DATED MARCH 1, 2001
to
PROSPECTUS DATED MAY 1, 2000
for
Variable Universal Life Insurance Policy
Issued by
MONY Life Insurance Company of America
MONY America Variable Account L
EFFECTIVE MARCH 1, 2001 THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN
YOUR PROSPECTUS. PLEASE READ IT AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE
REFERENCE.
New pages B-3 through B-58 are substituted to reflect a change in the
current cost of insurance rate as of March 1, 2001.
Form No. 14165 SL (Supp 3/01/01) Registration No. 33-82570
<PAGE> 5
PART I
(INFORMATION REQUIRED IN A PROSPECTUS)
<PAGE> 6
PROSPECTUS
Dated May 1, 2000
Variable Universal Life Insurance Policy
MONY Life Insurance Company of America (the "Company") issues a variable
universal life insurance policy described in this Prospectus. Among the policy's
many terms are:
Allocation of Premiums and Fund Values:
- You can tell us what to do with your premium payments. You can also tell us
what to do with the cash values your policy may create for you resulting from
those premium payments.
- You can tell us to place them into a separate account. That separate
account is called MONY America Variable Account L.
- If you do, you can also tell us to place your premium payments and
cash values into any or all of 17 different subaccounts. Each of these
subaccounts seeks to achieve a different investment objective. If you
tell us to place your premium payments and cash values into one or
more subaccounts of the separate account, you bear the risk that the
investment objectives will not be met. That risk includes your not
earning any money on your premium payments and cash values and also
that your premium payments and cash values may lose some or all of
their value.
- You can also tell us to place some or all of your premium payments and
cash values into our account. Our account is called the Guaranteed
Interest Account. If you do, we will guarantee that those premium
payments and cash values will not lose any value. We also guarantee that
we will pay not less than 5% interest annually. We may pay more than 5%
if we choose. Premium payments and cash values you place into the
Guaranteed Interest Account become part of our assets.
Death Benefit:
- We will pay a death benefit if you die before you reach age 95 while the
policy is in effect. That death benefit will never be less than amount
specified in the policy. It may be greater than the amount specified if the
policy's cash values increase.
Living Benefits:
- You may ask for some or all of the policy's cash value at any time. If you do,
we may deduct a surrender charge. You may borrow up to 90% of the policy's
cash value from us at any time. You will have to pay interest to us on the
amount borrowed.
Charges and Fees:
- The policy allows us to deduct certain charges from the cash value. These
charges are detailed in the policy and in this prospectus.
THESE ARE ONLY SOME OF THE TERMS OF THE POLICY.
PLEASE READ THE PROSPECTUS CAREFULLY FOR MORE COMPLETE DETAILS OF THE POLICY.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of the prospectus. Any representation to the contrary is a
criminal offense. This prospectus comes with prospectuses for the MONY Series
Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, Fidelity
Variable Insurance Products Fund, Fidelity Variable Insurance Products Fund II
and Janus Aspen Series. You should read these prospectuses carefully and keep
them for future reference.
MONY America Variable Account L
MONY Life Insurance Company of America
1740 Broadway, New York, New York 10019
1-800-487-6669
<PAGE> 7
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 8
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Summary of the Policy....................................... 1
Important Policy Terms.................................... 1
Purpose of the Policy..................................... 1
Policy Premium Payments and Values........................ 1
Charges and Deductions.................................... 2
Fees and Expenses of the Funds............................ 4
The Death Benefit......................................... 7
Premium Features.......................................... 7
MONY America Variable Account L........................... 8
Allocation Options........................................ 8
Transfer of Fund Value.................................... 8
Policy Loans.............................................. 8
Full Surrender............................................ 8
Partial Surrender......................................... 8
Preferred Partial Surrender............................... 9
Free Look Period.......................................... 9
Grace Period and Lapse.................................... 9
Tax Treatment of Increases in Fund Value.................. 9
Tax Treatment of Death Benefit............................ 10
Riders.................................................... 10
Contacting the Company.................................... 10
Understanding the Policy.................................. 11
Detailed Information about the Company and MONY America
Variable Account L........................................ 12
MONY Life Insurance Company of America.................... 12
Year 2000 Issue........................................... 12
MONY America Variable Account L........................... 13
The Funds................................................... 16
MONY Series Fund, Inc. ................................... 16
Enterprise Accumulation Trust............................. 17
Dreyfus Stock Index Fund.................................. 19
Fidelity Variable Insurance Products Fund, Fidelity
Variable Insurance Products Fund II.................... 19
Janus Aspen Series........................................ 20
Purchase of Portfolio Shares by MONY America Variable
Account L.............................................. 20
Detailed Information About The Policy....................... 21
Application for a Policy.................................. 21
Right to Examine a Policy -- Free Look Period............. 23
Premiums.................................................. 23
Choice of Guaranteed Death Benefit Riders................. 24
Allocation of Net Premiums................................ 25
Death Benefits under the Policy........................... 26
Changes in Specified Amount............................... 28
Other Optional Insurance Benefits......................... 30
Benefits at Maturity...................................... 31
Policy Values............................................. 32
Determination of Fund Value............................... 32
Calculating Unit Values for Each Subaccount............... 33
Transfer of Fund Value.................................... 34
Right to Exchange Policy.................................. 35
Policy Loans.............................................. 35
Full Surrender............................................ 36
Partial Surrender......................................... 36
Preferred Partial Surrender............................... 37
</TABLE>
i
<PAGE> 9
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Grace Period and Lapse.................................... 37
Charges and Deductions...................................... 40
Deductions from Premiums.................................. 41
Daily Deduction from MONY America Variable Account L...... 41
Deductions from Fund Value................................ 42
Fund Charge............................................... 43
Transaction and Other Charges............................. 45
Fees and Expenses of the Funds............................ 45
Guarantee of Certain Charges.............................. 46
Other Information........................................... 46
Federal Income Tax Considerations......................... 46
Charge for Company Income Taxes........................... 50
Voting of Fund Shares..................................... 50
Disregard of Voting Instructions.......................... 51
Report to Policy Owners................................... 51
Substitution of Investments and Right to Change
Operations............................................. 51
Changes to Comply with Law................................ 52
Performance Information..................................... 52
The Guaranteed Interest Account............................. 53
General Description....................................... 53
Limitations on Amounts in the Guaranteed Interest
Account................................................ 54
Death Benefit............................................. 54
Policy Charges............................................ 54
Transfers................................................. 54
Surrenders and Policy Loans............................... 55
More About the Policy....................................... 55
Ownership................................................. 55
Beneficiary............................................... 55
Notification and Claims Procedures........................ 56
Payments.................................................. 56
Payment Plan/Settlement Provisions........................ 56
Payment in Case of Suicide................................ 57
Assignment................................................ 57
Errors on the Application................................. 57
Incontestability.......................................... 57
Policy Illustrations...................................... 57
Distribution of the Policy................................ 58
More About the Company...................................... 58
Management................................................ 58
State Regulation.......................................... 60
Telephone Transfer Privileges............................. 60
Legal Proceedings......................................... 61
Legal Matters............................................. 61
Registration Statement.................................... 61
Independent Accountants................................... 61
Financial Statements...................................... 62
Index to Financial Statements............................... F-1
Appendix A.................................................. A-1
Appendix B.................................................. B-1
Appendix C.................................................. C-1
Appendix D.................................................. D-1
</TABLE>
ii
<PAGE> 10
SUMMARY OF THE POLICY
This summary provides you with a brief overview of the more important
aspects of your policy. It is not intended to be complete. More detailed
information is contained in this prospectus on the pages following this Summary
and in your policy. This summary and the entire prospectus will describe the
part of the policy involving MONY America Variable Account L. The prospectus
also briefly will describe the Guaranteed Interest Account on page 53. The
Guaranteed Interest Account is also described in your policy. BEFORE PURCHASING
A POLICY, WE URGE YOU TO READ THE ENTIRE PROSPECTUS CAREFULLY.
IMPORTANT POLICY TERMS
We are providing you with definitions for the following terms to make the
description of the policy provisions easier for you to understand.
Outstanding Debt -- The unpaid balance of any loan which you request on the
policy. The unpaid balance includes accrued loan interest which is due and has
not been paid by you.
Loan Account -- An account to which amounts are transferred from the
subaccounts of MONY America Variable Account L and the Guaranteed Interest
Account as collateral for any loan you request. We will credit interest to the
Loan Account at a rate not less than 5%. The Loan Account is part of the
Company's General Account.
Fund Value -- The sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L, the Guaranteed Interest Account,
and the Loan Account, and any interest thereon to secure Outstanding Debt.
Cash Value -- The Fund Value of the policy less any fund charge.
Surrender Value -- The cash value less any outstanding debt reduced by any
unearned loan interest.
Minimum Monthly Premium -- The amount the Company determines is necessary
to keep the policy in effect for the first two policy years. In certain cases,
this also applies to the first two policy years following an increase in the
Specified Amount.
Guaranteed Interest Account -- This account is part of the general account
of MONY Life Insurance Company of America (the "Company"). You may allocate all
or a part of your net premium payments to this account. This account will credit
you with a fixed interest rate (which will not be less than 4.5%) declared by
the Company. (For more detailed information, see "The Guaranteed Interest
Account," page 50.)
Specified Amount -- The minimum death benefit for as long as the policy
remains in effect.
Valuation Date -- Each day that the New York Stock Exchange is open for
trading.
PURPOSE OF THE POLICY
The policy offers insurance protection on the life of the insured. If the
insured is alive on the anniversary of the policy date when the insured is age
95, a maturity benefit will be paid instead of a death benefit. The policy
provides a death benefit equal to (a) its Specified Amount, or (b) its Specified
Amount plus accumulated of Fund Value. The policy also provides surrender and
loan privileges. The policy offers a choice of investment alternatives and an
opportunity for the policy's Fund Value and its death benefit, to grow based on
investment results. In addition, you, as owner of the policy, choose the amount
and frequency of premium payments, within certain limits.
POLICY PREMIUM PAYMENTS AND VALUES
The premium payments you make for the policy are received by the Company.
From those premium payments, the Company makes deductions to pay premium and
other taxes imposed by state and local governments. The Company makes deductions
to cover the cost to the Company of a deferred acquisition tax imposed by the
United States government. The Company will also deduct a Sales Charge to cover
the
1
<PAGE> 11
costs of making the policies available to the public. After deduction of these
charges, the amount remaining is called the net premium payment.
You may allocate net premium payments among the various subaccounts of MONY
America Variable Account L and/or the Guaranteed Interest Account. As owner of
the policy, you may give the right to allocate net premium payments to someone
else.
The net premium payments you allocate among the various subaccounts of MONY
America Variable Account L may increase or decrease in value on any day
depending on the investment experience of the subaccounts you select. Your death
benefit may or may not increase or decrease depending on several factors
including the death benefit option you choose. The death benefit will never
decrease below the Specified Amount of your policy.
Net premium payments you allocate to the Guaranteed Interest Account will
be credited with interest at a rate determined by the Company. That rate will
not be less than 5%.
The value of the net premium payments you allocate to MONY America Variable
Account L and to the Guaranteed Interest Account are called the Fund Value.
There is no guarantee that the policy's Fund Value and death benefit will
increase. You bear the risk that the net premiums and Fund Value allocated to
MONY America Variable Account L may be worth more or less while the policy
remains in effect.
If you cancel the policy and return it to the Company during the Free Look
Period, your premium payments will be returned by the Company. After the Free
Look Period, you may cancel your policy by surrendering it to the Company. The
Company will pay you the Fund Value minus a charge if you cancel your policy
during the first fourteen years since the policy was issued or the Specified
Amount increased. The Company will also deduct any amount you have borrowed from
it from the amount it will pay you. The Fund Value minus Fund Charges and minus
the amount of debt outstanding from loans you have received plus any unearned
interest on the outstanding debt is called the Cash Value of the policy.
Charges and fees such as the cost of insurance, administrative charges, and
mortality and expense risk charges are imposed by the policy. These charges and
fees are deducted by the Company from the policy's Cash Value and are described
in further detail below.
The policy remains in effect until the earliest of:
- A grace period expires without the payment of sufficient additional
premium to cover policy charges or repayment of the Outstanding Debt.
- Age 95.
- Death of the insured.
- Full surrender of the policy.
Generally, the policy remains in effect only as long as the Cash Value less
any Outstanding Debt is sufficient to pay all monthly deductions. However,
during the first two years the policy is in effect, the Company will determine
an amount which if paid during those first two policy years will keep the policy
and all rider coverages in effect for the first two policy years even if the
Cash Value less any Outstanding Debt of the policy is not enough to pay monthly
deductions. This amount is called the Minimum Monthly Premium. If you increase
the Specified Amount during the first two policy years, you must pay the Minimum
Monthly Premium for two more years after the increase. A choice of two
Guaranteed Death Benefit Riders is also available at the time you purchase the
policy. It will extend the time during which the Specified Amount of the policy
and most riders may remain in effect. The Guaranteed Death Benefit Riders
require the payment of an agreed upon amount of premiums and is discussed below.
CHARGES AND DEDUCTIONS
The policy provides for the deduction of the various charges, costs, and
expenses from the Fund Value of the policy. These deductions are summarized in
the table below. Additional details can be found on pages 40 - 46.
2
<PAGE> 12
--------------------------------------------------------------------------------
DEDUCTIONS FROM PREMIUMS
<TABLE>
<CAPTION>
<S> <C> <C>
-----------------------------------------------------------------------------------------------
Sales Charge -- Varies based on number of Premiums paid during first ten policy
years the policy has been in effect. It is years -- 4%
a % of Premium paid. Premiums paid during policy years
11-20 -- 2%
Premiums paid after policy year 20 -- 0%
-----------------------------------------------------------------------------------------------
Tax Charge State and local -- 2.0%
Federal -- 1.25%
</TABLE>
--------------------------------------------------------------------------------
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
<TABLE>
<S> <C> <C>
----------------------------------------------------------------------------------------------
Mortality & Expense Risk Charge -- Maximum .75% of subaccount value (0.002055% daily)
Annual Rate Reduces after 10th policy year
</TABLE>
--------------------------------------------------------------------------------
DEDUCTIONS FROM FUND VALUE
<TABLE>
<S> <C> <C>
----------------------------------------------------------------------------------------------
Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
EACH OF
1ST 12 EACH
POLICY MONTH
SPECIFIED AMOUNT MONTHS THEREAFTER
---------------- ------- ----------
<S> <C> <C> <C> <C>
Administrative Charge -- monthly charge based on Less than $31.50* $6.50
Specified Amount of policy. $250,000............ $28.50* $3.50
$250,000-$499,999... $25.00* None
$500,000 or more....
---------------
* Reduced by $5.00 for issue ages 0 through
17. Because issue ages are restricted on
Policies offered to residents of, or issued
for delivery in, the State of New Jersey,
no reduction in Administrative Charge will
occur.
------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
Guaranteed Death Benefit Charge $0.01 per $1,000 of Specified Amount and
Monthly Charge for Death Benefit Rider certain Rider amounts. Please note that
the Rider requires that premiums on the
policy itself be paid in order to remain
in effect.
----------------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge As applicable.
Monthly Deduction for any other Optional Insurance
Benefits added by rider.
----------------------------------------------------------------------------------------------------
Transaction and Other Charges The lesser of 2% of the amount
-Partial Surrender Fee surrendered or $25.
-Transfer of Fund Value Maximum of $25 on each transfer in a
(at Company's Option) policy year exceeding four.(1)
</TABLE>
--------------------------------------------------------------------------------
(1) Currently no charge on any transfers.
3
<PAGE> 13
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADMINISTRATIVE
Administrative Fund Charge ISSUE AGE* FUND CHARGE
---------------------------- -----
<S> <C> <C> <C>
Over 14 years based on a schedule. Factors per 0-25........................ $2.50
$1,000 of Specified Amount vary based on issue age. 26.......................... 3.00
27.......................... 3.50
28.......................... 4.00
29.......................... 4.50
30 or higher................ 5.00
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Sales Fund Charge ISSUE AGE* PERCENTAGE
------------------------------- --
Percentage of premiums paid in the first 5 years, 0-17........................... 50%
up to a maximum amount of premiums called the 18-65.......................... 75
target premium. 66............................. 70
67............................. 65
68............................. 60
69............................. 55
70 or higher................... 50
---------------
* Issue Ages are restricted on Policies
offered to residents of, or issued for
delivery in, the State of New Jersey to
ages in excess of 17.
The Sales Fund Charge can increase as
premiums are paid during the five year
period. Starting on the fifth anniversary,
the charge decreases from its maximum by
10% per year until it reaches zero at the
end of the 14th year.
</TABLE>
--------------------------------------------------------------------------------
MONY Variable Account L is divided into subdivisions called subaccounts.
Each subaccount invests exclusively in shares of a designated portfolio. Each
portfolio pays a fee to its investment adviser to manage the portfolio. The
investment adviser fees for each portfolio are listed in the table below. Each
portfolio also incurs expenses in its operations. Those expenses are also shown
in the table below.
FEES AND EXPENSES OF THE FUNDS
The Funds and each of their portfolios incur certain charges including the
investment advisory fee and certain operating expenses. These fees and expenses
vary by portfolio and are set forth below. Their Boards govern the Funds. The
advisory fees are summarized at pages 16-20. Fees and expenses of the Funds are
described in more detail in the Funds' prospectuses.
Information contained in the following table was provided by the respective
Funds and has not been independently verified by us.
ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
DISTRIBUTION AND
FUND/PORTFOLIO MANAGEMENT FEES OTHER EXPENSES SERVICE (12-B-1) FEE TOTAL EXPENSES
-------------- --------------- -------------- -------------------- --------------
<S> <C> <C> <C> <C>
MONY SERIES FUND, INC.
Intermediate Term Bond
Portfolio.................... 0.50% 0.07% N/A 0.57%
Long Term Bond Portfolio....... 0.50% 0.05% N/A 0.55%
Government Securities
Portfolio.................... 0.50% 0.08% N/A 0.58%(1)
Money Market Portfolio......... 0.40% 0.04% N/A 0.44%
ENTERPRISE ACCUMULATION TRUST
Equity Portfolio............... 0.78% 0.04% N/A 0.82%
Small Company Value
Portfolio.................... 0.80% 0.04% N/A 0.84%
Managed Portfolio.............. 0.72% 0.04% N/A 0.76%
International Growth
Portfolio.................... 0.85% 0.16% N/A 1.01%
High Yield Bond Portfolio...... 0.60% 0.09% N/A 0.69%
Capital Appreciation
Portfolio.................... 0.75% 0.41% N/A 1.16%
Growth and Income Portfolio.... 0.75% 0.19% N/A 0.94%
Growth Portfolio............... 0.75% 0.09% N/A 0.84%
</TABLE>
4
<PAGE> 14
<TABLE>
<CAPTION>
DISTRIBUTION AND
FUND/PORTFOLIO MANAGEMENT FEES OTHER EXPENSES SERVICE (12-B-1) FEE TOTAL EXPENSES
-------------- --------------- -------------- -------------------- --------------
<S> <C> <C> <C> <C>
DREYFUS STOCK INDEX FUND....... 0.245% 0.015% N/A 0.26%
FIDELITY VARIABLE INSURANCE
PRODUCTS FUND (VIP)
Growth Portfolio............... 0.58% 0.09% 0.10% 0.77%(2)
FIDELITY VARIABLE INSURANCE
PRODUCTS FUND II (VIP II)
Contrafund(R) Portfolio........ 0.58% 0.10% 0.10% 0.78%(2)
JANUS ASPEN SERIES
Capital Appreciation
Portfolio.................... 0.65% 0.04% N/A 0.69%(3)
Worldwide Growth Portfolio..... 0.65% 0.05% N/A 0.70%(3)
</TABLE>
---------------
(1) Expenses do not include custodial credits. With custodial credits,
expenses would have been as follows: Government Securities -- .57%.
(2) Expenses do not include reimbursements. With reimbursements, expenses
would have been 0.75%.
(3) Expenses are based upon expenses for the fiscal year ended December
31, 1999, restated to reflect a reduction in management fee.
--------------------------------------------------------------------------------
FUND INVESTMENT ADVISER FEES
--------------------------------------------------------------------------------
MONY SERIES FUND, INC.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
--------------------------------------------------------------------------------------------
<S> <C> <C>
Government Securities Portfolio Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets.
--------------------------------------------------------------------------------------------
Long Term Bond Portfolio Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets.
--------------------------------------------------------------------------------------------
Intermediate Term Bond Portfolio Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets.
--------------------------------------------------------------------------------------------
Money Market Portfolio Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets.
----------------------------------------------------------------------------------------
</TABLE>
ENTERPRISE ACCUMULATION TRUST
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
--------------------------------------------------------------------------------------------
<S> <C> <C>
Equity Portfolio Annual rate of 0.80% of the first $400
million, 0.75% of the next $400 million,
and 0.70% in excess of $800 million of the
portfolio's aggregate average daily net
assets.
--------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE> 15
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
--------------------------------------------------------------------------------------------
<S> <C> <C>
Managed Portfolio Annual rate of 0.80% of the first $400
million, 0.75% of the next $400 million,
and 0.70% in excess of $800 million of the
portfolio's aggregate average daily net
assets.
--------------------------------------------------------------------------------------------
Growth and Income Portfolio Annual rate of 0.75% of the portfolio's
aggregate average daily net assets.
--------------------------------------------------------------------------------------------
Growth Portfolio Annual rate of 0.75% of the portfolio's
aggregate average daily net assets.
--------------------------------------------------------------------------------------------
Capital Appreciation Portfolio Annual rate of 0.75% of the portfolio's
aggregate average daily net assets.
--------------------------------------------------------------------------------------------
Small Company Value Portfolio Annual rate of 0.80% of the portfolio's
aggregate average daily net assets.
--------------------------------------------------------------------------------------------
International Growth Portfolio Annual rate of 0.85% of the portfolio's
aggregate average daily net assets.
--------------------------------------------------------------------------------------------
High Yield Bond Portfolio Annual rate of 0.60% of the portfolio's
aggregate average daily net assets.
--------------------------------------------------------------------------------------------
DREYFUS STOCK INDEX FUND Annual rate of 0.25% of the fund's average
daily net assets.
--------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS The fee is calculated by adding a group
FUND -- Growth Portfolio fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this fund, and it drops as total assets
under management increase. The individual
fee rate for this fund is 0.30% of the
fund's average net assets.
--------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group
II -- Contrafund(R) Portfolio fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this fund, and it drops as total assets
under management increase. The individual
fee rate for this fund is 0.30% of the
fund's average net assets.
--------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE> 16
--------------------------------------------------------------------------------
JANUS ASPEN SERIES
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
--------------------------------------------------------------------------------------------
<S> <C> <C>
Capital Appreciation Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Worldwide Growth Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
</TABLE>
THE DEATH BENEFIT
The minimum initial Specified Amount is $100,000. You may elect one of two
options to compute the amount of death benefit payable under the policy. Your
selection may increase the death benefit.
Option I -- The death benefit equals the greater of:
(a) The Specified Amount plus the increase in Fund Value since the
last Monthly Anniversary Day, or
(b) Fund Value on the date of death, plus the increase in Fund Value
since the last Monthly Anniversary day, multiplied by a death
benefit percentage required by the federal tax law definition of
life insurance.
If you choose Option I, favorable investment performance will reduce
the cost you pay for the death benefit. This reduction will decrease the
deduction from Fund Value.
Option II -- The death benefit equals the greater of:
(a) The Specified Amount of the policy, plus the Fund Value on the date
of death, or
(b) The Fund Value on the date of death, plus the Fund Value on the
last Monthly Anniversary Date, multiplied by a death benefit percentage
required by the federal tax law definition of life insurance.
If you choose Option II, favorable investment performance will
increase the Fund Value of the Policy which in turn increases insurance
coverage.
The Fund Value used in these calculations is the Fund Value as of the date of
the insured's death.
You may change the death benefit option and increase or decrease the
Specified Amount, subject to certain conditions. See "Death Benefits Under the
Policy," page 26.
When you apply for insurance, you can purchase either of the Guaranteed
Death Benefit Riders. This rider provides a guarantee that the Specified Amount
under the policy and most rider coverages will remain in effect until (a) the
later of the insured's age 75, or ten years from the date of the policy, or (b)
the Maturity Date regardless of the policy's Cash Value. See "Choice of
Guaranteed Death Benefit Riders," page 24.
PREMIUM FEATURES
You must pay premiums equal to at least the amount necessary to keep the
policy in effect for the first two policy years. After that, subject to certain
limitations, you may choose the amount and frequency of premium payments as your
financial situation and needs change.
When you apply for a policy, you determine the level amount you intend to
pay at fixed intervals over a specified period of time. You elect to receive a
premium notice on an annual, semiannual, or quarterly basis. However, you may
choose to skip or stop making premium payments, your policy continues in effect
until the Cash Value can no longer cover (1) the monthly deductions from the
Fund Value for your policy, and (2) any optional insurance benefits added by
rider. You may pay premiums under the electronic funds transfer program. Under
this program, you authorize the Company to withdraw the amount you determine
from your checking account each month.
7
<PAGE> 17
The amount, frequency and period of time over which you pay premiums may
affect whether or not the policy will be classified as a modified endowment
contract. You will find more information on the tax treatment of life insurance
contracts, including modified endowment contracts under "Federal Income Tax
Considerations," page 46.
The payment of premiums you specified on the application will not guarantee
that your policy will remain in effect. See "Grace Period and Lapse," page 37.
If any premium payment would result in an immediate increase in the net amount
at risk, the Company may, (1) reject a part of the premium payment, or (2) limit
the premium payment, unless you provide satisfactory evidence of insurability.
MONY AMERICA VARIABLE ACCOUNT L
MONY America Variable Account L is a separate investment account whose
assets are owned by the Company. See "MONY America Variable Account L" on page
13.
ALLOCATION OPTIONS
You may allocate premium payments and Fund Values among the various
subaccounts of MONY America Variable Account L. Each of the subaccounts uses
premium payments and Fund Values to purchase shares of a designated portfolio of
the MONY Series Fund, the Enterprise Accumulation Trust, Dreyfus Stock Index
Fund, Fidelity Variable Insurance Products Fund, Fidelity Variable Insurance
Products Fund II or Janus Aspen Series (collectively the "Funds"). The
subaccounts available to you and the investment objectives of each available
subaccount are described in detail beginning on page 13.
TRANSFER OF FUND VALUE
You may transfer Fund Value among the subaccounts. Subject to certain
limitations, you may also transfer between the subaccounts and the Guaranteed
Interest Account. Transfers may be made by telephone if the proper form has been
completed, signed and filed at the Company's Syracuse Operations Center. See
Transfer of Fund Value," page 34.
POLICY LOANS
You may borrow up to 90% of your policy's Cash Value from the Company. Your
policy will be the only security required for a loan. See "Policy Loans," page
35.
The amount of Outstanding Debt reduced by any Unearned Interest is
subtracted from your death benefit. Your Outstanding Debt reduced by any
Unearned Interest is repaid from the proceeds of a full surrender. See "Full
Surrender," page 36. Outstanding Debt may also affect the continuation of the
policy. See "Grace Period and Lapse," page 37. The Company charges interest on
policy loans. If you do not pay the interest when due, the amount due will be
borrowed from the policy's Cash Value and will become part of the Outstanding
Debt.
FULL SURRENDER
You can surrender the policy during the insured's lifetime and receive its
Cash Value, which equals (a) Fund Value, minus (b) any surrender charge, and
minus (c) any Outstanding Debt plus any unearned loan interest. See "Full
Surrender," page 36.
PARTIAL SURRENDER
You may request a partial surrender after your Policy has been in effect
for 2 years if your Cash Value after the deduction of the requested surrender
amount and any fees is greater than $500. If the
8
<PAGE> 18
requested amount exceeds the amount available, we will reject your request and
return it to you. A partial surrender will decrease the Specified Amount. See
"Partial Surrender," at page 36.
Partial surrenders must be for at least $500. A partial surrender fee of
$25 or 2% of the amount surrendered (whichever is less) will be assessed against
the remaining Fund Value. A portion of the surrender charge may be assessed on a
partial surrender.
PREFERRED PARTIAL SURRENDER
You may request up to 10% of your Policy's Cash Value on that day, without
a Surrender Charge on the Specified Amount of your policy being reduced. You may
make this request after your Policy has been in effect for two years. You will
have to pay the partial surrender fee. See "Preferred Partial Surrender," page
37.
FREE LOOK PERIOD
You have the right to examine the policy when you receive it. You may
return the policy for any reason and obtain a full refund of the premium you
paid if you return your policy within 10 days (or longer in some states) after
you receive it. You may also return the policy within 45 days after the date you
sign the application for the policy. During the Free Look Period, net premiums
will be allocated to the Money Market Subaccount of the Variable Account. See
"Right to Examine a Policy -- Free Look Period," page 23.
GRACE PERIOD AND LAPSE
Your policy will remain in effect as long as:
(1) it has a Cash Value greater than zero;
(2) you have purchased the Guaranteed Death Benefit Rider, and you
have met all the requirements of that Rider; or
(3) during the first two policy years if on each monthly anniversary
the sum of the premiums paid minus the sum of partial surrenders (and
related fees) and any Outstanding Debt, is greater than or equal to the
Minimum Monthly Premium times the number of months your policy has been in
effect. If you increase the Specified Amount during the first three policy
years, you must continue paying the Minimum Monthly Premium for an
additional three policy years from the date of the increase.
If the policy is about to terminate (or Lapse), we will give you notice
that you must pay additional premiums. That notice will tell you what the
minimum amount you must pay is if the policy is to remain in effect and the date
by which we must receive that amount (this period is called the "grace period").
In addition, we calculate each month whether you have paid the premiums
required to be paid by your Guaranteed Death Benefit Rider. See " Choice of
Guaranteed Death Benefits," page 24. If your policy does not meet the test on
that date, a notice will be sent to you giving you 61 days from its date to make
additional payments to the Rider. See "Grace Period and Lapse", page 37.
You must understand that after the first two policy years, the policy can
lapse even if the scheduled premium payments are made unless you have made all
the premium payments required by the Guaranteed Death Benefit Rider.
TAX TREATMENT OF INCREASES IN FUND VALUE
The federal income tax laws generally tie the taxation of Fund Values to
your receipt of those Fund Values. This policy is currently subject to the same
federal income tax treatment as fixed life insurance. Certain policy loans may
be taxable. You can find information on the tax treatment of the policy under
"Federal Income Tax Consideration," on page 46.
9
<PAGE> 19
TAX TREATMENT OF DEATH BENEFIT
Generally, the death benefit will be fully excludable from the gross income
of the beneficiary under the Internal Revenue Code. Thus the death benefit
received by the beneficiary at the death of the insured will not be subject to
federal income taxes when received by the beneficiary. Also a death benefit paid
by this policy is currently subject to federal income tax treatment as a death
benefit paid by a fixed life insurance policy. See "Federal Income Tax
Considerations," page 46.
RIDERS
Additional optional insurance benefits may be added to the policy by an
addendum called a rider. There are nine riders available with this policy:
- Guaranteed Death Benefit Rider
- Spouse's Term Rider
- Children's Term Insurance Rider
- Accidental Death Benefit Rider
- Purchase Option Rider
- Waiver of Monthly Deductions Rider
CONTACTING THE COMPANY
All written requests, notices, and forms required by the policies, and any
questions or inquiries should be directed to the Company's Operations Center at
1 MONY Plaza, Syracuse, New York 13202.
10
<PAGE> 20
UNDERSTANDING THE POLICY
The following chart may help you to understand how the policy works.
[HOW THE POLICY WORKS FLOW CHART]
11
<PAGE> 21
DETAILED INFORMATION ABOUT THE COMPANY
AND MONY AMERICA VARIABLE ACCOUNT L
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY Life Insurance Company of America issues the policy. In this
prospectus MONY Life Insurance Company of America is called the "Company". The
Company is a stock life insurance company organized in the State of Arizona. The
Company is the corporate successor of VICO Credit Life Insurance Company
incorporated in Arizona on March 6, 1969. The Company is currently licensed to
sell life insurance and annuities in 49 states (not including New York), the
District of Columbia, Puerto Rico, and the Virgin Islands.
The Company is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). MONY was organized as a mutual life insurance company under the laws
of the State of New York in 1842 under the name The Mutual Life Insurance
Company of New York. In 1998, The Mutual Life Insurance Company of New York
converted to a stock company through demutualization and was renamed MONY Life
Insurance Company. The demutualization did not have any material effect on the
Company, MONY America Variable Account L, or the Contract. The principal offices
of both MONY and the Company are located at 1740 Broadway, New York, New York
10019.
At August 16, 1999, the rating assigned to the Company by A.M. Best
Company, Inc., an independent insurance company rating organization, was A
(Excellent). This rating is based upon an analysis of financial condition and
operating performance. The A.M. Best rating of the Company should be considered
only as bearing on the ability of the Company to meet its obligations under the
policies.
The Company intends to administer the policies itself.
MONY Securities Corporation, a wholly-owned subsidiary of the Company, is
the principal underwriter for the policies.
YEAR 2000 ISSUE
State of Readiness
The Company has a service agreement with MONY whereby MONY provides
services and equipment including computer and information systems to the Company
to conduct its business.
In 1996, the Company in conjunction with MONY and affiliates (hereafter
collectively referred to as "MONY and its subsidiaries") initiated a formal Year
2000 Project (the "Project") to resolve the Year 2000 issue. The scope of the
Project was identified, and funding was established.
The Company, in conjunction with MONY and affiliates, successfully
completed its Year 2000 Project (the "Project") to ensure Year 2000 readiness.
The Company developed and implemented an enterprise-wide plan to prepare for the
Year 2000 issue by ensuring compliance of all applications, operating systems
and hardware on mainframe, PC and local area network ("LAN") platforms; ensuring
the compliance of voice and data network software and hardware; addressing
issues related to non-IT systems in buildings, facilities and equipment which
may contain date logic in embedded chips; and addressing the compliance of key
vendors and other third parties.
The total cost of the Project was $2.4 million. The Company does not expect
to incur any material future costs on the Project.
The Company has not experienced any material (or significant) Year 2000
related problems post-December 31, 1999 with its operations or with any external
parties with which business is conducted. Based on this experience and the
amount of work and testing the Company has previously performed, the Company
believes the likelihood of a Year 2000 issue that would have a material effect
on the Company's financial position and results of its operations continues to
be remote as the Company performs month-end, leap year, quarter-end, and
year-end processing. However, there is still the possibility that future
12
<PAGE> 22
Year 2000 related failures in the Company's systems or equipment and/or failure
of external parties to achieve Year 2000 compliance could have a material
adverse effect on the Company's financial position and results of its
operations.
MONY AMERICA VARIABLE ACCOUNT L
MONY America Variable Account L is a separate investment account of the
Company. Presently, only premium payments and cash values of flexible premium
variable life insurance policies are permitted to be allocated to MONY America
Variable Account L. The assets in MONY America Variable Account L are kept
separate from the general account assets and other separate accounts of the
Company.
The Company owns the assets in MONY America Variable Account L. The Company
is required to keep assets in MONY America Variable Account L that equal the
total market value of the policy liabilities funded by MONY America Variable
Account L. Realized or unrealized income gains or losses of MONY America
Variable Account L are credited or charged against MONY America Variable Account
L assets without regard to the other income, gains or losses of the Company.
Reserves and other liabilities under the policies are assets of MONY America
Variable Account L. MONY America Variable Account L assets are not chargeable
with liabilities of the Company's other businesses.
Fund Values of the policy allocated to the Guaranteed Interest Account are
held in the Company's general account. The Company's general account assets are
subject to the liabilities from the businesses the Company conducts. In
addition, the Company may transfer to its general account any assets that exceed
anticipated obligations of MONY America Variable Account L. All obligations of
the Company under the policy are general corporate obligations of the Company.
The Company may accumulate in MONY America Variable Account L proceeds from
various policy charges and investment results applicable to those assets.
MONY America Variable Account L was authorized by the Board of Directors of
the Company and established under Arizona law on February 19, 1985. MONY America
Variable Account L is registered with the SEC as a unit investment trust. The
SEC does not supervise the administration or investment practices or policies of
MONY America Variable Account L.
MONY America Variable Account L is divided into subdivisions called
subaccounts. Each subaccount invests exclusively in shares of a designated
portfolio of the Funds. For example, the Long Term Bond Subaccount invests
solely in shares of the MONY Series Fund, Inc. Long Term Bond Portfolio. These
portfolios serve only as the underlying investment for variable annuity and
variable life insurance contracts issued through separate accounts of the
Company or other life insurance companies. The portfolios may also be available
to certain pension accounts. The portfolios are not available directly to
individual investors. In the future, the Company may establish additional
subaccounts within MONY America Variable Account L. Future subaccounts may
invest in other portfolios of the Funds or in other securities. Not all
subaccounts are available to you.
The following table lists the subaccounts of MONY America Variable Account
L that are available to you, their respective investment objectives, and which
Fund portfolio shares are purchased:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
MONY MONEY MARKET SUBACCOUNT Seeks to maximize current income
consistent with preservation of capital
This subaccount purchases shares of the and maintenance of liquidity by investing
MONY Series Fund, Inc. Money Market primarily in high quality, short-term
Portfolio. money market instruments.
--------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE> 23
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
MONY GOVERNMENT SECURITIES SUBACCOUNT Seeks to maximize income and capital
appreciation by investing in bonds, notes
This subaccount purchases shares of the and other obligations either issued or
MONY Series Fund, Inc. Government guaranteed by the U.S. Government, its
Securities Portfolio. agencies or instrumentalities, together
having a weighted average maturity of
between 4 to 8 years.
--------------------------------------------------------------------------------------------
MONY INTERMEDIATE TERM BOND SUBACCOUNT Seeks to maximize income and capital
appreciation over the intermediate term by
This subaccount purchases shares of the investing in highly rated fixed income
MONY Series Fund, Inc. Intermediate Term securities issued by a diverse mix of
Bond Portfolio. corporations, the U.S. Government and its
agencies or instrumentalities, as well as
mortgage-backed and asset-backed
securities together having a
dollar-weighted average maturity of
between 4 and 8 years.
--------------------------------------------------------------------------------------------
MONY LONG TERM BOND SUBACCOUNT Seeks to maximize income and capital
appreciation over the longer term by
This subaccount purchases shares of the investing in highly-rated fixed income
MONY Series Fund, Inc. Long Term Bond securities issued by a diverse mix of
Portfolio. corporations, the U.S. Government and its
agencies or instrumentalities, as well as
mortgage-backed and asset-backed
securities together having a
dollar-weighted average maturity of more
than 8 years.
--------------------------------------------------------------------------------------------
ENTERPRISE GROWTH AND INCOME SUBACCOUNT Seeks total return through capital
appreciation with income as a secondary
This subaccount purchases shares of the consideration by investing in a broadly
Enterprise Accumulation Trust Growth and diversified group of U.S. common stocks of
Income Portfolio. large capitalization companies.
--------------------------------------------------------------------------------------------
ENTERPRISE GROWTH SUBACCOUNT Seeks capital appreciation, primarily from
investments in U.S. common stocks of large
This subaccount purchases shares of the capitalization companies. Pursues goal by
Enterprise Accumulation Trust Growth investing in companies with long-term
Portfolio. earnings potential, but which are
currently selling at a discount to their
estimated long-term value.
--------------------------------------------------------------------------------------------
ENTERPRISE EQUITY SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in U.S. common stock
This subaccount purchases shares of the of companies that meet the portfolio
Enterprise Accumulation Trust Equity manager's criteria of high return on
Portfolio. investment capital, strong positions
within their industries, sound financial
fundamentals and management committed to
shareholder interests.
--------------------------------------------------------------------------------------------
</TABLE>
14
<PAGE> 24
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
ENTERPRISE CAPITAL APPRECIATION SUBACCOUNT Seeks maximum capital appreciation,
primarily through investment in common
This subaccount purchases shares of the stocks of U.S. companies that demonstrate
Enterprise Accumulation Trust Capital accelerating earnings momentum and
Appreciation Portfolio. consistently strong financial
characteristics.
--------------------------------------------------------------------------------------------
ENTERPRISE MANAGED SUBACCOUNT Seeks growth of capital over time by
investing in a portfolio consisting of
This subaccount purchases shares of the common stocks, bonds and cash equivalents,
Enterprise Accumulation Trust Managed the percentages of which vary over time
Portfolio. based on the investment manager's
assessment of economic and market trends
and its perception of the relative
investment values available from such
types of securities at any given time.
--------------------------------------------------------------------------------------------
ENTERPRISE SMALL COMPANY VALUE SUBACCOUNT Seeks maximum capital appreciation by
investing primarily in common stocks of
This subaccount purchases shares of the small capitalization companies that the
Enterprise Accumulation Trust Small portfolio manager believes are
Company Value Portfolio. undervalued -- that is the stock's market
price does not fully reflect the company's
value.
--------------------------------------------------------------------------------------------
ENTERPRISE INTERNATIONAL GROWTH SUBACCOUNT Seeks capital appreciation by investing
primarily in a diversified portfolio of
This subaccount purchases shares of the non-United States equity securities that
Enterprise Accumulation Trust the portfolio manager believes are
International Growth Portfolio. undervalued.
--------------------------------------------------------------------------------------------
ENTERPRISE HIGH YIELD BOND SUBACCOUNT Seeks maximum current income by primarily
investing in high yield, income producing
This subaccount purchases shares of the U.S. corporate bonds rated B3 or better by
Enterprise Accumulation Trust High Yield Moody's Investors Service, Inc., or B- or
Bond Portfolio. better by Standard & Poor's Corporation.
These lower rated bonds are commonly
referred to as "Junk Bonds." Bonds of this
type are considered to be speculative with
regard to the payment of interest and
return of principal. Investment in these
types of securities has special risks and
therefore, may not be suitable for all
investors. Investors should carefully
assess the risks associated with
allocating premium payments to this
subaccount.
--------------------------------------------------------------------------------------------
DREYFUS STOCK INDEX SUBACCOUNT Seeks to match the total return of the
Standard & Poor's 500 Composite Stock
This subaccount purchases shares of the Price Index. Generally invests in all 500
Dreyfus Stock Index Fund. stocks in the S&P 500 in proportion to
their weighting in the index.
--------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE> 25
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
FIDELITY GROWTH SUBACCOUNT Seeks to achieve capital appreciation by
investing its assets primarily in common
This subaccount purchases shares of stocks that it believes have above-average
Fidelity Variable Insurance Products Fund growth potential. Tends to be companies
(VIP) -- with higher than average price/earnings
Growth Portfolio. ratios, and with new products,
technologies, distribution channels or
other opportunities, or with a strong
industry or market position. May invest in
securities of foreign issuers in addition
to those of domestic issuers.
--------------------------------------------------------------------------------------------
FIDELITY CONTRAFUND(R) SUBACCOUNT Seeks long-term capital appreciation by
investing mainly in equity securities of
This subaccount purchases shares of companies whose value is not fully
Fidelity Variable Insurance Products Fund recognized by the public. Typically,
II (VIP II) -- Contrafund(R) Portfolio. includes companies in turnaround
situations, companies experiencing
transitory difficulties, and undervalued
companies. May invest in securities of
foreign issuers in addition to those of
domestic issuers.
--------------------------------------------------------------------------------------------
JANUS CAPITAL APPRECIATION SUBACCOUNT Seeks long-term growth of capital. It
pursues its objective by investing
This subaccount purchases shares of Janus primarily in common stocks selected for
Aspen Series -- Capital Appreciation their growth potential. The portfolio may
Portfolio. invest in companies of any size, from
larger, well-established companies to
smaller, emerging growth companies.
--------------------------------------------------------------------------------------------
JANUS WORLDWIDE GROWTH SUBACCOUNT Seeks long-term growth of capital in a
manner consistent with the preservation of
This subaccount purchases shares of Janus capital. It pursues this objective by
Aspen Series -- Worldwide Growth investing primarily in common stocks of
Portfolio. companies of any size throughout the
world. Normally invests in issuers from at
least five different countries, including
the United States but may at times invest
in fewer than five countries or even in a
single country.
--------------------------------------------------------------------------------------------
</TABLE>
THE FUNDS
The Funds (except for the Dreyfus Stock Index Fund and the Janus Capital
Appreciation Portfolio) are diversified, open-end management investment
companies of the series type. The Dreyfus Stock Index Fund and the Janus Capital
Appreciation Portfolio are non-diversified open-end management investment
companies. The Funds are registered with the SEC under the Investment Company
Act of 1940. The SEC does not supervise the investments or investment policy of
the Funds.
MONY SERIES FUND, INC.
Only shares of four of the seven portfolios of the MONY Series Fund, Inc.
can be purchased by a subaccount available to you. Each of the portfolios has
different investment objectives and policies. The Company is a registered
investment adviser under the Investment Advisers Act of 1940. The Company, as
investment adviser, currently pays the compensation of the Fund's directors,
officers and employees who are affiliated in some way with the Company. The MONY
Series Fund, Inc. pays for all other expenses including, for example, the
calculation of the net asset value of the portfolios. To carry out its duties as
investment adviser, The Company has entered into a Services Agreement with MONY
to provide personnel, equipment, facilities and other services. As the
investment adviser to the MONY Series Fund,
16
<PAGE> 26
Inc., the Company receives a daily investment advisory fee for each portfolio
(See chart below). Fees are deducted daily and paid to the Company monthly.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISORY FEE
--------------------------------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT SECURITIES PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
LONG TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
INTERMEDIATE TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million,
and 0.30% of assets in excess of $800
million of the portfolio's aggregate
average daily net assets.
----------------------------------------------------------------------------------------
</TABLE>
ENTERPRISE ACCUMULATION TRUST
Enterprise Accumulation Trust has a number of portfolios, the shares of
some of which can be purchased by subaccounts available to you. Enterprise
Capital Management, Inc. ("Enterprise Capital"), a wholly owned subsidiary of
MONY, is the investment adviser of Enterprise Accumulation Trust. Enterprise
Capital is responsible for the overall management of the portfolios, including
meeting the investment objectives and policies of the portfolios. Enterprise
Capital contracts with sub-investment advisers to assist in managing the
portfolios. For information on the sub-advisers for each portfolio, see the
Enterprise Accumulation Trust prospectus included in this Prospectus Portfolio.
Enterprise Accumulation Trust pays an investment advisory fee to Enterprise
Capital which in turn pays the sub-investment advisers. Fees are deducted daily
and paid to Enterprise Capital on a monthly basis. The daily investment advisory
fees and sub-investment advisory fees for each portfolio are shown in the chart
below.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
EQUITY PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% up to
first $400 million, 0.75% of $1 billion, and 0.30% in
TCW Investment Management the next $400 million and excess of $1 billion of the
Company is the 0.70% in excess of $800 portfolio's average daily
sub-investment adviser. million of the portfolio's net assets.
average daily net assets.
----------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE> 27
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MANAGED PORTFOLIO Annual rate of 0.80% of the OpCap Advisors' fee for the
first $400 million, 0.75% of assets of the portfolio it
OpCap Advisors and Sanford the next $400 million and manages is an annual rate of
C. Bernstein & Co., Inc. 0.70% in excess of $800 0.40% up to $1 billion,
are the co-sub-investment million of the portfolio's 0.30% from $1 billion to $2
advisers. average daily net assets. billion, and 0.25% in excess
of $2 billion of the
portfolio's average daily
net assets. Sanford C.
Bernstein & Co., Inc.'s fee
for the assets of the
portfolio it manages is an
annual rate of 0.40% up to
$10 million, 0.30% from $10
million to $50 million,
0.20% from $50 million to
$100 million, and 0.10% in
excess of $100 million of
the portfolio's average
daily net assets.
----------------------------------------------------------------------------------------------
GROWTH AND INCOME Annual rate of 0.75% of the Annual rate of 0.30% of the
PORTFOLIO portfolio's average daily first $100 million, 0.25% of
net assets. the next $100 million, and
Retirement Systems 0.20% in excess of $200
Investors, Inc. is the million of the portfolio's
sub-investment adviser. average daily net assets.
----------------------------------------------------------------------------------------------
GROWTH PORTFOLIO Annual rate of 0.75% of the Annual rate of 0.30% of the
portfolio's average daily first $1 billion and 0.20%
Montag & Caldwell, Inc. is net assets. in excess of $1 billion of
the sub-investment the portfolio's average
adviser. daily net assets.
----------------------------------------------------------------------------------------------
CAPITAL APPRECIATION Annual rate of 0.75% of the Annual rate of 0.45% of the
PORTFOLIO portfolio's average daily portfolio's average daily
net assets. net assets.
Marsico Capital
Management, LLC is the
sub-investment adviser.
----------------------------------------------------------------------------------------------
SMALL COMPANY VALUE Annual rate of 0.80% of the Annual rate of 0.40% of the
PORTFOLIO portfolio's average daily first $1 billion and 0.30%
net assets. in excess of $1 billion of
Gabelli Asset Management the portfolio's average
Company is the sub- daily net assets.
investment adviser.
----------------------------------------------------------------------------------------------
</TABLE>
18
<PAGE> 28
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTERNATIONAL GROWTH Annual rate of 0.85% of the Annual rate of 0.40% of the
PORTFOLIO portfolio's average daily first $100 million, 0.35% of
net assets. $100 million to $200
Vontobel USA Inc. is the million, 0.30% of $200
sub-investment adviser. million to $500 million,
0.25% in excess of $500
million of the portfolio's
average daily net assets.
----------------------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO Annual rate of 0.60% of the Annual rate of 0.30% of the
portfolio's average daily first $100 million and 0.25%
Caywood-Scholl Capital net assets. in excess of $100 million of
Management is the sub- the portfolio's average
investment adviser. daily net assets.
----------------------------------------------------------------------------------------------
</TABLE>
DREYFUS STOCK INDEX FUND
The Dreyfus Corporation is the investment adviser of the Dreyfus Stock
Index Fund. As described below, The Dreyfus Corporation contracts with
sub-investment advisers to assist in managing the portfolios as noted below.
Fees are deducted on a monthly basis. The daily investment advisory fees and
sub-investment advisory fees for each portfolio are shown in the table below.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
PORTFOLIO AND
SUB-INVESTMENT ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
DREYFUS STOCK INDEX FUND Annual rate of 0.245% of the Annual rate of 0.095% of the
fund's average daily net value of the fund's average
Mellon Equity Associates assets. daily net assets.
is the sub-investment
adviser.
----------------------------------------------------------------------------------------------
</TABLE>
FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- GROWTH PORTFOLIO -- Service Class
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II -- CONTRAFUND(R)
PORTFOLIO -- Service Class
Fidelity Management & Research ("FMR") is each fund's investment manager.
As the manager, FMR is responsible for choosing investments for the funds and
handling the funds' business affairs. Affiliates assist FMR with foreign
investments. The daily investment advisory fee for each portfolio is shown in
the table below.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
PORTFOLIO AND SUB-INVESTMENT ADVISERS INVESTMENT ADVISER FEE
----------------------------------------------------------------------------------------
<S> <C>
FIDELITY VARIABLE INSURANCE PRODUCTS The fee is calculated by adding a group
FUND -- GROWTH PORTFOLIO fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the Fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this Fund is 0.30% of the
Fund's average net assets.
----------------------------------------------------------------------------------------
</TABLE>
19
<PAGE> 29
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
PORTFOLIO AND SUB-INVESTMENT ADVISERS INVESTMENT ADVISER FEE
----------------------------------------------------------------------------------------
<S> <C>
FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group
II -- CONTRAFUND(R) PORTFOLIO fee rate to an individual fee rate,
dividing by twelve, and multiplying the
Fidelity Management & Research (U.K.) Inc. result by the Fund's average net assets
and Fidelity Management & Research Far throughout the month. The group fee rate
East Inc. are the sub-investment advisers. is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this Fund is 0.30% of the
Fund's average net assets.
----------------------------------------------------------------------------------------
</TABLE>
JANUS ASPEN SERIES
Janus Aspen Series has several portfolios. The shares of the following
portfolios can be purchased by the subaccounts available to you. Janus Capital
is the investment adviser to each of the portfolios and is responsible for the
day-to-day management of the investment portfolios and other business affairs of
the portfolios. The daily investment advisory fee for each portfolio is shown in
the table below.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------
<S> <C>
JANUS ASPEN SERIES -- CAPITAL Annual rate of 0.65% of the portfolio's
APPRECIATION PORTFOLIO average daily net assets.
------------------------------------------------------------------------------------------
JANUS ASPEN SERIES -- WORLDWIDE GROWTH Annual rate of 0.65% of the portfolio's
PORTFOLIO average daily net assets.
------------------------------------------------------------------------------------------
</TABLE>
The investment objectives of each portfolio (except for the Janus
portfolios) are fundamental and may not be changed without the approval of the
holders of a majority of the outstanding shares of the portfolio affected. For
each of the Funds a majority means the lesser of:
(1) 67% of the portfolio shares represented at a meeting at which more than
50% of the outstanding portfolio shares are represented, or
(2) more than 50% of the outstanding portfolio shares.
The investment objectives of the Janus portfolios are non-fundamental and may be
changed by the Fund's Trustees without a shareholder vote.
PURCHASE OF PORTFOLIO SHARES BY MONY AMERICA VARIABLE ACCOUNT L
The Company purchases shares of each portfolio for the corresponding
sub-account at net asset value, i.e. without a sales load. Generally, all
dividends and capital gains distributions received from a portfolio are
automatically reinvested in the portfolio at net asset value. The Company, on
behalf of MONY America Variable Account L, may elect not to reinvest dividends
and capital gains distributions. The Company redeems Fund shares at net asset
value to make payments under the Policies.
Fund shares are offered only to insurance company separate accounts. The
insurance companies may or may not be affiliated with the Company or with each
other. This is called "shared funding." Shares may also be sold to separate
accounts to serve as the underlying investments for variable life insurance
policies, variable annuity policies and qualified plans. This is called "mixed
funding." Currently, the Company does not foresee any disadvantages to policy
owners due to mixed or shared funding. However, differences in tax treatment or
other considerations may at some time create conflict of interests between
owners of various contracts. The Company and the Boards of Directors of the
Funds, and any other insurance companies that participate in the Funds are
required to monitor events to identify material conflicts. If there is a
conflict because of mixed or shared funding, the Company might be required to
20
<PAGE> 30
withdraw the investment of one or more of its separate accounts from the Funds.
This might force the Funds to sell securities at disadvantageous prices.
The investment objectives of each of the portfolios is substantially
similar to the investment objectives of the subaccount which purchases shares of
that portfolio. A summary of the investment objective of each of the subaccounts
available to you is found in the table beginning on page 13. No portfolio can
assure you that its objective will be achieved. You will find more detailed
information in the prospectus of each Fund that you received with this
prospectus. The Funds' prospectuses include information on the risks of each
portfolio's investments and investment techniques.
THE FUNDS' PROSPECTUSES ACCOMPANY THIS PROSPECTUS AND SHOULD BE
READ CAREFULLY BEFORE INVESTING
DETAILED INFORMATION ABOUT THE POLICY
The Fund Value in MONY America Variable Account L and the Guaranteed
Interest Account provide many of the benefits of your policy. The information in
this section describes the benefits, features, charges, and other major
provisions of the policies and the extent to which those benefits depend upon
the Fund Value.
APPLICATION FOR A POLICY
The policy design meets the needs of individuals as well as for
corporations who provide coverage and benefits for key employees. A purchaser
must complete an application and personally deliver it to a licensed agent of
the Company, who is also a registered representative of MONY Securities
Corporation ("MSC"). The licensed agent submits the application to the Company.
The policy may also be sold through other broker-dealers authorized under the
law and by MSC. A policy can be issued on the life of an insured for ages up to
and including 80 with evidence of insurability that satisfies the Company.
Policies offered to residents of, or issued for delivery in, the State of
Maryland may only be issued on the life of an Insured for Ages up to and
including Age 70 with evidence of insurability satisfactory to the Company.
Policies offered to residents of, or issued for delivery in, the State of New
Jersey may only be issued on the lives of Insureds between the Ages of 18 and
70, depending upon the health and smoking status of the Insured applicants. The
age of the insured is the age on his or her birthday nearest to the date of the
policy. The Company accepts the application subject to its underwriting rules,
and may request additional information or reject an application.
The minimum Specified Amount you may apply for is $100,000. However, the
Company reserves the right to revise its rules at any time to require a
different minimum Specified Amount at issue for subsequently issued policies.
Each policy is issued with a policy date. The policy date is used to
determine the policy months and years, and policy monthly, quarterly,
semi-annual and annual anniversaries. The policy date is stated on page 1 of the
policy. The policy date will normally be the later of (1) the date that delivery
of the policy is authorized by the Company ("Policy Release Date"), or (2) the
policy date requested in the application. No premiums may be paid with the
application except under the temporary insurance procedures defined below.
Temporary Insurance Coverage
If you want insurance coverage before the Policy Release Date, and are more
than 15 days old and not more than 70 years old, you may be eligible for a
temporary insurance agreement. You must complete an application for the policy
and give it to the Company's licensed agent. The application contains a number
of questions about your health. Your eligibility for temporary coverage will
depend upon your answers to those questions. In addition, you must complete and
sign the Temporary Insurance Agreement Form. You must also submit payment for at
least one Minimum Monthly Premium for the Policy as applied for. Your coverage
under the Temporary Insurance Agreement starts on the date you sign the form and
pay the premium amount, or if later, the requested policy date. See "Premium
Flexibility," page 23.
21
<PAGE> 31
Coverage under the Temporary Insurance Agreement ends (except for contracts
issued in Kansas) on the earliest of:
- the Policy Release Date, if the policy is issued as applied for;
- the 15th day after the Policy Release Date or the date the policy takes
effect, if the policy is issued other than as applied for;
- no later than 90 days from the date the Temporary Insurance Agreement is
signed;
- the 45th day after the form is signed if you have not finished the last
required medical exam;
- 5 days after the Company sends notice to you that it declines to issue
any policy; and
- the date you tell the Company that the policy will be refused.
For contracts issued in Kansas, coverage under the Temporary Insurance
Agreement ends on the earliest of:
- the Policy Release Date, if the policy is issued as applied for;
- the 15th day after the Policy Release Date or the date the policy takes
effect, if the policy is issued other than as applied for;
- the date you tell the Company that the policy will be refused; and
- the day written notice of the declination and refund of premium is
provided to the applicant.
If the insured dies during the period of temporary coverage, the death
benefit will be:
(1) the insurance coverage applied for (including any optional riders)
up to $500,000, less
(2) the deductions from premium and the monthly deduction due prior to
the date of death.
Premiums paid for temporary insurance coverage are held in the Company's
general account until the Policy Release Date. Except as provided below,
interest is credited on the premiums (less any deductions from premiums) held in
the Company's general account. The interest rate will be set by the Company, but
will not be less than 5% per year. If the policy is issued and accepted, these
amounts will be applied to the policy. These premiums will be returned to you
(without interest) within 5 days after the earliest of:
(1) the date you tell the Company that the policy will be refused.
Your refusal must be (a) at or before the Policy Release Date, or (b) (if
the policy is authorized for delivery other than as applied for), on or
before the 15th day after the Policy Release Date; or
(2) the date on which coverage under the Temporary Insurance Agreement
ends other than because the applicant has died or the policy applied for is
issued or refused.
Premiums will be returned to you with interest within 5 days after the date
the Company sends notice to you declining to issue any policy.
Initial Premium Payment
Once your application is approved and you are issued a policy, the balance
of the first scheduled premium payment is payable. The scheduled premium payment
specified in your policy must be paid in full when your policy is delivered.
Your policy is effective the later of (1) acceptance and payment of the
scheduled premium payment, or (2) the policy date requested in the application.
If you do not request a policy date or if the policy date you request is earlier
than the Policy Release Date, any premium balance remitted by you earns interest
until the Policy Release Date. The policy premium credited with interest equals
amounts in the general account under the Temporary Insurance Agreement, plus
interest credited minus deductions from premiums. The monthly deduction due
prior to or on the Policy Release Date will be made. If you request a policy
date which is later than the Policy Release Date, your premium will be held in
the general account until the policy date. Premium held in the Company's general
account earns
22
<PAGE> 32
an interest rate set by the Company, but will not be less than 5% per year. Upon
the Policy Release Date (or when your premium payment is received if you did not
pay premium when you applied for the policy) your premiums will be allocated to
the Money Market Subaccount. When the Free Look Period ends, amounts held in the
Money Market Subaccount will be allocated to the subaccounts of MONY America
Variable Account L or the Guaranteed Interest Account pursuant to your
instructions. (See "Right to Examine a Policy -- Right to Return Policy Period,"
below.)
Policy Date
The Company may approve the backdating of a policy. However, the policy may
be backdated for not more than 6 months (a shorter period is required in certain
states) prior to the date of the application. Backdating can be to your
advantage if it lowers the insured's issue age and results in lower cost of
insurance rates. If the policy is backdated, the initial scheduled premium
payment will include sufficient premium to cover the extra charges for the
backdating period. Extra charges equal the monthly deductions for the period
that the policy date is backdated.
Risk Classification
Insureds are assigned to underwriting (risk) classes. Risk classes are used
in calculating the cost of insurance and certain rider charges. In assigning
insureds to underwriting classes, the Company will normally use the medical or
paramedical underwriting method. This method may require a medical examination
of the proposed insured. The Company may use other forms of underwriting when it
is considered appropriate.
RIGHT TO EXAMINE A POLICY -- FREE LOOK PERIOD
The Right to Return Policy Period runs for 10 days (or longer in certain
states) after you receive the policy. During this period, you may cancel the
policy and receive a refund of the full amount of the premium paid.
PREMIUMS
The policy is a flexible premium policy. The policy provides considerable
flexibility, subject to the limitations described below, to pay premiums at your
discretion.
Premium Flexibility
The Company requires you to pay an amount equal to at least the Minimum
Monthly Premium to put the policy in effect. If you want to pay premiums less
often than monthly, the premium required to put the policy in effect is equal to
the Minimum Monthly Premium multiplied by 12 divided by the frequency of the
scheduled premium payments. This Minimum Monthly Premium will be based upon:
1) the policy's Specified Amount,
2) any riders added to the policy, and
3) the insured's
a) Age,
b) smoking status,
c) gender (unless unisex cost of insurance rates apply, see "Cost of
Insurance," page 42), and
d) underwriting class.
The Minimum Monthly Premium will be shown in the policy. Thereafter,
subject to the limitations described below, you may choose the amount and
frequency of premium payments to reflect your varying financial conditions.
23
<PAGE> 33
The policy is guaranteed not to lapse during the first three policy years
if on each monthly anniversary the conditions previously described in "Summary
of the Policy" on page 7 are met. See also "Grace Period and Lapse," page 37.
Scheduled Premium Payments (Planned Premium Payments)
When you apply for a policy, you determine a scheduled premium payment.
This scheduled premium payment provides for the payment of level premiums at
fixed intervals over a specified period of time. You will receive a premium
reminder notice for the scheduled premium payment amount on an annual,
semiannual or quarterly basis, at your option. The minimum scheduled premium
payment equals the Minimum Monthly Premium multiplied by 12 divided by the
scheduled premium payment frequency. Although reminder notices will be sent, you
may not be required to pay scheduled premium payments. For policies offered to
residents of, or issued for delivery in the Commonwealth of Massachusetts, you
will determine a Planned Premium Payment. The Planned Premium Payment provides
for the payment of level premiums at fixed intervals over a specified period of
time. For those policyowners, the term "Scheduled Premium Payment" used in this
Prospectus refers to "Planned Premium Payment."
You may elect to make monthly premium payments by the MONYMatic Plan. Based
on your policy date, up to two Minimum Monthly Premiums may be required to be
paid in cash before premiums may be paid by the MonyMatic Plan. Paying premiums
by electronic funds transfer requires you to authorize the Company to withdraw
premiums from your checking account each month.
Payment of the scheduled premium payments will not guarantee that your
policy will remain in effect. (See "Grace Period and Lapse" in the Summary and
on page 37.)
CHOICE OF GUARANTEED DEATH BENEFIT RIDERS
Generally, your policy remains in effect so long as your policy has Cash
Value. Charges that maintain your policy are deducted monthly from Fund Value.
The Cash Value of your policy is affected by,
(1) the investment experience of any amounts in the subaccounts of
MONY America Variable Account L,
(2) the interest earned in the Guaranteed Interest Account, and
(3) the deduction from Cash Value of the various charges, costs, and
expenses imposed by the policy provisions.
This in turn affects the length of time your policy remains in effect
without the payment of additional premiums. Therefore, coverage will last as
long as the Cash Value of your policy is sufficient to pay these charges. See
"Grace Period and Lapse," page 37.
When you apply for a policy, you will be able to choose one of two
Guaranteed Death Benefit Riders. Either Rider may extend the period that the
Specified Amount of your policy and certain other rider coverages will remain in
effect if the subaccounts suffer adverse investment experience. See "Choice of
Guaranteed Death Benefit Riders," page 24. The Guaranteed Death Benefit Riders
are not available on policies offered to residents of, or issued for delivery
in, the Commonwealth of Massachusetts or the States of New Jersey and Texas.
Modified Endowment Contracts
The amount, frequency and period of time over which you pay premiums may
affect whether your policy will be classified as a modified endowment contract.
A modified endowment contract is a type of life insurance policy subject to
different tax treatment than that given to a conventional life insurance policy.
The difference in tax treatment occurs when you take certain pre-death
distributions from your policy. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page 48.
24
<PAGE> 34
Unscheduled Premium Payments
Generally, you may make premium payments at any time and in any amount as
long as each payment is at least $250. However, if the premium payment you wish
to make exceeds the Scheduled Premium payments for the policy, the Company may
reject or limit any unscheduled premium payment that would result in an
immediate increase in the death benefit payable. An immediate increase would
occur if the policy's death benefit exceeds the Specified Amount for the policy.
The policy's death benefit would exceed the Specified Amount of the policy if
your Fund Value multiplied by the death benefit percentage determined in
accordance with the federal income tax law definition of life insurance exceeds
the Specified Amount. See "Death Benefits Under the Policy," page 26 and
"Federal Income Tax Considerations -- Definition of Life Insurance," page 46.
However, such a premium may be accepted if you provide us with satisfactory
evidence of insurability. If satisfactory evidence of insurability is not
received, the payment or a part of it may be returned. In addition, all or a
part of a premium payment will be rejected and returned to you if it would
exceed the maximum premium limitations prescribed by the federal income tax law
definition of life insurance.
Payments you send to us will be treated as premium payments, and not as
repayment of Outstanding Debt, unless you request otherwise. If you request that
the payment be treated as a repayment of Outstanding Debt, any part of a payment
that exceeds the amount of Outstanding Debt will be applied to the Fund Value.
Applicable taxes and sales charges are only deducted from any payment that
constitutes a premium payment.
Premium Payments Affect the Continuation of the Policy
If you skip or stop paying premiums, the policy will continue in effect
until the Cash Value can no longer cover (1) the monthly deductions from the
Fund Value for the policy, and (2) the charges for any optional insurance
benefits added by rider. See "Grace Period and Lapse" page 37.
Your policy is guaranteed to remain in effect as long as: if:
(a) the Cash Value less any Outstanding Debt is greater than zero; or
(b) you have purchased one of the Guaranteed Death Benefit Riders and
you have met all the requirements of the rider chosen; or
(c) during the first two policy years, the Minimum Monthly Premium
requirements are satisfied, and if you increase the Specified Amount during
the first two policy years the Minimum Monthly Premium requirements are
satisfied during the two policy years following the effective date of the
increase.
ALLOCATION OF NET PREMIUMS
Net premiums may be allocated to any number of the 17 available subaccounts
and to the Guaranteed Interest Account. Allocations must be in whole
percentages, and no allocation may be for less than 10% of a net premium.
Allocation percentages must sum to 100%.
You may change the allocation of net premiums at any time by submitting a
proper written request to the Company's administrative office at 1740 Broadway,
New York, New York, 10019. In addition, you may make changes in net premium
allocation instructions by telephone if a properly completed and signed
telephone transfer authorization form has been received by us at our Syracuse
Operations Center at 1 MONY Plaza, Syracuse, New York, 13202. The Company may
stop making available the ability to give net premium allocation instructions by
telephone at any time, but it will give you notice before doing so if we have
received your telephone transfer authorization form. See "Telephone Transfer
Privileges," page 57. Whether you give us instructions in writing or by
telephone, the revised allocation percentages will be effective within seven
days from receipt of notification.
Unscheduled premium payments may be allocated either by percentage or by
dollar amount. If the allocation is expressed in dollar amounts, the 10% limit
on allocation percentages does not apply.
25
<PAGE> 35
DEATH BENEFITS UNDER THE POLICY
When your policy is issued, the initial amount of insurance ("Specified
Amount") is shown on the specification page of your policy. The minimum
Specified Amount is $100,000.
As long as the policy is in effect, the Company will, upon proof of death
of an insured, pay death benefit proceeds to a named beneficiary. Death benefit
proceeds will consist of:
(1) The policy's death benefit, plus
(2) Any insurance proceeds provided by rider, less
(3) Any Outstanding Debt reduced by any unearned loan interest (and,
if in the Grace Period, less any overdue charges).
You may select one of two death benefit Options: Option I or Option II.
Generally, you designate the death benefit option in your application. If no
option is designated, the Company assumes Option I has been selected. Subject to
certain restrictions, you can change the death benefit option selected. As long
as your policy is in effect, the death benefit under either option will never be
less than the Specified Amount of your policy.
Option I -- The death benefit equals the greater of:
(a) The Specified Amount, plus the increase in Fund Value since last
monthly anniversary day or
(b) Fund Value on date of death plus FV since last monthly anniversary
day multiplied by a death benefit percentage.
The death benefit percentages vary according to the age of the insured
and will be at least equal to the percentage defined in the Internal
Revenue Code. The Internal Revenue Code addresses the definition of a life
insurance policy for tax purposes. See "Federal Income Tax
Considerations -- Definition of Life Insurance," page 46. The death benefit
percentage is 150% for insureds 40 or under, and it declines for older
insureds. A table showing the death benefit percentages is in Appendix A to
this prospectus and in your policy. If you seek to have favorable
investment performance reflected in increasing Fund Value, and not in
increasing insurance coverage, you should choose Option I.
Option II -- The death benefit equals the greater of:
(a) The Specified Amount of the policy, plus the Fund Value as of date
of death or
(b) The Fund Value on date of death plus Fund Value on the last
monthly anniversary day multiplied by a death benefit percentage.
The Fund Value used in these calculations is determined as of the date
of the insured's death. The death benefit percentage is the same as that
used for Option I and is stated in Appendix A. The death benefit in Option
II will always vary as Fund Value varies. If you seek to have favorable
investment performance reflected in increased insurance coverage, you
should choose Option II.
Examples of Options I and II
The following examples demonstrate the determination of death benefits
under Options I and II. The examples show three policies with the same Specified
Amount, but Fund Values that vary as shown. It is assumed that the insured is
age 40 at the time of death and that there is no Outstanding Debt. The date of
death is also assumed to be on a monthly anniversary day.
26
<PAGE> 36
<TABLE>
<CAPTION>
POLICY 1 POLICY 2 POLICY 3
-------- -------- --------
<S> <C> <C> <C>
Specified Amount........................................... $100,000 $100,000 $100,000
Fund Value on Date of Death................................ $ 35,000 $ 60,000 $ 85,000
Death Benefit Percentage................................... 150% 150% 150%
Death Benefit under Option 1............................... $100,000 $150,000 $212,500
Death Benefit under Option 2............................... $135,000 $160,000 $212,500
</TABLE>
Option I, Policy 1: The death benefit equals $100,000 since the death benefit
is the greater of the Specified Amount ($100,000) or the Fund Value plus the
Fund Value multiplied by the death benefit percentage ($35,000 x 250% =
$87,500).
Option I, Policies 2 & 3: The death benefit is equal to the Fund Value plus the
Fund Value multiplied by the death benefit percentage since ($60,000 x 250% =
$150,000 for Policy 2; $85,000 x 150% = $212,500 for Policy 3) is greater than
the Specified Amount ($100,000).
Option II, Policy 1: The death benefit equals $135,000 since the Specified
Amount plus the Fund Value ($100,000 + $35,000 = $135,000) is greater than the
Fund Value plus the Fund Value multiplied by the death benefit percentage
($35,000 x 150% = $87,500).
Option II, Policy 2: The death benefit equals the Specified Amount plus the
Fund Value ($100,000 + $60,000 = $160,000) since it is greater than the Fund
Value plus the Fund Value multiplied by the death benefit percentage ($60,000 x
150% = $150,000).
Option II, Policy 3: The death benefit is the Fund Value plus the Fund Value
multiplied by the death benefit percentage ($85,000 x 150% = $212,500) since it
is greater than the Specified Amount plus the Fund Value ($100,000 + $85,000 =
$185,000).
The Company pays death benefit proceeds to a beneficiary in a lump sum or under
a payment plan offered under the policy. The policy should be consulted for
details.
Changes in Death Benefit Option
You may request that the death benefit option under your policy be changed
from Option I to Option II, or Option II to Option I. You may make a change by
sending a written request to the Company's administrative office. A change from
Option II to Option I is made without providing evidence of insurability. A
change from Option I to Option II will require that you provide satisfactory
evidence of insurability. The effective date of a change requested between
monthly anniversaries will be the next monthly anniversary day after the change
is accepted by the Company.
If you change from Option I to Option II your policy's Specified Amount is
reduced by the amount of the policy's Fund Value at the date of the change. This
maintains the death benefit payable under Option II at the amount that would
have been payable under Option I immediately prior to the change. The total
death benefit will not change immediately. The change to Option II will affect
the determination of the death benefit from that point on. As of the date of the
change, the Fund Value will be added to the new specified Amount. The death
benefit will then vary with the Fund Value. This change will not be permitted if
it would result in a new Specified Amount of less than $100,000.
If you change from Option II to Option I, the Specified Amount of the
policy will remain the same. The death benefit will be reduced to the Specified
Amount. However, the death benefit will equal the Fund Value on the date of
death plus the Fund Value on the Monthly Anniversary day prior to the date of
death times the Death Benefit Percentage if that amount is greater than the
Specified Amount. The change to Option I will generally reduce the death benefit
payable in the future.
A change in the death benefit option may affect the monthly cost of
insurance charge since this charge varies with the net amount at risk.
Generally, the net amount at risk is the amount by which the death benefit
exceeds Fund Value. See "Cost of Insurance," page 38. If the policy's death
benefit is not based on the death benefit percentage under Option I or II,
changing from Option II to Option I will
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generally decrease the net amount at risk. Therefore, this change may decrease
the cost of insurance charges. Changing from Option I to Option II will
generally result in a net amount at risk that remains level. However, such a
change will result in an increase in the cost of insurance charges over time.
This results because the cost of insurance rates increase with the insured's
age.
CHANGES IN SPECIFIED AMOUNT
You may request an increase or decrease in the Specified Amount under your
policy subject to Company approval. A change in the Specified Amount may be made
at any time after the second policy anniversary. Increases in Specified Amount
are not permitted on or after the insured's age 81. For policies offered to
residents of, or issued for delivery in, the State of New Jersey, increases in
Specified Amount are not permitted after the insured's age 66. Increasing the
Specified Amount will generally increase the policy's death benefit. Decreasing
the Specified Amount will generally decrease the policy's death benefit. The
amount of change in the death benefit depends on (1) the death benefit option
chosen, and (2) whether the death benefit under the policy is being computed
using the death benefit percentage at the time of the change. Changing the
Specified Amount could affect the subsequent level of the death benefit while
the policy is in effect and the policy values. For example, an increase in
Specified Amount may increase the net amount at risk, which will increase your
cost of insurance charges over time. Conversely, a decrease in Specified Amount
may decrease the net amount at risk, which may decrease your cost of insurance
over time.
To increase or decrease the Specified Amount, send a written application to
the Company's administrative office. It will become effective on the monthly
anniversary day on or next following the Company's acceptance of your request.
If you are not the insured, the Company may also require the consent of the
insured before accepting a request.
Increases
An increase of Specified Amount requires that additional, satisfactory
evidence of insurability be provided to the Company. An increase will not be
given for increments of Specified Amount less than $10,000.
When you request an increase in Specified Amount, a new "coverage segment"
is created for which cost of insurance and other charges are computed
separately. See "Charges and Deductions," page 40. In addition, the fund charge
associated with your policy will increase. The fund charge for the increase is
computed in a similar way as for the original Specified Amount. The target
premiums and the required premiums under the Guaranteed Death Benefit Rider, if
applicable, will also be adjusted. The adjustment will be done prospectively to
reflect the increase. If the Specified Amount is increased when a premium
payment is received, the increase will be processed before the premium payment
is processed.
If an increase creates a new coverage segment of Specified Amount, Fund
Value after the increase will be allocated, (1) first to the original coverage
segment, and (2) the new coverage segments. Allocation to new coverage segments
will be in the same proportion that the guideline annual premiums for each
segment bear to the sum of guideline annual premiums for all segments. Guideline
annual premiums are defined by federal securities law. Fund Value will also be
allocated to each coverage segment.
You will have the right to cancel an increase in the Specified Amount
within the later of (1) 45 days after Part I of the application for the increase
is signed, (2) ten days (or longer in certain states) after receipt of the
policy endorsement applicable to the increase, or (3) ten days after mailing or
personal delivery of a notice as to the availability of the Free Look provision.
If the increase is canceled, any charges attributable to the increase will be
reversed and then added to your Fund Value, without sales or other loads. The
policy fund charge will also be adjusted to the amount which would have existed
had the increase never taken place.
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Decreases
Any decrease in Specified Amount (whether requested by you or resulting
from a partial surrender or a death benefit option change) will be applied:
(1) To reduce the coverage segments of Specified Amount associated
with the most recent increases, then
(2) To the next most recent increases successively, and last
(3) To the original Specified Amount.
A decrease will not be permitted if the Specified Amount would fall below
$100,000. A decrease will not be given if less than $10,000.
If the reduction decreases the Specified Amount during the fund charge
period, the fund charge on the remaining Specified Amount will be reduced.
However, an amount equal to the reduction in the fund charge will be deducted
from the Fund Value. See Fund Charge, page 43. Target premiums, and the required
premiums under the Guaranteed Death Benefit Rider, if applicable, will also be
adjusted for the decrease in Specified Amount. If the Specified Amount is
decreased when a premium payment is received, the decrease will be processed
before the premium payment is processed. Rider coverages may also be affected by
a decrease in Specified Amount.
The Company reserves the right to reject a requested decrease. Decreases
will not be permitted if:
(1) Compliance with the guideline premium limitations under federal
tax law resulting from the decrease would result in immediate termination
of your policy, or
(2) To effect the decrease, payments to you would have to be made from
Fund Value for compliance with the guideline premium limitations, and the
amount of the payments would exceed the Surrender Value of your policy.
If a requested change is not approved, we will send you a written notice of our
decision. See "Federal Income Tax Considerations -- Definition of Life
Insurance," page 46.
Guaranteed Death Benefit Rider
When you apply for your policy you may choose to apply for one of two
Guaranteed Death Benefit Riders. These riders provide under certain
circumstances a death benefit (equal to the Specified Amount only of your
policy) and may keep certain rider coverages in effect, even if the Cash Value
of the policy is zero on any monthly anniversary date.
The two riders vary primarily by the length of the period during which the
policy is guaranteed to remain in effect. The two periods are:
- to the Insured's Age 75 but not less than 10 years from the Policy Date;
or
- to the Maturity Date of your policy.
In order to remain in effect, both Guaranteed Death Benefit Riders require
that you have paid a certain amount of premiums during the time that the Rider
is in effect. This amount is described in the next paragraph. If the premiums
you have paid do not equal or exceed this amount, the rider will automatically
end. In addition, this rider will automatically end at the later of the
insured's age 75 or ten years from the policy date ("Guarantee Period"). An
extra charge will be deducted from your Fund Value each month during the
Guarantee Period. This charge will end at the conclusion of the Guarantee
Period, and it will end if on any monthly anniversary date you have not paid the
amount of premiums the rider requires you to pay. See "Guaranteed Death Benefit
Charge," page 43.
On each monthly anniversary day we test to determine whether you have paid
the amount of premiums you are required to pay in order to keep the Guaranteed
Death Benefit Rider you have chosen in effect. To remain in effect, we make two
calculations.
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<PAGE> 39
The first calculation shows the net premiums you have paid. We:
(1) total the actual premiums you have paid for the policy, and
(2) subtract the amount of:
(a) partial surrenders (and associated fees), and
(b) outstanding debt
The second calculation shows the amount of premiums the rider required you
to pay. We
(1) take the Monthly Guarantee Premium specified by the rider and
(2) multiply it by the number of complete months since the policy
date.
If the net premiums you have paid equals or exceeds the amount of premiums
the rider required you to pay, the rider remains in effect until the next
monthly anniversary date. If the amount of premiums the rider required you to
pay exceeds the net premiums you have paid, we will send you a notice that
requires you to pay additional premiums within the time specified in the notice.
This time is called the grace period for the rider. If you fail to pay the
additional premiums required the Guarantee Period, and therefore the Rider, will
end. Once ended, the Rider can not be reinstated.
The grace period for this Rider is explained in the section called "Grace
Period and Lapse -- If Guaranteed Death Benefit Is in Effect" on page 39.
The Guaranteed Death Benefit Rider is not available on policies offered to
residents of, or issued for delivery in, the Commonwealth of Massachusetts or
the states of New Jersey or Texas. Because the Guaranteed Death Benefit Rider is
not available, the Grace Period and Lapse will be treated as if the Guaranteed
Death Benefit is not in effect.
It is important to consider the Guaranteed Death Benefit Rider premium
requirements when setting the amount of the scheduled premium payments for your
policy. (See Appendix C.)
OTHER OPTIONAL INSURANCE BENEFITS
Subject to certain requirements, you may elect to add one or more of the
optional insurance benefits described below. Optional insurance benefits are
added when you apply for your policy. These other optional benefits are added to
your policy by an addendum called a rider. A charge is deducted monthly from the
Fund Value for each optional benefit added to your policy. See "Charges and
Deductions," page 40. You can cancel these benefits at any time. Certain
restrictions may apply and are described in the applicable rider. In addition,
adding or canceling these benefits may have an effect on your policy's status as
a modified endowment contract. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page 48. An insurance agent
authorized to sell the policy can describe these extra benefits further. Samples
of the provisions are available from the Company upon written request.
From time to time we may make available riders other than those listed
below. Contact an insurance agent authorized to sell the policy for a complete
list of the riders available.
Spouse's Term Rider
This rider provides for term insurance benefits on the life of the
insured's spouse, to the spouse's age 80. The minimum amount of coverage is
$25,000. The rider coverage may be converted without evidence of insurability to
any level premium, level face amount permanent plan of insurance offered by the
Company at any time prior to the spouse's age 65 or 5 years from the issue of
the rider, if later.
Children's Term Insurance Rider
This rider provides term insurance coverage on the lives of the children of
the insured under age 18. The coverage continues to the policy anniversary
nearest the Insured's Age 65 or the child's 22nd birthday,
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if earlier. It provides coverage for children upon birth or legal adoption
without presenting evidence of insurability. Coverage is limited to the lesser
of the initial Specified Amount or $10,000. Upon the expiration of the rider
coverage, it may be converted to any level premium, level face amount permanent
plan of insurance then offered by the Company.
Accidental Death Benefit Rider
This rider pays the benefit amount selected if the insured dies as a result
of an accident. The accident must occur after the insured's age 5 and prior to
insured's age 70. A benefit equal to twice the rider amount is payable if:
(1) accidental death occurs as the result of riding as a passenger,
and
(2) the accidental death occurred while riding in a public conveyance,
and
(3) the public conveyance was being operated commercially to transport
passengers for hire.
The maximum amount of coverage is the initial specified amount but not more
than the greater of:
(1) $100,000 total coverage of all such insurance in the Company or
its affiliates, or
(2) $200,000 of all such coverages regardless of insurance companies
issuing such coverages.
Purchase Option Rider
This Rider provides the option to purchase up to $50,000 of additional
coverage without providing additional evidence that the insured remains
insurable. Coverage may be added on each policy anniversary when the insured's
age is 25, 28, 31, 34, 37 and 40. In addition, the future right to purchase new
insurance on the next option date may be advanced and exercised immediately upon
the following events:
- Marriage of the insured.
- Birth of a child of the insured.
- Legal adoption of a child by insured.
A period of term insurance is automatically provided starting on the date
of the specified event. The interim term insurance, and the option to accelerate
the purchase of the coverage expires 60 days after the specified event.
Waiver of Monthly Deduction Rider
This rider provides for the waiver of certain charges while the insured has
a covered disability and the policy is in effect. While the insured is disabled,
no deductions are made for (1) monthly administrative charges, (2) cost of
insurance charges, and rider charges. During this period the charges are waived
and therefore not deducted from the Fund Value. This rider does not waive the
payment of premiums required by the Guaranteed Death Benefit Rider.
BENEFITS AT MATURITY
The maturity date for this policy is the policy anniversary on which the
insured is age 95. If the insured is living on the maturity date, the Company
will pay to you, as an endowment benefit, the Surrender Value of the policy.
Ordinarily, the Company pays within seven days of the policy anniversary.
Payments may be postponed in certain circumstances. See "Payments," page 56.
Premiums will not be accepted, nor will monthly deductions be made, after the
maturity date.
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POLICY VALUES
Fund Value
The Fund Value is the sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L and any Guaranteed Interest
Account. It also includes the amount set aside in the Company's Loan Account,
and any interest, to secure Outstanding Debt.
On each Valuation Date, the part of the Fund Value allocated to any
particular subaccount is adjusted to reflect the investment experience of that
subaccount. On each monthly anniversary day, the Fund Value also is adjusted to
reflect interest on the Guaranteed Interest Account and the Loan Account and the
assessment of the monthly deduction. See "Determination of Fund Value," page 32.
No minimum amount of Fund Value allocated to a particular subaccount is
guaranteed. You bear the risk for the investment experience of Fund Value
allocated to the subaccounts.
Cash Value
The Cash Value of the policy equals the Fund Value less any Outstanding
Debt reduced by any unearned loan interest. Thus, the Fund Value exceeds your
policy's Cash Value by the amount of the surrender charge. Once the surrender
charge expires, the Cash Value equals the Fund Value.
DETERMINATION OF FUND VALUE
Although the death benefit under a policy can never be less than the
policy's Specified Amount, the Fund Value will vary. The Fund Value varies
depending on several factors:
- Payment of premiums.
- Amount held in the Loan Account to secure any Outstanding Debt.
- Partial surrenders.
- Preferred Partial Surrenders.
- The charges assessed in connection with the policy.
- Investment experience of the subaccounts.
- Amounts credited to the Guaranteed Interest Account.
There is no guaranteed minimum Fund Value (except to the extent that you have
allocated net premium payments and cash values to the Guaranteed Interest
Account) and you bear the entire risk relating to the investment performance of
Fund Value allocated to the subaccounts.
The Company uses amounts allocated to the subaccounts to purchase shares of
the corresponding portfolios of the Funds. The values of the subaccounts reflect
the investment experience of the corresponding portfolio. The investment
experience reflects:
- The investment income.
- Realized and unrealized capital gains and losses.
- Expenses of a portfolio including the investment adviser fees.
- Any dividends or distributions declared by a portfolio.
Any dividends or distributions from any portfolio of the Funds are reinvested
automatically in shares of the same portfolio. However, the Company, on behalf
of MONY America Variable Account L, may elect otherwise. The subaccount value
will also reflect the mortality and expense risk charges the Company makes each
day to the Variable Account.
Amounts allocated to the subaccounts are measured in terms of units. Units
are a measure of value used for bookkeeping purposes. The value of amounts
invested in each subaccount is represented by the value of units credited to the
policy for that subaccount. (See "Calculating Unit Values for Each Subaccount,"
on page 33.) On any day, the amount in a subaccount of MONY America Variable
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<PAGE> 42
Account L is equal to the unit value times the number of units in that
subaccount credited to the policy. The units of each subaccount will have
different unit values.
Units of a subaccount are purchased (credited) whenever premiums or amounts
transferred (including transfers from the Loan Account) are allocated to that
subaccount. Units are redeemed (debited) to:
- Make partial surrenders.
- Make Preferred Partial Surrenders.
- Make full surrenders.
- Transfer amounts from a subaccount (including transfers to the Loan
Account).
- Pay the death benefit when the insured dies.
- Pay monthly deductions from the policy's Fund Value.
- Pay policy transaction charges.
- Pay surrender charges.
The number of units purchased or redeemed is determined by dividing the dollar
amount of the transaction by the unit value of the affected subaccount, computed
after the close of business that day. The number of units changes only as a
result of policy transactions or charges. The number of units credited will not
change because of later changes in unit value.
Transactions are processed when a premium or an acceptable written or
telephone request is received at the Company's administrative office. If the
premium or request reaches the administrative office on a day that is not a
Valuation Date, or after the close of business on a Valuation Date (after 4:00
Eastern Time), the transaction date will be the next Valuation Date. All policy
transactions are performed as of a Valuation Date. If a transaction date or
monthly anniversary day occurs on a day other than a Valuation Date (e.g.,
Saturday), the calculations will be done on the next day that the New York Stock
Exchange is open for trading.
CALCULATING UNIT VALUES FOR EACH SUBACCOUNT
The Company calculates the unit value of a subaccount on any Valuation Date
as follows:
(1) Calculate the value of the shares of the portfolio belonging to
the subaccount as of the close of business that Valuation Date. This
calculation is done before giving effect to any policy transactions for
that day, such as premium payments or surrenders. For this purpose, the net
asset value per share reported to the Company by the managers of the
portfolio is used.
(2) Add the value of any dividends or capital gains distributions
declared and reinvested by the portfolio during the valuation period.
Subtract from this amount a charge for taxes, if any.
(3) Subtract a charge for the mortality and expense risk assumed by
the Company under the policy. See "Daily Deductions From the Variable
Account -- Mortality and Expense Risk Charge," page 41. If the previous day
was not a Valuation Date, then the charge is adjusted for the additional
days between valuations.
(4) Divide the resulting amount by the number of units held in the
subaccount on the Valuation Date before the purchase or redemption of any
units on that date.
The unit value of each subaccount on its first Valuation Date was set at
$10.00.
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<PAGE> 43
DETERMINING FUND VALUE
[DETERMINING FUND VALUE FLOW CHART]
TRANSFER OF FUND VALUE
You may transfer Fund Value among the subaccounts after the Free Look
Period by sending a proper written request to the Company's administrative
office. Transfers may be made by telephone if you have proper authorization. See
"Telephone Transfer Privileges," page 60. Currently, there are no limitations on
the number of transfers between subaccounts. There is also no minimum amount
required: (1) to make a transfer, or (2) to remain in the subaccount after a
transfer. You may not make a transfer if your policy is in the grace period and
a payment required to avoid lapse is not paid. See "Grace Period and Lapse,"
page 37. No charges are currently imposed upon these transfers. However, the
Company reserves the right to assess a $25 transfer charge in the future on
policy transfers in excess of four during a policy year and to discontinue
telephone transfers.
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<PAGE> 44
After the Free Look Period, Fund Value may also be transferred from the
subaccounts to the Guaranteed Interest Account. Transfers from the Guaranteed
Interest Account to the subaccounts will only be permitted in the policy month
following a policy anniversary as described in "The Guaranteed Interest
Account," page 53.
RIGHT TO EXCHANGE POLICY
During the first 24 months following the policy date or an increase in the
Specified Amount, you may exchange your policy for a policy where the investment
experience is guaranteed. To accomplish this, the entire amount in the
subaccounts of MONY America Variable Account L is transferred to the Guaranteed
Interest Account. All future premiums are allocated to the Guaranteed Interest
Account. This serves as an exchange of your policy for the equivalent of a
flexible premium universal life policy. See "The Guaranteed Interest Account,"
page 53. No charge is imposed on the transfer when you exercise the exchange
privilege.
POLICY LOANS
You may borrow money from the Company at any time using your policy as
security for the loan. You take a loan by submitting a proper written request to
the Company's administrative office. You may take a loan any time your policy
has a positive Cash Value. The minimum amount you may borrow is $250. The
maximum amount you may borrow at any time is 90% of the Cash Value of your
policy less any Outstanding Debt. (If you request a loan on a monthly
anniversary day, the maximum loan is reduced by the monthly deduction due on
that day.) The Outstanding Debt is the cumulative amount of outstanding loans
and loan interest payable to the Company at any time.
Loan interest is payable in advance on each policy anniversary at an annual
rate of 5.4%. Interest on the full amount of any Outstanding Debt for the
following Policy Year is due on the policy anniversary, until the Outstanding
Debt is repaid. If interest is not paid when due, it will be added to the amount
of the Outstanding Debt.
You may repay all or part of the Outstanding Debt at any time while your
policy is in effect. Only payments shown as loan or interest payments will be
treated as such. If a loan repayment is made which exceeds the Outstanding Debt,
the excess will be applied as a scheduled premium payment. The payment will be
subject to the rules on acceptance of premium payments.
When you take a loan, an amount equal to the loan is transferred out of the
subaccounts and the Guaranteed Interest Account into the Loan Account to secure
the loan. Within certain limits, you may specify the amount or the percentage of
the loan amount to be deducted from the subaccounts and the Guaranteed Interest
Account. If the Policy Owner does not specify the source of the transfer, or if
the transfer instructions are incorrect, loan amounts will be deducted from the
Subaccounts and the Guaranteed Interest Account in the proportion that each
bears to the Fund Value less Outstanding Debt. On each policy anniversary, an
amount equal to the loan interest due and unpaid for the policy year will be
transferred to the Loan Account. The transfer is made from the subaccounts and
the Guaranteed Interest Account on the basis you specify, or, if you do not
specify, on a proportional basis.
The Fund Value in the Loan Account in excess of the Outstanding Debt will
be allocated to the subaccounts and/or the Guaranteed Interest Account in a
manner determined by the Company.
The Loan Account is part of the Company's general account. Amounts held in
the Loan Account are credited monthly with an annual rate of interest not less
than 5%. After the tenth Policy anniversary, it is expected the annual interest
rate that applies to the Loan Account will be .5% higher than otherwise
applicable. This increase is not guaranteed.
Loan repayments release funds from the Loan Account. Unless you request
otherwise, amounts released from the Loan Account will be transferred into the
subaccounts and Guaranteed Interest Account pursuant to your most recent valid
allocation instructions for scheduled premium payments, subject to the
limitation of maintaining no more than $250,000 in the Guaranteed Interest
Account. In addition, any
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<PAGE> 45
interest earned on the amount held in the Loan Account will be transferred to
each of the Subaccounts and Guaranteed Interest Account on the same basis.
Amounts held in the Loan Account to secure Outstanding Debt forego the
investment experience of the subaccounts and the current interest rate of the
Guaranteed Interest Account. Thus Outstanding Debt, whether or not repaid, has a
permanent effect on your policy values and may have an effect on the amount and
duration of the death benefit. If not repaid, the Outstanding Debt will be
deducted from the amount of the death benefit upon the death of the insured, or
the value paid upon surrender or maturity.
Outstanding Debt may affect the length of time the policy remains in
effect. After the third policy anniversary (or, in some instances, the third
anniversary following an increase), your policy will lapse when (1) Cash Value
is insufficient to cover the monthly deduction against the policy's Fund Value
on any monthly anniversary day, and (2) the minimum payment required is not made
during the grace period. Moreover, the policy may enter the grace period more
quickly when Outstanding Debt exists, because the Outstanding Debt is not
available to cover the monthly deduction. In addition, the guarantee period
under the Guaranteed Death Benefit Rider may end if total premiums received less
(1) any partial surrenders and their fees, and (2) Outstanding Debt do not
exceed the premiums required under that Rider. Additional payments or repayments
of a part of Outstanding Debt may be required to keep the Policy or Rider in
effect. See "Grace Period and Lapse," page 37.
A loan will not be treated as a distribution from your policy and will not
result in taxable income to you unless your policy is a modified endowment
contract. If your policy is a modified endowment contract, a loan will be
treated as a distribution that may give rise to taxable income. If your policy
lapses with an outstanding loan balance there could be adverse federal income
tax consequences depending on the particular facts and circumstances. For
example, if (1) your policy lapses with an outstanding loan balance, and (2) it
does not lapse under a non-forfeiture option, you can have ordinary income to
the extent the outstanding loan exceeds your investment in the policy (i.e.
generally premiums paid less prior non-taxable distributions). For more
information on the tax treatment of loans, see "Federal Income Tax
Considerations," page 46.
FULL SURRENDER
You may fully surrender your policy at any time during the lifetime of the
insured. The amount received for a full surrender is the policy's Fund Value
less (1) any fund charge, and (2) any Outstanding Debt reduced by any unearned
loan interest.
You may surrender your policy by sending a written request together with
the policy to the Company's administrative office. The proceeds will be
determined as of the end of the valuation period during which the request for
surrender is received. You may elect to (1) have the proceeds paid in cash, or
(2) apply the proceeds under a payment plan offered under your policy. See
"Payment Plan Settlement Provisions," page 53. For information on the tax
effects of surrender of a policy, see "Federal Income Tax Consideration," page
46.
PARTIAL SURRENDER
With a partial surrender, you obtain a part of the Surrender Value of your
policy without having to surrender the policy in full. You may request a partial
surrender after the second policy anniversary. The partial surrender will take
effect on (1) the business day that we receive your request at our
administrative office, or (2) on the next business day if that day is not a
business day. There is currently no limit on the number of partial surrenders
allowed in a policy year. However, the Company reserves the right to limit the
number of partial surrenders to 12 per year.
A partial surrender must be for at least $500 (plus the applicable fee). In
addition, your policy's Surrender Value must be at least $500 after the partial
surrender.
You may make a partial surrender by submitting a proper written request to
the Company's home office. As of the effective date of any partial surrender,
your Fund Value, Cash Value, and Surrender
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<PAGE> 46
Value are reduced by the amount surrendered (plus the applicable fee). The
amount of any partial surrender (plus the applicable fee) is allocated
proportionately to the policy owner's Fund Value in the subaccounts and
Guaranteed Interest Account unless he/she requests otherwise. If the insured
dies after the request for a partial surrender is sent to the Company and prior
to it being effected, the amount of the partial surrender will be deducted from
the death benefit proceeds. The death benefit proceeds will be determined taking
into account the amount surrendered.
When a partial surrender is made on a policy on which the owner has
selected death benefit Option I, the Specified Amount under the policy is
decreased by the lesser of (1) the amount of the partial surrender or (2) if the
death benefit prior to the Partial Surrender is greater than the Specified
Amount, the amount, if any, by which the Specified Amount exceeds the difference
between the death benefit and the amount of the partial surrender. A partial
surrender will not change the Specified Amount of a policy on which the owner
has selected death benefit Option II. However, assuming that the death benefit
is not equal to Fund Value plus Fund Value times a death benefit percentage, the
partial surrender will reduce the death benefit by the amount of the partial
surrender. To the extent the death benefit is based upon the Fund Value plus
Fund Value times the death benefit percentage applicable to the insured, a
partial surrender may cause the death benefit to decrease by an amount greater
than the amount of the partial surrender. See "Death Benefits under the Policy,"
page 26.
A fee for each Partial Surrender will be assessed. See "Charges and
Deductions -- Transaction and Other Charges", page 45. In addition, a portion of
the Fund Charge may be assessed if the Specified Amount is reduced as a result
of the Partial Surrender. See "Charges and Deductions -- Fund Charge," page 43.
For information on the tax treatment of partial surrenders, see "Federal
Income Tax Considerations," page 46.
PREFERRED PARTIAL SURRENDER
A Fund Charge which otherwise would have been imposed, will not be imposed
to the extent required to permit the policy owner to receive amounts up to 10%
of the Cash Value of the policy each year. The Cash Value of the policy is
determined on the date the first request for a Partial Surrender is received in
a Policy Year. The partial surrender fee will, however, be charged. The Company
reserves the right to limit the number of partial surrenders available under the
Preferred Partial Surrender to not more than 12 per policy year.
GRACE PERIOD AND LAPSE
Your policy will remain in effect as long as:
(1) it has a Cash Value greater than zero,
(2) you have purchased one of the Guaranteed Death Benefit Riders, and
you have met all the requirements of that rider, and
(3) you make any required additional premium payments during a 61-day
Grace Period.
Special Rule for First Two Policy Years
During the first two policy years, your policy and any riders are
guaranteed not to lapse if on each monthly anniversary day either:
- Your policy's Cash Value is greater than zero, or
- The sum of the premiums paid minus all partial surrenders (and related
fees), minus any Outstanding Debt, is greater than or equal to
- The Minimum Monthly Premium times the number of months your policy has
been in effect
37
<PAGE> 47
Your policy may be at risk of lapse depending on whether or not a
Guaranteed Death Benefit Rider is in effect if:
- The insufficiency occurs at any other time, or
- The Minimum Monthly Premium test has not been met during the first two
policy years (as described above).
See the explanation below.
If Guaranteed Death Benefit Rider Is Not in Effect
To avoid lapse if (1) the Cash Value is insufficient to pay the current
Monthly Deduction, and (2) the Guaranteed Death Benefit Rider is not in effect,
you must pay the necessary amount during the grace period. When an insufficiency
occurs, you may also be required to pay any unpaid loan interest accrued for the
policy year. The interest amount will also have to be paid prior to the end of
the grace period.
We will reject any payment if is means your total premium payments will
exceed the maximum permissible premium for your policy's Specified Amount under
the Internal Revenue Code. This may happen when you have Outstanding Debt. In
this event, you could repay enough of the Outstanding Debt to avoid termination.
You may also wish to repay an additional part of the Outstanding Debt to avoid
recurrence of the potential lapse. If premium payments have not exceeded the
maximum permissible premiums, you may wish to make larger or more frequent
premium payments to avoid recurrence of the potential lapse. However, we will
not reject any premium payments necessary to prevent lapse of your policy.
If the Cash Value of your policy less any Outstanding Debt will not cover
the entire monthly deduction on a monthly anniversary day, we will deduct the
amount that is available. We will notify you (and any assignee of record) of the
payment necessary to keep your policy in effect. You will then have a grace
period of 61 days, from the date the notice was sent, to make the payment.
During the first two policy years, if the Cash Value of the policy is less than
zero, you must pay:
(1) The Minimum Monthly Premium not paid, plus
(2) Not less than two succeeding Minimum Monthly Premiums (or the number
of Minimum Monthly premiums remaining until the next Scheduled Premium due date.
After the second policy anniversary, the payment required is:
(1) The monthly deduction not paid, plus
(2) Two succeeding monthly deductions plus the amount of the
deductions from premiums for various taxes and the sales charge.
(See "Charges and Deductions -- Deductions from Premiums," page 41). The policy
will remain in effect through the grace period. If you fail to make the
necessary payment within the grace period, your coverage under the policy will
end and your policy will lapse. Necessary premium payments made during the grace
period will be allocated among the subaccounts and the Guaranteed Interest
Account. The allocation is made in according to your current scheduled premium
payment allocation instructions. Any monthly deduction due will be charged
proportionately to the subaccounts and the Guaranteed Interest Account. If the
insured dies during the grace period, the death benefit proceeds will equal:
(1) The amount of the death benefit immediately prior to the start of
the grace period, reduced by
(2) Any unpaid monthly deductions and any Outstanding Debt.
38
<PAGE> 48
If Guaranteed Death Benefit Rider Is in Effect
The Specified Amount of your policy and most rider coverages will not lapse
during the guarantee period even if the Cash Value is not enough to cover all
the deductions from the Fund Value on any monthly anniversary day if:
(1) Either of the Guaranteed Death Benefit Riders is in effect, and
(2) The test for continuation of the guarantee period has been met.
See "Choice of Guaranteed Death Benefit Riders," page 24.
While the Guaranteed Death Benefit Rider chosen is in effect, the Fund
Value of your policy will be reduced by monthly deductions but not below zero.
During the guarantee period, we will waive any monthly deduction that will
reduce the Fund Value below zero. If the Guaranteed Death Benefit Rider chosen
is ended, the normal test for lapse will resume.
Reinstatement
We will reinstate a lapsed policy at any time:
(1) Before the maturity date, and
(2) Within five years after the monthly anniversary day which precedes
the start of the grace period.
To reinstate a lapsed policy we must also receive:
(1) A written application from you
(2) Evidence of insurability satisfactory to us
(3) Payment of all monthly deductions that were due and unpaid during
the grace period
(4) Payment of an amount at least sufficient to keep your policy in
effect for three months after the reinstatement date
(5) Payment of interest on debt reinstated from the beginning of the
grace period to the end of the grace period at the rate that applies to
policy loans on the date of reinstatement
When your policy is reinstated, the Fund Value will be equal to the Fund
Value on the date of the lapse subject to the following:
(1) The Fund charge will be equal to the Fund charge that would have
existed had your policy been in effect since the original policy date.
(2) The Fund Value will be reduced by the decrease, if any, in the
Fund charge during the period that the policy was not in effect.
(3) Any Outstanding Debt on the date of lapse will also be reinstated.
(4) No interest on amounts held in our Loan Account to secure
Outstanding Debt will be paid or credited between lapse and reinstatement.
Reinstatement will be effective as of the monthly anniversary day on or
preceding the date of approval by us. At that time, the Fund Value minus, if
applicable, Outstanding Debt will be allocated among the subaccounts and the
Guaranteed Interest Account pursuant to your most recent scheduled premium
payment allocation instructions.
39
<PAGE> 49
CHARGES AND DEDUCTIONS
The following chart is intended to provide an overview of the current
charges and deductions under the policy. Please see the discussion of each item
in this prospectus and in the policy for further details.
--------------------------------------------------------------------------------
DEDUCTIONS FROM PREMIUMS
<TABLE>
<S> <C> <C>
-----------------------------------------------------------------------------------------------
Sales Charge -- It is a % of Premium paid 4% during first 10 policy years
2% in policy years 11-20
0% after policy year 20
-----------------------------------------------------------------------------------------------
Tax Charge State and local -- 2%
Federal -- 1.25%
-----------------------------------------------------------------------------------------------
</TABLE>
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
<TABLE>
<S> <C> <C>
----------------------------------------------------------------------------------------------
Mortality & Expense Risk Charge -- Maximum .75% of subaccount value (0.002055% daily)
Annual Rate Reduces after 10th policy year.
</TABLE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DEDUCTIONS FROM FUND VALUE
<TABLE>
<S> <C> <C>
----------------------------------------------------------------------------------------------
Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
----------------------------------------------------------------------------------------------
Administrative Charge -- monthly See discussion of Administrative Charge for
schedule.
----------------------------------------------------------------------------------------------
Guaranteed Death Benefit Charge Monthly $0.01 per $1,000 of Specified Amount and
Charge for Death Benefit Rider certain Rider amounts. Please note that the
Rider requires that premiums on the policy
itself be paid in order to remain in
effect.
----------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge Monthly As applicable.
Deduction for any other Optional Insurance
Benefits added by rider
----------------------------------------------------------------------------------------------
Transaction and Other Charges
- Partial Surrender Fee - The lesser of 2% of the amount
surrendered or $25.
- Transfer of Fund Value (at Company's - Maximum of $25 on transfers which exceed
Option) 4 in any policy year.(1)
----------------------------------------------------------------------------------------------
Administrative Fund Charge See discussion of Fund Charge for grading
Grades from 80% to 0 over 15 years based on schedule.
a schedule. Factors per $1,000 of Specified
Amount vary based on issue age, gender, and
underwriting class
----------------------------------------------------------------------------------------------
Sales Fund Charge See discussion of Fund Charge for
Percentage of premium paid in first five percentage schedule.
years up to a maximum amount of premiums
called the target premium.
----------------------------------------------------------------------------------------------
</TABLE>
(1) Currently no charge for any transfers.
The following provides additional details of the deductions from premium
payments under a policy prior to allocating net premium payments to the
subaccounts of MONY America Variable Account L or to the Guaranteed Interest
Account and of the deductions from MONY America Variable Account L and from the
policy's Fund Value.
40
<PAGE> 50
DEDUCTIONS FROM PREMIUMS
Deductions are made from each premium payment prior to applying the net
premium payment to the Fund Value.
Sales Charge -- This charge is equal to a percent of premiums paid
as follows:
Policy years 1-10: 4%
Policy years 11-20: 2%
Policy years after 20: 0%
You should refer to your policy to determine your Specified Amount and the
amount of any Term Life Term Insurance in force.
The sales charge compensates us for the cost of distributing the policies.
This charge is not expected to be enough to cover sales and distribution
expenses for the policies. To the extent that sales and distribution expenses
exceed sales charges, amounts derived from surrender charges will be used.
Expenses in excess of the sales and surrender charges may be recovered from
other charges, including amounts indirectly derived from the charge for
mortality and expense risks and mortality gains.
Tax Charge -- State and local premium tax -- currently 2%
Federal tax for deferred acquisition costs of the
Company -- currently 1.25%
All states levy taxes on life insurance premium payments. These taxes vary
from state to state and may vary from jurisdiction to jurisdiction within a
state. Currently, these taxes range from 0% to 4%. Therefore, the 2% current
deduction may be higher or lower than the actual premium tax imposed by a
jurisdiction. Our current tax charge is an approximate average of the actual
premium tax we expect to pay on premiums. We do not expect to profit from this
charge.
The 1.25% current charge against each premium covers our estimated cost for
the Federal income tax treatment of deferred acquisition costs. This is
determined solely by the amount of life insurance premiums received. We believe
this charge is reasonable in relation to our increased federal tax burden under
IRC Section 848 resulting from the receipt of premium payments. No charge will
be deducted where premiums received from you are not subject to this tax.
We reserve the right to increase or decrease the charge for taxes due to
any change in tax law or due to any change in the cost to us.
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
A charge is deducted daily from each subaccount of MONY America Variable
Account L for the mortality and expense risks assumed by the Company.
Mortality and Expense Risk
Charge -- Maximum of .002055% of the amount in the
subaccount, which is equivalent to an annual rate
of .75% of subaccount value.
The Mortality and Expense Risk Charge will
effectively be reduced after the tenth policy
anniversary. Each month after said date, an
expected amount equal to .04167% of the subaccount
value will be credited to the Fund Value allocated
to the subaccounts. This is equivalent to 0.5% on
an annualized basis. This amount is not guaranteed.
The allocation among subaccounts will be done
proportionately on each monthly anniversary
following the tenth policy anniversary.
This charge compensates us for assuming mortality and expense risks under
the policies. The mortality risk assumed is that insureds, as a group, may live
for a shorter period of time than estimated. Therefore, the cost of insurance
charges specified in the policy will not be enough to meet our actual claims. We
assume an expense risk that other expenses incurred in issuing and administering
the policies
41
<PAGE> 51
and operating MONY America Variable Account L will be greater than the amount
estimated when setting the charges for these expenses. We will realize a profit
from this fee to the extent it is not needed to provide benefits and pay
expenses under the policies. We may use this profit for other purposes. These
purposes may include any distribution expenses not covered by the sales charge
or surrender charge.
This charge is not assessed against the amount of the policy Fund Value
that is allocated to the Guaranteed Interest Account, nor to amounts in the Loan
Account.
DEDUCTIONS FROM FUND VALUE
A charge called the Monthly Deduction is deducted from the Fund Value on
each monthly anniversary day. The Monthly Deduction consists of the following
items:
Cost of Insurance -- This charge compensates us for the anticipated cost
of paying death benefits in excess of Fund Value to
insureds' beneficiaries. The amount of the charge
is equal to a current cost of insurance rate
multiplied by the net amount at risk under the
policy at the beginning of each policy month. Here,
net amount at risk equals the death benefit payable
at the beginning of the policy month less the Fund
Value at that time.
The policy contains guaranteed cost of insurance rates that may not be
increased. The guaranteed rates are based on the 1980 Commissioners Standard
Ordinary Smoker and Nonsmoker Mortality Tables. (For issue ages under 18, no
smoker/nonsmoker adjustment is made until attained age 15. Where unisex cost of
insurance rates apply, the 1980 Commissioners Ordinary Smoker and Nonsmoker
Mortality Table B applies.) These rates are based on the age and underwriting
class of the insured. They are also based on the gender of the insured, but
unisex rates are used where appropriate under applicable law. Unisex laws
include the State of Montana and in policies purchased by employers and employee
organizations in connection with employment related insurance or benefit
programs. As of the date of this prospectus, we charge "current rates" that are
lower (i.e., less expensive) than the guaranteed rates. We may change current
rates in the future. Like the guaranteed rates, the current rates also vary with
the age, gender, smoking status, and underwriting class of the insured. In
addition, they also vary with the policy duration. The cost of insurance rate
generally increases with the age of the insured.
If there have been increases in the Specified Amount, then for purposes of
calculating the cost of insurance charge, the Fund Value will first be applied
to the initial Specified Amount. If the Fund Value exceeds the initial Specified
Amount, the excess will then be applied to any increase in Specified Amount in
the order of the increases. If the death benefit equals the Fund Value
multiplied by the applicable death benefit percentage, any increase in Fund
Value will cause an automatic increase in the death benefit. The underwriting
class and duration for such increase will be the same as that used for the most
recent increase in Specified Amount (that has not been eliminated through a
later decrease in Specified Amount.
Administrative Charge
An administrative charge is deducted monthly from the Fund Value. The
amount of this charge varies by issue age of the insured, policy duration and
with the size of a policy's Specified Amount.
<TABLE>
<CAPTION>
FIRST 12 EACH POLICY
POLICY MONTHS MONTH THEREAFTER
------------- ----------------
<S> <C> <C>
Specified Amount:
Less than $250,000........................................ $ 31.50* $6.50
$250,000 to $499,000...................................... 28.50* 3.50
$500,000 or more.......................................... 25.00* None
</TABLE>
------------------------
* Reduced by $5.00 for issue ages 0 through 17. Issue Ages are restricted on
Policies offered to residents of, or issued for delivery in, the State of New
Jersey to ages in excess of 17.
42
<PAGE> 52
For purposes of this charge, if an increase or decrease in Specified Amount
causes your policy to change bands, the monthly administrative charges on the
monthly anniversary day of the change will be adjusted to reflect the new
Specified Amount. The administrative charge is assessed to reimburse the Company
for the expenses associated with administration and maintenance of the policies.
The administrative charge is guaranteed never to exceed these amounts. The
Company does not expect to profit from this charge.
Guaranteed Death Benefit
Charge -- If you elect the Guaranteed Death Benefit Rider,
you will be charged $0.01 per $1,000 of policy
Specified Amount and certain Rider amounts per
month during the term of the Guaranteed Death
Benefit Rider. This charge is guaranteed never to
exceed this amount.
Optional Insurance Benefits
Charge -- A monthly deduction for any other optional
insurance benefits added to the policy by rider.
FUND CHARGE
There will be a difference between the Fund Value of the policy and its
Cash Value for at least the first fourteen policy years. This difference is the
Fund Charge, a contingent deferred load. It is a contingent load because it is
assessed only if the policy is surrendered, if the policy lapses, or if the
Specified Amount of the policy is decreased. It is a deferred load because it is
not deducted from the premiums paid. The Fund Charge consists of two charges: an
Administrative Fund Charge and a Sales Fund Charge. The Company will assess the
Fund Charge against the Fund Value upon surrender, lapse or reduction in
Specified Amount within fourteen years after its issuance, or within fourteen
years following an increase in Specified Amount.
Administrative Fund Charge
The Administrative Fund Charge is equal to an amount per thousand dollars
of Specified Amount as follows:
<TABLE>
<CAPTION>
ADMINISTRATIVE
ISSUE AGE* FUND CHARGE
---------- --------------
<S> <C>
0-25........................................................ $2.50
26.......................................................... 3.00
27.......................................................... 3.50
28.......................................................... 4.00
29.......................................................... 4.50
30 or higher................................................ 5.00
</TABLE>
---------------
* Issue Ages are restricted on Policies offered to residents of, or issued for
delivery in, the State of New Jersey to ages in excess of 17.
The amount of the charge remains level for five policy years. After the fifth
policy Anniversary, the charge decreases by 10% per year until it reaches zero
at the end of the 14th policy year. An additional Administrative Fund Charge is
created each time a new coverage segment of Specified Amount is added. The
Administrative Fund Charge related to the increased Specified Amount decreases
over the 14 years following the date of the increase on a scale identical to
that of the original Administrative Fund Charge.
For example, if a policy issued at Age 40 with an initial Specified Amount
of $100,000 is surrendered in the third policy year, the Administrative Fund
Charge would be $500 ($100 times $5.00). If that policy is increased in the
fourth policy year to $150,000 and is subsequently surrendered in the seventh
policy year, the total Administrative Fund Charge would be $650 ($100 times
$5.00 times 80%, plus $50 times $5.00.)
43
<PAGE> 53
The Administrative Fund Charge is designed to cover the administrative
expenses associated with underwriting and issuing a policy, including the costs
of processing applications, conducting medical examinations, determining
insurability and your underwriting class, and establishing policy records. The
Company does not expect to profit from the Administrative Fund Charge.
Sales Fund Charge
To determine the Sales Fund Charge, a "target premium" is used. The target
premium is not based on the minimum annual premiums or the scheduled premium
payments. The maximum Sales Fund Charge for the initial Specified Amount of the
policy will be equal to the following percentage of premiums paid up to one
target premium. The maximum Sales Fund Charge will not vary based on the amount
of premiums paid or the timing of the premium payments. The actual Sales Fund
Charge for your policy is a percentage of the premiums paid on your policy
during the first five policy years, up to the maximum. This percentage varies by
the Age of the Insured on the policy date as follows:
<TABLE>
<CAPTION>
PERCENTAGE OF
AGE* PREMIUMS PAID
---- -------------
<S> <C>
0-17........................................................ 50%
18-65....................................................... 75
66.......................................................... 70
67.......................................................... 65
68.......................................................... 60
69.......................................................... 55
70 or higher................................................ 50
</TABLE>
---------------
* Issue Ages are restricted on Policies offered to residents of, or issued for
delivery in, the State of New Jersey to ages in excess of 17.
Therefore, the Sales Fund Charge can increase as premiums are paid during the
five year period. Starting on the fifth Policy anniversary, the charge decreases
from its maximum by 10% per year until it reaches zero at the end of the 14th
year.
During the first two Policy years, the Sales Fund Charge will be further
limited.
As an example of the Sales Fund Charge calculation, if a Male Insured Age
25 purchases a Policy with a Specified Amount of $100,000, the, Target Premium,
based upon the assumptions described above, would be $580.00 (Preferred,
nonsmoker, Death Benefit Option I). The maximum Sales Fund charge during the
first five Policy Years would be 75% of this amount, or $435.00.
The purpose of the Sales Fund Charge is to reimburse the Company for some
of the expenses of distributing the Policies.
Effect of Changes in Specified Amount on the Fund Charge
The Fund Charge will increase when a new coverage segment of Specified
Amount is created due to a requested increase in coverage. The fund charge
related to the increase will be calculated in the same manner as the fund charge
for the original Specified Amount, and will be reduced over the 15 year period
following the increase. For purposes of calculating the sales fund charge,
premiums paid after the increase will be allocated to Specified Amount segments
in the same proportion that the guideline annual premium as defined by the
federal securities laws for each segment bear to the sum of the guideline annual
premiums for all coverage segments. The new fund charge for the policy will
equal the remaining portion of the fund charge for the original Specified
Amount, plus the fund charge related to the increase.
A portion of the fund charge will be deducted from the Fund Value whenever
the Specified Amount of the policy is reduced. This may result from (1) a
requested decrease, (2) a change of death benefit option from Option II to
Option I, or (3) a partial surrender. The fund charge, as well as the
transaction
44
<PAGE> 54
charge assessed for the Partial Surrender, if applicable, will be deducted from
the subaccounts and the Guaranteed Interest Account on the same basis that the
partial surrender is allocated. For purposes of this calculation, if any
subaccount or the Guaranteed Interest Account is insufficient to provide for its
share of the deduction, the entire deduction will be pro-rated among the
subaccounts from which the partial surrender is deducted in relation to their
Fund Values. The remaining Fund Charge which applies to the policy will be
reduced proportionately for the amount of the fund charge which was assessed
against the Fund Value.
Effect of Changes in Specified Amount on the Fund Charge --
The fund charge will increase when a new coverage segment of Specified
Amount is created due to a requested increase in coverage. The fund charge
related to the increase will be computed in the same manner as the fund charge
for the original Specified Amount. It will reduce over the 15-year period
following the increase. The new fund charge for the policy will equal:
(1) The remaining part of the fund charge for the original Specified
Amount, plus
(2) The fund charge related to the increase.
A portion of the Fund Charge will be deducted from the Fund Value whenever
the Specified Amount of the policy is reduced. This may result from:
- a requested decrease,
- a change of death benefit option from Option I to Option II, or
- a partial surrender.
The Fund Charge, as well as any applicable transaction charge assessed for
the partial surrender, will be deducted from the subaccounts and the Guaranteed
Interest Account. The deduction will be made on the same basis that the partial
surrender is allocated. If any subaccount or the Guaranteed Interest Account is
insufficient to provide for its share of the deduction, the entire deduction
will be pro-rated among the subaccounts from which the partial surrender is
deducted in relation to their Fund Values. The remaining Fund Charge which
applies to the policy will be reduced proportionately for the amount of the Fund
Charge which was assessed against the Fund Value.
TRANSACTION AND OTHER CHARGES
- Partial Surrender Fee -- The lesser of 2% of the partial surrender amount
or $25.
- Transfer of Fund Value -- Maximum of $25 on each transfer in a policy
year exceeding four; currently $0.
The partial surrender fee is guaranteed not to exceed the amounts above.
Currently, we do not charge for transfers of Fund Value between the subaccounts.
However, we reserve the right to assess a $25 charge on transfers which exceed 4
in any policy year. For policies issued for delivery to residents of the
Commonwealth of Massachusetts, we guarantee that no transfer charge will be
imposed on transfers made within one year from the date the policy is issued.
We may charge the subaccounts for federal income taxes that are incurred by
us and are attributable to MONY America Variable Account L and its subaccounts.
No such charge is currently assessed. See "Charge for Company Income Taxes,"
page 50.
We will bear the direct operating expenses of MONY America Variable Account
L. The subaccounts purchase shares of the corresponding portfolio of the
underlying Fund. The Fund's expenses are not fixed or specified under the terms
of the policy.
FEES AND EXPENSES OF THE FUNDS
The Fund and each of its portfolios incur certain charges including the
investment advisory fee and certain operating expenses. These fees and expenses
vary by portfolio and are set forth below. Their Boards govern the Funds. The
advisory fees are summarized at pages 16-20. Fees and expenses of the Funds are
described in more detail in the Funds' prospectuses.
45
<PAGE> 55
GUARANTEE OF CERTAIN CHARGES
We guarantee that the following charges will not increase:
(1) Mortality and expense risk charge.
(2) Administrative charge.
(3) Sales charge.
(4) Guaranteed cost of insurance rates.
(5) Fund charge.
(6) Partial surrender fee.
Any changes in the current cost of insurance charges or charges for
optional insurance benefits will be made based on the class of the insured.
Changes will be based on changes in:
(1) Future expectations with respect to investment earnings,
(2) Mortality,
(3) Length of time policies will remain in effect,
(4) Expenses, and
(5) Taxes.
In no event will they exceed the guaranteed rates defined in the policy.
OTHER INFORMATION
FEDERAL INCOME TAX CONSIDERATIONS
The following provides a general description of the federal income tax
considerations relating to the policy. This discussion is based upon our
understanding of the present federal income tax laws as the Internal Revenue
Service ("IRS") currently interprets them. This discussion is not intended as
tax advice. Tax laws are very complex and tax results will vary according to
your individual circumstances. A person considering the purchase of the policy
may need tax advice. It should be understood that these comments on federal
income tax consequences are not an exhaustive discussion of all tax questions
that might arise under the policy. Special rules that are not discussed here may
apply in certain situations. We make no representation as to the likelihood of
continuation of federal income tax or estate or gift tax laws or of the current
interpretations of the IRS or the courts. Future legislation may adversely
affect the tax treatment of life insurance policies or other tax rules that we
describe here or that relate directly or indirectly to life insurance policies.
Our comments do not take into account any state or local income tax
considerations that may be involved in the purchase of the policy.
Definition of Life Insurance
Under section 7702 of the Internal Revenue Code (the "Code"), a policy will
be treated as a life insurance policy for federal tax purposes if one of two
alternate tests are met. These tests are:
(1) "Cash Value Accumulation Test"
(2) "Guideline Premium/Cash Value Corridor Test"
Your policy is tested under the Guideline Premium/Cash Value Corridor Test.
This test provides for, among other things:
(1) A maximum allowable premium per thousand dollars of death benefit,
known as the "guideline annual premium," and
(2) A minimum ongoing "corridor" of death benefit in relation to the
Fund Value of the policy, known as the "death benefit percentage."
46
<PAGE> 56
See Appendix A, for a table of the Guideline Premium/Cash Value Corridor Test
factors.
We believe that the policy meets this statutory definition of life
insurance and hence will receive federal income tax treatment consistent with
that of fixed life insurance. Thus, the death benefit should be excludable from
the gross income of the beneficiary (whether the beneficiary is a corporation,
individual or other entity) under Section 101 (a) (1) of the Code for purposes
of the regular federal income tax. You generally should not be considered to be
in constructive receipt of the cash values under the policy until a full
surrender, maturity of the policy, or a partial surrender. In addition, certain
policy loans may be taxable in the case of policies that are modified endowment
contracts. Prospective policy owners that intend to use policies to fund
deferred compensation arrangements for their employees are urged to consult
their tax advisors with respect to the tax consequences of such arrangements.
Prospective corporate owners should consult their tax advisors about the
treatment of life insurance in their particular circumstances for purposes of
the alternative minimum tax applicable to corporations.
Tax Treatment of Policies
The Technical and Miscellaneous Revenue Act of 1988 established a new class
of life insurance contracts referred to as modified endowment contracts. A life
insurance contract becomes a "modified endowment contract" if, at any time
during the first seven contract years, the sum of actual premiums paid exceeds
the sum of the "seven-pay premium." Generally, the "seven-pay premium" is the
level annual premium, which if paid for each of the first seven years, will
fully pay for all future death and endowment benefits under a contract.
Example: "Seven-pay premium = $1,000
Maximum premium to avoid "modified endowment" treatment =
First year -- $1,000
Through first two years -- $2,000
Through first three years -- $3,000 etc.
Under this test, a policy may or may not be a modified endowment contract. The
outcome depends on the amount of premiums paid during each of the policy's first
seven contract years. Changes in benefits may require testing to determine if
the policy is to be classified as a modified endowment contract. A modified
endowment contract is treated differently for tax purposes then a conventional
life insurance contract.
Conventional Life Insurance Policies
If a policy is not a modified endowment contract distributions are treated
as follows. Upon a full surrender or maturity of a policy for its Cash Value,
the excess if any, of the Cash Value plus Outstanding Debt minus the cost basis
under a policy will be treated as ordinary income for federal income tax
purposes. A policy's cost basis will usually equal the premiums paid less any
premiums previously recovered through partial surrenders. Under Section 7702 of
the Code, special rules apply to determine whether part or all the cash received
through partial surrenders in the first 15 policy years is paid out of the
income of the policy and therefore subject to income tax. Cash distributed to a
policy owner on partial surrenders occurring more than 15 years after the policy
date will be taxable as ordinary income to the policy owner to the extent that
it exceeds the cost basis under a policy.
We believe that loans received under policies that are not modified
endowment contracts will be treated as indebtedness of the owner. Thus, no part
of any loan under the policy will constitute income to the owner until the
policy matures, unless the policy is surrendered before it matures. Interest
paid (or accrued by an accrual basis taxpayer) on a loan under a policy that is
not a modified endowment contract may be deductible. Deductibility will be
subject to several limitations, depending upon (1) the use to which the proceeds
are put and (2) the tax rules applicable to the policy owner. If, for example,
an individual who uses the proceeds of a loan for business or investment
purposes, may be able to deduct all or part of the interest expense. Generally,
if an individual uses the policy loan for personal purposes, the interest
expense is not deductible. The deductibility of loan interest (whether incurred
under a policy loan or other indebtedness) also may be subject to other
limitations.
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For example, the interest may be deductible to the extent that the interest
is attributable to the first $50,000 of the Outstanding Debt where:
- The interest is paid (or accrued by an accrual basis taxpayer) on a loan
under a policy, and
- The policy covers the life of an officer, employee, or person financially
interested in the trade or business of the policy owners.
Other tax law provisions may limit the deduction of interest payable on
loan proceeds that are used to purchase or carry certain life insurance
policies.
Modified Endowment Contracts
Pre-death distributions from modified endowment contracts may result in
taxable income. Upon full surrender or maturity of the policy, the policy owner
would recognize ordinary income for federal income tax purposes. Ordinary income
will equal the amount by which the Cash Value plus Outstanding Debt exceeds the
investment in the policy. (The investment in the policy is usually the premiums
paid plus certain pre-death distributions that were taxable less any premiums
previously recovered that were excludable from gross income.) Upon partial
surrenders and policy loans the policy owner would recognize ordinary income to
the extent allocable to income (which includes all previously non-taxed gains)
on the policy. The amount allocated to income is the amount by which the Fund
Value of the policy exceeds investment in the policy immediately before
distribution. The tax law provides for aggregation of two or more policies
classified as modified endowment contracts if:
(1) The policies are purchased from any one insurance company
(including the Company), and
(2) The purchases take place during a calendar year.
The policies are aggregated for the purpose of determining the part of the
pre-death distributions allocable to income on the policies and the part
allocable to investment in the policies.
Amounts received under a modified endowment contract that are included in
gross income are subject to an additional tax. This additional tax is equal to
10% of the amount included in gross income, unless an exception applies. The 10%
additional tax does not apply to any amount received:
(1) When the taxpayer is at least 59 1/2 years old;
(2) Which is attributable to the taxpayer becoming disabled; or
(3) Which is part of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life expectancy)
of the taxpayer or the joint lives (or joint life expectancies) of the
taxpayer and his or her beneficiary.
A contract may not be a modified endowment contract originally but may
become one later. Treasury Department regulations, yet to be prescribed, cover
pre-death distributions received in anticipation of the policy's failure to meet
the seven-pay premium test. These distributions are to be treated as pre-death
distributions from a modified endowment contract (and, therefore, are to be
taxed as described above). This treatment is applied even though the policy was
not yet a modified endowment contract. The Code defines a distribution in
anticipation of failing the test as one made within two years of the policy
being classified as a modified endowment contract.
It is unclear whether interest paid (or accrued by an accrual basis
taxpayer) on Outstanding Debt with respect to a modified endowment contract
constitutes interest for federal income tax purposes. If it does constitute
interest, its deductibility will be subject to the same limitations as
conventional life insurance contracts (see "Conventional Life Insurance
Policies," page 47.)
Reasonableness Requirement for Charges
The tax law also deals with allowable mortality costs and other expenses
used in the calculations to determine whether a contract qualifies as life
insurance for income tax purposes. For policies entered into
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on or after October 21, 1988, the calculations must be based upon, (1)
reasonable mortality charges, and (2) other charges reasonably expected to be
paid. The Treasury Department is expected to declare regulations governing
reasonableness standards for mortality charges. We believe our mortality costs
and other expenses used in these calculations meet the current requirements. It
is possible that future regulations will contain standards that would require us
to modify our mortality charges for these calculations. We reserve the right to
make modifications to retain the policy's qualification as life insurance for
federal income tax purposes.
Pension and Profit Sharing Plans
Policies purchased by a fund, which is part of a pension or profit sharing
plan (under Sections 401(a) or 403 of the Code), will be treated differently
from that described above. For participants in these plans, the current cost of
insurance for the net amount at risk is treated as a "current fringe benefit."
The current cost of insurance must be included annually in the plan
participant's gross income. This cost (referred to as the "P.S. 58" cost) is
reported to the participant annually. The excess of the death benefit over the
policy Fund Value will not be subject to federal income tax if:
(1) The plan participant dies while covered by the plan, and
(2) The policy proceeds are paid to the participant's beneficiary.
However, the policy Fund Value will generally be taxable to the extent it
exceeds the sum of (1) $5,000 plus (2) the participant's cost basis in the
policy. The participant's cost basis will generally include the costs of
insurance previously reported as income to the participant. Special rules may
apply if the participant has borrowed from his or her policy or was an
owner-employee under the plan.
There are limits on the amounts of life insurance that may be purchased on
behalf of a participant in a pension or profit sharing plan. Complex rules, in
addition to those discussed above, apply whenever life insurance is purchased by
a tax-qualified plan.
Other Employee Benefit Programs
Complex rules may apply when a policy is held by an employer or a trust, or
acquired by an employee, to provide for employee benefits. These policy owners
also must consider whether the policy was applied for by or issued to a person
having an insurable interest under applicable state law. The lack of insurable
interest may, among other things, affect the qualification of the policy as life
insurance for federal income tax purposes. It may also affect the right of the
beneficiary to death benefits. Employers and employer-created trusts may be
subject to reporting, disclosure, and fiduciary obligations under the Employee
Retirement Income Security Act of 1974 (ERISA). The policy owner's legal advisor
should be consulted to address these issues.
Diversification Requirements
To comply with regulations under Section 817(h) of the Code, each portfolio
is required to diversify its investments. Generally, on the last day of each
quarter of a calendar year,
(1) No more than 55% of the value of the portfolio's assets can be
represented by any one investment,
(2) No more than 70% can be represented by any two investments,
(3) No more than 80% can be represented by any three investments, and
(4) No more than 90% can be represented by any four investments.
Securities of a single issuer generally are treated for purposes of Section
817(h) as a single investment. However, for this purpose, each U.S. Government
agency or instrumentality is treated as a separate issuer. Any security issued,
guaranteed, or insured (to the extent guaranteed and insured) by the U.S. or by
an
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agency or instrumentality of the U.S. is treated as a security issued by the
U.S. Government or its agency or instrumentality, as applicable.
Currently, for federal income tax purposes, the portfolio shares underlying
the subaccounts available under the policies are owned by the Company and not by
you or any beneficiary. However, no representation is or can be made regarding
the likelihood of the continuation of current interpretations by the IRS.
Other
Federal estate and gift and state and local estate, inheritance, and other
tax consequences of ownership or receipt of policy proceeds depend on the
jurisdiction and the circumstances of each owner or beneficiary.
For complete information on federal, state, local and other tax
considerations, a qualified tax advisor should be consulted.
THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING
THE TAX STATUS OF ANY POLICY
CHARGE FOR COMPANY INCOME TAXES
For federal income tax purposes, variable life insurance generally is
treated in a manner consistent with fixed life insurance. The Company will
review the question of a charge to the Variable Account for the Company's
federal income taxes periodically. A charge may be made for any federal income
taxes incurred by the Company that are attributable to the Variable Account.
This might become necessary if:
(1) The tax treatment of the Company is ultimately determined to be
other than what the Company currently believes it to be,
(2) There are changes made in the federal income tax treatment of
variable life insurance at the insurance company level, or
(3) There is a change in the Company's tax status.
Under current laws, the Company may incur state and local taxes (in
addition to premium taxes imposed by the states) in several states. At present,
these taxes are not significant. If there is a material change in applicable
state or local tax laws or in the cost to the Company, the Company reserves the
right to charge the Account for any such taxes attributable to the Account.
VOTING OF FUND SHARES
Based on its view of present applicable law, the Company will exercise
voting rights attributable to the shares of each portfolio of the Funds held in
the subaccounts. We will exercise such rights at any regular and special
meetings of the shareholders of the Funds on matters requiring shareholder
voting under the Investment Company Act of 1940. Our will exercise of these
voting rights will be based on instructions received from persons having the
voting interest in corresponding subaccounts of MONY America Variable Account L.
We may elect to vote the shares of the Funds in our own right if:
(1) The Investment Company Act of 1940 or any regulations thereunder
is amended, or
(2) The present interpretation of the Act should change, and
(3) As a result we determine that it is permitted to vote the shares
of the Funds in our right.
The person having the voting interest under a policy is the policy owner.
Unless otherwise required by applicable law, a policy owner will have the right
to instruct for the number of votes of any portfolio determined by dividing his
or her Fund Value in the subaccount that corresponds to the portfolio by $100.
Fractional votes will be counted. The number policy owner votes will be
determined as of the date set by
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the Company. However, such date will not be more than 90 days prior to the date
established by the corresponding Fund for determining shareholders eligible to
vote at that Fund's meeting. If required by the Securities and Exchange
Commission, the Company reserves the right to determine the voting rights in a
different fashion. Voting instructions may be cast in person or by proxy.
If the Company does not receive voting instructions from the policy owner
on time, the Company will vote his or her votes. The Company will vote in the
same proportion as voting instructions received on time for all policies
participating in that subaccount. The Company will also exercise the voting
rights from assets in each subaccount, which are not otherwise attributable to
policy owners. These votes will be exercised in the same proportion as the
voting instructions that are received on time for all policies participating in
that subaccount. Generally, the Company will vote any voting rights attributable
to shares of portfolios of the Funds held in its General Account. These votes
will be exercised in the same proportion as the aggregate votes cast with
respect to shares of portfolios of the Funds held by MONY America Variable
Account L and other separate accounts of the Company.
DISREGARD OF VOTING INSTRUCTIONS
The Company may disregard voting instructions when required by state
insurance regulatory authorities, if, (1) the instructions require that voting
rights be exercised so as to cause a change in the subclassification or
investment objective of a Portfolio, or (2) to approve or disapprove an
investment advisory contract. In addition, the Company itself may disregard
voting instructions of changes initiated by policy owners in the investment
policy or the investment adviser (or portfolio manager) of a portfolio. The
Company's disapproval of such change must be reasonable and must be based on a
good faith determination that the change would be contrary to state law or
otherwise inappropriate, considering the portfolio's objectives and purpose, and
considering the effect the change would have on the Company. If Company does
disregard voting instructions; a summary of that action and the reasons for such
action will be included in the next report to policy owners.
REPORT TO POLICY OWNERS
A statement will be sent at least annually to each policy owner setting
forth:
(1) A summary of the transactions which occurred since the last
statement, and
(2) Indicating the death benefit, Specified Amount, Fund Value, Cash
Value, and any Outstanding Debt.
In addition, the statement will indicate the allocation of Fund Value among the
Guaranteed Interest Account, the Loan Account and the subaccounts, and any other
information required by law. Confirmations will be sent out upon premium
payments, transfers, loans, loan repayments, withdrawals, and surrenders.
Each policy owner will also receive an annual and a semiannual report
containing financial statements for MONY America Variable Account L and the
Funds. The Funds' statement will include a list of the portfolio securities of
the Funds, as required by the Investment Company Act of 1940, and/or such other
reports as may be required by federal securities laws.
SUBSTITUTION OF INVESTMENTS AND RIGHT TO CHANGE OPERATIONS
The Company reserves the right, subject to compliance with the law as then
in effect, to make additions to, deletions from, or substitutions for the
securities that are held by or may be purchased by MONY America Variable Account
L or any of its other separate accounts. The Company may substitute shares of
another portfolio of the Funds or of a different fund for shares already
purchased, or to be purchased in the future under the policies if:
(1) Shares of any or all of the portfolios of the Funds should no
longer be available for investment or,
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(2) In the judgment of the Company's management, further investment in
shares of any or all portfolios of the Funds should become inappropriate in
view of the purposes of the policies.
Where required, the Company will not substitute any shares attributable to
a policy owner's interest in MONY America Variable Account L without notice,
policy owner approval, or prior approval of the Securities and Exchange
Commission. The Company will also follow the filing or other procedures
established by applicable state insurance regulators. Applicable state insurance
regulators include the Commissioner of Insurance of the State of Arizona.
The Company also reserves the right to establish additional subaccounts of
MONY America Variable Account L. Each additional subaccount would invest in (1)
a new portfolio of the Funds, or (2) in shares of another investment company, a
portfolio thereof, or (3) another suitable investment vehicle, with a specified
investment objective. New subaccounts may be established when, in the sole
discretion of the Company, marketing needs or investment conditions warrant, and
any new Subaccounts will be made available to existing Policy Owners on a basis
to be determined by the Company. The Company may also eliminate one or more
subaccounts if, in its sole discretion, marketing, tax, or investment conditions
so warrant.
If a substitution or change is made, the Company may make changes in this
and other policies as may be necessary or appropriate to reflect such
substitution or change. If the Company considers it to be in the best interests
of persons having voting rights under the policies, MONY America Variable
Account L may:
(1) Be operated as a management investment company under the
Investment Company Act of 1940 or any other form permitted by law,
(2) Be deregistered under that Act if such registration is no longer
required, or
(3) Be combined with other separate accounts of the Company or an
affiliate thereof.
Subject to compliance with applicable law, the Company also may combine one or
more Subaccounts and may establish a committee, board, or other group to manage
one or more aspects of the operation of MONY America Variable Account L.
CHANGES TO COMPLY WITH LAW
The Company reserves the right to make any change without consent of policy
owners to the provisions of the policy to comply with, or give policy owners the
benefit of, any Federal or State statute, rule, or regulation. Federal and State
laws include but not limited to requirements for life insurance contracts under
the Internal Revenue Code, and regulations of the United States Treasury
Department or any state.
PERFORMANCE INFORMATION
We may advertise the performance of the MONY America Variable Account L
subaccounts. We will also report performance to policy owners and may make
performance information available to prospective purchasers. This information
will be presented in compliance with applicable law.
Performance information may show the change in a policy owner's Fund Value
in one or more subaccounts, or as a change in a policy owner's death benefit.
Performance information may be expressed as a change in a policy owner's Fund
Value over time or in terms of the average annual compounded rate of return on
the policy owner's Fund Value. Such performance is based upon a hypothetical
policy in which premiums have been allocated to a particular subaccount of MONY
America Variable Account L over certain periods of time that will include one,
five and ten years, or from the commencement of operation of the subaccount of
MONY America Variable Account L if less than one, five, or ten years. Any such
quotation may reflect the deduction of all applicable charges to the policy
including premium load, the cost of insurance, the administrative charge, and
the mortality and expense risk charge. The
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quotation may also reflect the deduction of the surrender charge, if applicable,
by assuming surrender at the end of the particular period. However, other
quotations may simultaneously be given that do not assume surrender and do not
take into account deduction of the surrender charge.
Performance information for MONY America Variable Account L may be compared
in advertisements, sales literature, and reports to policy owners to:
(1) Other variable life separate accounts or investment products
tracked by research firms, ratings services, companies, publications, or
persons who rank separate accounts or investment products on overall
performance or other criteria, and
(2) The Consumer Price Index (measure for inflation) to assess the
real rate of return from the purchase of a policy.
Reports and promotional literature may also contain the Company's rating or a
rating of the Company's claim paying ability as determined by firms that analyze
and rate insurance companies and by nationally recognized statistical rating
organizations.
Performance information for any subaccount of MONY America Variable Account
L reflects only the performance of a hypothetical policy whose Fund Value is
allocated to MONY America Variable Account L during a particular time period on
which the calculations are based. Performance information should be considered
in light of the investment objectives and policies, characteristics and quality
of the portfolios of the Funds in which MONY America Variable Account L invests.
The market conditions during the given period of time should not be considered
as a representation of what may be achieved in the future.
THE GUARANTEED INTEREST ACCOUNT
You may allocate all or a portion of your net premiums and transfer Fund
Value to the Guaranteed Interest Account of the Company. Amounts allocated to
the Guaranteed Interest Account become part of the "General Account" of the
Company, which supports insurance and annuity obligations. The amounts allocated
to the General Account of the Company are subject to the liabilities arising
from the business the Company conducts. Descriptions of the Guaranteed Interest
Account are included in this Prospectus for the convenience of the purchaser.
The Guaranteed Interest Account and the General Account of the Company have not
been registered under the Securities Act of 1933 and the Investment Company Act
of 1940. Accordingly, neither the Guaranteed Interest Account nor any interest
therein is generally subject to the provisions of these Acts and, as a result,
the staff of the Securities and Exchange Commission has not reviewed the
disclosure in this prospectus relating to the Guaranteed Interest Account.
Disclosures regarding the Guaranteed Interest Account may, however, be subject
to certain generally applicable provisions of the federal securities laws
relating to the accuracy and completeness of statements made in the prospectus.
For more details regarding the Guaranteed Interest Account, see the policy.
GENERAL DESCRIPTION
Amounts allocated to the Guaranteed Interest Account become part of the
General Account of Company which consists of all assets owned by the Company
other than those in MONY America Variable Account L and other separate accounts
of the Company. Subject to applicable law, the Company has sole discretion over
the investment of the assets of its General Account.
You may elect to allocate net premiums to the Guaranteed Interest Account,
MONY America Variable Account L, or both. You may also transfer Fund Value from
the subaccounts of MONY America Variable Account L to the Guaranteed Interest
Account or from the Guaranteed Interest Account to the subaccounts. The Company
guarantees that the Fund Value in the Guaranteed Interest Account will be
credited with a minimum interest rate of 0.0133689% daily, compounded daily, for
a minimum effective annual rate of 5%. Such interest will be paid regardless of
the actual investment experience of the Guaranteed Interest Account. In
addition, Company may in its sole discretion declare
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current interest in excess of the 5% annual rate. (The portion of a Policy
Owner's Fund Value that has been used to secure Outstanding Debt will be
credited with a guaranteed interest rate of 0.013368% daily, compounded daily,
for a minimum effective annual rate of 5%.) After the tenth policy anniversary,
an increase in the annual interest rates that apply to the Fund Value in the
Guaranteed Interest Account and Loan Account is expected. The rate is expected
to be .5% higher. Neither increase is guaranteed.
The Company bears the full investment risk for the Fund Value allocated to
the Guaranteed Interest Account.
LIMITATIONS ON AMOUNTS IN THE GUARANTEED INTEREST ACCOUNT
No net premium or transfer to the Guaranteed Interest Account will be
accepted which would cause the Guaranteed Interest Account to exceed $250,000 on
the date of payment or transfer. The Company reserves the right to increase or
decrease this limit in the future. For payments which exceed the limit, the
Company will accept the portion of the payment up to $250,000 and will return
the excess payment to the policy owner. For transfers which exceed the limit,
the Company will accept the portion of the transfer up to the $250,000. The
amount of the requested transfer which would otherwise cause the Guaranteed
Interest Account to exceed $250,000 will be retained in the subaccounts in the
same proportion that the amount actually transferred bears to the total
requested transfer amount. These limits are waived in the event the policy owner
elects the Right to Exchange Policy. See "Right to Exchange Policy", page 35.
DEATH BENEFIT
The death benefit under the policy will be determined in the same fashion
if you have Fund Value in the Guaranteed Interest Account or Fund Value in the
subaccounts. The death benefit under Option I will be equal to the Specified
Amount of the Policy plus the increase in Fund Value since the last monthly
anniversary or, if greater, Fund Value on the date of death plus Fund Value on
the last monthly anniversary multiplied by a death benefit percentage. Under
Option II, the death benefit will be equal to the Specified Amount of the Policy
plus the Fund Value or, if greater, Fund Value on the date of death plus Fund
Value on the last monthly anniversary multiplied by a death benefit percentage.
See "Death Benefits under the Policy," page 26.
POLICY CHARGES
Deductions from premium, monthly deductions from the Fund Value, and Fund
charges will be the same if you allocate net premiums or transfer Fund Value to
the Guaranteed Interest Account or allocate net premiums to the subaccounts.
These charges include the sales and tax charges; the charges for the cost of
insurance, administrative charge, the charge for any optional insurance benefits
added by Rider, and administrative Fund Charge and sales Fund Charge. Fees for
partial surrenders and, if applicable, transfer charges, will also be deducted
from the Guaranteed Interest Account.
You will not directly or indirectly pay charges applicable to the
portfolios, including the operating expenses of the portfolios, and the
investment advisory fee charged by the portfolio managers if your Fund Value is
allocated to the Guaranteed Interest Account. Likewise, the mortality and
expense risk charge applicable to the Fund Value allocated to the subaccounts is
not deducted from Fund Value allocated to the Guaranteed Interest Account. Any
amounts that the Company pays for income taxes allocable to the subaccounts will
not be charged against the Guaranteed Interest Account. However, it is important
to remember that you will not participate in the investment experience of the
subaccounts to the extent that Fund Values are allocated to the Guaranteed
Interest Account.
TRANSFERS
Amounts may be transferred after the Free Look Period from the subaccounts
to the Guaranteed Interest Account and from the Guaranteed Interest Account to
the subaccounts, subject to the following limitations.
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- Transfers to the Guaranteed Interest Account may be made at any time and
in any amount subject to the $250,000 limit on total amounts allocated to
the Guaranteed Interest Account. These limits are waived if the
policyowner elects the Right to Exchange the Policy. See "Right to
Exchange the Policy", page 35.
- Transfers from the Guaranteed Interest Account to the subaccounts are
limited to:
- one in any policy year,
- the greater of $5,000 and 25% of the Fund Value allocated to the
Guaranteed Interest Account on the date of transfer, and
- the period which begins on the policy anniversary and which ends 30
days after the policy anniversary.
If the transfer request is received on the policy anniversary, it will be
processed as of the policy anniversary. If the transfer request is received
within 30 days after the policy anniversary, the transfer will be effective as
of the valuation date when it is received. Any request received within 10 days
before the policy anniversary will be considered received on the policy
anniversary. Any transfer requests received at other times will not be honored,
and will be returned to the policy owner.
Currently there is no charge imposed upon transfers; however, the Company
reserves the right to assess such a charge in the future and to impose other
limitations on the number of transfers, the amount of transfers, and the amount
remaining in the Guaranteed Interest Account or Subaccounts after a transfer.
SURRENDERS AND POLICY LOANS
You may also make full surrenders, partial surrenders, and preferred
partial surrenders from the Guaranteed Interest Account to the same extent as if
you had allocated premiums and cash values to the subaccounts. See "Full
Surrender," page 36 and "Partial Surrender", page 36. Transfers and surrenders
payable from the Guaranteed Interest Account, and the payment of policy loans
allocated to the Guaranteed Interest Account, may be delayed for up to six
months. However, with respect to policies issued for delivery to residents of
the Commonwealth of Pennsylvania, the Company will not delay payment of
surrenders or loans, the proceeds of which will be used to pay premiums on the
policy.
MORE ABOUT THE POLICY
OWNERSHIP
The policy owner is the individual named as such in the application or in
any later change shown in the Company's records. While the insured is living,
the policy owner alone has the right to receive all benefits and exercise all
rights that the policy grants or the Company allows.
Joint Owners
If more than one person is named as policy owner, they are joint owners.
Any policy transaction requires the signature of all persons named jointly.
Unless otherwise provided, if a joint owner dies, ownership passes to the
surviving joint owner(s). When the last joint owner dies, ownership passes
through that person's estate, unless otherwise provided.
BENEFICIARY
The beneficiary is the individual named as such in the application or any
later change shown in the Company's records. The policy owner may change the
beneficiary at any time during the life of the insured by written request on
forms provided by the Company. The Company must receive the request at its
administrative office. The change will be effective as of the date this form is
signed. Contingent and/or
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concurrent beneficiaries may be designated. The policy owner may designate a
permanent beneficiary, whose rights under the policy cannot be changed without
his or her consent. Unless otherwise provided, if no designated beneficiary is
living upon the death of the insured, the policy owner or the policy owner's
estate is the beneficiary.
The Company will pay the death benefit proceeds to the beneficiary. Unless
otherwise provided, the beneficiary must be living at the time of the insured's
death to receive the proceeds.
The Policy
This Policy is a contract between the policy owner and the Company. The
entire contract consists of the policy, a copy of the initial application, all
subsequent applications to change the policy, any endorsements, all riders, and
all additional policy information sections (specification pages) added to the
policy.
NOTIFICATION AND CLAIMS PROCEDURES
Any election, designation, change, assignment, or request made by you must
be in writing on a form acceptable to the Company. The Company is not liable for
any action taken before such written notice is received and recorded. The
Company may require that the policy be returned for any policy change or upon
its surrender.
If an insured dies while the policy is in effect, notice should be given to
the Company as soon as possible. Claim procedure instructions will be sent
immediately. As due proof of death, the Company may require proof of age and a
certified copy of a death certificate. The Company may also require the
beneficiary and the insured's next of kin to sign authorizations as part of this
process. These authorization forms allow the Company to obtain information about
the insured, including but not limited to medical records of physicians and
hospitals used by the insured.
PAYMENTS
Within seven days after the Company receives all the information needed for
processing a payment, the Company will:
(1) Pay death benefit proceeds,
(2) Pay the Cash Value on surrender, partial surrenders and loan
proceeds based on allocations made to the subaccounts, and
(3) Effect a transfer between subaccounts or from the Variable Account
to the Guaranteed Interest Account.
However, the Company can postpone the calculation or payment of such a
payment or transfer of amounts based on investment performance of the
subaccounts if:
- The New York Stock Exchange is closed on other than customary weekend and
holiday closing or trading on the New York Stock Exchange is restricted
as determined by the SEC; or
- An emergency exists, as determined by the SEC, as a result of which
disposal of securities is not reasonably practicable or it is not
reasonably practicable to determine the value of the Account's net
assets.
PAYMENT PLAN/SETTLEMENT PROVISIONS
Maturity or surrender benefits may be used to purchase a payment plan
providing monthly income for the lifetime of the Insured. Death benefit proceeds
may be used to purchase a payment plan providing monthly income for the lifetime
of the beneficiary. The monthly payments consisting of proceeds plus interest
will be paid in equal installments for at least ten years. The purchase rates
for the payment plan are guaranteed not to exceed those shown in the policy, but
current rates that are lower (i.e., providing
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greater income) may be established by the Company from time to time. This
benefit is not available if the income would be less than $25 a month or if the
proceeds are less than $1,000. Maturity or surrender benefits or death benefit
proceeds may be used to purchase any other payment plan that the Company makes
available at that time.
PAYMENT IN CASE OF SUICIDE
If the insured dies by suicide, (1) while sane or insane, (2) within two
years from the policy date or reinstatement date, the Company will limit the
death benefit proceeds to the premium payments less any partial surrender
amounts (and their fees) and any Outstanding Debt. If an insured dies by
suicide, (1) while sane or insane, (2) within two years of the effective date of
any increase in the Specified Amount, the Company will refund the cost of
insurance charges made with respect to such increase.
ASSIGNMENT
You may assign your policy as collateral security for a loan or other
obligation. No assignment will bind the Company unless the original, or a copy,
is received at the Company's administrative office. The assignment will be
effective only when recorded by the Company. An assignment does not change the
ownership of the policy. However, after an assignment, the rights of any policy
owner or beneficiary will be subject to the assignment. The entire policy,
including any attached payment option or rider, will be subject to the
assignment. The Company will rely solely on the assignee's statement as to the
amount of the assignee's interest. The Company will not be responsible for the
validity of any assignment. Unless otherwise provided, the assignee may exercise
all rights this policy grants except (a) the right to change the policy owner or
beneficiary, and (b) the right to elect a payment option. Assignment of a policy
that is a modified endowment contract may generate taxable income. (See "Federal
Income Tax Considerations", page 46.)
ERRORS ON THE APPLICATION
If the age or gender of the insured has been misstated, the death benefit
under this policy will be the greater of:
(1) What would be purchased by the most recent cost of insurance
charge at the correct age and gender, or
(2) The death benefit derived by multiplying the Fund Value by the
death benefit percentage for the correct age and gender.
If unisex cost of insurance rates apply, no adjustment will be made for a
misstatement of gender. See "Cost of Insurance," page 42.
INCONTESTABILITY
The Company may contest the validity of this policy if any material
misstatements are made in the application. However, the policy will be
incontestable as follows:
(1) The initial Specified Amount cannot be contested after the policy
has been in force during the insured's lifetime for two years from the
policy date; and
(2) An increase in the Specified Amount or any reinstatement cannot be
contested after the increase or the reinstated policy has been in force
during an Insured's lifetime for two years from its effective date.
POLICY ILLUSTRATIONS
Upon request, the Company will send you an illustration of future benefits
under the policy based on both guaranteed and current cost assumptions.
57
<PAGE> 67
DISTRIBUTION OF THE POLICY
MONY Securities Corporation ("MSC"), a wholly owned subsidiary of MONY Life
Insurance Company, is principal underwriter (distributor) of the policies. MSC
is a New York corporation organized on September 26, 1969. MSC is registered as
a broker-dealer under the Securities Exchange Act of 1934 and is a member of the
National Association of Securities Dealers. The policies are sold by individuals
who are registered representatives of MSC and who are also licensed as life
insurance agents for the Company. The policies may also be sold through other
broker/dealers authorized by MSC and applicable law to do so.
Except where MSC has authorized other broker/dealers to sell the policies
(as described in the preceding paragraph), compensation payable for the sale of
the policies will be based upon the following schedule. After issue of the
Contract, commissions will equal at most 50 percent of premiums paid up to a
maximum amount. Thereafter, commissions will equal at most 3.0 percent of any
additional premiums plus, on the sixth and each succeeding quarterly anniversary
for so long as the policy shall remain in effect, an annualized rate of 0.10
percent of the Fund Value of the policy. Upon any subsequent increase in
Specified Amount, commissions will equal at most 50 percent of premiums paid on
or after the increase up to a maximum amount. Thereafter, commissions will
return to no more than the 3.0 percent level. Further, registered
representatives may be eligible to receive certain bonuses and other benefits
based on the amount of earned commissions.
Commissions may be required to be repaid to the Company if Sales Charges
are refunded upon exercise of the exchange privileges during the first 24 months
after the Policy Date or within 24 months following an increase in Specified
Amount.
In addition, registered representatives who meet specified production
levels may qualify, under sales incentive programs adopted by Company, to
receive non-cash compensation such as expense-paid trips, expense-paid
educational seminars and merchandise. Company makes no separate deductions,
other than previously described, from premiums to pay sales commissions or sales
expenses.
MORE ABOUT THE COMPANY
MANAGEMENT
The directors and officers of the Company are listed below. The business
address for all directors and officers of MONY Life Insurance Company of America
is 1740 Broadway, New York, New York 10019.
Current Officers and Directors of MONY America are:
<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
---- -----------------------------------
<S> <C>
Michael I. Roth....................................... Director, Chairman and Chief Executive
Officer
Samuel J. Foti........................................ Director, President and Chief Operating
Officer
Kenneth M. Levine..................................... Director and Executive Vice President
Richard E. Connors.................................... Director
Richard Daddario...................................... Director, Vice President and Controller
Phillip A. Eisenberg.................................. Director, Vice President and Actuary
Margaret G. Gale...................................... Director and Vice President
Stephen J. Hall....................................... Director
Charles P. Leone...................................... Director, Vice President and Chief
Compliance Officer
Sam Chiodo............................................ Vice President
William D. Goodwin.................................... Vice President
Evelyn L. Peos........................................ Vice President
</TABLE>
58
<PAGE> 68
<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
---- -----------------------------------
<S> <C>
Michael Slipowitz..................................... Vice President
David S. Waldman...................................... Secretary
David V. Weigel....................................... Treasurer
</TABLE>
No officer or director listed above receives any compensation from MONY
America Variable Account L. The Company or any of its affiliates has paid no
separately allocable compensation to any person listed for services rendered to
the Account.
Set forth below is a description of the business positions during at least
the past five years for the directors and the executive officers of the Company.
Michael I. Roth is Director, Chairman of the Board and Chief Executive
Officer of the Company. He is Chairman of the Board (since July 1993) and Chief
Executive Officer (since January 1993) of MONY and has been a Director since May
1991. Mr. Roth is also a director of the following subsidiaries of MONY: 1740
Advisers, Inc. (since December 1992), MONY Benefits Management Corp. (since
March 1999). Mr. Roth has been with MONY for 11 years. Mr. Roth serves on the
board of directors of the American Council of Life Insurance, The Life Insurance
Council of New York, Enterprise Foundation (a charitable foundation which
develops housing not affiliated with the Enterprise Group of Funds),
Metropolitan Development Association of Syracuse and Central New York,
Enterprise Group of Funds, Inc., Enterprise Accumulation Trust, Pitney Bowes,
Inc., Lincoln Center for the Performing Arts Leadership Committee, Life Office
Management Association, New York City Partnership and Chamber of Commerce, and
Committee for Economic Development. He is also Chairman of the Board of
Insurance Marketplace Standards Association.
Samuel J. Foti is Director, President and Chief Operating Officer of the
Company. He is President and Chief Operating Officer (since February 1994) of
MONY and has been a Director since January 1993. Mr. Foti is also a director of
the following subsidiaries of MONY: MONY Brokerage, Inc. (since January 1990),
MONY International Holdings, Inc. (since October 1994), MONY Benefits Management
Corp. (since March 1999), MONY Life Insurance Company of the Americas, Ltd.,
(since December 1994) and MONY Bank & Trust Company of the Americas, Ltd. (since
December 1994). Mr. Foti has been with MONY for 11 years. Mr. Foti serves on the
board of directors of Enterprise Group of Funds, Inc., Enterprise Accumulation
Trust and The American College of which he is Chairman.
Richard Daddario is Director, Vice President and Controller of the Company.
He is Executive Vice President and Chief Financial Officer (since April 1994) of
MONY. Mr. Daddario is also a director of the following subsidiaries of MONY:
MONY International Holdings, Inc. (since 1998), MONY Brokerage, Inc. (since June
1997) and MONY Life Insurance Company of the Americas, Ltd. (since December
1997). He also serves as MONY's Chief Financial Officer (from January 1991 to
present). Mr. Daddario has been with MONY for 10 years.
Kenneth M. Levine is Director and Executive Vice President of the Company.
He is Executive Vice President (since February 1990) and Chief Investment
Officer (since January 1991) of MONY and has been a Trustee since May 1994. Mr.
Levine is also a director of the following subsidiaries of MONY: 1740 Advisers,
Inc. (since December 1989), MONY Benefits Management Corp. (since October 1991),
MONY Realty Partners, Inc. (since October 1991) and 1740 Ventures, Inc. (since
October 1991). He is also Chairman of the Board and President of MONY Series
Fund, Inc. (since December 1991). Mr. Levine has been with MONY for 27 years.
Sam Chiodo is Vice President of the Company. He is Vice
President -- Corporate & Strategic Marketing of MONY (since 1993). Mr. Chiodo
has been with MONY for 27 years.
Richard E. Connors is Director of the Company. He is Senior Vice President
of MONY (since February 1994). Mr. Connors is also a director of the following
subsidiary of MONY: MONY Brokerage, Inc. (since May 1994). Mr. Connors has been
with MONY for 11 years.
59
<PAGE> 69
Phillip A. Eisenberg is Director, Vice President and Actuary of the
Company. He is Senior Vice President and Chief Actuary of MONY (since April
1993). Mr. Eisenberg is a director of the following subsidiary of MONY: MONY
Benefits Management Corp. Mr. Eisenberg has been with MONY for 35 years.
Margaret G. Gale is Director and Vice President of the Company. She is Vice
President of MONY (since February 1991). Ms. Gale has been with MONY for 21
years.
William D. Goodwin is Vice President of the Company. He is Senior Vice
President of MONY (since November 1998). He has also served as Senior Managing
Director (from 1989 to 1998). Mr. Goodwin has been with MONY for 25 years.
Stephen J. Hall is Director of the Company. He is Senior Vice President of
MONY (since February 1994). Mr. Hall is also a director of the following
subsidiary of MONY: MONY Brokerage, Inc. (since October 1991). Mr. Hall has been
with MONY for 26 years.
Charles P. Leone is Director, Vice President and Chief Compliance Officer
of the Company. He is Vice President and Chief Corporate Compliance Officer of
MONY (since 1996). He has also served as Vice President of MONY (from 1987 to
1996). Mr. Leone is a director of the following subsidiary of MONY: MONY
Securities Corporation (since May 1999). Mr. Leone has been with MONY for 35
years.
Steven G. Orluck is Vice President of the Company. He is Senior Vice
President, Complementary Distribution of MONY (since March 2000) and has also
served as Vice President (from July 1998 to March 2000). Prior to 1998, Mr.
Orluck had been a Vice President of Metropolitan Life Insurance Company where he
worked for 24 years.
Evelyn L. Peos is Vice President of the Company. She is Vice President of
MONY. Ms. Peos has been with MONY for 22 years.
Michael Slipowitz is Vice President of the Company. He is Vice President of
MONY. Mr. Slipowitz has been with MONY for 19 years.
David S. Waldman is Secretary of the Company. He is Assistant Vice
President and Senior Counsel -- Operations (since 1992). Mr. Waldman has been
with MONY for 17 years.
David V. Weigel is Treasurer of the Company. He is Vice
President -- Treasurer of MONY (since 1994). Mr. Weigel has been with MONY for
26 years.
STATE REGULATION
The Company is subject to the laws of the state of Arizona governing
insurance companies and to regulation by the Commissioner of Insurance of
Arizona. In addition, it is subject to the insurance laws and regulations of the
other states and jurisdictions in which it is licensed or may become licensed to
operate. An annual statement in a prescribed form must be filed with the
Commissioner of Insurance of Arizona and with regulatory authorities of other
states on or before March 1st in each year. This statement covers the operations
of the Company for the preceding year and its financial condition as of December
31st of that year. The Company's affairs are subject to review and examination
at any time by the Commissioner of Insurance or his agents, and subject to full
examination of Company's operations at periodic intervals.
TELEPHONE TRANSFER PRIVILEGES
You may request a transfer of Fund Value or change allocation instructions
for future premiums by telephone if an authorization for telephone transfer form
has been completed, signed, and received at the Company's Syracuse Operations
Center. The Company may record all or part of any telephone conversation with
respect to transfer and allocation instructions. Telephone instructions received
by the Company by 4:00 p.m. Eastern time on any valuation date will be effected
as of the end of that valuation
60
<PAGE> 70
date in accordance with your instructions, subject to the limitations stated in
this prospectus (presuming that the Right to Return Policy Period has expired).
The Company reserves the right to deny any telephone transfer or allocation
request. If all telephone lines are busy (which might occur, for example, during
periods of substantial market fluctuations), you might not be able to request
transfers by telephone and would have to submit written requests. Telephone
transfer and allocation instructions will only be accepted if complete and
correct.
The Company has adopted guidelines (which it believes to be reasonable)
relating to telephone transfers and allocation instructions. These guidelines,
among other things, outline procedures to be followed which are designed to
prevent unauthorized instructions. If these procedures are followed, the Company
shall not be liable for, and you will therefore bear the entire risk of, any
loss as a result of the Company's following telephone instructions if such
instructions prove to be fraudulent. A copy of the guidelines and the Company's
form for electing telephone transfer privileges is available from licensed
agents of the Company who are also registered representatives of MSC or by
calling 1-800-487-6669. The Company's form must be signed and received at the
Company's Syracuse Operations Center before telephone transfers will be
accepted.
LEGAL PROCEEDINGS
There are no legal proceedings pending to which MONY America Variable
Account L is a party, or which would materially affect MONY America Variable
Account L.
LEGAL MATTERS
Legal matters have been passed on by the then Vice President and Deputy
General Counsel of The Mutual Life Insurance Company of New York (now MONY Life
Insurance Company) in connection with:
(1) The issue and sale of the policies described in this prospectus,
(2) The organization of the Company,
(3) The Company's authority to issue the policies under Arizona law, and
(4) The validity of the forms of the policies under Arizona law.
Edward P. Bank, then Vice President -- Deputy General Counsel of The Mutual
Life Insurance Company of New York (now MONY Life Insurance Company) has passed
upon legal matters relating to the federal income tax laws.
REGISTRATION STATEMENT
A Registration Statement under the Securities Act of 1933 has been filed
with the SEC relating to the offering described in this Prospectus. This
Prospectus does not include all of the information set forth in the Registration
Statement, as portions have been omitted pursuant to the rules and regulations
of the SEC. The omitted information may be obtained at the SEC's principal
office in Washington, D.C., upon payment of the SEC's prescribed fees.
INDEPENDENT ACCOUNTANTS
The audited financial statements for MONY America Variable Account L and
for the Company for the periods ended December 31, 1997, 1998 and 1999 included
in this Prospectus and in the Registration Statement have been audited by
PricewaterhouseCoopers LLP, independent accountants, as indicated in their
reports herein. The audited financial statements are included in reliance upon
the authority of said firm as experts in accounting and auditing.
PricewaterhouseCoopers LLP's office is located at 1177 Avenue of the Americas,
New York, New York, 10036.
61
<PAGE> 71
FINANCIAL STATEMENTS
The audited financial statements for MONY America Variable Account L for
the years ended December 31, 1997, 1998 and 1999 are set forth herein, starting
on page F-2. The audited financial statements of the Company are set forth
herein, starting on page F-35.
The financial statements of MONY America Variable Account L and of the
Company for the periods ended December 31, 1997, 1998 and 1999 have been audited
by PricewaterhouseCoopers LLP. The financial statements of the Company should be
distinguished from the financial statements of MONY America Variable Account L
and should be considered only as bearing upon the ability of the Company to meet
its obligations under the Policies.
62
<PAGE> 72
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY America Variable Account L:
Statement of assets and liabilities as of September 30,
2000 (unaudited)....................................... F-2
Statement of operations for the nine months ended
September 30, 2000 (unaudited)......................... F-5
Statement of changes in net assets for the periods ended
September 30, 2000 (unaudited) and December 31, 1999... F-9
Notes to financial statements (unaudited)................. F-13
Report of Independent Accountants......................... F-16
Statements of assets and liabilities as of December 31,
1999................................................... F-17
Statements of operations for the year ended December 31,
1999................................................... F-19
Statements of changes in net assets for the years ended
December 31, 1999 and 1998............................. F-21
Notes to financial statements............................. F-24
Report of Independent Accountants......................... F-26
Statements of assets and liabilities as of December 31,
1998................................................... F-27
Statements of operations for the year ended December 31,
1998................................................... F-29
Statements of changes in net assets for the years ended
December 31, 1998 and 1997............................. F-31
Notes to financial statements............................. F-34
Report of Independent Accountants......................... F-37
Statements of assets and liabilities as of December 31,
1997................................................... F-38
Statements of operations for the year ended December 31,
1997................................................... F-40
Statements of changes in net assets for the years ended
December 31, 1997 and 1996............................. F-42
Notes to financial statements............................. F-45
With respect to MONY Life Insurance Company of America:
Unaudited interim condensed consolidated balance sheets as
of September 30, 2000 and December 31, 1999............ F-48
Unaudited interim condensed consolidated statements of
income and comprehensive income for the three-month
periods ended September 30, 2000 and 1999.............. F-49
Unaudited interim condensed consolidated statements of
income and comprehensive income for the nine-month
periods ended September 30, 2000 and 1999.............. F-50
Unaudited interim condensed consolidated statement of
changes in shareholders' equity for the nine-month
period ended September 30, 2000........................ F-51
Unaudited interim condensed consolidated statements of
cash flows for the nine-month period ended September
30, 2000 and 1999...................................... F-52
Notes to unaudited interim condensed consolidated
financial statements................................... F-53
Report of Independent Accountants......................... F-56
Balance sheets as of December 31, 1999 and 1998........... F-57
Statements of income and comprehensive income for the
years ended December 31, 1999, 1998 and 1997........... F-58
Statements of changes in shareholder's equity for the
years ended December 31, 1999, 1998 and 1997........... F-59
Statements of cash flows for the years ended December 31,
1999, 1998 and 1997.................................... F-60
Notes to financial statements............................. F-62
</TABLE>
F-1
<PAGE> 73
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds............. 33,557 34,586 12,703 4,314 73,440 56,503
========== ========= ======== ======== ========== ========
Investments at cost in respective Funds..... $1,099,494 $ 756,892 $134,862 $ 54,353 $1,360,317 $ 56,503
========== ========= ======== ======== ========== ========
Investments in respective Funds at net asset
value..................................... $1,260,721 $ 686,192 $135,032 $ 53,886 $1,396,827 $ 56,503
Amount due from MONY America................ 46 0 0 0 83 37
Amount due from respective Funds............ 26 8 14 1 128 13
---------- --------- -------- -------- ---------- --------
Total assets................................ 1,260,793 686,200 135,046 53,887 1,397,038 56,553
---------- --------- -------- -------- ---------- --------
LIABILITIES
Amount due to MONY America.................. 2,280 1,167 250 94 2,609 111
Amount due to respective Funds.............. 46 0 0 0 83 37
---------- --------- -------- -------- ---------- --------
Total liabilites............................ 2,326 1,167 250 94 2,692 148
---------- --------- -------- -------- ---------- --------
Net assets.................................. $1,258,467 $ 685,033 $134,796 $ 53,793 $1,394,346 $ 56,405
========== ========= ======== ======== ========== ========
Net assets consist of:
Contractholders' net payments............. $ 93,882 $(203,531) $(46,782) $(71,054) $ (282,375) $(29,136)
Undistributed net investment income....... 661,535 687,054 185,153 110,651 1,184,029 85,541
Accumulated net realized gain (loss) on
investments............................. 341,823 272,210 (3,745) 14,663 456,182 0
Net unrealized appreciation (depreciation)
of investments.......................... 161,227 (70,700) 170 (467) 36,510 0
---------- --------- -------- -------- ---------- --------
Net assets.................................. $1,258,467 $ 685,033 $134,796 $ 53,793 $1,394,346 $ 56,405
========== ========= ======== ======== ========== ========
Number of units outstanding*................ 13,712 9,841 5,159 1,612 22,532 2,765
---------- --------- -------- -------- ---------- --------
Net asset value per unit outstanding*....... $ 91.78 $ 69.61 $ 26.13 $ 33.38 $ 61.88 $ 20.40
========== ========= ======== ======== ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-2
<PAGE> 74
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 71,358 136,199 86,943 3,347,134
======== ========== ======== ==========
Investments at cost in respective
Funds............................ $780,423 $1,725,300 $947,352 $3,347,134
======== ========== ======== ==========
Investments in respective Funds at
net asset value.................. $758,540 $1,701,124 $946,806 $3,347,134
Amount due from MONY America....... 12 492 1,043 431
Amount due from respective Funds... 1,279 2,619 125 1,413
-------- ---------- -------- ----------
Total assets....................... 759,831 1,704,235 947,974 3,348,978
-------- ---------- -------- ----------
LIABILITIES
Amount due to MONY America......... 2,865 6,270 2,120 8,790
Amount due to respective Funds..... 12 492 1,043 431
-------- ---------- -------- ----------
Total liabilites................... 2,877 6,762 3,163 9,221
-------- ---------- -------- ----------
Net assets......................... $756,954 $1,697,473 $944,811 $3,339,757
======== ========== ======== ==========
Net assets consist of:
Contractholders' net payments.... $698,451 $1,475,944 $831,127 $2,627,266
Undistributed net investment
income (loss).................. 90,664 276,902 93,406 712,491
Accumulated net realized gain
(loss) on investments.......... (10,278) (31,197) 20,824 0
Net unrealized appreciation
(depreciation) of
investments.................... (21,883) (24,176) (546) 0
-------- ---------- -------- ----------
Net assets......................... $756,954 $1,697,473 $944,811 $3,339,757
======== ========== ======== ==========
Number of units outstanding*....... 57,505 115,171 72,113 260,200
-------- ---------- -------- ----------
Net asset value per unit
outstanding*..................... $ 13.16 $ 14.74 $ 13.10 $ 12.84
======== ========== ======== ==========
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------
SMALL COMPANY INTERNATIONAL
EQUITY VALUE MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 1,544,700 1,134,418 4,320,274 1,850,964
=========== =========== ============ ===========
Investments at cost in respective
Funds............................ $57,366,030 $32,406,657 $143,316,685 $13,744,038
=========== =========== ============ ===========
Investments in respective Funds at
net asset value.................. $52,828,744 $29,676,378 $102,520,104 $13,160,352
Amount due from MONY America....... 6,490 2,818 14,500 1,099
Amount due from respective Funds... 30,604 14,327 47,404 9,375
----------- ----------- ------------ -----------
Total assets....................... 52,865,838 29,693,523 102,582,008 13,170,826
----------- ----------- ------------ -----------
LIABILITIES
Amount due to MONY America......... 146,207 79,886 275,245 38,805
Amount due to respective Funds..... 6,490 2,818 14,500 1,099
----------- ----------- ------------ -----------
Total liabilites................... 152,697 82,704 289,745 39,904
----------- ----------- ------------ -----------
Net assets......................... $52,713,141 $29,610,819 $102,292,263 $13,130,922
=========== =========== ============ ===========
Net assets consist of:
Contractholders' net payments.... $35,483,405 $21,490,788 $ 78,401,604 $10,720,307
Undistributed net investment
income (loss).................. 17,066,597 8,601,757 61,808,199 1,864,398
Accumulated net realized gain
(loss) on investments.......... 4,700,425 2,248,553 2,879,041 1,129,903
Net unrealized appreciation
(depreciation) of
investments.................... (4,537,286) (2,730,279) (40,796,581) (583,686)
----------- ----------- ------------ -----------
Net assets......................... $52,713,141 $29,610,819 $102,292,263 $13,130,922
=========== =========== ============ ===========
Number of units outstanding*....... 1,816,001 1,192,086 4,376,542 689,463
----------- ----------- ------------ -----------
Net asset value per unit
outstanding*..................... $ 29.03 $ 24.84 $ 23.37 $ 19.05
=========== =========== ============ ===========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes
See notes to financial statements.
F-3
<PAGE> 75
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
------------------------------------------------------------------------------------------
FIDELITY VARIABLE
INSURANCE
ENTERPRISE ACCUMULATION TRUST PRODUCTS FUNDS
--------------------------------------------------- DREYFUS -----------------------
HIGH YIELD GROWTH AND CAPITAL STOCK VIP VIP II
BOND GROWTH INCOME APPRECIATION INDEX GROWTH CONTRAFUND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 853,685 410,819 242,427 191,750 77,930 45,113 66,905
========== ========== ========== ========== ========== ========== ==========
Investments at cost in respective
Funds............................ $4,390,051 $2,561,372 $1,548,742 $1,529,980 $2,998,865 $2,297,010 $1,670,621
========== ========== ========== ========== ========== ========== ==========
Investments in respective Funds at
net asset value.................. $4,080,614 $2,366,318 $1,536,989 $1,512,911 $2,919,291 $2,238,513 $1,695,383
Amount due from MONY America....... 236 206 286 218 130 102 345
Amount due from respective Funds... 10,308 391 291 309 270 358 185
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total assets....................... 4,091,158 2,366,915 1,537,566 1,513,438 2,919,691 2,238,973 1,695,913
---------- ---------- ---------- ---------- ---------- ---------- ----------
LIABILITIES
Amount due to MONY America......... 19,176 4,323 2,782 2,664 4,178 3,756 2,931
Amount due to respective Funds..... 236 206 286 218 130 102 345
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total liabilites................... 19,412 4,529 3,068 2,882 4,308 3,858 3,276
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net assets......................... $4,071,746 $2,362,386 $1,534,498 $1,510,556 $2,915,383 $2,235,115 $1,692,637
========== ========== ========== ========== ========== ========== ==========
Net assets consist of:
Contractholders' net payments.... $3,607,438 $2,540,302 $1,544,054 $1,455,723 $2,988,146 $2,289,318 $1,669,544
Undistributed net investment
income (loss).................. 1,023,060 18,187 1,072 67,700 5,674 (3,614) (2,960)
Accumulated net realized gain
(loss) on investments.......... (249,315) (1,049) 1,125 4,202 1,137 7,908 1,291
Net unrealized appreciation
(depreciation) of
investments.................... (309,437) (195,054) (11,753) (17,069) (79,574) (58,497) 24,762
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net assets......................... $4,071,746 $2,362,386 $1,534,498 $1,510,556 $2,915,383 $2,235,115 $1,692,637
========== ========== ========== ========== ========== ========== ==========
Number of units outstanding*....... 271,395 258,275 151,800 146,454 298,375 230,100 167,204
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net asset value per unit
outstanding*..................... $ 15.00 $ 9.15 $ 10.11 $ 10.31 $ 9.77 $ 9.71 $ 10.12
========== ========== ========== ========== ========== ========== ==========
<CAPTION>
MONY EQUITY MASTER
-------------------------
JANUS ASPEN SERIES FUND
-------------------------
CAPITAL WORLDWIDE
APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT
------------ ----------
<S> <C> <C>
ASSETS
Shares held in respective Funds.... 113,862 904,245
========== ==========
Investments at cost in respective
Funds............................ $3,641,773 $4,202,961
========== ==========
Investments in respective Funds at
net asset value.................. $3,713,042 $3,839,429
Amount due from MONY America....... 316 260
Amount due from respective Funds... 5,952 375
---------- ----------
Total assets....................... 3,719,310 3,840,064
---------- ----------
LIABILITIES
Amount due to MONY America......... 12,542 6,652
Amount due to respective Funds..... 316 260
---------- ----------
Total liabilites................... 12,858 6,912
---------- ----------
Net assets......................... $3,706,452 $3,833,152
========== ==========
Net assets consist of:
Contractholders' net payments.... $3,615,824 $4,000,056
Undistributed net investment
income (loss).................. 13,246 198,824
Accumulated net realized gain
(loss) on investments.......... 6,113 (2,196)
Net unrealized appreciation
(depreciation) of
investments.................... 71,269 (363,532)
---------- ----------
Net assets......................... $3,706,452 $3,833,152
========== ==========
Number of units outstanding*....... 374,034 415,093
---------- ----------
Net asset value per unit
outstanding*..................... $ 9.91 $ 9.23
========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes
See notes to financial statements.
F-4
<PAGE> 76
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.................... $ 0 $ 12,376 $ 8,648 $4,061 $ 5,766 $2,554
Distribution from capital gains.... 286,539 102,023 0 0 241,549 0
Mortality and expense risk
charges.......................... (5,870) (3,082) (624) (251) (6,480) (262)
--------- --------- ------- ------ --------- ------
Net investment income.............. 280,669 111,317 8,024 3,810 240,835 2,292
--------- --------- ------- ------ --------- ------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments................... 57,441 15,089 510 (515) 45,236 0
Net change in unrealized
appreciation (depreciation) of
investments................... (369,161) (125,342) (2,952) 1,063 (302,225) 0
--------- --------- ------- ------ --------- ------
Net realized and unrealized gain
(loss) on investments............ (311,720) (110,253) (2,442) 548 (256,989) 0
--------- --------- ------- ------ --------- ------
Net increase (decrease) in net
assets resulting from
operations....................... $ (31,051) $ 1,064 $ 5,582 $4,358 $ (16,154) $2,292
========= ========= ======= ====== ========= ======
</TABLE>
See notes to financial statements.
F-5
<PAGE> 77
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
-------------------------------------------------------------
MONY SERIES FUND, INC.
-------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------- ------------- -------------
FOR THE NINE FOR THE NINE FOR THE NINE FOR THE NINE
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 2000 2000 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Dividend income................................. $ 44,152 $113,998 $50,260 $172,628
Distribution from capital gains................. 0 0 13 0
Mortality and expense risk charges.............. (4,144) (9,291) (5,107) (22,247)
-------- -------- ------- --------
Net investment income........................... 40,008 104,707 45,166 150,381
-------- -------- ------- --------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on investments....... (12,672) (76,731) (2,703) 0
Net change in unrealized appreciation of
investments................................ 1,333 101,073 3,587 0
-------- -------- ------- --------
Net realized and unrealized gain (loss) on
investments................................... (11,339) 24,342 884 0
-------- -------- ------- --------
Net increase in net assets resulting from
operations.................................... $ 28,669 $129,049 $46,050 $150,381
======== ======== ======= ========
</TABLE>
See notes to financial statements.
F-6
<PAGE> 78
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATIONTRUST
----------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------- ------------- ------------- ------------- --------------
FOR THE PERIOD
FOR THE NINE FOR THE NINE FOR THE NINE FOR THE NINE FOR THE NINE MAY 02, 2000**
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED THROUGH
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 2000 2000 2000 2000 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.................... $ 343,589 $ 43,110 $ 2,140,699 $ 25,968 $ 291,136 $ 2,346
Distribution from capital gains.... 12,378,805 5,532,684 33,183,918 1,263,413 0 20,108
Mortality and expense risk
charges.......................... (284,431) (165,976) (608,765) (78,754) (22,908) (4,267)
----------- ----------- ------------ ----------- --------- ---------
Net investment income.............. 12,437,963 5,409,818 34,715,852 1,210,627 268,228 18,187
----------- ----------- ------------ ----------- --------- ---------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments.................... 1,640,715 451,860 (6,836,655) 679,555 (200,075) (1,049)
Net change in unrealized
depreciation of investments.... (7,026,060) (5,290,356) (29,044,032) (4,284,466) (31,228) (195,054)
----------- ----------- ------------ ----------- --------- ---------
Net realized and unrealized loss on
investments...................... (5,385,345) (4,838,496) (35,880,687) (3,604,911) (231,303) (196,103)
----------- ----------- ------------ ----------- --------- ---------
Net increase (decrease) in net
assets resulting from
operations....................... $ 7,052,618 $ 571,322 $ (1,164,835) $(2,394,284) $ 36,925 $(177,916)
=========== =========== ============ =========== ========= =========
<CAPTION>
MONYEQUITY MASTER
-------------------------------
ENTERPRISE ACCUMULATIONTRUST
-------------------------------
GROWTH AND CAPITAL
INCOME APPRECIATION
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 03, 2000** MAY 03, 2000**
THROUGH THROUGH
SEPTEMBER 30, SEPTEMBER 30,
2000 2000
(UNAUDITED) (UNAUDITED)
-------------- --------------
<S> <C> <C>
Dividend income.................... $ 3,761 $ 0
Distribution from capital gains.... 46 70,288
Mortality and expense risk
charges.......................... (2,735) (2,588)
-------- --------
Net investment income.............. 1,072 67,700
-------- --------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments.................... 1,125 4,202
Net change in unrealized
depreciation of investments.... (11,753) (17,069)
-------- --------
Net realized and unrealized loss on
investments...................... (10,628) (12,867)
-------- --------
Net increase (decrease) in net
assets resulting from
operations....................... $ (9,556) $ 54,833
======== ========
</TABLE>
---------------
** Commencement of operations.
See notes to financial statements.
F-7
<PAGE> 79
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
DREYFUS ------------------------------- -------------------------------
STOCK VIP VIP II CAPITAL WORLDWIDE
INDEX GROWTH CONTRAFUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 02, 2000** MAY 02, 2000** MAY 03, 2000** MAY 03, 2000** MAY 02, 2000**
THROUGH THROUGH THROUGH THROUGH THROUGH
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 2000 2000 2000 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Dividend income.............. $ 9,794 $ 0 $ 0 $19,536 $ 148,386
Distribution from capital
gains...................... 0 0 0 958 57,338
Mortality and expense risk
charges.................... (4,120) (3,614) (2,960) (7,248) (6,900)
-------- -------- ------- ------- ---------
Net investment income
(loss)..................... 5,674 (3,614) (2,960) 13,246 198,824
-------- -------- ------- ------- ---------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments............. 1,137 7,908 1,291 6,113 (2,196)
Net change in unrealized
appreciation
(depreciation) of
investments............. (79,574) (58,497) 24,762 71,269 (363,532)
-------- -------- ------- ------- ---------
Net realized and unrealized
gain (loss) on
investments................ (78,437) (50,589) 26,053 77,382 (365,728)
-------- -------- ------- ------- ---------
Net increase (decrease) in
net assets resulting from
operations................. $(72,763) $(54,203) $23,093 $90,628 $(166,904)
======== ======== ======= ======= =========
</TABLE>
---------------
** Commencement of operations.
See notes to financial statements.
F-8
<PAGE> 80
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
STRATEGIST
-----------------------------------------------------------
MONY SERIES FUND, INC
-----------------------------------------------------------
EQUITY EQUITY
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
---------------------------- ----------------------------
FOR THE NINE FOR THE NINE
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income.............................. $ 280,669 $ 79,557 $ 111,317 $ 134,056
Net realized gain (loss) on investments............ 57,441 28,326 15,089 31,610
Net change in unrealized appreciation
(depreciation) of investments.................... (369,161) 251,887 (125,342) (108,424)
---------- ---------- --------- ---------
Net increase (decrease) in net assets resulting from
operations......................................... (31,051) 359,770 1,064 57,242
---------- ---------- --------- ---------
From unit transactions:
Net proceeds from the issuance of units............ 73,589 51,062 17,672 33,394
Net asset value of units redeemed or used to meet
contract obligations............................. (107,266) (48,972) (89,993) (93,401)
---------- ---------- --------- ---------
Net increase (decrease) from unit transactions...... (33,677) 2,090 (72,321) (60,007)
---------- ---------- --------- ---------
Net increase (decrease) in net assets............... (64,728) 361,860 (71,257) (2,765)
Net assets beginning of period...................... 1,323,195 961,335 756,290 759,055
---------- ---------- --------- ---------
Net assets end of period*........................... $1,258,467 $1,323,195 $ 685,033 $ 756,290
========== ========== ========= =========
Unit transactions:
Units outstanding beginning of period............... 14,055 14,007 10,955 11,808
Units issued during the period...................... 805 670 263 497
Units redeemed during the period.................... (1,148) (622) (1,377) (1,350)
---------- ---------- --------- ---------
Units outstanding end of period..................... 13,712 14,055 9,841 10,955
========== ========== ========= =========
---------------
* Includes undistributed net investment income
of:................................................ $ 661,535 $ 380,866 $ 687,054 $ 575,737
========== ========== ========= =========
<CAPTION>
STRATEGIST
-----------------------------------------------------------
MONY SERIES FUND, INC
-----------------------------------------------------------
INTERMEDIATE LONG TERM
TERM BOND BOND
SUBACCOUNT SUBACCOUNT
---------------------------- ----------------------------
FOR THE NINE FOR THE NINE
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, YEAR ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income.............................. $ 8,024 $ 6,098 $ 3,810 $ 3,252
Net realized gain (loss) on investments............ 510 613 (515) 2,745
Net change in unrealized appreciation
(depreciation) of investments.................... (2,952) (7,233) 1,063 (11,228)
-------- -------- -------- --------
Net increase (decrease) in net assets resulting from
operations......................................... 5,582 (522) 4,358 (5,231)
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units............ 7,475 10,042 2,639 5,202
Net asset value of units redeemed or used to meet
contract obligations............................. (20,952) (17,325) (11,249) (12,760)
-------- -------- -------- --------
Net increase (decrease) from unit transactions...... (13,477) (7,283) (8,610) (7,558)
-------- -------- -------- --------
Net increase (decrease) in net assets............... (7,895) (7,805) (4,252) (12,789)
Net assets beginning of period...................... 142,691 150,496 58,045 70,834
-------- -------- -------- --------
Net assets end of period*........................... $134,796 $142,691 $ 53,793 $ 58,045
======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period............... 5,687 5,977 1,884 2,112
Units issued during the period...................... 306 400 82 163
Units redeemed during the period.................... (834) (690) (354) (391)
-------- -------- -------- --------
Units outstanding end of period..................... 5,159 5,687 1,612 1,884
======== ======== ======== ========
---------------
* Includes undistributed net investment income
of:................................................ $185,153 $177,129 $110,651 $106,841
======== ======== ======== ========
<CAPTION>
STRATEGIST
----------------------------
MONY SERIES FUND, INC
----------------------------
DIVERSIFIED
SUBACCOUNT
----------------------------
FOR THE NINE
MONTHS ENDED FOR THE
SEPTEMBER 30, YEAR ENDED
2000 DECEMBER 31,
(UNAUDITED) 1999
------------- ------------
<S> <C> <C>
From operations:
Net investment income.............................. $ 240,835 $ 155,350
Net realized gain (loss) on investments............ 45,236 81,348
Net change in unrealized appreciation
(depreciation) of investments.................... (302,225) 118,209
---------- ----------
Net increase (decrease) in net assets resulting from
operations......................................... (16,154) 354,907
---------- ----------
From unit transactions:
Net proceeds from the issuance of units............ 51,177 67,724
Net asset value of units redeemed or used to meet
contract obligations............................. (119,563) (178,570)
---------- ----------
Net increase (decrease) from unit transactions...... (68,386) (110,846)
---------- ----------
Net increase (decrease) in net assets............... (84,540) 244,061
Net assets beginning of period...................... 1,478,886 1,234,825
---------- ----------
Net assets end of period*........................... $1,394,346 $1,478,886
========== ==========
Unit transactions:
Units outstanding beginning of period............... 23,596 25,565
Units issued during the period...................... 827 1,275
Units redeemed during the period.................... (1,891) (3,244)
---------- ----------
Units outstanding end of period..................... 22,532 23,596
========== ==========
---------------
* Includes undistributed net investment income
of:................................................ $1,184,029 $ 943,194
========== ==========
</TABLE>
See notes to financial statements.
F-9
<PAGE> 81
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
STRATEGIST MONY EQUITY MASTER
---------------------------- --------------------------------------------
MONY SERIES FUND, INC
---------------------------------------------------------------------------
MONEY INTERMEDIATE TERM LONG TERM
MARKET BOND BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- -------------
FOR THE NINE FOR THE NINE FOR THE NINE
MONTHS ENDED FOR THE MONTHS ENDED FOR THE MONTHS ENDED
SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
2000 DECEMBER 31, 2000 DECEMBER 31, 2000
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED)
------------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income.............................. $ 2,292 $ 2,772 $ 40,008 $ 32,622 $ 104,707
Net realized gain (loss) on investments............ 0 0 (12,672) (3,347) (76,731)
Net change in unrealized appreciation
(depreciation) of investments.................... 0 0 1,333 (33,665) 101,073
-------- -------- --------- --------- ----------
Net increase (decrease) in net assets resulting from
operations......................................... 2,292 2,772 28,669 (4,390) 129,049
-------- -------- --------- --------- ----------
From unit transactions:
Net proceeds from the issuance of units............ 5,584 7,498 145,028 259,097 472,568
Net asset value of units redeemed or used to meet
contract obligations............................. (12,568) (18,290) (196,125) (127,346) (484,234)
-------- -------- --------- --------- ----------
Net increase (decrease) from unit transactions...... (6,984) (10,792) (51,097) 131,751 (11,666)
-------- -------- --------- --------- ----------
Net increase (decrease) in net assets............... (4,692) (8,020) (22,428) 127,361 117,383
Net assets beginning of period...................... 61,097 69,117 779,382 652,021 1,580,090
-------- -------- --------- --------- ----------
Net assets end of period*........................... $ 56,405 $ 61,097 $ 756,954 $ 779,382 $1,697,473
======== ======== ========= ========= ==========
Unit transactions:
Units outstanding beginning of period............... 3,115 3,678 61,590 51,260 116,016
Units issued during the period...................... 280 392 11,318 20,763 33,396
Units redeemed during the period.................... (630) (955) (15,403) (10,433) (34,241)
-------- -------- --------- --------- ----------
Units outstanding end of period..................... 2,765 3,115 57,505 61,590 115,171
======== ======== ========= ========= ==========
---------------
* Includes undistributed net investment income
of:................................................ $ 85,541 $ 83,249 $ 90,664 $ 50,656 $ 276,902
======== ======== ========= ========= ==========
<CAPTION>
MONY EQUITY MASTER
--------------------------------------------------------------------------
MONY SERIES FUND, INC
--------------------------------------------------------------------------
LONG TERM GOVERNMENT MONEY
BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------------------------- ----------------------------
FOR THE NINE FOR THE MINE
FOR THE MONTHS ENDED FOR THE MONTHS ENDED FOR THE
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, YEAR ENDED
DECEMBER 31, 2000 DECEMBER 31, 2000 DECEMBER 31,
1999 (UNAUDITED) 1999 (UNAUDITED) 1999
------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income.............................. $ 80,387 $ 45,166 $ 19,304 $ 150,381 $ 196,409
Net realized gain (loss) on investments............ (16,422) (2,703) 6,761 0 0
Net change in unrealized appreciation
(depreciation) of investments.................... (209,021) 3,587 (26,058) 0 0
---------- --------- --------- ----------- -----------
Net increase (decrease) in net assets resulting from
operations......................................... (145,056) 46,050 7 150,381 196,409
---------- --------- --------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of units............ 939,989 196,195 486,563 1,080,713 6,472,419
Net asset value of units redeemed or used to meet
contract obligations............................. (770,619) (271,028) (232,350) (4,335,514) (5,555,147)
---------- --------- --------- ----------- -----------
Net increase (decrease) from unit transactions...... 169,370 (74,833) 254,213 (3,254,801) 917,272
---------- --------- --------- ----------- -----------
Net increase (decrease) in net assets............... 24,314 (28,783) 254,220 (3,104,420) 1,113,681
Net assets beginning of period...................... 1,555,776 973,594 719,374 6,444,177 5,330,496
---------- --------- --------- ----------- -----------
Net assets end of period*........................... $1,580,090 $ 944,811 $ 973,594 $ 3,339,757 $ 6,444,177
========== ========= ========= =========== ===========
Unit transactions:
Units outstanding beginning of period............... 104,745 78,201 57,728 521,637 449,645
Units issued during the period...................... 69,177 15,474 39,507 85,238 686,519
Units redeemed during the period.................... (57,906) (21,562) (19,034) (346,675) (614,527)
---------- --------- --------- ----------- -----------
Units outstanding end of period..................... 116,016 72,113 78,201 260,200 521,637
========== ========= ========= =========== ===========
---------------
* Includes undistributed net investment income
of:................................................ $ 172,195 $ 93,406 $ 48,240 $ 712,491 $ 562,110
========== ========= ========= =========== ===========
</TABLE>
See notes to financial statements.
F-10
<PAGE> 82
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE NINE FOR THE NINE FOR THE NINE
MONTHS ENDED FOR THE MONTHS ENDED FOR THE MONTHS ENDED FOR THE
SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 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........ $12,437,963 $ 2,957,349 $ 5,409,818 $ 1,542,856 $ 34,715,852 $17,912,515
Net realized gain (loss) on
investments................ 1,640,715 816,091 451,860 533,338 (6,836,655) 1,708,506
Net change in unrealized
appreciation (depreciation)
of investments............. (7,026,060) 1,678,484 (5,290,356) 2,698,994 (29,044,032) (11,119,070)
----------- ----------- ----------- ----------- ------------ ------------
Net increase (decrease) in net
assets resulting from
operations................... 7,052,618 5,451,924 571,322 4,775,188 (1,164,835) 8,501,951
----------- ----------- ----------- ----------- ------------ ------------
From unit transactions:
Net proceeds from the
issuance of units.......... 12,993,359 14,814,850 7,648,562 10,495,593 19,250,128 32,930,266
Net asset value of units
redeemed or used to meet
contract obligations....... (10,284,638) (7,392,370) (6,310,918) (4,895,495) (29,220,247) (19,858,472)
----------- ----------- ----------- ----------- ------------ ------------
Net increase (decrease) from
unit transactions............ 2,708,721 7,422,480 1,337,644 5,600,098 (9,970,119) 13,071,794
----------- ----------- ----------- ----------- ------------ ------------
Net increase (decrease) in net
assets....................... 9,761,339 12,874,404 1,908,966 10,375,286 (11,134,954) 21,573,745
Net assets beginning of
period....................... 42,951,802 30,077,398 27,701,853 17,326,567 113,427,217 91,853,472
----------- ----------- ----------- ----------- ------------ ------------
Net assets end of period*..... $52,713,141 $42,951,802 $29,610,819 $27,701,853 $102,292,263 $113,427,217
=========== =========== =========== =========== ============ ============
Unit transactions:
Units outstanding beginning of
period....................... 1,709,190 1,373,480 1,135,497 874,371 4,803,230 4,216,748
Units issued during the
period....................... 470,204 697,369 313,622 509,273 836,625 1,506,274
Units redeemed during the
period....................... (363,393) (361,659) (257,033) (248,147) (1,263,313) (919,792)
----------- ----------- ----------- ----------- ------------ ------------
Units outstanding end of
period....................... 1,816,001 1,709,190 1,192,086 1,135,497 4,376,542 4,803,230
=========== =========== =========== =========== ============ ============
---------------
* Includes undistributed net
investment income of:...... $17,066,597 $ 4,628,634 $ 8,601,757 $ 3,191,939 $ 61,808,199 $27,092,347
=========== =========== =========== =========== ============ ============
** Commencement of operations
<CAPTION>
MONY EQUITY MASTER
---------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND
GROWTH BOND GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 02, MAY 03,
FOR THE NINE FOR THE NINE 2000** 2000**
MONTHS ENDED FOR THE MONTHS ENDED FOR THE THROUGH THROUGH
SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, SEPTEMBER 30,
2000 DECEMBER 31, 2000 DECEMBER 31, 2000 2000
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) (UNAUDITED)
------------- ------------ ------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income........ $ 1,210,627 $ 228,208 $ 268,228 $ 350,028 $ 18,187 $ 1,072
Net realized gain (loss) on
investments................ 679,555 137,455 (200,075) (101,361) (1,049) 1,125
Net change in unrealized
appreciation (depreciation)
of investments............. (4,284,466) 3,547,935 (31,228) (132,000) (195,054) (11,753)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in net
assets resulting from
operations................... (2,394,284) 3,913,598 36,925 116,667 (177,916) (9,556)
----------- ----------- ----------- ----------- ---------- ----------
From unit transactions:
Net proceeds from the
issuance of units.......... 4,351,767 4,118,010 913,420 1,520,826 2,595,073 1,600,385
Net asset value of units
redeemed or used to meet
contract obligations....... (2,754,144) (1,722,826) (1,010,829) (1,041,034) (54,771) (56,331)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) from
unit transactions............ 1,597,623 2,395,184 (97,409) 479,792 2,540,302 1,544,054
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease) in net
assets....................... (796,661) 6,308,782 (60,484) 596,459 2,362,386 1,534,498
Net assets beginning of
period....................... 13,927,583 7,618,801 4,132,230 3,535,771 0 0
----------- ----------- ----------- ----------- ---------- ----------
Net assets end of period*..... $13,130,922 $13,927,583 $ 4,071,746 $ 4,132,230 $2,362,386 $1,534,498
=========== =========== =========== =========== ========== ==========
Unit transactions:
Units outstanding beginning of
period....................... 616,656 475,982 277,914 245,156 0 0
Units issued during the
period....................... 208,801 251,798 61,841 104,613 263,918 157,298
Units redeemed during the
period....................... (135,994) (111,124) (68,360) (71,855) (5,643) (5,498)
----------- ----------- ----------- ----------- ---------- ----------
Units outstanding end of
period....................... 689,463 616,656 271,395 277,914 258,275 151,800
=========== =========== =========== =========== ========== ==========
---------------
* Includes undistributed net
investment income of:...... $ 1,864,398 $ 653,771 $ 1,023,060 $ 754,832 $ 18,187 $ 1,072
=========== =========== =========== =========== ========== ==========
** Commencement of operations
<CAPTION>
MONY EQUITY MASTER
-------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------
DREYFUS
CAPITAL STOCK
APPRECIATION INDEX
SUBACCOUNT SUBACCOUNT
-------------- --------------
FOR THE PERIOD FOR THE PERIOD
MAY 03, MAY 02,
2000** 2000**
THROUGH THROUGH
SEPTEMBER 30, SEPTEMBER 30,
2000 2000
(UNAUDITED) (UNAUDITED)
-------------- --------------
<S> <C> <C>
From operations:
Net investment income........ $ 67,700 $ 5,674
Net realized gain (loss) on
investments................ 4,202 1,137
Net change in unrealized
appreciation (depreciation)
of investments............. (17,069) (79,574)
---------- ----------
Net increase (decrease) in net
assets resulting from
operations................... 54,833 (72,763)
---------- ----------
From unit transactions:
Net proceeds from the
issuance of units.......... 1,503,657 3,037,456
Net asset value of units
redeemed or used to meet
contract obligations....... (47,934) (49,310)
---------- ----------
Net increase (decrease) from
unit transactions............ 1,455,723 2,988,146
---------- ----------
Net increase (decrease) in net
assets....................... 1,510,556 2,915,383
Net assets beginning of
period....................... 0 0
---------- ----------
Net assets end of period*..... $1,510,556 $2,915,383
========== ==========
Unit transactions:
Units outstanding beginning of
period....................... 0 0
Units issued during the
period....................... 151,155 303,275
Units redeemed during the
period....................... (4,701) (4,900)
---------- ----------
Units outstanding end of
period....................... 146,454 298,375
========== ==========
---------------
* Includes undistributed net
investment income of:...... $ 67,700 $ 5,674
========== ==========
** Commencement of operations
</TABLE>
See notes to financial statements
F-11
<PAGE> 83
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY EQUITY MASTER
-----------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
------------------------------- -------------------------------
VIP VIP II CAPITAL WORLDWIDE
GROWTH CONTRAFUND APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MAY 02, 2000** MAY 03, 2000** MAY 03, 2000** MAY 02, 2000**
THROUGH THROUGH THROUGH THROUGH
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 2000 2000 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
From operations:
Net investment income gain (loss).......... $ (3,614) $ (2,960) $ 13,246 $ 198,824
Net realized gain (loss) on investments.... 7,908 1,291 6,113 (2,196)
Net change in unrealized appreciation
(depreciation) of investments............ (58,497) 24,762 71,269 (363,532)
---------- ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations................ (54,203) 23,093 90,628 (166,904)
---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units................................. 2,348,125 1,708,121 3,767,703 4,130,256
Net asset value of units redeemed or used
to meet contract obligations.......... (58,807) (38,577) (151,879) (130,200)
---------- ---------- ---------- ----------
Net increase from unit transactions........ 2,289,318 1,669,544 3,615,824 4,000,056
---------- ---------- ---------- ----------
Net increase in net assets................. 2,235,115 1,692,637 3,706,452 3,833,152
Net assets beginning of period............. 0 0 0 0
---------- ---------- ---------- ----------
Net assets end of period*.................. $2,235,115 $1,692,637 $3,706,452 $3,833,152
========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of period...... 0 0 0 0
Units issued during the period............. 235,958 171,036 389,488 428,439
Units redeemed during the period........... (5,858) (3,832) (15,454) (13,346)
---------- ---------- ---------- ----------
Units outstanding end of period............ 230,100 167,204 374,034 415,093
========== ========== ========== ==========
* Includes undistributed net investment
income (loss) of:....................... $ (3,614) $ (2,960) $ 13,246 $ 198,824
========== ========== ========== ==========
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-12
<PAGE> 84
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist) and Variable Universal Life (MONYEquity
Master, MONYCustom Equity Master and MONY Custom Estate Master) and Corporate
Sponsored Variable Life Insurance policies. These policies are issued by MONY
America, which is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). For presentation purposes, the information related to the Variable
Life (Strategist) and Variable Universal Life (MONYEquity Master) Insurance
policies is presented here.
There are currently six Strategist Subaccounts and seventeen MONYEquity
Master Subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund"), the
Enterprise Accumulation Trust ("Enterprise"), Dreyfus Stock Index Fund, Fidelity
Variable Insurance Products, or Janus Aspen Series (collectively, the "Funds").
The subaccounts of Strategist commenced operation in 1985 and the subaccounts of
MONY Equity Master commenced operations in 1995 and 2000. The Funds are
registered under the 1940 Act as open end, diversified, management investment
companies and are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolio is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the Money Market Portfolio, the net asset value is based on amortized
cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on ex-dividend date. 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.
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
F-13
<PAGE> 85
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY America. A
surrender charge may be imposed when a full or partial surrender is requested by
the policyholders. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for the Strategist and MONY Equity
Master Subaccounts for the nine months ended September 30, 2000 aggregated
$21,193,434
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.60% (for each of the
Strategist Subaccounts) and 0.75% (for each of the MONYEquity Master
Subaccounts) of the average daily net assets of the respective subaccounts. As
investment adviser to the Fund, it receives amounts paid by the Fund for those
services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the nine months ended September 30, 2000 were as follows:
<TABLE>
<CAPTION>
STRATEGIST SUBACCOUNTS COST OF SHARES ACQUIRED PROCEEDS FROM SHARES REDEEMED
---------------------- ----------------------- -----------------------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio....................... $ 87,835 $ 125,470
Equity Income Portfolio....................... 19,587 94,027
Intermediate Term Bond Portfolio.............. 8,349 22,253
Long Term Bond Portfolio...................... 3,784 12,567
Diversified Portfolio......................... 73,763 146,531
Money Market Portfolio........................ 9,775 16,939
MONYEQUITY MASTER SUBACCOUNTS
------------------------------------------------
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio.............. 158,975 212,890
Long Term Bond Portfolio...................... 486,567 504,399
Government Securities Portfolio............... 200,126 278,392
Money Market Portfolio........................ 3,548,692 6,820,413
</TABLE>
F-14
<PAGE> 86
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. RELATED PARTY TRANSACTIONS (CONTINUED)
<TABLE>
<CAPTION>
STRATEGIST SUBACCOUNTS COST OF SHARES ACQUIRED PROCEEDS FROM SHARES REDEEMED
---------------------- ----------------------- -----------------------------
<S> <C> <C>
Enterprise Accumulation Trust
Equity Portfolio.............................. 14,447,813 1,921,635
Small Company Value Portfolio................. 8,163,334 6,934,971
Managed Portfolio............................. 20,673,929 1,061,839
International Growth Portfolio................ 4,831,885 3,287,934
High Yield Bond Portfolio..................... 952,854 1,065,662
Growth & Income............................... 1,627,329 83,519
Growth Portfolio.............................. 2,619,427 79,461
Capital Appreciation.......................... 1,520,297 64,807
Dreyfus
Stock Index................................... 3,057,773 69,839
FidelityVariable Insurance Products Funds
VIP Growth Portfolio.......................... 2,405,899 116,797
VIP II Contra Fund Portfolio.................. 1,732,172 62,842
Janus Aspen Series
Capital Appreciation Portfolio................ 3,809,375 194,209
Worldwide Growth Portfolio.................... 4,149,917 150,484
</TABLE>
F-15
<PAGE> 87
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America and the
Contractholders of MONY America Variable Account L -- Strategist and MONYEquity
Master:
In our opinion, the accompanying statement of assets and liabilities and the
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of each of the Strategist's and
MONYEquity Master's Subaccounts of MONY America Variable Account L at December
31, 1999, the results of each of their operations for the year then ended and
the changes in each of their net assets for each of the two years in the period
then ended, in conformity with accounting principles generally accepted in the
United States. These financial statements are the responsibility of MONY Life
Insurance Company of America's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities at December
31, 1999 by correspondence with the fund transfer agents, provide a reasonable
basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 11, 2000
F-16
<PAGE> 88
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds... 27,205 32,301 13,191 4,713 64,512 61,113
========== ========= ======== ======== ========== ========
Investments at cost in respective
Funds........................... $ 793,148 $ 701,844 $139,607 $ 59,590 $1,140,535 $ 61,113
========== ========= ======== ======== ========== ========
Investments in respective Funds at
net asset value................. $1,323,536 $ 756,486 $142,729 $ 58,060 $1,479,270 $ 61,113
Amount due from respective
Funds........................... 10 10 0 0 39,706 0
---------- --------- -------- -------- ---------- --------
Total assets............ 1,323,546 756,496 142,729 58,060 1,518,976 61,113
---------- --------- -------- -------- ---------- --------
LIABILITIES
Amount due to MONY America........ 351 206 38 15 40,090 16
---------- --------- -------- -------- ---------- --------
Total liabilities....... 351 206 38 15 40,090 16
---------- --------- -------- -------- ---------- --------
Net assets........................ $1,323,195 $ 756,290 $142,691 $ 58,045 $1,478,886 $ 61,097
========== ========= ======== ======== ========== ========
Net assets consist of:
Contractholders' net payments... $ 127,559 $(131,210) $(33,305) $(62,444) $ (213,989) $(22,152)
Undistributed net investment
income....................... 380,866 575,737 177,129 106,841 943,194 83,249
Accumulated net realized gain
(loss) on investments........ 284,382 257,121 (4,255) 15,178 410,946 0
Net unrealized appreciation
(depreciation) of
investments.................. 530,388 54,642 3,122 (1,530) 338,735 0
---------- --------- -------- -------- ---------- --------
Net assets........................ $1,323,195 $ 756,290 $142,691 $ 58,045 $1,478,886 $ 61,097
========== ========= ======== ======== ========== ========
Number of units outstanding*...... 14,055 10,955 5,687 1,884 23,596 3,115
---------- --------- -------- -------- ---------- --------
Net asset value per unit
outstanding*.................... $ 94.14 $ 69.04 $ 25.09 $ 30.81 $ 62.68 $ 19.61
========== ========= ======== ======== ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-17
<PAGE> 89
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1999
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT**
------------ ---------- ---------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.............. 72,056 128,297 89,268 6,446,227 1,112,520 881,104
======== ========== ======== ========== =========== ===========
Investments at cost in respective Funds...... $802,858 $1,705,866 $978,049 $6,446,227 $40,476,744 $25,150,641
======== ========== ======== ========== =========== ===========
Investments in respective Funds at net asset
value...................................... $779,642 $1,580,617 $973,916 $6,446,227 $42,965,518 $27,710,718
Amount due from respective Funds............. 5 126 38 42 26,217 4,764
Amount due from MONY America................. 5,565 928 0 1,406 2,993 2,255
-------- ---------- -------- ---------- ----------- -----------
Total assets......................... 785,212 1,581,671 973,954 6,447,675 42,994,728 27,717,737
-------- ---------- -------- ---------- ----------- -----------
LIABILITIES
Amount due to respective Funds............... 5,565 928 0 1,406 2,993 2,255
Amount due to MONY America................... 265 653 360 2,092 39,933 13,629
-------- ---------- -------- ---------- ----------- -----------
Total liabilities.................... 5,830 1,581 360 3,498 42,926 15,884
-------- ---------- -------- ---------- ----------- -----------
Net assets................................... $779,382 $1,580,090 $973,594 $6,444,177 $42,951,802 $27,701,853
======== ========== ======== ========== =========== ===========
Net assets consist of:
Contractholders' net payments.............. $749,548 $1,487,610 $905,960 $5,882,067 $32,774,684 $20,153,144
Undistributed net investment income........ 50,656 172,195 48,240 562,110 4,628,634 3,191,939
Accumulated net realized gain (loss) on
investments.............................. 2,394 45,534 23,527 0 3,059,710 1,796,693
Net unrealized appreciation (depreciation)
of investments........................... (23,216) (125,249) (4,133) 0 2,488,774 2,560,077
-------- ---------- -------- ---------- ----------- -----------
Net assets................................... $779,382 $1,580,090 $973,594 $6,444,177 $42,951,802 $27,701,853
======== ========== ======== ========== =========== ===========
Number of units outstanding*................. 61,590 116,016 78,201 521,637 1,709,190 1,135,497
-------- ---------- -------- ---------- ----------- -----------
Net asset value per unit outstanding*........ $ 12.65 $ 13.62 $ 12.45 $ 12.35 $ 25.13 $ 24.40
======== ========== ======== ========== =========== ===========
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------
INTERNATIONAL HIGH YIELD
MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds.............. 3,125,732 1,499,670 816,915
============ =========== ==========
Investments at cost in respective Funds...... $125,216,632 $10,231,152 $4,411,799
============ =========== ==========
Investments in respective Funds at net asset
value...................................... $113,464,083 $13,931,932 $4,133,590
Amount due from respective Funds............. 30,460 1,332 1,427
Amount due from MONY America................. 8,518 1,938 250
------------ ----------- ----------
Total assets......................... 113,503,061 13,935,202 4,135,267
------------ ----------- ----------
LIABILITIES
Amount due to respective Funds............... 8,518 1,938 250
Amount due to MONY America................... 67,326 5,681 2,787
------------ ----------- ----------
Total liabilities.................... 75,844 7,619 3,037
------------ ----------- ----------
Net assets................................... $113,427,217 $13,927,583 $4,132,230
============ =========== ==========
Net assets consist of:
Contractholders' net payments.............. $ 88,371,723 $ 9,122,684 $3,704,847
Undistributed net investment income........ 27,092,347 653,771 754,832
Accumulated net realized gain (loss) on
investments.............................. 9,715,696 450,348 (49,240)
Net unrealized appreciation (depreciation)
of investments........................... (11,752,549) 3,700,780 (278,209)
------------ ----------- ----------
Net assets................................... $113,427,217 $13,927,583 $4,132,230
============ =========== ==========
Number of units outstanding*................. 4,803,230 616,656 277,914
------------ ----------- ----------
Net asset value per unit outstanding*........ $ 23.61 $ 22.59 $ 14.87
============ =========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
** Formerly Small Cap Subaccount
See notes to financial statements.
F-18
<PAGE> 90
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income..................... $ 86,240 $ 138,748 $ 6,984 $ 3,619 $163,472 $3,163
Mortality and expense risk
charges........................... (6,683) (4,692) (886) (367) (8,122) (391)
-------- --------- ------- -------- -------- ------
Net investment income............... 79,557 134,056 6,098 3,252 155,350 2,772
-------- --------- ------- -------- -------- ------
Realized and unrealized gain (loss)
on investments:
Net realized gain on
investments.................... 28,326 31,610 613 2,745 81,348 0
Net change in unrealized
appreciation (depreciation) of
investments.................... 251,887 (108,424) (7,233) (11,228) 118,209 0
-------- --------- ------- -------- -------- ------
Net realized and unrealized gain
(loss) on investments............. 280,213 (76,814) (6,620) (8,483) 199,557 0
-------- --------- ------- -------- -------- ------
Net increase (decrease) in net
assets resulting from
operations........................ $359,770 $ 57,242 $ (522) $ (5,231) $354,907 $2,772
======== ========= ======= ======== ======== ======
</TABLE>
See notes to financial statements.
F-19
<PAGE> 91
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
Dividend income...................... $ 38,579 $ 92,636 $ 25,957 $231,542
Mortality and expense risk charges... (5,957) (12,249) (6,653) (35,133)
-------- --------- -------- --------
Net investment income................ 32,622 80,387 19,304 196,409
-------- --------- -------- --------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments...................... (3,347) (16,422) 6,761 0
Net change in unrealized
appreciation (depreciation) of
investments...................... (33,665) (209,021) (26,058) 0
-------- --------- -------- --------
Net realized and unrealized gain
(loss) on investments.............. (37,012) (225,443) (19,297) 0
-------- --------- -------- --------
Net increase (decrease) in net assets
resulting from operations.......... $ (4,390) $(145,056) $ 7 $196,409
======== ========= ======== ========
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT* SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income...................... $3,224,434 $1,710,177 $ 18,691,259 $ 298,708 $ 379,263
Mortality and expense risk charges... (267,085) (167,321) (778,744) (70,500) (29,235)
---------- ---------- ------------ ---------- ---------
Net investment income................ 2,957,349 1,542,856 17,912,515 228,208 350,028
---------- ---------- ------------ ---------- ---------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments...................... 816,091 533,338 1,708,506 137,455 (101,361)
Net change in unrealized
appreciation (depreciation) of
investments...................... 1,678,484 2,698,994 (11,119,070) 3,547,935 (132,000)
---------- ---------- ------------ ---------- ---------
Net realized and unrealized gain
(loss) on investments.............. 2,494,575 3,232,332 (9,410,564) 3,685,390 (233,361)
---------- ---------- ------------ ---------- ---------
Net increase (decrease) in net assets
resulting from operations.......... $5,451,924 $4,775,188 $ 8,501,951 $3,913,598 $ 116,667
========== ========== ============ ========== =========
</TABLE>
---------------
* Formerly Small Cap Subaccount
See notes to financial statements.
F-20
<PAGE> 92
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
<TABLE>
<CAPTION>
STRATEGIST
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
INTERMEDIATE TERM
EQUITY GROWTH EQUITY INCOME BOND LONG TERM BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------- ------------------- ------------------- -------------------
1999 1998 1999 1998 1999 1998 1999 1998
---------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............. $ 79,557 $133,288 $134,056 $113,923 $ 6,098 $ 7,197 $ 3,252 $ 3,494
Net realized gain on
investments..................... 28,326 31,754 31,610 24,324 613 1,127 2,745 1,624
Net change in unrealized
appreciation (depreciation) of
investments..................... 251,887 26,614 (108,424) (55,179) (7,233) 1,982 (11,228) 1,198
---------- -------- -------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations........................ 359,770 191,656 57,242 83,068 (522) 10,306 (5,231) 6,316
---------- -------- -------- -------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units........................... 51,062 47,550 33,394 31,012 10,042 8,787 5,202 4,168
Net asset value of units redeemed
or used to meet contract
obligations..................... (48,972) (76,005) (93,401) (60,685) (17,325) (25,134) (12,760) (11,205)
---------- -------- -------- -------- -------- -------- -------- --------
Net increase (decrease) from unit
transactions...................... 2,090 (28,455) (60,007) (29,673) (7,283) (16,347) (7,558) (7,037)
---------- -------- -------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets............................ 361,860 163,201 (2,765) 53,395 (7,805) (6,041) (12,789) (721)
Net assets beginning of year....... 961,335 798,134 759,055 705,660 150,496 156,537 70,834 71,555
---------- -------- -------- -------- -------- -------- -------- --------
Net assets end of year*............ $1,323,195 $961,335 $756,290 $759,055 $142,691 $150,496 $ 58,045 $ 70,834
========== ======== ======== ======== ======== ======== ======== ========
Unit transactions:
Units outstanding beginning of
year............................ 14,007 14,506 11,808 12,292 5,977 6,639 2,112 2,334
Units issued during the year...... 670 803 497 526 400 363 163 127
Units redeemed during the year.... (622) (1,302) (1,350) (1,010) (690) (1,025) (391) (349)
---------- -------- -------- -------- -------- -------- -------- --------
Units outstanding end of year...... 14,055 14,007 10,955 11,808 5,687 5,977 1,884 2,112
========== ======== ======== ======== ======== ======== ======== ========
---------------
* Includes undistributed net
investment income of: $ 380,866 $301,309 $575,737 $441,681 $177,129 $171,031 $106,841 $103,589
========== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
STRATEGIST
---------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------------- -------------------
1999 1998 1999 1998
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
From operations:
Net investment income............. $ 155,350 $ 254,338 $ 2,772 $ 3,301
Net realized gain on
investments..................... 81,348 73,407 0 0
Net change in unrealized
appreciation (depreciation) of
investments..................... 118,209 (84,041) 0 0
---------- ---------- -------- --------
Net increase (decrease) in net
assets resulting from
operations........................ 354,907 243,704 2,772 3,301
---------- ---------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units........................... 67,724 63,685 7,498 6,765
Net asset value of units redeemed
or used to meet contract
obligations..................... (178,570) (183,727) (18,290) (16,512)
---------- ---------- -------- --------
Net increase (decrease) from unit
transactions...................... (110,846) (120,042) (10,792) (9,747)
---------- ---------- -------- --------
Net increase (decrease) in net
assets............................ 244,061 123,662 (8,020) (6,446)
Net assets beginning of year....... 1,234,825 1,111,163 69,117 75,563
---------- ---------- -------- --------
Net assets end of year*............ $1,478,886 $1,234,825 $ 61,097 $ 69,117
========== ========== ======== ========
Unit transactions:
Units outstanding beginning of
year............................ 25,565 28,291 3,678 4,207
Units issued during the year...... 1,275 1,509 392 369
Units redeemed during the year.... (3,244) (4,235) (955) (898)
---------- ---------- -------- --------
Units outstanding end of year...... 23,596 25,565 3,115 3,678
========== ========== ======== ========
---------------
* Includes undistributed net
investment income of: $ 943,194 $ 787,844 $ 83,249 $ 80,477
========== ========== ======== ========
</TABLE>
See notes to financial statements.
F-21
<PAGE> 93
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT MONEY
BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------- ----------------------- --------------------- --------------------------
1999 1998 1999 1998 1999 1998 1999 1998
--------- -------- ---------- ---------- --------- --------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income..... $ 32,622 $ 11,937 $ 80,387 $ 44,501 $ 19,304 $ 14,412 $ 196,409 $ 143,110
Net realized gain (loss)
on investments.......... (3,347) 4,813 (16,422) 53,711 6,761 10,794 0 0
Net change in unrealized
appreciation
(depreciation) of
investments............. (33,665) 5,189 (209,021) 5,771 (26,058) 5,587 0 0
--------- -------- ---------- ---------- --------- --------- ----------- ------------
Net increase (decrease) in
net assets resulting from
operations................ (4,390) 21,939 (145,056) 103,983 7 30,793 196,409 143,110
--------- -------- ---------- ---------- --------- --------- ----------- ------------
From unit transactions:
Net proceeds from the
issuance of units....... 259,097 495,470 939,989 910,497 486,563 389,606 6,472,419 21,592,510
Net asset value of units
redeemed or used to meet
contract obligations.... (127,346) (99,753) (770,619) (407,166) (232,350) (199,430) (5,555,147) (20,103,798)
--------- -------- ---------- ---------- --------- --------- ----------- ------------
Net increase (decrease) from
unit transactions......... 131,751 395,717 169,370 503,331 254,213 190,176 917,272 1,488,712
--------- -------- ---------- ---------- --------- --------- ----------- ------------
Net increase (decrease) in
net assets................ 127,361 417,656 24,314 607,314 254,220 220,969 1,113,681 1,631,822
Net assets beginning of
year...................... 652,021 234,365 1,555,776 948,462 719,374 498,405 5,330,496 3,698,674
--------- -------- ---------- ---------- --------- --------- ----------- ------------
Net assets end of year*..... $ 779,382 $652,021 $1,580,090 $1,555,776 $ 973,594 $ 719,374 $ 6,444,177 $ 5,330,496
========= ======== ========== ========== ========= ========= =========== ============
Unit transactions:
Units outstanding
beginning of year....... 51,260 19,650 104,745 69,779 57,728 42,420 449,645 325,979
Units issued during the
year.................... 20,763 39,723 69,177 63,831 39,507 31,996 686,519 1,861,351
Units redeemed during the
year.................... (10,433) (8,113) (57,906) (28,865) (19,034) (16,688) (614,527) (1,737,685)
--------- -------- ---------- ---------- --------- --------- ----------- ------------
Units outstanding end of
year...................... 61,590 51,260 116,016 104,745 78,201 57,728 521,637 449,645
========= ======== ========== ========== ========= ========= =========== ============
---------------
* Includes undistributed net
investment income of: $ 50,656 $ 18,034 $ 172,195 $ 91,808 $ 48,240 $ 28,936 $ 562,110 $ 365,701
========= ======== ========== ========== ========= ========= =========== ============
</TABLE>
See notes to financial statements.
F-22
<PAGE> 94
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT** SUBACCOUNT
------------------------- ------------------------- ---------------------------
1999 1998 1999 1998 1999 1998
----------- ----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).......... $ 2,957,349 $ 1,132,378 $ 1,542,856 $ 943,250 $ 17,912,515 $ 6,460,211
Net realized gain (loss) on
investments......................... 816,091 1,299,251 533,338 880,276 1,708,506 4,263,820
Net change in unrealized appreciation
(depreciation) of investments....... 1,678,484 (555,041) 2,698,994 (781,462) (11,119,070) (6,000,861)
----------- ----------- ----------- ----------- ------------ ------------
Net increase in net assets resulting
from operations..................... 5,451,924 1,876,588 4,775,188 1,042,064 8,501,951 4,723,170
----------- ----------- ----------- ----------- ------------ ------------
From unit transactions:
Net proceeds from the issuance of
units............................. 14,814,850 17,178,981 10,495,593 11,226,613 32,930,266 43,195,093
Net asset value of units redeemed or
used to meet contract
obligations....................... (7,392,370) (5,460,969) (4,895,495) (3,126,835) (19,858,472) (16,133,792)
----------- ----------- ----------- ----------- ------------ ------------
Net increase from unit transactions... 7,422,480 11,718,012 5,600,098 8,099,778 13,071,794 27,061,301
----------- ----------- ----------- ----------- ------------ ------------
Net increase in net assets............ 12,874,404 13,594,600 10,375,286 9,141,842 21,573,745 31,784,471
Net assets beginning of year.......... 30,077,398 16,482,798 17,326,567 8,184,725 91,853,472 60,069,001
----------- ----------- ----------- ----------- ------------ ------------
Net assets end of year*............... $42,951,802 $30,077,398 $27,701,853 $17,326,567 $113,427,217 $ 91,853,472
=========== =========== =========== =========== ============ ============
Unit transactions:
Units outstanding beginning of year... 1,373,480 821,090 874,371 449,403 4,216,748 2,954,670
Units issued during the year.......... 697,369 812,747 509,273 594,256 1,506,274 2,028,359
Units redeemed during the year........ (361,659) (260,357) (248,147) (169,288) (919,792) (766,281)
----------- ----------- ----------- ----------- ------------ ------------
Units outstanding end of year......... 1,709,190 1,373,480 1,135,497 874,371 4,803,230 4,216,748
=========== =========== =========== =========== ============ ============
---------------
* Includes undistributed net
investment income of: $ 4,628,634 $ 1,671,285 $ 3,191,939 $ 1,649,083 $ 27,092,347 $ 9,179,832
=========== =========== =========== =========== ============ ============
** Formerly Small Cap Subaccount
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------------------- ------------------------
1999 1998 1999 1998
----------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).......... $ 228,208 $ 309,850 $ 350,028 $ 243,867
Net realized gain (loss) on
investments......................... 137,455 147,844 (101,361) 15,820
Net change in unrealized appreciation
(depreciation) of investments....... 3,547,935 260,368 (132,000) (184,965)
----------- ----------- ----------- ----------
Net increase in net assets resulting
from operations..................... 3,913,598 718,062 116,667 74,722
----------- ----------- ----------- ----------
From unit transactions:
Net proceeds from the issuance of
units............................. 4,118,010 4,158,036 1,520,826 2,119,601
Net asset value of units redeemed or
used to meet contract
obligations....................... (1,722,826) (1,336,551) (1,041,034) (598,271)
----------- ----------- ----------- ----------
Net increase from unit transactions... 2,395,184 2,821,485 479,792 1,521,330
----------- ----------- ----------- ----------
Net increase in net assets............ 6,308,782 3,539,547 596,459 1,596,052
Net assets beginning of year.......... 7,618,801 4,079,254 3,535,771 1,939,719
----------- ----------- ----------- ----------
Net assets end of year*............... $13,927,583 $ 7,618,801 $ 4,132,230 $3,535,771
=========== =========== =========== ==========
Unit transactions:
Units outstanding beginning of year... 475,982 290,466 245,156 138,275
Units issued during the year.......... 251,798 275,608 104,613 148,827
Units redeemed during the year........ (111,124) (90,092) (71,855) (41,946)
----------- ----------- ----------- ----------
Units outstanding end of year......... 616,656 475,982 277,914 245,156
=========== =========== =========== ==========
---------------
* Includes undistributed net
investment income of: $ 653,771 $ 425,563 $ 754,832 $ 404,804
=========== =========== =========== ==========
** Formerly Small Cap Subaccount
</TABLE>
See notes to financial statements.
F-23
<PAGE> 95
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist) and Variable Universal Life (MONYEquity
Master, MONYCustom Equity Master and MONY Custom Estate Master) and Corporate
Sponsored Variable Life Insurance policies. These policies are issued by MONY
America, which is a wholly-owned subsidiary of MONY Life Insurance Company
("MONY"). For presentation purposes, the information related to the Variable
Life (Strategist) and Variable Universal Life (MONYEquity Master) Insurance
policies is presented here.
There are currently six Strategist Subaccounts and nine MONYEquity Master
Subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund") or the
Enterprise Accumulation Trust ("Enterprise") (collectively, the "Funds"). The
subaccounts of Strategist commenced operation in 1985 and the subaccounts of
MONY Equity Master commenced operations in 1995. The Funds are registered under
the 1940 Act as open end, diversified, management investment companies, and are
affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' portfolio is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the Money Market Portfolio, the net asset value is based on amortized
cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on ex-dividend date. 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.
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.
F-24
<PAGE> 96
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY America. A
surrender charge may be imposed when a full or partial surrender is requested by
the policyholders. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for the Strategist and MONY Equity
Master Subaccounts for 1999 aggregated $18,529,609.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.60% (for each of the
Strategist Subaccounts) and 0.75% (for each of the MONYEquity Master
Subaccounts) of the average daily net assets of the respective subaccounts. As
investment adviser to the Fund, it receives amounts paid by the Fund for those
services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the year ended December 31, 1999 were as follows:
<TABLE>
<CAPTION>
COST OF PROCEEDS FROM
STRATEGIST SUBACCOUNTS SHARES ACQUIRED SHARES REDEEMED
---------------------- --------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio................................. $ 53,386 $ 57,639
Equity Income Portfolio................................. 38,478 102,983
Intermediate Term Bond Portfolio........................ 10,616 18,747
Long Term Bond Portfolio................................ 5,347 13,257
Diversified Portfolio................................... 108,619 227,203
Money Market Portfolio.................................. 7,560 18,727
MONYEQUITY MASTER SUBACCOUNTS
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio........................ 362,051 235,997
Long Term Bond Portfolio................................ 1,331,969 1,174,321
Government Securities Portfolio......................... 505,766 257,884
Money Market Portfolio.................................. 11,517,132 10,632,944
Enterprise Accumulation Trust
Equity Portfolio........................................ 16,675,473 9,506,362
Small Company Value Portfolio........................... 11,911,641 6,469,999
Managed Portfolio....................................... 36,248,438 23,918,522
International Growth Portfolio.......................... 4,539,166 2,210,133
High Yield Bond Portfolio............................... 1,598,893 1,146,976
</TABLE>
F-25
<PAGE> 97
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America and the
Contractholders of MONY America Variable Account L -- Strategist/MONYEquity
Master:
In our opinion, the accompanying statements of assets and liabilities and the
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of each of the respective
subaccounts constituting MONY America Variable Account L (comprising,
respectively, Strategist's Equity Growth, Equity Income, Intermediate Term Bond,
Long Term Bond, Diversified, and Money Market Subaccounts; and MONYEquity
Master's Intermediate Term Bond, Long Term Bond, Government Securities, Money
Market, Equity, Small Cap, Managed, International Growth, and High Yield Bond
Subaccounts) at December 31, 1998, the results of each of their operations for
the year then ended and the changes in each of their net assets for each of the
two years in the period then ended, in conformity with generally accepted
accounting principles. These financial statements are the responsibility of MONY
Life Insurance Company of America's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1998 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 12, 1999
F-26
<PAGE> 98
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..... $ 682,834 $ 595,988 $ 140,141 $ 61,136 $1,014,298 $ 69,117
========= ========= ========= ========= ========== =========
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................. $ 961,335 $ 759,055 $ 150,496 $ 70,834 $1,234,825 $ 69,117
Amount due from MONY Series Fund,
Inc............................ 7 38 0 0 157 21
Amount due from MONY America..... 10 10 0 0 27 0
--------- --------- --------- --------- ---------- ---------
Total assets........... 961,352 759,103 150,496 70,834 1,235,009 69,138
--------- --------- --------- --------- ---------- ---------
LIABILITIES
Amount due to MONY Series Fund,
Inc............................ 10 10 0 0 27 0
Amount due to MONY America....... 7 38 0 0 157 21
--------- --------- --------- --------- ---------- ---------
Total liabilities...... 17 48 0 0 184 21
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 961,335 $ 759,055 $ 150,496 $ 70,834 $1,234,825 $ 69,117
========= ========= ========= ========= ========== =========
Net assets consist of:
Contractholders' net
payments.................... $ 532,846 $ 452,429 $ 186,834 $ 110,895 $ 870,386 $ 202,760
Cost of insurance withdrawals
(Note 3).................... (407,376) (523,633) (212,856) (165,781) (973,530) (214,120)
Undistributed net investment
income...................... 301,309 441,681 171,031 103,589 787,844 80,477
Accumulated net realized gain
(loss) on investments....... 256,055 225,511 (4,868) 12,433 329,598 0
Unrealized appreciation of
investments................. 278,501 163,067 10,355 9,698 220,527 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 961,335 $ 759,055 $ 150,496 $ 70,834 $1,234,825 $ 69,117
========= ========= ========= ========= ========== =========
Number of units outstanding* .... 14,007 11,808 5,977 2,112 25,565 3,678
--------- --------- --------- --------- ---------- ---------
Net asset value per unit
outstanding* .................. $ 68.63 $ 64.28 $ 25.18 $ 33.55 $ 48.30 $ 18.79
========= ========= ========= ========= ========== =========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-27
<PAGE> 99
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $641,572 $1,472,004 $697,449 $5,330,496
======== ========== ======== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $ 0 $ 0 $ 0 $ 0
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 652,021 1,555,776 719,374 5,330,496
Amount due from Enterprise
Accumulation Trust.............. 0 0 0 0
Amount due from MONY America...... 7,498 164 11 12,554
Amount due from MONY Series Fund,
Inc............................. 1,617 236 55 2,757
-------- ---------- -------- ----------
Total assets.............. 661,136 1,556,176 719,440 5,345,807
-------- ---------- -------- ----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 0 0 0 0
Amount due to MONY America........ 1,617 236 55 2,757
Amount due to MONY Series Fund,
Inc............................. 7,498 164 11 12,554
-------- ---------- -------- ----------
Total liabilities......... 9,115 400 66 15,311
-------- ---------- -------- ----------
Net assets........................ $652,021 $1,555,776 $719,374 $5,330,496
======== ========== ======== ==========
Net assets consist of:
Contractholders' net payments... $705,932 $1,622,461 $816,253 $5,888,281
Cost of insurance withdrawals
(Note 3)...................... (88,135) (304,221) (164,506) (923,486)
Undistributed net investment
income........................ 18,034 91,808 28,936 365,701
Accumulated net realized gain on
investments................... 5,741 61,956 16,766 0
Unrealized appreciation
(depreciation) of
investments................... 10,449 83,772 21,925 0
-------- ---------- -------- ----------
Net assets........................ $652,021 $1,555,776 $719,374 $5,330,496
======== ========== ======== ==========
Number of units outstanding* ..... 51,260 104,745 57,728 449,645
-------- ---------- -------- ----------
Net asset value per unit
outstanding* ................... $ 12.72 $ 14.85 $ 12.46 $ 11.85
======== ========== ======== ==========
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $29,267,109 $17,465,483 $ 92,486,951 $7,465,956 $3,681,980
=========== =========== ============ ========== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $30,077,398 $17,326,567 $ 91,853,472 $7,618,801 $3,535,771
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 0 0 0 0 0
Amount due from Enterprise
Accumulation Trust.............. 13,686 5,946 36,505 2,166 1,550
Amount due from MONY America...... 5,988 3,942 7,552 637 586
Amount due from MONY Series Fund,
Inc............................. 0 0 0 0 0
----------- ----------- ------------ ---------- ----------
Total assets.............. 30,097,072 17,336,455 91,897,529 7,621,604 3,537,907
----------- ----------- ------------ ---------- ----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 5,988 3,942 7,552 637 586
Amount due to MONY America........ 13,686 5,946 36,505 2,166 1,550
Amount due to MONY Series Fund,
Inc............................. 0 0 0 0 0
----------- ----------- ------------ ---------- ----------
Total liabilities......... 19,674 9,888 44,057 2,803 2,136
----------- ----------- ------------ ---------- ----------
Net assets........................ $30,077,398 $17,326,567 $ 91,853,472 $7,618,801 $3,535,771
=========== =========== ============ ========== ==========
Net assets consist of:
Contractholders' net payments... $31,708,512 $17,792,682 $ 94,994,106 $8,279,552 $3,923,901
Cost of insurance withdrawals
(Note 3)...................... (6,356,307) (3,239,637) (19,694,177) (1,552,052) (698,846)
Undistributed net investment
income........................ 1,671,285 1,649,083 9,179,832 425,563 404,804
Accumulated net realized gain on
investments................... 2,243,619 1,263,355 8,007,190 312,893 52,121
Unrealized appreciation
(depreciation) of
investments................... 810,289 (138,916) (633,479) 152,845 (146,209)
----------- ----------- ------------ ---------- ----------
Net assets........................ $30,077,398 $17,326,567 $ 91,853,472 $7,618,801 $3,535,771
=========== =========== ============ ========== ==========
Number of units outstanding* ..... 1,373,480 874,371 4,216,748 475,982 245,156
----------- ----------- ------------ ---------- ----------
Net asset value per unit
outstanding* ................... $ 21.90 $ 19.82 $ 21.78 $ 16.01 $ 14.42
=========== =========== ============ ========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-28
<PAGE> 100
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income..................... $138,443 $118,315 $ 8,132 $ 3,912 $ 261,166 $ 3,735
Mortality and expense risk charges
(Note 3).......................... (5,155) (4,392) (935) (418) (6,828) (434)
-------- -------- -------- -------- --------- --------
Net investment income............... 133,288 113,923 7,197 3,494 254,338 3,301
-------- -------- -------- -------- --------- --------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............... 83,899 70,294 26,174 11,980 244,465 17,192
Cost of shares sold............... (52,145) (45,970) (25,047) (10,356) (171,058) (17,192)
-------- -------- -------- -------- --------- --------
Net realized gain on investments.... 31,754 24,324 1,127 1,624 73,407 0
Net increase (decrease) in
unrealized appreciation of
investments....................... 26,614 (55,179) 1,982 1,198 (84,041) 0
-------- -------- -------- -------- --------- --------
Net realized and unrealized gain
(loss) on investments............. 58,368 (30,855) 3,109 2,822 (10,634) 0
-------- -------- -------- -------- --------- --------
Net increase in net assets resulting
from operations................... $191,656 $ 83,068 $ 10,306 $ 6,316 $ 243,704 $ 3,301
======== ======== ======== ======== ========= ========
</TABLE>
See notes to financial statements.
F-29
<PAGE> 101
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ------------
<S> <C> <C> <C> <C>
Dividend income................. $ 14,696 $ 53,185 $ 18,282 $ 167,557
Mortality and expense risk
charges (Note 3).............. (2,759) (8,684) (3,870) (24,447)
--------- --------- --------- ------------
Net investment income........... 11,937 44,501 14,412 143,110
--------- --------- --------- ------------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales........... 129,866 518,157 250,828 22,561,017
Cost of shares sold........... (125,053) (464,446) (240,034) (22,561,017)
--------- --------- --------- ------------
Net realized gain on
investments................... 4,813 53,711 10,794 0
Net increase (decrease) in
unrealized appreciation of
investments................... 5,189 5,771 5,587 0
--------- --------- --------- ------------
Net realized and unrealized gain
(loss) on investments......... 10,002 59,482 16,381 0
--------- --------- --------- ------------
Net increase in net assets
resulting from operations..... $ 21,939 $ 103,983 $ 30,793 $ 143,110
========= ========= ========= ============
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income................. $ 1,305,382 $ 1,037,569 $ 7,035,689 $ 352,610 $ 263,918
Mortality and expense risk
charges (Note 3).............. (173,004) (94,319) (575,478) (42,760) (20,051)
----------- ----------- ------------ ----------- ---------
Net investment income........... 1,132,378 943,250 6,460,211 309,850 243,867
----------- ----------- ------------ ----------- ---------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales........... 6,165,465 3,785,091 18,055,194 1,538,299 804,131
Cost of shares sold........... (4,866,214) (2,904,815) (13,791,374) (1,390,455) (788,311)
----------- ----------- ------------ ----------- ---------
Net realized gain on
investments................... 1,299,251 880,276 4,263,820 147,844 15,820
Net increase (decrease) in
unrealized appreciation of
investments................... (555,041) (781,462) (6,000,861) 260,368 (184,965)
----------- ----------- ------------ ----------- ---------
Net realized and unrealized gain
(loss) on investments......... 744,210 98,814 (1,737,041) 408,212 (169,145)
----------- ----------- ------------ ----------- ---------
Net increase in net assets
resulting from operations..... $ 1,876,588 $ 1,042,064 $ 4,723,170 $ 718,062 $ 74,722
=========== =========== ============ =========== =========
</TABLE>
See notes to financial statements.
F-30
<PAGE> 102
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
STRATEGIST
--------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT BOND SUBACCOUNT
------------------- -------------------- ------------------- -------------------
1998 1997 1998 1997 1998 1997 1998 1997
-------- -------- -------- --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $133,288 $ 53,040 $113,923 $ 76,627 $ 7,197 $ 9,374 $ 3,494 $ 5,147
Net realized gain on
investments................. 31,754 33,607 24,324 84,704 1,127 1,672 1,624 3,780
Net increase (decrease) in
unrealized appreciation of
investments................. 26,614 101,936 (55,179) 32,332 1,982 288 1,198 649
-------- -------- -------- --------- -------- -------- -------- --------
Net increase in net assets
resulting from operations..... 191,656 188,583 83,068 193,663 10,306 11,334 6,316 9,576
-------- -------- -------- --------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 47,550 35,646 31,012 39,172 8,787 8,194 4,168 4,547
Net asset value of units
redeemed or used to meet
contract obligations........ (76,005) (59,621) (60,685) (193,625) (25,134) (40,032) (11,205) (37,821)
-------- -------- -------- --------- -------- -------- -------- --------
Net decrease from unit
transactions.................. (28,455) (23,975) (29,673) (154,453) (16,347) (31,838) (7,037) (33,274)
-------- -------- -------- --------- -------- -------- -------- --------
Net increase (decrease) in net
assets........................ 163,201 164,608 53,395 39,210 (6,041) (20,504) (721) (23,698)
Net assets beginning of year.... 798,134 633,526 705,660 666,450 156,537 177,041 71,555 95,253
-------- -------- -------- --------- -------- -------- -------- --------
Net assets end of year*......... $961,335 $798,134 $759,055 $ 705,660 $150,496 $156,537 $ 70,834 $ 71,555
======== ======== ======== ========= ======== ======== ======== ========
Units outstanding beginning of
year.......................... 14,506 14,958 12,292 15,149 6,639 8,041 2,334 3,504
Units issued during the year.... 803 747 526 783 363 362 127 165
Units redeemed during the
year.......................... (1,302) (1,199) (1,010) (3,640) (1,025) (1,764) (349) (1,335)
-------- -------- -------- --------- -------- -------- -------- --------
Units outstanding end of year... 14,007 14,506 11,808 12,292 5,977 6,639 2,112 2,334
======== ======== ======== ========= ======== ======== ======== ========
---------------
* Includes undistributed net
investment income of: $301,309 $168,021 $441,681 $ 327,758 $171,031 $163,834 $103,589 $100,095
<CAPTION>
STRATEGIST
---------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------------- -------------------
1998 1997 1998 1997
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
From operations:
Net investment income......... $ 254,338 $ 77,745 $ 3,301 $ 3,689
Net realized gain on
investments................. 73,407 100,092 0 0
Net increase (decrease) in
unrealized appreciation of
investments................. (84,041) 59,772 0 0
---------- ---------- -------- --------
Net increase in net assets
resulting from operations..... 243,704 237,609 3,301 3,689
---------- ---------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 63,685 77,730 6,765 6,471
Net asset value of units
redeemed or used to meet
contract obligations........ (183,727) (287,917) (16,512) (19,886)
---------- ---------- -------- --------
Net decrease from unit
transactions.................. (120,042) (210,187) (9,747) (13,415)
---------- ---------- -------- --------
Net increase (decrease) in net
assets........................ 123,662 27,422 (6,446) (9,726)
Net assets beginning of year.... 1,111,163 1,083,741 75,563 85,289
---------- ---------- -------- --------
Net assets end of year*......... $1,234,825 $1,111,163 $ 69,117 $ 75,563
========== ========== ======== ========
Units outstanding beginning of
year.......................... 28,291 34,279 4,207 4,970
Units issued during the year.... 1,509 2,219 369 368
Units redeemed during the
year.......................... (4,235) (8,207) (898) (1,131)
---------- ---------- -------- --------
Units outstanding end of year... 25,565 28,291 3,678 4,207
========== ========== ======== ========
---------------
* Includes undistributed net
investment income of: $ 787,844 $ 533,506 $ 80,477 $ 77,176
</TABLE>
See notes to financial statements.
F-31
<PAGE> 103
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT MONEY
BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ---------------------- --------------------- ---------------------------
1998 1997 1998 1997 1998 1997 1998 1997
-------- -------- ---------- --------- --------- --------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income...... $ 11,937 $ 5,087 $ 44,501 $ 36,542 $ 14,412 $ 11,060 $ 143,110 $ 115,801
Net realized gain on
investments.............. 4,813 1,269 53,711 6,284 10,794 4,933 0 0
Net increase in unrealized
appreciation of
investments.............. 5,189 3,027 5,771 56,115 5,587 9,241 0 0
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net increase in net assets
resulting from
operations................. 21,939 9,383 103,983 98,941 30,793 25,234 143,110 115,801
-------- -------- ---------- --------- --------- --------- ------------ ------------
From unit transactions:
Net proceeds from the
issuance of units........ 495,470 172,340 910,497 471,749 389,606 288,293 21,592,510 20,219,389
Net asset value of units
redeemed or used to meet
contract obligations..... (99,753) (38,182) (407,166) (236,759) (199,430) (107,779) (20,103,798) (20,985,756)
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net increase (decrease) from
unit transactions.......... 395,717 134,158 503,331 234,990 190,176 180,514 1,488,712 (766,367)
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net increase (decrease) in
net assets................. 417,656 143,541 607,314 333,931 220,969 205,748 1,631,822 (650,566)
Net assets beginning of
year....................... 234,365 90,824 948,462 614,531 498,405 292,657 3,698,674 4,349,240
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net assets end of year*...... $652,021 $234,365 $1,555,776 $ 948,462 $ 719,374 $ 498,405 $ 5,330,496 $ 3,698,674
======== ======== ========== ========= ========= ========= ============ ============
Units outstanding beginning
of year.................... 19,650 8,138 69,779 50,910 42,420 26,498 325,979 400,565
Units issued during the
year....................... 39,723 14,831 63,831 37,613 31,996 25,322 1,861,351 1,818,649
Units redeemed during the
year....................... (8,113) (3,319) (28,865) (18,744) (16,688) (9,400) (1,737,685) (1,893,235)
-------- -------- ---------- --------- --------- --------- ------------ ------------
Units outstanding end of
year....................... 51,260 19,650 104,745 69,779 57,728 42,420 449,645 325,979
======== ======== ========== ========= ========= ========= ============ ============
---------------
* Includes undistributed net
investment income of: $ 18,034 $ 6,097 $ 91,808 $ 47,307 $ 28,936 $ 14,524 $ 365,701 $ 222,591
</TABLE>
See notes to financial statements.
F-32
<PAGE> 104
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------- ------------------------- --------------------------
1998 1997 1998 1997 1998 1997
----------- ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 1,132,378 $ 467,545 $ 943,250 $ 660,447 $ 6,460,211 $ 2,400,789
Net realized gain on
investments................. 1,299,251 746,120 880,276 342,745 4,263,820 2,836,432
Net increase (decrease) in
unrealized appreciation of
investments................. (555,041) 984,236 (781,462) 568,217 (6,000,861) 3,108,829
----------- ----------- ----------- ----------- ------------ -----------
Net increase in net assets
resulting from operations..... 1,876,588 2,197,901 1,042,064 1,571,409 4,723,170 8,346,050
----------- ----------- ----------- ----------- ------------ -----------
From unit transactions:
Net proceeds from the issuance
of units.................... 17,178,981 11,812,002 11,226,613 5,248,401 43,195,093 36,238,986
Net asset value of units
redeemed or used to meet
contract obligations........ (5,460,969) (2,656,849) (3,126,835) (1,072,152) (16,133,792) (9,726,108)
----------- ----------- ----------- ----------- ------------ -----------
Net increase from unit
transactions.................. 11,718,012 9,155,153 8,099,778 4,176,249 27,061,301 26,512,878
----------- ----------- ----------- ----------- ------------ -----------
Net increase in net assets...... 13,594,600 11,353,054 9,141,842 5,747,658 31,784,471 34,858,928
Net assets beginning of year.... 16,482,798 5,129,744 8,184,725 2,437,067 60,069,001 25,210,073
----------- ----------- ----------- ----------- ------------ -----------
Net assets end of year*......... $30,077,398 $16,482,798 $17,326,567 $ 8,184,725 $ 91,853,472 $60,069,001
=========== =========== =========== =========== ============ ===========
Units outstanding beginning of
year.......................... 821,090 319,002 449,403 191,743 2,954,670 1,532,486
Units issued during the year.... 812,747 647,931 594,256 326,703 2,028,359 1,945,611
Units redeemed during the
year.......................... (260,357) (145,843) (169,288) (69,043) (766,281) (523,427)
----------- ----------- ----------- ----------- ------------ -----------
Units outstanding end of year... 1,373,480 821,090 874,371 449,403 4,216,748 2,954,670
=========== =========== =========== =========== ============ ===========
---------------
* Includes undistributed net
investment income of: $ 1,671,285 $ 538,907 $ 1,649,083 $ 705,833 $ 9,179,832 $ 2,719,621
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------------------ -----------------------
1998 1997 1998 1997
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
From operations:
Net investment income......... $ 309,850 $ 98,833 $ 243,867 $ 111,190
Net realized gain on
investments................. 147,844 135,511 15,820 35,931
Net increase (decrease) in
unrealized appreciation of
investments................. 260,368 (204,105) (184,965) 12,532
----------- ---------- ---------- ----------
Net increase in net assets
resulting from operations..... 718,062 30,239 74,722 159,653
----------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance
of units.................... 4,158,036 3,034,936 2,119,601 1,268,282
Net asset value of units
redeemed or used to meet
contract obligations........ (1,336,551) (717,365) (598,271) (319,664)
----------- ---------- ---------- ----------
Net increase from unit
transactions.................. 2,821,485 2,317,571 1,521,330 948,618
----------- ---------- ---------- ----------
Net increase in net assets...... 3,539,547 2,347,810 1,596,052 1,108,271
Net assets beginning of year.... 4,079,254 1,731,444 1,939,719 831,448
----------- ---------- ---------- ----------
Net assets end of year*......... $ 7,618,801 $4,079,254 $3,535,771 $1,939,719
=========== ========== ========== ==========
Units outstanding beginning of
year.......................... 290,466 128,820 138,275 66,709
Units issued during the year.... 275,608 211,751 148,827 95,695
Units redeemed during the
year.......................... (90,092) (50,105) (41,946) (24,129)
----------- ---------- ---------- ----------
Units outstanding end of year... 475,982 290,466 245,156 138,275
=========== ========== ========== ==========
---------------
* Includes undistributed net
investment income of: $ 425,563 $ 115,713 $ 404,804 $ 160,937
</TABLE>
See notes to financial statements.
F-33
<PAGE> 105
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist), Variable Universal Life (MONYEquity
Master and MONY Custom Equity Master) and Corporate Sponsored Variable Universal
Life Insurance policies. These policies are issued by MONY America, which is a
wholly-owned subsidiary of MONY Life Insurance Company ("MONY"). For
presentation purposes, the information related to the Variable Life (Strategist)
and Variable Universal Life (MONYEquity Master) Insurance policies is presented
here.
There are currently six Strategist Subaccounts and nine MONYEquity Master
Subaccounts within the Variable Account, each invests only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund") or the Enterprise
Accumulation Trust ("Enterprise") (collectively, the "Funds"). The Funds are
registered under the 1940 Act as open end, diversified, management investment
companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investment:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of each portfolio. Except for the
Money Market Portfolio, net asset values are based upon market valuations of the
securities held in each of the corresponding portfolios of the Funds. For the
Money Market Portfolio, the net asset value is based on amortized cost of the
securities held which approximates value.
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based on current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for Federal income tax purposes.
3. RELATED PARTY TRANSACTIONS
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders are deducted on each monthly date from
the cash value of the contract to compensate MONY America. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for the Strategist and MONYEquity Master Subaccounts for 1998
aggregated $16,555,277.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent (for the Strategist
Subaccounts) and .75 percent (for the MONYEquity Master Subaccounts) of average
daily net assets of the subaccounts. As investment adviser to the Fund, it
receives amounts paid by the Fund for those services.
F-34
<PAGE> 106
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at December 31, 1998 consist
of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares........................ 22,121 26,039 14,077 5,245 53,914 75,563
Amount........................ $546,247 $487,414 $148,164 $ 63,055 $ 806,595 $ 75,563
-------- -------- -------- -------- ---------- --------
Shares acquired:
Shares........................ 1,464 1,429 801 331 6,247 7,011
Amount........................ $ 50,289 $ 36,229 $ 8,892 $ 4,525 $ 117,595 $ 7,011
Shares received for reinvestment
of dividends:
Shares........................ 4,089 4,582 759 300 14,780 3,735
Amount........................ $138,443 $118,315 $ 8,132 $ 3,912 $ 261,166 $ 3,735
Shares redeemed:
Shares........................ (2,508) (2,799) (2,354) (878) (12,921) (17,192)
Amount........................ $(52,145) $(45,970) $(25,047) $(10,356) $ (171,058) $(17,192)
-------- -------- -------- -------- ---------- --------
Net change:
Shares........................ 3,045 3,212 (794) (247) 8,106 (6,446)
Amount........................ $136,587 $108,574 $ (8,023) $ (1,919) $ 207,703 $ (6,446)
-------- -------- -------- -------- ---------- --------
Shares end of year:
Shares........................ 25,166 29,251 13,283 4,998 62,020 69,117
Amount........................ $682,834 $595,988 $140,141 $ 61,136 $1,014,298 $ 69,117
======== ======== ======== ======== ========== ========
</TABLE>
F-35
<PAGE> 107
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in MONY Series Fund, Inc. and Enterprise Accumulation Trust at
cost, at December 31, 1998 consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
-----------------------------------------------------
LONG
INTERMEDIATE TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ---------- ---------- ------------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 21,076 $ 69,535 45,767 3,698,674
Amount............. $ 229,105 $ 870,461 $ 482,067 $ 3,698,674
--------- ---------- --------- ------------
Shares acquired:
Shares............. 46,749 73,783 39,894 24,025,282
Amount............. $ 522,824 $1,012,804 $ 437,134 $ 24,025,282
Shares received for
reinvestment of
dividends:
Shares............. 1,372 4,085 1,728 167,557
Amount............. $ 14,696 $ 53,185 $ 18,282 $ 167,557
Shares redeemed:
Shares............. (11,649) (37,609) (22,987) (22,561,017)
Amount............. $(125,053) $ (464,446) $(240,034) $(22,561,017)
--------- ---------- --------- ------------
Net change:
Shares............. 36,472 40,259 18,635 1,631,822
Amount............. $ 412,467 $ 601,543 $ 215,382 $ 1,631,822
--------- ---------- --------- ------------
Shares end of year:
Shares............. 57,548 109,794 64,402 5,330,496
Amount............. $ 641,572 $1,472,004 $ 697,449 $ 5,330,496
========= ========== ========= ============
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
HIGH
INTERNATIONAL YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 469,730 306,544 1,473,001 660,074 339,706
Amount............. $15,117,468 $ 7,542,179 $ 54,701,619 $ 4,186,777 $1,900,963
----------- ----------- ------------ ----------- ----------
Shares acquired:
Shares............. 478,902 425,502 1,044,855 650,298 414,614
Amount............. $17,710,473 $11,790,550 $ 44,541,017 $ 4,317,024 $2,305,410
Shares received for
reinvestment of
dividends:
Shares............. 35,588 39,617 173,464 54,331 48,034
Amount............. $ 1,305,382 $ 1,037,569 $ 7,035,689 $ 352,610 $ 263,918
Shares redeemed:
Shares............. (167,343) (138,382) (426,688) (234,317) (143,923)
Amount............. $(4,866,214) $(2,904,815) $(13,791,374) $(1,390,455) $ (788,311)
----------- ----------- ------------ ----------- ----------
Net change:
Shares............. 347,147 326,737 791,631 470,312 318,725
Amount............. $14,149,641 $ 9,923,304 $ 37,785,332 $ 3,279,179 $1,781,017
----------- ----------- ------------ ----------- ----------
Shares end of year:
Shares............. 816,877 633,281 2,264,632 1,130,386 658,431
Amount............. $29,267,109 $17,465,483 $ 92,486,951 $ 7,465,956 $3,681,980
=========== =========== ============ =========== ==========
</TABLE>
F-36
<PAGE> 108
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America and the
Contractholders of MONY America Variable Account L -- Variable Life/Variable
Universal Life:
We have audited the accompanying statements of assets and liabilities of
MONY America Variable Account L -- Variable Life/Variable Universal Life
(comprising, respectively, the Variable Life's Equity Growth, Equity Income,
Intermediate Term Bond, Long Term Bond, Diversified and Money Market Subaccounts
and the Variable Universal Life's Intermediate Term Bond, Long Term Bond,
Government Securities, Money Market, Equity, Small Cap, Managed, International
Growth and High Yield Bond Subaccounts) as of December 31, 1997, the related
statements of operations for the year then ended and the statements of changes
in net assets for each of the two years in the period then ended. These
financial statements are the responsibility of MONY America's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1997, by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of each of the respective
subaccounts constituting MONY America Variable Account L -- Variable
Life/Variable Universal Life as of December 31, 1997, the results of their
operations and the changes in their net assets for each of the periods referred
to above, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
New York, New York
February 11, 1998
F-37
<PAGE> 109
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..... $ 546,247 $ 487,414 $ 148,164 $ 63,055 $ 806,595 $ 75,563
========= ========= ========= ========= ========== =========
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................. $ 798,134 $ 705,660 $ 156,537 $ 71,555 $1,111,163 $ 75,563
Amount due from MONY Series Fund,
Inc. .......................... 9 9 0 0 26 0
--------- --------- --------- --------- ---------- ---------
Total assets........... 798,143 705,669 156,537 71,555 1,111,189 75,563
--------- --------- --------- --------- ---------- ---------
LIABILITIES
Amount due to MONY America....... 9 9 0 0 26 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 798,134 $ 705,660 $ 156,537 $ 71,555 $1,111,163 $ 75,563
========= ========= ========= ========= ========== =========
Net assets consist of:
Contractholders' net
payments.................... $ 537,453 $ 445,418 $ 192,229 $ 108,555 $ 933,695 $ 198,422
Cost of insurance withdrawals
(Note 3).................... (383,528) (486,949) (201,904) (156,404) (916,797) (200,035)
Undistributed net investment
income...................... 168,021 327,758 163,834 100,095 533,506 77,176
Accumulated net realized gain
(loss) on investments....... 224,301 201,187 (5,995) 10,809 256,191 0
Unrealized appreciation of
investments................. 251,887 218,246 8,373 8,500 304,568 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 798,134 $ 705,660 $ 156,537 $ 71,555 $1,111,163 $ 75,563
========= ========= ========= ========= ========== =========
Number of units outstanding* .... 14,506 12,292 6,639 2,334 28,291 4,207
--------- --------- --------- --------- ---------- ---------
Net asset value per unit
outstanding* .................. $ 55.02 $ 57.41 $ 23.58 $ 30.65 $ 39.28 $ 17.96
========= ========= ========= ========= ========== =========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-38
<PAGE> 110
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $229,105 $ 870,461 $482,067 $3,698,674 $15,117,468 $ 7,542,179 $ 54,701,619
======== ========= ======== ========== =========== =========== ============
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $ 0 $ 0 $ 0 $ 0 $16,482,798 $ 8,184,725 $ 60,069,001
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 234,365 948,462 498,405 3,698,674 0 0 0
Amount due from Enterprise
Accumulation Trust.............. 0 0 0 0 3,531 859 9,107
Amount due from MONY America...... 48 418 202 80,882 25,829 2,025 37,486
Amount due from MONY Series Fund,
Inc............................. 11 130 41 11,681 0 0 0
-------- --------- -------- ---------- ----------- ----------- ------------
Total assets.............. 234,424 949,010 498,648 3,791,237 16,512,158 8,187,609 60,115,594
-------- --------- -------- ---------- ----------- ----------- ------------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 0 0 0 0 25,829 2,025 37,486
Amount due to MONY America........ 11 130 41 11,681 3,531 859 9,107
Amount due to MONY Series Fund,
Inc............................. 48 418 202 80,882 0 0 0
-------- --------- -------- ---------- ----------- ----------- ------------
Total liabilities......... 59 548 243 92,563 29,360 2,884 46,593
-------- --------- -------- ---------- ----------- ----------- ------------
Net assets........................ $234,365 $ 948,462 $498,405 $3,698,674 $16,482,798 $ 8,184,725 $ 60,069,001
======== ========= ======== ========== =========== =========== ============
Net assets consist of:
Contractholders' net
payments...................... $265,298 $ 982,905 $552,598 $4,020,118 $16,582,774 $ 7,692,676 $ 58,710,094
Cost of insurance withdrawals
(Note 3)...................... (43,218) (167,996) (91,027) (544,035) (2,948,581) (1,239,409) (10,471,466)
Undistributed net investment
income........................ 6,097 47,307 14,524 222,591 538,907 705,833 2,719,621
Accumulated net realized gain on
investments................... 928 8,245 5,972 0 944,368 383,079 3,743,370
Unrealized appreciation
(depreciation) of
investments................... 5,260 78,001 16,338 0 1,365,330 642,546 5,367,382
-------- --------- -------- ---------- ----------- ----------- ------------
Net assets........................ $234,365 $ 948,462 $498,405 $3,698,674 $16,482,798 $ 8,184,725 $ 60,069,001
======== ========= ======== ========== =========== =========== ============
Number of units outstanding* ..... 19,650 69,779 42,420 325,979 821,090 449,403 2,954,670
-------- --------- -------- ---------- ----------- ----------- ------------
Net asset value per unit
outstanding* ................... $ 11.93 $ 13.59 $ 11.75 $ 11.35 $ 20.07 $ 18.21 $ 20.33
======== ========= ======== ========== =========== =========== ============
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
ASSETS
Investments at cost (Note 4)...... $4,186,777 $1,900,963
========== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $4,079,254 $1,939,719
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 0 0
Amount due from Enterprise
Accumulation Trust.............. 308 240
Amount due from MONY America...... 214 71
Amount due from MONY Series Fund,
Inc............................. 0 0
---------- ----------
Total assets.............. 4,079,776 1,940,030
---------- ----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 214 71
Amount due to MONY America........ 308 240
Amount due to MONY Series Fund,
Inc............................. 0 0
---------- ----------
Total liabilities......... 522 311
---------- ----------
Net assets........................ $4,079,254 $1,939,719
========== ==========
Net assets consist of:
Contractholders' net
payments...................... $4,679,851 $2,041,929
Cost of insurance withdrawals
(Note 3)...................... (773,836) (338,204)
Undistributed net investment
income........................ 115,713 160,937
Accumulated net realized gain on
investments................... 165,049 36,301
Unrealized appreciation
(depreciation) of
investments................... (107,523) 38,756
---------- ----------
Net assets........................ $4,079,254 $1,939,719
========== ==========
Number of units outstanding* ..... 290,466 138,275
---------- ----------
Net asset value per unit
outstanding* ................... $ 14.04 $ 14.03
========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-39
<PAGE> 111
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.................... $ 57,504 $ 80,960 $ 10,378 $ 5,654 $ 84,416 $ 4,176
Mortality and expense risk charges
(Note 3)......................... (4,464) (4,333) (1,004) (507) (6,671) (487)
-------- --------- -------- -------- --------- --------
Net investment income.............. 53,040 76,627 9,374 5,147 77,745 3,689
-------- --------- -------- -------- --------- --------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.............. 87,998 205,963 55,717 38,794 311,417 32,317
Cost of shares sold.............. (54,391) (121,259) (54,045) (35,014) (211,325) (32,317)
-------- --------- -------- -------- --------- --------
Net realized gain on investments... 33,607 84,704 1,672 3,780 100,092 0
Net increase in unrealized
appreciation of investments...... 101,936 32,332 288 649 59,772 0
-------- --------- -------- -------- --------- --------
Net realized and unrealized gain on
investments...................... 135,543 117,036 1,960 4,429 159,864 0
-------- --------- -------- -------- --------- --------
Net increase in net assets
resulting from operations........ $188,583 $ 193,663 $ 11,334 $ 9,576 $ 237,609 $ 3,689
======== ========= ======== ======== ========= ========
</TABLE>
See notes to financial statements.
F-40
<PAGE> 112
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.................. $ 6,095 $ 42,293 $ 14,009 $ 135,531 $ 544,698 $ 694,933 $ 2,719,101
Mortality and expense risk
charges (Note 3)............... (1,008) (5,751) (2,949) (19,730) (77,153) (34,486) (318,312)
-------- --------- --------- ------------ ----------- ----------- -----------
Net investment income............ 5,087 36,542 11,060 115,801 467,545 660,447 2,400,789
-------- --------- --------- ------------ ----------- ----------- -----------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............ 52,711 292,029 143,307 24,713,256 3,327,872 1,503,358 11,923,853
Cost of shares sold............ (51,442) (285,745) (138,374) (24,713,256) (2,581,752) (1,160,613) (9,087,421)
-------- --------- --------- ------------ ----------- ----------- -----------
Net realized gain on
investments.................... 1,269 6,284 4,933 0 746,120 342,745 2,836,432
Net increase (decrease) in
unrealized appreciation of
investments.................... 3,027 56,115 9,241 0 984,236 568,217 3,108,829
-------- --------- --------- ------------ ----------- ----------- -----------
Net realized and unrealized gain
(loss) on investments.......... 4,296 62,399 14,174 0 1,730,356 910,962 5,945,261
-------- --------- --------- ------------ ----------- ----------- -----------
Net increase in net assets
resulting from operations...... $ 9,383 $ 98,941 $ 25,234 $ 115,801 $ 2,197,901 $ 1,571,409 $ 8,346,050
======== ========= ========= ============ =========== =========== ===========
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
Dividend income.................. $ 120,361 $ 121,077
Mortality and expense risk
charges (Note 3)............... (21,528) (9,887)
---------- ---------
Net investment income............ 98,833 111,190
---------- ---------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............ 1,007,459 636,523
Cost of shares sold............ (871,948) (600,592)
---------- ---------
Net realized gain on
investments.................... 135,511 35,931
Net increase (decrease) in
unrealized appreciation of
investments.................... (204,105) 12,532
---------- ---------
Net realized and unrealized gain
(loss) on investments.......... (68,594) 48,463
---------- ---------
Net increase in net assets
resulting from operations...... $ 30,239 $ 159,653
========== =========
</TABLE>
See notes to financial statements.
F-41
<PAGE> 113
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE LIFE
--------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT BOND SUBACCOUNT
------------------- -------------------- ------------------- -------------------
1997 1996 1997 1996 1997 1996 1997 1996
-------- -------- --------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)........... $ 53,040 $ (3,666) $ 76,627 $ (2,649) $ 9,374 $ (1,063) $ 5,147 $ (582)
Net realized gain on investments....... 33,607 22,971 84,704 35,481 1,672 665 3,780 1,989
Net increase (decrease) in unrealized
appreciation of investments.......... 101,936 92,373 32,332 80,163 288 5,698 649 (2,681)
-------- -------- --------- -------- -------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations.............. 188,583 111,678 193,663 112,995 11,334 5,300 9,576 (1,274)
-------- -------- --------- -------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units................................ 35,646 46,370 39,172 38,780 8,194 12,039 4,547 5,926
Net asset value of units redeemed or
used to meet contract obligations.... (59,621) (75,563) (193,625) (90,508) (40,032) (23,076) (37,821) (15,517)
-------- -------- --------- -------- -------- -------- -------- --------
Net decrease from unit transactions...... (23,975) (29,193) (154,453) (51,728) (31,838) (11,037) (33,274) (9,591)
-------- -------- --------- -------- -------- -------- -------- --------
Net increase (decrease) in net assets.... 164,608 82,485 39,210 61,267 (20,504) (5,737) (23,698) (10,865)
Net assets beginning of year............. 633,526 551,041 666,450 605,183 177,041 182,778 95,253 106,118
-------- -------- --------- -------- -------- -------- -------- --------
Net assets end of year*.................. $798,134 $633,526 $ 705,660 $666,450 $156,537 $177,041 $ 71,555 $ 95,253
======== ======== ========= ======== ======== ======== ======== ========
Units outstanding beginning of year...... 14,958 15,643 15,149 16,377 8,041 8,556 3,504 3,869
Units issued during the year............. 747 1,232 783 1,004 362 562 165 226
Units redeemed during the year........... (1,199) (1,917) (3,640) (2,232) (1,764) (1,077) (1,335) (591)
-------- -------- --------- -------- -------- -------- -------- --------
Units outstanding end of year............ 14,506 14,958 12,292 15,149 6,639 8,041 2,334 3,504
======== ======== ========= ======== ======== ======== ======== ========
---------------
* Includes undistributed net investment
income of: $168,021 $114,981 $ 327,758 $251,131 $163,834 $154,460 $100,095 $ 94,948
<CAPTION>
VARIABLE LIFE
---------------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------------- -------------------
1997 1996 1997 1996
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)........... $ 77,745 $ (6,210) $ 3,689 $ 3,835
Net realized gain on investments....... 100,092 29,580 0 0
Net increase (decrease) in unrealized
appreciation of investments.......... 59,772 110,202 0 0
---------- ---------- -------- --------
Net increase (decrease) in net assets
resulting from operations.............. 237,609 133,572 3,689 3,835
---------- ---------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units................................ 77,730 85,626 6,471 9,558
Net asset value of units redeemed or
used to meet contract obligations.... (287,917) (124,946) (19,886) (18,398)
---------- ---------- -------- --------
Net decrease from unit transactions...... (210,187) (39,320) (13,415) (8,840)
---------- ---------- -------- --------
Net increase (decrease) in net assets.... 27,422 94,252 (9,726) (5,005)
Net assets beginning of year............. 1,083,741 989,489 85,289 90,294
---------- ---------- -------- --------
Net assets end of year*.................. $1,111,163 $1,083,741 $ 75,563 $ 85,289
========== ========== ======== ========
Units outstanding beginning of year...... 34,279 35,607 4,970 5,499
Units issued during the year............. 2,219 2,942 368 570
Units redeemed during the year........... (8,207) (4,270) (1,131) (1,099)
---------- ---------- -------- --------
Units outstanding end of year............ 28,291 34,279 4,207 4,970
========== ========== ======== ========
---------------
* Includes undistributed net investment
income of: $ 533,506 $ 455,761 $ 77,176 $ 73,487
</TABLE>
See notes to financial statements.
F-42
<PAGE> 114
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT MONEY
BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- -------------------- -------------------- ---------------------------
1997 1996 1997 1996 1997 1996 1997 1996
-------- -------- --------- -------- --------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ 5,087 $ (404) $ 36,542 $ (3,193) $ 11,060 $ (1,630) $ 115,801 $ 86,414
Net realized gain (loss) on
investments................. 1,269 (715) 6,284 795 4,933 906 0 0
Net increase in unrealized
appreciation of
investments................. 3,027 3,148 56,115 13,609 9,241 7,805 0 0
-------- -------- --------- -------- --------- -------- ------------ ------------
Net increase in net assets
resulting from operations..... 9,383 2,029 98,941 11,211 25,234 7,081 115,801 86,414
-------- -------- --------- -------- --------- -------- ------------ ------------
From unit transactions:
Net proceeds from the issuance
of units.................... 172,340 82,991 471,749 425,430 288,293 149,977 20,219,389 15,675,163
Net asset value of units
redeemed or used to meet
contract obligations........ (38,182) (20,916) (236,759) (91,922) (107,779) (35,779) (20,985,756) (13,113,154)
-------- -------- --------- -------- --------- -------- ------------ ------------
Net increase (decrease) from
unit transactions............. 134,158 62,075 234,990 333,508 180,514 114,198 (766,367) 2,562,009
-------- -------- --------- -------- --------- -------- ------------ ------------
Net increase (decrease) in net
assets........................ 143,541 64,104 333,931 344,719 205,748 121,279 (650,566) 2,648,423
Net assets beginning of year.... 90,824 26,720 614,531 269,812 292,657 171,378 4,349,240 1,700,817
-------- -------- --------- -------- --------- -------- ------------ ------------
Net assets end of year*......... $234,365 $ 90,824 $ 948,462 $614,531 $ 498,405 $292,657 $ 3,698,674 $ 4,349,240
======== ======== ========= ======== ========= ======== ============ ============
Units outstanding beginning of
year.......................... 8,138 2,464 50,910 22,127 26,498 15,959 400,565 163,465
Units issued during the year.... 14,831 7,592 37,613 36,743 25,322 13,851 1,818,649 1,469,700
Units redeemed during the
year.......................... (3,319) (1,918) (18,744) (7,960) (9,400) (3,312) (1,893,235) (1,232,600)
-------- -------- --------- -------- --------- -------- ------------ ------------
Units outstanding end of year... 19,650 8,138 69,779 50,910 42,420 26,498 325,979 400,565
======== ======== ========= ======== ========= ======== ============ ============
---------------
* Includes undistributed net
investment income of: $ 6,097 $ 1,010 $ 47,307 $ 10,765 $ 14,524 $ 3,464 $ 222,591 $ 106,790
</TABLE>
See notes to financial statements.
F-43
<PAGE> 115
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
-------------------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------ ------------------------ -------------------------
1997 1996 1997 1996 1997 1996
----------- ---------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ 467,545 $ 46,194 $ 660,447 $ 28,953 $ 2,400,789 $ 134,759
Net realized gain on investments... 746,120 174,857 342,745 30,574 2,836,432 783,666
Net increase (decrease) in
unrealized appreciation of
investments...................... 984,236 357,881 568,217 78,392 3,108,829 2,166,435
----------- ---------- ----------- ---------- ----------- -----------
Net increase in net assets resulting
from operations.................... 2,197,901 578,932 1,571,409 137,919 8,346,050 3,084,860
----------- ---------- ----------- ---------- ----------- -----------
From unit transactions:
Net proceeds from the issuance
of units......................... 11,812,002 4,459,200 5,248,401 2,152,749 36,238,986 20,620,582
Net asset value of units redeemed
or used to meet contract
obligations...................... (2,656,849) (952,864) (1,072,152) (454,428) (9,726,108) (4,735,332)
----------- ---------- ----------- ---------- ----------- -----------
Net increase from unit
transactions....................... 9,155,153 3,506,336 4,176,249 1,698,321 26,512,878 15,885,250
----------- ---------- ----------- ---------- ----------- -----------
Net increase in net assets........... 11,353,054 4,085,268 5,747,658 1,836,240 34,858,928 18,970,110
Net assets beginning of year......... 5,129,744 1,044,476 2,437,067 600,827 25,210,073 6,239,963
----------- ---------- ----------- ---------- ----------- -----------
Net assets end of year*.............. $16,482,798 $5,129,744 $ 8,184,725 $2,437,067 $60,069,001 $25,210,073
=========== ========== =========== ========== =========== ===========
Units outstanding beginning of
year............................... 319,002 80,766 191,743 52,194 1,532,486 465,095
Units issued during the year......... 647,931 303,412 326,703 176,984 1,945,611 1,382,408
Units redeemed during the year....... (145,843) (65,176) (69,043) (37,435) (523,427) (315,017)
----------- ---------- ----------- ---------- ----------- -----------
Units outstanding end of year........ 821,090 319,002 449,403 191,743 2,954,670 1,532,486
=========== ========== =========== ========== =========== ===========
---------------
* Includes undistributed net
investment income of: $ 538,907 $ 71,362 $ 705,833 $ 45,386 $ 2,719,621 $ 318,832
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
------------------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
----------------------- ----------------------
1997 1996 1997 1996
---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ 98,833 $ (1,058) $ 111,190 $ 42,346
Net realized gain on investments... 135,511 23,372 35,931 180
Net increase (decrease) in
unrealized appreciation of
investments...................... (204,105) 96,691 12,532 25,863
---------- ---------- ---------- ---------
Net increase in net assets resulting
from operations.................... 30,239 119,005 159,653 68,389
---------- ---------- ---------- ---------
From unit transactions:
Net proceeds from the issuance
of units......................... 3,034,936 1,524,746 1,268,282 535,643
Net asset value of units redeemed
or used to meet contract
obligations...................... (717,365) (291,724) (319,664) (125,293)
---------- ---------- ---------- ---------
Net increase from unit
transactions....................... 2,317,571 1,233,022 948,618 410,350
---------- ---------- ---------- ---------
Net increase in net assets........... 2,347,810 1,352,027 1,108,271 478,739
Net assets beginning of year......... 1,731,444 379,417 831,448 352,709
---------- ---------- ---------- ---------
Net assets end of year*.............. $4,079,254 $1,731,444 $1,939,719 $ 831,448
========== ========== ========== =========
Units outstanding beginning of
year............................... 128,820 31,566 66,709 31,730
Units issued during the year......... 211,751 120,205 95,695 45,756
Units redeemed during the year....... (50,105) (22,951) (24,129) (10,777)
---------- ---------- ---------- ---------
Units outstanding end of year........ 290,466 128,820 138,275 66,709
========== ========== ========== =========
---------------
* Includes undistributed net
investment income of: $ 115,713 $ 16,880 $ 160,937 $ 49,747
</TABLE>
See notes to financial statements.
F-44
<PAGE> 116
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life Insurance (Strategist), Variable Universal Life
(MONYEquity Master) and Corporate Sponsored Variable Life Insurance policies.
These policies are issued by MONY America, which is a wholly-owned subsidiary of
The Mutual Life Insurance Company of New York ("MONY"). For presentation
purposes, the information related to the Variable Life and Variable Universal
Life Insurance policies are presented here.
There are currently six Variable Life Subaccounts and nine Variable
Universal Life Subaccounts within the Variable Account, each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund") or the
Enterprise Accumulation Trust ("Enterprise") (collectively, the "Funds"). The
subaccounts of the Variable Universal Life commenced operations during 1995. The
Funds are registered under the 1940 Act as open end, diversified, management
investment companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages 68 to 102 and 105 to 142,
respectively, and should be read in conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investment:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Funds. Except for the Money Market
Portfolios, net asset values are based upon market quotations of the securities
held in each of the corresponding portfolios of the Funds. For the Money Market
Portfolios, the net asset values are based on amortized cost of the securities
held which approximates value.
Taxes:
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, and, if applicable, the cost
of any optional benefits added by riders are deducted on each monthly date from
the cash value of the contract to compensate MONY America. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for the Variable Life and Variable Universal Subaccounts for 1997
aggregated $10,793,622.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent (for the Variable
Life Subaccounts) and .75 percent (for the Variable
F-45
<PAGE> 117
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
Universal Life Subaccounts) of aggregate average daily net assets. As investment
adviser to the Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENTS
Investments in Variable Life at cost, at December 31, 1997 consist of the
following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares....................... 20,860 28,432 16,153 7,418 60,241 85,289
Amount....................... $483,575 $ 480,537 $168,956 $ 87,403 $ 838,945 $ 85,289
-------- --------- -------- -------- --------- --------
Shares acquired:
Shares....................... 1,812 1,865 2,121 395 4,933 18,415
Amount....................... $ 59,559 $ 47,176 $ 22,875 $ 5,012 $ 94,559 $ 18,415
Shares received for
reinvestment of dividends:
Shares....................... 2,038 3,766 1,007 483 5,055 4,176
Amount....................... $ 57,504 $ 80,960 $ 10,378 $ 5,654 $ 84,416 $ 4,176
Shares redeemed:
Shares....................... (2,589) (8,024) (5,204) (3,051) (16,315) (32,317)
Amount....................... $(54,391) $(121,259) $(54,045) $(35,014) $(211,325) $(32,317)
-------- --------- -------- -------- --------- --------
Net change:
Shares....................... 1,261 (2,393) (2,076) (2,173) (6,327) (9,726)
Amount....................... $ 62,672 $ 6,877 $(20,792) $(24,348) $ (32,350) $ (9,726)
-------- --------- -------- -------- --------- --------
Shares end of year:
Shares....................... 22,121 26,039 14,077 5,245 53,914 75,563
Amount....................... $546,247 $ 487,414 $148,164 $ 63,055 $ 806,595 $ 75,563
======== ========= ======== ======== ========= ========
</TABLE>
F-46
<PAGE> 118
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in Variable Universal Life at cost, at December 31, 1997
consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
----------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ --------- ---------- ------------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 8,287 47,861 27,661 4,349,240
Amount............. $ 88,592 $ 592,645 $ 285,560 $ 4,349,240
-------- --------- --------- ------------
Shares acquired:
Shares............. 17,072 40,961 30,184 23,927,159
Amount............. $185,860 $ 521,268 $ 320,872 $ 23,927,159
Shares received for
reinvestment of
dividends:
Shares............. 591 3,615 1,373 135,531
Amount............. $ 6,095 $ 42,293 $ 14,009 $ 135,531
Shares redeemed:
Shares............. (4,874) (22,902) (13,451) (24,713,256)
Amount............. $(51,442) $(285,745) $(138,374) $(24,713,256)
-------- --------- --------- ------------
Net change:
Shares............. 12,789 21,674 18,106 (650,566)
Amount............. $140,513 $ 277,816 $ 196,507 $ (650,566)
-------- --------- --------- ------------
Shares end of year:
Shares............. 21,076 69,535 45,767 3,698,674
Amount............. $229,105 $ 870,461 $ 482,067 $ 3,698,674
======== ========= ========= ============
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------
HIGH
INTERNATIONAL YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 177,746 120,528 734,773 286,189 150,898
Amount............. $ 4,748,651 $ 2,362,738 $22,951,520 $1,634,862 $ 805,224
----------- ----------- ----------- ---------- ----------
Shares acquired:
Shares............. 377,731 219,786 977,516 509,835 284,392
Amount............. $12,405,871 $ 5,645,121 $38,118,419 $3,303,502 $1,575,254
Shares received for
reinvestment of
dividends:
Shares............. 15,523 26,027 66,677 19,476 17,799
Amount............. $ 544,698 $ 694,933 $ 2,719,101 $ 120,361 $ 121,077
Shares redeemed:
Shares............. (101,270) (59,797) (305,965) (155,426) (113,383)
Amount............. $(2,581,752) $(1,160,613) $(9,087,421) $ (871,948) $ (600,592)
----------- ----------- ----------- ---------- ----------
Net change:
Shares............. 291,984 186,016 738,228 373,885 188,808
Amount............. $10,368,817 $ 5,179,441 $31,750,099 $2,551,915 $1,095,739
----------- ----------- ----------- ---------- ----------
Shares end of year:
Shares............. 469,730 306,544 1,473,001 660,074 339,706
Amount............. $15,117,468 $ 7,542,179 $54,701,619 $4,186,777 $1,900,963
=========== =========== =========== ========== ==========
</TABLE>
F-47
<PAGE> 119
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED BALANCE SHEETS
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
2000 1999
------------- ------------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair
value..................................................... $ 994.3 $1,048.8
Mortgage loans on real estate............................... 115.1 165.0
Policy loans................................................ 67.7 58.8
Real estate................................................. 7.5 6.9
Other invested assets....................................... 8.1 2.3
-------- --------
1,192.7 1,281.8
-------- --------
Cash and cash equivalents................................... 71.6 28.9
Accrued investment income................................... 21.4 20.4
Amounts due from reinsurers................................. 17.3 18.6
Deferred policy acquisition costs........................... 471.8 406.4
Current federal income taxes receivable..................... 12.8 2.3
Other assets................................................ 7.2 24.9
Separate account assets..................................... 4,252.6 4,387.2
-------- --------
Total assets...................................... $6,047.4 $6,170.5
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits...................................... $ 133.6 $ 123.4
Policyholders' account balances............................. $1,157.2 1,154.1
Other policyholders' liabilities............................ 57.7 54.0
Accounts payable and other liabilities...................... 38.0 79.5
Note payable to affiliate (Note 5).......................... 47.4 49.0
Deferred federal income taxes............................... 38.5 19.4
Separate account liabilities................................ 4,252.6 4,387.2
-------- --------
Total liabilities................................. $5,725.0 $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........................................... 126.3 109.0
Accumulated other comprehensive loss........................ (6.1) (7.3)
-------- --------
Total shareholder's equity........................ 322.4 303.9
-------- --------
Total liabilities and shareholder's equity........ $6,047.4 $6,170.5
======== ========
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-48
<PAGE> 120
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ ------
($ IN MILLIONS)
<S> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $44.2 $33.7
Premiums.................................................... 7.2 1.1
Net investment income....................................... 22.3 23.1
Net realized (losses)/gains on investments.................. (1.1) 0.0
Other income................................................ 2.2 1.3
----- -----
Total revenues.................................... 74.8 59.2
----- -----
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 18.7 12.0
Interest credited to policyholders' account balances........ 15.9 15.5
Amortization of deferred policy acquisition costs........... 8.9 12.3
Other operating costs and expenses.......................... 17.3 12.9
----- -----
Total benefits and expense........................ 60.8 52.7
----- -----
Income before income taxes.................................. 14.0 6.5
Income tax expense.......................................... 4.7 2.3
----- -----
Net income.................................................. 9.3 4.2
Other comprehensive income (loss), net...................... 2.5 (2.3)
----- -----
Comprehensive income........................................ $11.8 $ 1.9
===== =====
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-49
<PAGE> 121
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ ------
($ IN MILLIONS)
<S> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $126.2 $105.0
Premiums.................................................... 19.5 3.4
Net investment income....................................... 69.3 71.4
Net realized (losses)/gains on investments.................. (2.9) 1.2
Other Income................................................ 9.7 4.4
------ ------
Total revenues.............................................. 221.8 185.4
------ ------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 51.0 32.0
Interest credited to policyholders' account balances........ 46.8 48.1
Amortization of deferred policy acquisition costs........... 37.0 32.3
Other operating costs and expenses.......................... 61.6 52.1
------ ------
Total benefited and expenses................................ 196.4 164.5
------ ------
Income before income taxes.................................. 25.4 20.9
Income tax expense.......................................... 8.1 7.3
------ ------
Net income.................................................. 17.3 13.6
Other comprehensive income (loss), net...................... 1.2 (11.8)
------ ------
Comprehensive income........................................ $ 18.5 $ 1.8
====== ======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-50
<PAGE> 122
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENT
OF CHANGES IN SHAREHOLDERS' EQUITY
NINE-MONTH PERIOD ENDED SEPTEMBER 30, 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
Comprehensive income:
Net income............................. 17.3 17.3
Other comprehensive income(1).......... 1.2 1.2
------
Comprehensive income................ 18.5
---- ------ ------ ----- ------
Balance, September 30, 2000.............. $2.5 $199.7 $126.3 $(6.1) $322.4
==== ====== ====== ===== ======
</TABLE>
---------------
(1) Represents unrealized losses on investments, net of unrealized gains,
reclassification adjustments, and taxes.
See accompanying notes to unaudited interim condensed financial statements.
F-51
<PAGE> 123
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS
NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
--------- -------
($ IN MILLIONS)
<S> <C> <C>
NET CASH (USED IN) OPERATING ACTIVITIES..................... $ (71.6) $ (45.6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayments of:
Fixed maturities.......................................... 151.7 209.9
Mortgage loans on real estate............................. 60.6 15.5
Real Estate............................................... 0.0 1.2
Other invested assets..................................... 0.0 3.8
Acquisitions of investments:
Fixed maturities.......................................... (100.7) (267.8)
Equity securities......................................... (0.3) 0.0
Mortgage loans on real estate............................. (10.6) (63.7)
Real estate............................................... (0.7) (0.3)
Other invested assets..................................... (0.9) (0.7)
Policy loans, net......................................... (9.0) (4.6)
Other, net................................................ 0.0 0.3
--------- -------
Net cash provided by/(used in) investing activities......... $ 90.1 $(106.4)
--------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Note payable to affiliate................................... -- 50.5
Repayment of note to affiliate.............................. (1.6) (1.0)
Receipts from annuity and universal life policies credited
to policyholders' account balances........................ 1,257.2 929.3
Return of policyholders' account balances on annuity and
universal life policies................................... (1,231.4) (912.2)
--------- -------
Net cash provided by financing activities................... 24.2 66.6
--------- -------
Net decrease in cash and cash equivalents................... 42.7 (85.4)
Cash and cash equivalents, beginning of year................ 28.9 133.4
--------- -------
Cash and cash equivalents, end of period.................... $ 71.6 $ 48.0
========= =======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-52
<PAGE> 124
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 and nine-month periods ended September
30, 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. In 2000, the effective tax rate was revised to
reflect higher dividends received deductions.
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, the Goshen v. The Mutual Life Insurance Company of New York and MONY Life
Insurance Company of America, (now known
F-53
<PAGE> 125
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
as DeFilippo, et al v. The Mutual Life Insurance Company of New York and MONY
Life Insurance Company), the first of the class actions filed, as a nationwide
class consisting of all persons or entities who have, or at the time of the
policy's termination had, an ownership interest in a whole or universal life
insurance policy issued by MONY and sold on an alleged "vanishing premium" basis
during the period January 1, 1982 to December 31, 1995. On March 27, 1997, MONY
filed a motion to dismiss or, alternatively, for summary judgment 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, and/or are being held
in abeyance pending the outcome of the Goshen case.
On October 21, 1997, the New York State Supreme Court granted MONY's motion
for summary judgment and dismissed all claims filed in the Goshen case against
us. 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 New York
State Supreme Court has subsequently reaffirmed that, for purposes of the
remaining New York General Business Law claim, the class is now limited to New
York purchasers only (and plaintiffs have appealed this aspect of the ruling),
and has further held that the New York General Business Law claims of all class
members whose claims accrued prior to November 29, 1992 are barred by the
applicable statute of limitations. MONY intends to defend itself vigorously
against the sole remaining claim.
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. There can be no assurance, however, that the
present litigation relating to sales practices will not have a material effect
on MONY.
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 September 30, 2000, the Company had commitments outstanding of $4.4
million for fixed rate agricultural loans with periodic interest rate reset
dates. The initial interest rates on the agricultural loans range from 7.9% to
8.3%. There was a fixed rate commercial mortgage commitment of $5.8 million
outstanding as of September 30, 2000. The interest rate on this commercial loan
is 8.0%. The Company had commitments outstanding to purchase $24.5 million of
private fixed maturity securities as of September 30, 2000 with interest rates
ranging from 7.6% to 9.1%.
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 6.8% per annum and matures on March 5,
2014. Principal and interest are payable quarterly to MBMC. The carrying value
of the note as of September 30, 2000 is $47.4 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,
F-54
<PAGE> 126
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
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. In the third quarter of 2000
the treaty was amended to include new sales of universal life business written
by USFL. At September 30, 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.
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.
7. NEW ACCOUNTING PRONOUNCEMENTS
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." SFAS 133 requires all derivatives to be
recognized in the statement of financial position as either assets or
liabilities and measured at fair value. The corresponding derivative gains and
losses should be reported based on the hedge relationship that exists, if there
is one. Changes in the fair value of derivatives that are not designated as
hedges or that do not meet the hedge accounting criteria in SFAS 133, are
required to be reported in earnings. SFAS 133, as amended by SFAS 137, is
effective for all fiscal quarters of the fiscal years beginning after June 15,
2000. SFAS 137 delayed the effective date of SFAS 133 by one year. Adoption of
SFAS 133 is not expected to have a material effect on the Company's financial
condition or results of operations.
F-55
<PAGE> 127
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholder of
MONY Life Insurance Company of America
In our opinion, the accompanying balance sheets and the related statements
of income and comprehensive income, changes in shareholder's equity and cash
flows present fairly, in all material respects, the financial position of MONY
Life Insurance Company of America (the "Company") at December 31, 1999 and 1998,
and the results of its operations and its cash flows for each of the three years
in the period ended December 31, 1999, in conformity with accounting principles
generally accepted in the United States. These financial statements are the
responsibility of the Company's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with auditing standards generally
accepted in the United States, which require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 10, 2000
F-56
<PAGE> 128
MONY LIFE INSURANCE COMPANY OF AMERICA
BALANCE SHEETS
DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
1999 1998
-------- --------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
INVESTMENTS:
Fixed maturity securities available-for-sale, at fair
value..................................................... $1,048.8 $1,044.2
Mortgage loans on real estate (Note 8)...................... 165.0 120.1
Policy loans................................................ 58.8 52.1
Real estate (Note 8)........................................ 6.9 8.3
Other invested assets....................................... 2.3 4.7
-------- --------
1,281.8 1,229.4
Cash and cash equivalents................................... 28.9 133.4
Accrued investment income................................... 20.4 19.5
Amounts due from reinsurers................................. 18.6 24.4
Deferred policy acquisition costs........................... 406.4 318.6
Other assets................................................ 24.9 15.3
Separate account assets..................................... 4,387.2 4,148.8
-------- --------
Total assets.............................................. $6,168.2 $5,889.4
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits...................................... $ 123.4 $ 112.0
Policyholders' account balances............................. 1,154.1 1,187.1
Other policyholders' liabilities............................ 54.0 56.9
Accounts payable and other liabilities...................... 79.5 67.9
Note payable to affiliate................................... 49.0 0.0
Current federal income taxes payable........................ (2.3) 13.2
Deferred federal income taxes (Note 5)...................... 19.4 13.7
Separate account liabilities................................ 4,387.2 4,148.8
-------- --------
Total liabilities......................................... 5,864.3 5,599.6
Commitments and contingencies (Notes 12)
Common stock $1.00 par value; 5,000,000 shares authorized,
2,500,000 issued and outstanding.......................... 2.5 2.5
Capital in excess of par.................................... 199.7 189.7
Retained earnings........................................... 109.0 89.6
Accumulated other comprehensive income/(loss)............... (7.3) 8.0
-------- --------
Total shareholder's equity................................ 303.9 289.8
-------- --------
Total liabilities and shareholder's equity................ $6,168.2 $5,889.4
======== ========
</TABLE>
See accompanying notes to financial statements.
F-57
<PAGE> 129
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997
<TABLE>
<CAPTION>
1999 1998 1997
------ ------ ------
($ IN MILLIONS)
<S> <C> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $143.1 $122.0 $100.8
Premiums.................................................... 9.2 1.7 0.1
Net investment income (Note 6).............................. 94.7 94.6 99.1
Net realized gains (losses) on investments (Note 6)......... (0.3) 7.1 2.7
Other income................................................ 7.6 7.6 5.5
------ ------ ------
254.3 233.0 208.2
------ ------ ------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 43.6 34.9 30.6
Interest credited to policyholders' account balances........ 63.5 65.1 72.5
Amortization of deferred policy acquisition costs........... 43.5 35.5 46.3
Other operating costs and expenses.......................... 73.8 75.6 46.0
------ ------ ------
224.4 211.1 195.4
------ ------ ------
Income before income taxes.................................. 29.9 21.9 12.8
Income tax expense.......................................... 10.5 7.7 4.5
------ ------ ------
Net income.................................................. 19.4 14.2 8.3
Other comprehensive income/(loss), net (Note 6)............. (15.3) 1.1 3.3
------ ------ ------
Comprehensive income........................................ $ 4.1 $ 15.3 $ 11.6
====== ====== ======
</TABLE>
See accompanying notes to financial statements.
F-58
<PAGE> 130
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY
YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997
<TABLE>
<CAPTION>
ACCUMULATED TOTAL
CAPITAL OTHER SHARE-
COMMON IN EXCESS RETAINED COMPREHENSIVE HOLDER'S
STOCK OF PAR EARNINGS INCOME/(LOSS) EQUITY
------ --------- -------- ------------- --------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1996............. $2.5 $166.4 $ 67.1 $ 3.6 $239.6
Capital contribution................... 10.8 10.8
Comprehensive income:
Net income........................... 8.3 8.3
Other comprehensive income:
Unrealized gains on investments,
net of unrealized losses,
reclassification adjustments,
and taxes (Note 6).............. 3.3 3.3
---- ------ ------ ------ ------
Comprehensive income................... 11.6
------
Balance, December 31, 1997............. 2.5 177.2 75.4 6.9 262.0
Capital contribution................... 12.5 12.5
Comprehensive income:
Net income........................... 14.2 14.2
Other comprehensive income:
Unrealized gains on investments,
net of unrealized losses,
reclassification adjustments,
and taxes (Note 6).............. 1.1 1.1
---- ------ ------ ------ ------
Comprehensive income................... 15.3
------
Balance, December 31, 1998............. 2.5 189.7 89.6 8.0 289.8
Capital contribution................... 10.0 10.0
Comprehensive income:
Net income........................... 19.4 19.4
Other comprehensive income:
Unrealized losses on investments,
net of unrealized gains,
reclassification adjustments,
and taxes (Note 6).............. (15.3) (15.3)
---- ------ ------ ------ ------
Comprehensive income/(loss)............ (15.3)
------
Balance, December 31, 1999............. $2.5 $199.7 $109.0 $ (7.3) $303.9
==== ====== ====== ====== ======
</TABLE>
See accompanying notes to financial statements.
F-59
<PAGE> 131
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997
<TABLE>
<CAPTION>
1999 1998 1997
------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES (SEE NOTE 2):
Net income.................................................. $ 19.4 $ 14.2 $ 8.3
Adjustments to reconcile net income to net cash (used in)
operating activities:
Interest credited to policyholders' account balances...... 65.5 64.1 71.5
Universal life and investment-type product policy fee
income................................................. (102.9) (107.0) (98.1)
Capitalization of deferred policy acquisition costs....... (96.8) (74.9) (73.8)
Amortization of deferred policy acquisition costs......... 43.5 35.5 46.3
Provision for depreciation and amortization............... 0.2 1.0 0.4
Provision for deferred federal income taxes............... 13.9 (1.1) (13.4)
Net realized gains on investments......................... 0.3 (7.1) (2.7)
Change in other assets and accounts payable and other
liabilities............................................ 6.3 45.3 29.6
Change in future policy benefits.......................... 4.4 5.9 0.2
Change in other policyholders' liabilities................ (2.8) 15.7 5.0
Change in current federal income taxes payable............ (15.6) (4.6) (11.2)
------- ------- -------
Net cash (used in) operating activities..................... (64.6) (13.0) (37.9)
------- ------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayments of:
Fixed maturities.......................................... 289.6 171.4 130.6
Equity securities......................................... 0.0 0.8 1.0
Mortgage loans on real estate............................. 24.5 37.6 37.7
Real estate............................................... 1.2 17.0 18.6
Other invested assets..................................... 3.9 0.6 1.5
Acquisitions of investments:
Fixed maturities.......................................... (352.3) (109.2) (157.6)
Equity securities......................................... (0.2) (0.1) (0.1)
Mortgage loans on real estate............................. (69.7) (24.3) (13.6)
Real estate............................................... (0.7) (0.6) (1.5)
Other invested assets..................................... (0.5) (0.3) (0.1)
Policy loans, net......................................... (6.6) (6.2) (4.4)
Other, net................................................ 0.5 (0.5) 0.3
------- ------- -------
Net cash (used in)/provided by investing activities......... $(110.3) $ 86.2 $ 12.4
------- ------- -------
</TABLE>
See accompanying notes to financial statements.
F-60
<PAGE> 132
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CASH FLOWS -- (CONTINUED)
YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997
<TABLE>
<CAPTION>
1999 1998 1997
--------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Note payable to affiliate.............................. $ 50.5 $ 0.0 $ 0.0
Repayments of note to affiliate........................ (1.5) 0.0 0.0
Receipts from annuity and universal life policies
credited to policyholders' account balances.......... 1,395.4 811.8 810.4
Return of policyholders' account balances on annuity
policies and universal life policies................. (1,384.0) (797.6) (829.1)
Capital contribution................................... 10.0 0.0 0.0
--------- ------- -------
Net cash provided by/(used in) financing activities......... 70.4 14.2 (18.7)
--------- ------- -------
Net increase/(decrease) in cash and cash equivalents........ (104.5) 87.4 (44.2)
Cash and cash equivalents, beginning of year................ 133.4 46.0 90.2
--------- ------- -------
Cash and cash equivalents, end of year...................... $ 28.9 $ 133.4 $ 46.0
========= ======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Income taxes................................................ $ 12.1 $ 13.4 $ 29.1
Interest.................................................... $ 2.5 $ -- $ --
</TABLE>
See accompanying notes to financial statements.
F-61
<PAGE> 133
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND DESCRIPTION OF BUSINESS:
MONY Life Insurance Company of America (the "Company"), an Arizona stock
life insurance company, is a wholly-owned subsidiary of MONY Life Insurance
Company of New York ("MONY Life"), 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 throughout the United States (except New York) and Puerto
Rico.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of Presentation
The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles ("GAAP"). The preparation of financial
statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ significantly from those
estimates. The most significant estimates made in conjunction with the
preparation of the Company's financial statements include those used in
determining (i) deferred policy acquisition costs, (ii) the liability for future
policy benefits, and (iii) valuation allowances for mortgage loans and real
estate to be disposed of, and impairment writedowns for real estate held for
investment.
During 1997, the Company adopted Statement of Financial Accounting
Standards ("SFAS") No. 130, Reporting Comprehensive Income, which was issued by
the Financial Accounting Standards Board ("FASB") in June of 1997. SFAS No. 130
established standards for reporting and display of comprehensive income and its
components in general purpose financial statements. All periods presented herein
reflect the provisions of SFAS No. 130.
Valuation of Investments and Realized Gains and Losses
All of the Company's fixed maturity securities are classified as
available-for-sale and are reported at estimated fair value. Unrealized gains
and losses on fixed maturity securities are reported as a separate component of
other comprehensive income, net of deferred income taxes and an adjustment for
the effect on deferred policy acquisition costs that would have occurred if such
gains and losses had been realized. The cost of fixed maturity securities is
adjusted for impairments in value deemed to be other than temporary. These
adjustments are reflected as realized losses on investments. Realized gains and
losses on sales of investments are determined on the basis of specific
identification.
Mortgage loans on real estate are stated at their unpaid principal
balances, net of valuation allowances. Valuation allowances are established for
the excess of the carrying value of a mortgage loan over its estimated fair
value when the loan is considered to be impaired. Mortgage loans are considered
to be impaired when, based on current information and events, it is probable
that the Company will be unable to collect all amounts due according to the
contractual terms of the loan agreement. Estimated fair value is based on either
the present value of expected future cash flows discounted at the loan's
original effective interest rate, or the loan's observable market price (if
considered to be a practical expedient), or the fair value of the collateral if
the loan is collateral dependent and if foreclosure of the loan is considered
probable. The provision for loss is reported as a realized loss on investment.
Loans in foreclosure and loans considered to be impaired, other than
restructured loans, are placed on non-accrual status. Interest received on
non-accrual status mortgage loans is
F-62
<PAGE> 134
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
included in investment income in the period received. Interest income on
restructured mortgage loans is accrued at the restructured loans' interest rate.
Real estate held for investment, as well as related improvements, is
generally stated at cost less depreciation. Depreciation is determined using the
straight-line method over the estimated useful life of the asset (which may
range from 5 to 40 years). Cost is adjusted for impairment whenever events or
changes in circumstances indicate that the carrying amount of the asset may not
be recoverable. In performing the review for recoverability, management
estimates the future cash flows expected from real estate investments, including
the proceeds on disposition. If the sum of the expected undiscounted future cash
flows is less than the carrying amount of the real estate, an impairment loss is
recognized. Impairment losses are based on the estimated fair value of the real
estate, which is generally computed using the present value of expected future
cash flows from the real estate discounted at a rate commensurate with the
underlying risks. Real estate acquired in satisfaction of debt is recorded at
estimated fair value at the date of foreclosure. Real estate that management
intends to sell is classified as "to be disposed of". Real estate to be disposed
of is reported at the lower of its current carrying value or estimated fair
value less estimated sales costs. Changes in reported values relating to real
estate to be disposed of and impairments of real estate held for investment are
reported as realized gains or losses on investments.
Policy loans are carried at their unpaid principal balances.
Cash and cash equivalents include cash on hand, amounts due from banks and
highly liquid debt instruments with an original maturity of three months or
less.
Recognition of Insurance Revenue and Related Benefits
Premiums from universal life and investment-type contracts are reported as
deposits to policyholders' account balances. Revenue from these types of
products consists of amounts assessed during the period against policyholders'
account balances for policy administration charges, cost of insurance and
surrender charges. Policy benefits charged to expense include benefit claims
incurred in the period in excess of the related policyholders' account balance.
Premiums from non-participating term life and annuity policies with life
contingencies are recognized as premium income when due. Benefits and expenses
are matched with such income so as to result in the recognition of profits over
the life of the contracts. This match is accomplished by means of the provision
for liabilities for future policy benefits and the deferral and subsequent
amortization of policy acquisition costs.
Deferred Policy Acquisition Costs ("DAC")
The costs of acquiring new business, principally commissions, underwriting,
agency, and policy issue expenses, all of which vary with and are primarily
related to the production of new business, are deferred.
For universal life products and investment-type products, DAC is amortized
over the expected life of the contracts (ranging from 15 to 30 years) as a
constant percentage based on the present value of estimated gross profits
expected to be realized over the life of the contracts using the initial
locked-in discount rate. The discount rate for all products is 8%. Estimated
gross profits arise principally from investment results, mortality and expense
margins and surrender charges.
For non-participating term policies, DAC is amortized over the expected
life of the contracts (ranging from 5 to 20 years) in proportion to premium
revenue recognized.
DAC is subject to recoverability testing at the time of policy issuance and
loss recognition testing at the end of each accounting period. The effect on the
amortization of DAC of revisions in estimated experience is reflected in
earnings in the period such estimates are revised. In addition, the effect on
the DAC asset that
F-63
<PAGE> 135
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
would result from the realization of unrealized gains (losses) is recognized
through an offset to Other Comprehensive Income as of the balance sheet date.
Policyholders' Account Balances and Future Policy Benefits
Policyholders' account balances for universal life and investment-type
contracts represent an accumulation of gross premium payments plus credited
interest less expense and mortality charges and withdrawals. The weighted
average interest crediting rate for universal life products was approximately
5.8%, 5.7%, and 5.8% for the years ended December 31, 1999, 1998, and 1997,
respectively. The weighted average interest crediting rate for investment-type
products was approximately 5.4%, 5.5% and 5.7% for each of the years ended
December 31, 1999, 1998, and 1997, respectively.
GAAP reserves for non-participating term life policies are calculated using
a net level premium method on the basis of actuarial assumptions equal to
expected investment yields, mortality, terminations, and expenses applicable at
the time the insurance contracts are made, including a provision for the risk of
adverse deviation.
Federal Income Taxes
The Company files a consolidated federal income tax return with its parent,
MONY Life, along with MONY Life's other life and non-life subsidiaries. Deferred
income tax assets and liabilities are recognized based on the difference between
financial statement carrying amounts and income tax bases of assets and
liabilities using enacted income tax rates and laws.
The method of allocation between the companies is subject to written
agreement, approved by the Board of Directors. The allocation of federal income
taxes will be based upon separate return calculations with current credit for
losses and other federal income tax credits provided to the life insurance
members of the affiliated group. Intercompany balances are settled annually in
the fourth quarter of the year in which the return is filed.
Reinsurance
The Company has reinsured certain of its life insurance and annuity
business with life contingencies with MONY Life and other insurance companies
under various agreements. Amounts due from reinsurers are estimated based on
assumptions consistent with those used in establishing the liabilities related
to the underlying reinsured contracts. Policy and contract liabilities are
reported gross of reserve credits. Gains on reinsurance are deferred and
amortized into income over the remaining life of the underlying reinsured
contracts.
In determining whether a reinsurance contract qualifies for reinsurance
accounting, SFAS No. 113 "Accounting and Reporting for Reinsurance of
Short-Duration and Long-Duration Contracts" requires that there be a "reasonable
possibility" that the reinsurer may realize a "significant loss" from assuming
insurance risk under the contract. In making this assessment, the Company
projects the results of the policies reinsured under the contract under various
scenarios and assesses the probability of such results actually occurring. The
projected results represent the present value of all the cash flows under the
reinsurance contract. The Company generally defines a "reasonable possibility"
as having a probability of at least 10%. In assessing whether the projected
results of the reinsured business constitute a "significant loss", the Company
considers: (i) the ratio of the aggregate projected loss, discounted at an
appropriate rate of interest (the "aggregate projected loss"), to an estimate of
the reinsurer's investment in the contract, as hereafter defined, and (ii) the
ratio of the aggregate projected loss to an estimate of the total premiums to be
received by the reinsurer under the contract discounted at an appropriate rate
of interest.
F-64
<PAGE> 136
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
The reinsurer's investment in a reinsurance contract consists of amounts
paid to the ceding company at the inception of the contract (e.g. expense
allowances and the excess of liabilities assumed by the reinsurer over the
assets transferred to the reinsurer under the contract) plus the amount of
capital required to support such business consistent with prudent business
practices, regulatory requirements, and the reinsurer's credit rating. The
Company estimates the capital required to support such business based on what it
considers to be an appropriate level of risk-based capital in light of
regulatory requirements and prudent business practices.
Separate Accounts
Separate accounts are established in conformity with insurance laws and are
generally not chargeable with liabilities that arise from any other business of
the Company. Separate account assets are subject to general account claims only
to the extent that the value of such assets exceeds the separate account
liabilities. Investments held in separate accounts and liabilities of the
separate accounts are reported separately as assets and liabilities.
Substantially all separate account assets are reported at estimated fair value.
Investment income and gains or losses on the investments of separate accounts
accrue directly to contractholders and, accordingly, are not reflected in the
Company's statements of income and cash flows. Fees charged to the separate
accounts by the Company (including mortality charges, policy administration fees
and surrender charges) are reflected in the Company's revenues.
Statements of Cash Flows -- Non-cash Transactions
For the years ended December 31, 1999, 1998, and 1997, respectively, real
estate of $0.0 million, $0.5 million, and $0.0 million was acquired in
satisfaction of debt. At December 31, 1999 and 1998, the Company owned real
estate acquired in satisfaction of debt of $6.9 million and $8.0 million,
respectively.
New Accounting Pronouncements
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." SFAS 133 requires all derivatives to be
recognized in the statement of financial position as either assets or
liabilities and measured at fair value. The corresponding derivative gains and
losses should be reported based on the hedge relationship that exists, if there
is one. Changes in the fair value of derivatives that are not designated as
hedges or that do not meet the hedge accounting criteria in SFAS 133, are
required to be reported in earnings. SFAS 133, as amended by SFAS 137, is
effective for all fiscal quarters of the fiscal years beginning after June 15,
2000. SFAS 137 delayed the effective date of SFAS 133 by one year. Adoption of
SFAS 133 is not expected to have a material effect on the Company's financial
condition or results of operations.
3. RELATED PARTY TRANSACTIONS:
MONY Life has a guarantee outstanding to one state that the statutory
surplus of the Company will be maintained at amounts at least equal to the
minimum surplus for admission to that states.
At December 31, 1999 and 1998, approximately 11% and 23% of the Company's
investments in mortgages were held through joint participation with MONY Life,
respectively. In addition, 100% of the Company's real estate and joint venture
investments were held through joint participation with MONY Life at December 31,
1999 and 1998.
The Company and MONY Life are parties to an agreement whereby MONY Life
agrees to reimburse the Company to the extent that the Company's recognized loss
as a result of mortgage loan default or foreclosure or subsequent sale of the
underlying collateral exceeds 75% of the appraised value of the loan at
origination for each such mortgage loan. Pursuant to the agreement, the Company
received payments from MONY Life of $0.0 million, $0.1 million and $0.1 million
for the years ending December 31, 1999, 1998 and 1997.
F-65
<PAGE> 137
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
The Company has a service agreement with MONY Life whereby MONY Life
provides personnel services, facilities, supplies and equipment to the Company
to conduct its business. The associated costs related to the service agreement
are allocated to the Company based on methods that management believes are
reasonable, including a review of the nature of such costs and time studies
analyzing the amount of employee compensation costs incurred by the Company. For
the years ended December 31, 1999, 1998, and 1997, the Company incurred expenses
of $51.0 million, $59.8 million and $30.5 million as a result of such
allocations. Accordingly, the Company recorded capital contributions from MONY
Life of $10.0 million, $12.5 million, and $10.8 million during 1999, 1998 and
1997 respectively. At December 31, 1999 and 1998 the Company had a payable to
MONY Life in connection with this service agreement of $10.3 million and $9.0
million, respectively, which is reflected in Accounts Payable and Other
Liabilities.
The Company has an investment advisory agreement with MONY Life whereby
MONY Life provides investment advisory services with respect to the investment
and management of the Company's investment portfolio. The amount of expenses
incurred by the Company related to this agreement was $0.8 million, $0.9 million
and $1.0 million for 1999, 1998 and 1997, respectively. In addition, the Company
recorded an intercompany payable of $66,816 and $88,401 at December 31, 1999 and
1998, respectively, related to this agreement which is included in Accounts
Payable and Other Liabilities in the balance sheet.
In addition to the agreements discussed above, the Company has various
other service and investment advisory agreements with MONY Life and affiliates
of the Company. The amount of expenses incurred by the Company related to these
agreements was $4.0 million, $2.0 million and $2.6 million for 1999, 1998 and
1997, respectively. In addition, the Company recorded an intercompany
(receivable)/payable of $0.2 million and $(0.2) million at December 31, 1999 and
1998, respectively, related to these agreements.
The Company has purchased bonds issued by the New York City Industrial
Development Agency for the benefit of MONY Life for its consolidation of site
locations to New York City in 1997, and subsequent spending on tenant
improvements, and furniture, fixtures, and equipment related to the New York
City site. Debt service under the bonds is funded by lease payments by MONY Life
to the bond trustee for the benefit of the fond holder (the Company). The bonds
are held by the Company and are listed as affiliated bonds. The carrying value
of these bonds is $10.9 million and $14.7 million as of December 31, 1999, and
December 31, 1998, respectively. The bonds outstanding as of December 31, 1999
mature on December 31, 2013, and have interest rates from 6.40% to 7.25%.
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 December 31, 1999, the Company recorded a payable of $7.8 million
to USFL in connection with this agreement which is included in Accounts Payable
and Other Liabilities in the balance sheet.
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 December 31, 1999 is $49.0 million.
F-66
<PAGE> 138
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
4. DEFERRED POLICY ACQUISITION COSTS:
Policy acquisition costs deferred and amortized in 1999, 1998 and 1997 are
as follows:
<TABLE>
<CAPTION>
1999 1998 1997
------ ------ ------
($ IN MILLIONS)
<S> <C> <C> <C>
Balance, beginning of year.................................. $318.6 $281.6 $262.3
Cost deferred during the year............................... 96.8 75.0 73.8
Amortized to expense during the year........................ (43.5) (35.5) (46.3)
Effect on DAC from unrealized gains (losses) (see Note 2)... 34.5 (2.5) (8.2)
------ ------ ------
Balance, end of year........................................ $406.4 $318.6 $281.6
====== ====== ======
</TABLE>
5. FEDERAL INCOME TAXES:
The Company files a consolidated federal income tax return with MONY Life
and MONY Life's other subsidiaries. Federal income taxes have been calculated in
accordance with the provisions of the Internal Revenue Code of 1986, as amended.
A summary of the Federal income tax expense (benefit) is presented below:
<TABLE>
<CAPTION>
1999 1998 1997
----- ----- ------
($ IN MILLIONS)
<S> <C> <C> <C>
Federal income tax expense (benefit):
Current................................................... $(3.4) $ 8.8 $ 17.9
Deferred.................................................. 13.9 (1.1) (13.4)
----- ----- ------
Total.................................................. $10.5 $ 7.7 $ 4.5
===== ===== ======
</TABLE>
Federal income taxes reported in the statements of income may be different
from the amounts determined by multiplying the earnings before federal income
taxes by the statutory federal income tax rate of 35%. The sources of the
difference and the tax effects of each are as follows:
<TABLE>
<CAPTION>
1999 1998 1997
----- ----- -----
($ IN MILLIONS)
<S> <C> <C> <C>
Tax at statutory rate....................................... $10.5 $ 7.7 $ 4.5
Dividends received deduction................................ (1.1) (1.1) (1.2)
Other....................................................... 1.1 1.1 1.2
----- ----- -----
Provision for income taxes.................................. $10.5 $ 7.7 $ 4.5
===== ===== =====
</TABLE>
The Company's federal income tax returns for years through 1993 have been
examined by the Internal Revenue Service ("IRS"). No material adjustments were
proposed by the IRS as a result of these examinations. In the opinion of
management, adequate provision has been made for any additional taxes which may
become due with respect to open years.
F-67
<PAGE> 139
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
The components of deferred tax liabilities and assets at December 31, 1999
and 1998 are as follows:
<TABLE>
<CAPTION>
1999 1998
------ ------
($ IN MILLIONS)
<S> <C> <C>
Deferred policy acquisition costs........................... $117.0 $ 91.8
Fixed maturities............................................ 0.0 12.0
Other, net.................................................. 7.8 4.4
------ ------
Total deferred tax liabilities.............................. 124.8 108.2
------ ------
Policyholder and separate account liabilities............... 96.5 93.7
Real estate and mortgages................................... 0.7 0.8
Fixed maturities............................................ 8.2 0.0
------ ------
Total deferred tax assets................................... 105.4 94.5
------ ------
Net deferred tax asset/(liability).......................... $(19.4) $(13.7)
====== ======
</TABLE>
The Company is required to establish a valuation allowance for any portion
of the deferred tax asset that management believes will not be realized. In the
opinion of management, it is more likely than not that it will realize the
benefit of the deferred tax assets and, therefore, no such valuation allowance
has been established.
6. INVESTMENT INCOME, REALIZED AND UNREALIZED INVESTMENT GAINS (LOSSES), AND
OTHER COMPREHENSIVE INCOME:
Net investment income for the years ended December 31, 1999, 1998 and 1997
was derived from the following sources:
<TABLE>
<CAPTION>
1999 1998 1997
----- ----- ------
($ IN MILLIONS)
<S> <C> <C> <C>
NET INVESTMENT INCOME
Fixed maturities............................................ $77.0 $77.2 $ 78.4
Mortgage loans.............................................. 11.6 11.0 12.1
Real estate................................................. 0.5 0.5 2.0
Policy loans................................................ 3.8 3.6 3.5
Other investments (including cash & cash equivalents)....... 6.6 5.3 6.4
----- ----- ------
Total investment income..................................... 99.5 97.6 102.4
Investment expenses......................................... 4.8 3.0 3.3
----- ----- ------
Net investment income....................................... $94.7 $94.6 $ 99.1
===== ===== ======
</TABLE>
Net realized gains (losses) on investments for the years ended December 31,
1999, 1998 and 1997 are summarized as follows:
<TABLE>
<CAPTION>
1999 1998 1997
----- ---- -----
($ IN MILLIONS)
<S> <C> <C> <C>
NET REALIZED GAINS (LOSSES) ON INVESTMENTS
Fixed maturities............................................ $(0.2) $2.6 $(0.7)
Mortgage loans.............................................. (0.3) 1.4 2.4
Real estate................................................. (0.5) 2.5 0.5
Other invested assets....................................... 0.7 0.6 0.5
----- ---- -----
Net realized gains/(losses) on investments.................. $(0.3) $7.1 $ 2.7
===== ==== =====
</TABLE>
F-68
<PAGE> 140
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
The net change in unrealized investment gains (losses) represents the only
component of other comprehensive income for the years ended December 31, 1999,
1998, and 1997. Following is a summary of the change in unrealized investment
gains (losses) net of related deferred income taxes and adjustment for deferred
policy acquisition costs (see Note 2), which are reflected in Accumulated Other
Comprehensive Income for the periods presented:
<TABLE>
<CAPTION>
1999 1998 1997
------ ----- -----
($ IN MILLIONS)
<S> <C> <C> <C>
CHANGE IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS, NET
Fixed maturities............................................ $(58.0) $ 4.8 $13.2
Other....................................................... 0.0 (0.6) 0.1
------ ----- -----
Subtotal.................................................... (58.0) 4.2 13.3
Effect on unrealized gains (losses) on investments
attributable to:
DAC....................................................... 34.5 (2.5) (8.2)
Deferred federal income taxes............................. 8.2 (0.6) (1.8)
------ ----- -----
Change in unrealized gains (losses) on investments, net..... $(15.3) $ 1.1 $ 3.3
====== ===== =====
</TABLE>
The following table sets forth the reclassification adjustments required
for the years ended December 31, 1999, 1998, and 1997 to avoid double-counting
in comprehensive income items that are included as part of net income for a
period that also had been part of other comprehensive income in earlier periods:
<TABLE>
<CAPTION>
1999 1998 1997
------ ----- ----
($ IN MILLIONS)
<S> <C> <C> <C>
RECLASSIFICATION ADJUSTMENTS
Unrealized gains (losses) on investments arising during
period.................................................... $(15.4) $ 1.9 $3.3
Reclassification adjustment for gains included in net
income.................................................... 0.1 (0.8) 0.0
------ ----- ----
Unrealized gains (losses) on investments, net of
reclassification adjustments.............................. $(15.3) $ 1.1 $3.3
====== ===== ====
</TABLE>
Unrealized gains (losses) on investments arising during the period reported
in the above table for the years ended December 31, 1999, 1998 and 1997 are net
of income tax expense (benefit) of $(8.2) million, $0.1 million, and $1.8
million, respectively, and $34.3 million, $(0.5) million, and $(8.2) million,
respectively, relating to the effect of such unrealized gains (losses) on DAC.
Reclassification adjustments reported in the above table for the years
ended December 31, 1999, 1998 and 1997 are net of income tax expense (benefit)
of $0.0 million, $0.5 million and $0.0 million, respectively, and $0.2 million,
$(2.0) million and $0.0 million, respectively, relating to the effect of such
amounts on DAC.
F-69
<PAGE> 141
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
7. INVESTMENTS:
Fixed Maturity Securities Available-for-Sale:
The amortized cost, gross unrealized gains and losses, and estimated fair
value of fixed maturity securities available-for-sale as of December 31, 1999
and December 31, 1998 are as follows:
<TABLE>
<CAPTION>
GROSS GROSS
UNREALIZED UNREALIZED ESTIMATED
AMORTIZED COST GAINS LOSSES FAIR VALUE
-------------------- ------------- ------------- ----------------------
1999 1998 1999 1998 1999 1998 1999 1998
-------- -------- ---- ----- ----- ---- -------- ----------
($ IN MILLIONS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
US Treasury securities and
obligations of US
government agencies...... $ 26.6 $ 5.3 $0.0 $ 0.0 $ 1.1 $0.0 $ 25.5 $ 5.3
Collateralized mortgage
obligations:
Government
agency-backed.......... 82.4 106.3 0.3 1.9 0.4 0.0 82.3 108.2
Non-agency backed........ 34.4 37.7 0.6 1.8 0.3 0.0 34.7 39.5
Other asset-backed
securities:
Government
agency-backed.......... 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1
Non-agency backed........ 104.6 83.4 0.2 1.9 4.4 0.3 100.4 85.0
Utilities.................. 113.2 101.9 0.2 3.4 3.4 2.7 110.0 102.6
Corporate bonds............ 704.2 664.8 2.7 24.8 22.0 0.8 684.9 688.8
Affiliates................. 11.3 14.7 0.0 0.0 0.4 0.0 10.9 14.7
-------- -------- ---- ----- ----- ---- -------- --------
Total............. $1,076.8 $1,014.2 $4.0 $33.8 $32.0 $3.8 $1,048.8 $1,044.2
======== ======== ==== ===== ===== ==== ======== ========
</TABLE>
The carrying value of the Company's fixed maturity securities at December
31, 1999 and 1998 is net of adjustments for impairments in value deemed to be
other than temporary of $0.5 million and $0.5 million, respectively.
At December 31, 1999 and 1998, there were no fixed maturity securities
which were non-income producing for the twelve months preceding such dates.
The Company classifies fixed maturity securities which, (i) are in default
as to principal or interest payments, (ii) are to be restructured pursuant to
commenced negotiations, (iii) went into bankruptcy subsequent to acquisition or
(iv) are deemed to have other than temporary impairments to value, as "problem
fixed maturity securities." At December 31, 1999 and 1998, the carrying value of
problem fixed maturities held by the Company was $4.8 million and $4.4 million,
respectively. In addition, at December 31, 1999 and 1998, the Company held $0.0
million and $2.7 million of fixed maturity securities which had been
restructured. Gross interest income that would have been recorded in accordance
with the original terms of restructured fixed maturity securities amounted to
$0.0 million and $0.3 million for the year ended December 31, 1999 and 1998.
Gross interest income on these fixed maturity securities included in net
investment income aggregated $0.0 million and $0.5 million for the year ended
December 31, 1999 and 1998.
F-70
<PAGE> 142
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
The amortized cost and estimated fair value of fixed maturity securities,
by contractual maturity dates, (excluding scheduled sinking funds) as of
December 31, 1999 are as follows:
<TABLE>
<CAPTION>
1999
-----------------------
AMORTIZED ESTIMATED
COST FAIR VALUE
--------- ----------
($ IN MILLIONS)
<S> <C> <C>
Due in one year or less..................................... $ 75.8 $ 76.2
Due after one year through five years....................... 275.8 274.9
Due after five years through ten years...................... 383.8 366.5
Due after ten years......................................... 119.9 113.7
-------- --------
Subtotal.......................................... 855.3 831.3
Mortgage-backed and other asset-backed securities........... 221.5 217.5
-------- --------
Total............................................. $1,076.8 $1,048.8
======== ========
</TABLE>
Fixed maturity securities that are not due at a single maturity date have
been included in the preceding table in the year of final maturity. Actual
maturities may differ from contractual maturities because borrowers may have the
right to call or prepay obligations with or without call or prepayment
penalties.
Proceeds from sales of fixed maturity securities during 1999, 1998 and 1997
were $80.1 million, $45.1 million and $31.3 million, respectively. Gross gains
of $0.2 million, $0.7 million, and $0.5 million and gross losses of $2.0
million, $0.1 million, and $1.1 million were realized on these sales,
respectively.
8. MORTGAGE LOANS ON REAL ESTATE AND REAL ESTATE
Mortgage loans on real estate at December 31, 1999 and 1998 consist of the
following:
<TABLE>
<CAPTION>
1999 1998
------ ------
($ IN MILLIONS)
<S> <C> <C>
Commercial mortgage loans................................... $ 53.9 $ 28.5
Agricultural and other loans................................ 113.4 93.5
------ ------
Total loans................................................. 167.3 122.0
Less: valuation allowances.................................. (2.3) (1.9)
------ ------
Mortgage loans, net of valuation allowances................. $165.0 $120.1
====== ======
</TABLE>
An analysis of the valuation allowances for 1999, 1998 and 1997 is as
follows:
<TABLE>
<CAPTION>
1999 1998 1997
---- ----- -----
($ IN MILLIONS)
<S> <C> <C> <C>
Balance, beginning of year.................................. $1.9 $ 2.5 $ 4.6
Increase (decrease) in allowance............................ 0.4 (0.4) (0.3)
Reduction due to pay downs and pay offs..................... 0.0 0.0 (1.8)
Transfers to real estate.................................... 0.0 (0.2) 0.0
---- ----- -----
Balance, end of year........................................ $2.3 $ 1.9 $ 2.5
==== ===== =====
</TABLE>
F-71
<PAGE> 143
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
Impaired mortgage loans along with related valuation allowances were as
follows:
<TABLE>
<CAPTION>
1999 1998
------ ------
($ IN MILLIONS)
<S> <C> <C>
Investment in impaired mortgage loans (before valuation
allowances):
Loans that have valuation allowances...................... $ 9.6 $ 9.4
Loans that do not have valuation allowances............... 4.3 5.8
----- -----
Subtotal............................................... 13.9 15.2
Valuation allowances........................................ (0.5) (0.5)
----- -----
Impaired mortgage loans, net of valuation allowances... $13.4 $14.7
===== =====
</TABLE>
Impaired mortgage loans that do not have valuation allowances are loans
where the net present value of the expected future cash flows related to the
loan or the fair value of the collateral equals or exceeds the recorded
investment in the loan. Such loans primarily consist of restructured loans or
loans on which impairment writedowns were taken prior to the adoption of SFAS
No. 114, "Accounting by Creditors for Impairment of a Loan".
During 1999 and 1998, the average recorded investment in impaired mortgage
loans was approximately $14.1 million and $15.1 million, respectively. During
1999, 1998, and 1997, the Company recognized $1.0 million, $1.1 million, and
$1.1 million, respectively, of interest income on impaired loans.
At December 31, 1999 and 1998, there were no mortgage loans which were
non-income producing for the twelve months preceding such dates.
At December 31, 1999 and 1998, the Company had restructured mortgage loans
of $11.9 million and $14.3 million, respectively. Interest income of $1.0
million, $1.0 million, and $1.0 million was recognized on restructured mortgage
loans in 1999, 1998, and 1997, respectively. Gross interest income on these
loans that would have been recorded in accordance with the original terms of
such loans amounted to approximately $1.2 million in 1999, 1998 and 1997.
The carrying value of real estate is $6.9 million and $8.3 million as of
December 31, 1999 and 1998, respectively. Real estate is categorized are either
real estate to be disposed of or real estate held for investment.
The carrying value of real estate to be disposed of as of December 31, 1999
was $1.6 million, net of $0.5 million relating to impairments taken upon
foreclosure of mortgage loans and $0.2 million of accumulated depreciation.
There was no real estate to be disposed of as of December 31, 1998.
The carrying value of real estate held for investment as of December 31,
1999 was $5.3 million, net of $0.7 million relating to impairments taken upon
foreclosure of mortgage loans and $1.9 million of accumulated depreciation. The
carrying value of real estate held for investment as of December 31, 1998 was
$8.3 million, net of $1.6 million relating to impairments taken upon foreclosure
of mortgage loans and $1.9 million of accumulated depreciation.
At December 31, 1999 and 1998, there was no real estate which was
non-income producing for the twelve months preceding such dates.
The carrying value of impaired real estate as of December 31, 1999 and 1998
was $4.4 million and $8.3 million, respectively. The depreciated cost of such
real estate as of December 31, 1999 and 1998 was $5.8 million and $10.2 million
before impairment writedowns of $1.4 million and $1.9 million, respectively. The
aforementioned impairments occurred primarily as a result of low occupancy
levels and other market related factors. There were no losses recorded during
1999, 1998, and 1997 related to impaired real estate.
F-72
<PAGE> 144
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
9. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS:
The estimated fair values of the Company's financial instruments
approximate their carrying amounts. The methods and assumptions utilized in
estimating the fair values of the Company's financial instruments are summarized
as follows:
Fixed Maturities
The estimated fair values of fixed maturity securities are based upon
quoted market prices, where available. The fair values of fixed maturity
securities not actively traded and other non-publicly traded securities are
estimated using values obtained from independent pricing services or, in the
case of private placements, by discounting expected future cash flows using a
current market interest rate commensurate with the credit quality and term of
the investments.
Mortgage Loans
The fair values of mortgage loans are estimated by discounting expected
future cash flows, using current interest rates for similar loans to borrowers
with similar credit risk. Loans with similar characteristics are aggregated for
purposes of the calculations. The fair value of mortgages in process of
foreclosure is the estimated fair value of the underlying collateral.
Policy Loans
Policy loans are an integral component of insurance contracts and have no
maturity dates. Management has determined that it is not practicable to estimate
the fair value of policy loans.
Separate Account Assets and Liabilities
The estimated fair value of assets held in Separate Accounts is based on
quoted market prices. The fair value of liabilities related to Separate Accounts
is the amount payable on demand, which includes surrender charges.
Investment-Type Contracts
The fair values of annuities are based on estimates of the value of
payments available upon full surrender. The fair values of the Company's
liabilities under guaranteed investment contracts are estimated by discounting
expected cash outflows using interest rates currently offered for similar
contracts with maturities consistent with those remaining for the contracts
being valued.
10. REINSURANCE:
Life insurance business is ceded on a yearly renewable term basis under
various reinsurance contracts. The Company's general practice is to retain no
more than $0.5 million of risk on any one person for individual products and
$0.5 million for last survivor products.
F-73
<PAGE> 145
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
The following table summarizes the effect of reinsurance for the years
indicated:
<TABLE>
<CAPTION>
1999 1998 1997
----- ----- -----
($ IN MILLIONS)
<S> <C> <C> <C>
Direct premiums............................................. $ 7.1 $ 2.5 $ 0.1
Reinsurance assumed......................................... 4.0 0.0 0.0
Reinsurance ceded........................................... (1.9) (0.8) 0.0
----- ----- -----
Net premiums.............................................. $ 9.2 $ 1.7 $ 0.1
===== ===== =====
Universal life and investment type product policy fee income
ceded..................................................... $19.7 $17.4 $16.1
===== ===== =====
Policyholders' benefits ceded............................... $27.8 $21.8 $12.1
===== ===== =====
Policyholders' benefits assumed............................. $ 0.1 $ 0.0 $ 0.0
===== ===== =====
</TABLE>
The Company is contingently liable with respect to ceded insurance should
any reinsurer be unable to meet its obligations under these agreements. To limit
the possibility of such losses, the Company evaluates the financial condition of
its reinsurers and monitors concentration of credit risk.
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.
11. OFF-BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK:
Financial Instruments with Off-Balance Sheet Risk:
Pursuant to a securities lending agreement with a major financial
institution, the Company from time to time lends securities to approved
borrowers. At December 31, 1999 and 1998, securities loaned by the Company under
this agreement had a carrying value of approximately $18.0 million and $4.1
million, respectively. The minimum collateral on securities loaned is 102% of
the market value of the loaned securities. Such securities are marked to market
on a daily basis and the collateral is correspondingly increased or decreased.
Concentration of Credit Risk:
At December 31, 1999 and 1998, the Company had no single investment or
series of investments with a single issuer, (excluding US Treasury securities
and obligations of US government agencies) exceeding 1.7% of total cash and
invested assets.
The Company's fixed maturity securities are diversified by industry type.
The industries that comprise 10% or more of the carrying value of the fixed
maturity securities at December 31, 1999 are Consumer Goods and Services of
$173.0 million (16.5%), Energy of $137.9 million (13.2%), Non-Government Asset/
Mortgage-Backed of $135.1 million (12.9%), Public Utilities of $110.0 million
(10.5%) and Government and Agencies of $107.9 million (10.3%).
At December 31, 1998 the industries that comprise 10% or more of the
carrying value Company's fixed maturity securities were Consumer Goods and
Services of $138.5 million (13.3%), Non-Government Asset/ Mortgage Backed of
$124.5 million (11.9%), Financial Services of $119.8 million (11.5%), Other
Manufacturing $116.4 million (11.1%), Government and Agencies $113.6 million
(10.9%) and Energy $112.1 (10.7%).
F-74
<PAGE> 146
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
The Company holds below investment grade fixed maturity securities with a
carrying value of $55.0 million at December 31, 1999. These investments consist
mostly of privately issued bonds which are monitored by the Company through
extensive internal analysis of the financial condition of the issuers and which
generally include protective debt covenants. At December 31, 1998, the carrying
value of the Company's investments in below investment grade fixed maturity
securities amounted to $52.3 million.
The Company has investments in commercial and agricultural mortgage loans
and real estate. The locations of property collateralizing mortgage loans and
real estate investment carrying values at December 31, 1999 and 1998 are as
follows ($ in millions):
<TABLE>
<CAPTION>
1999 1998
---------------- ---------------
<S> <C> <C> <C> <C>
GEOGRAPHIC REGION
West...................................................... $ 58.9 34.3% $ 54.9 42.7%
Southeast................................................. 45.4 26.4 5.9 4.6
Mountain.................................................. 28.4 16.5 25.9 20.2
Southwest................................................. 14.3 8.3 14.6 11.4
Midwest................................................... 14.2 8.3 13.2 10.3
Northeast................................................. 10.7 6.2 13.9 10.8
------ ------ ------ -----
Total................................................... $171.9 100.0% $128.4 100.0%
====== ====== ====== =====
</TABLE>
The states with the largest concentrations of mortgage loans and real
estate investments at December 31, 1999 are: California, $32.8 million (19.1%);
District of Columbia, $28.4 million (16.5%); Washington, $16.0 million (9.3%);
Texas, $11.5 million (6.7%); New York, $10.7 million (6.2%); Oregon, $10.1
million (5.9%); Arizona, $9.1 million (5.3%); Idaho, $8.9 million (5.2%); and
Missouri, $8.5 million (4.9%).
As of December 31, 1999 and 1998, the real estate and mortgage loan
portfolio by property type were as follows ($ in millions):
<TABLE>
<CAPTION>
1999 1998
---------------- ----------------
<S> <C> <C> <C> <C>
PROPERTY TYPE
Agricultural.............................................. $112.2 65.3% $ 92.5 72.0%
Office buildings.......................................... 46.9 27.3 14.9 11.6
Hotel..................................................... 5.3 3.1 5.1 4.0
Industrial................................................ 2.3 1.3 4.6 3.6
Retail.................................................... 2.0 1.2 6.0 4.7
Other..................................................... 1.8 1.0 3.9 3.0
Apartment buildings....................................... 1.4 0.8 1.4 1.1
------ ------ ------ ------
Total................................................... $171.9 100.0% $128.4 100.0%
====== ====== ====== ======
</TABLE>
12. COMMITMENTS AND CONTINGENCIES:
In late 1995 and thereafter 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
(including the Goshen case discussed below) seek primarily equitable relief
(e.g., reformation, specific performance, mandatory injunctive relief
prohibiting the Company
F-75
<PAGE> 147
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
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). The Company 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 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 vigorously to defend that litigation. There can be no
assurance that the present or future 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 additional liability beyond that recorded in the
financial statements at December 31, 1999, 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 December 31, 1999, the Company had commitments outstanding of $3.7
million for fixed rate agricultural loans with periodic interest rate reset
dates. The initial interest rates on such agricultural loans range from 7.90% to
8.44%. There were no outstanding commitments for private fixed maturity
securities or commercial mortgages as of December 31, 1999.
13. STATUTORY FINANCIAL INFORMATION AND REGULATORY RISK-BASED CAPITAL:
Statutory net income reported by the Company for the years ended December
31, 1999, 1998, and 1997 was $(18.2) million, $11.1 million, and $9.7 million,
respectively. The combined statutory surplus of the Company as of December 31,
1999 and 1998 was $140.2 million and $146.8 million, respectively.
In March 1998, the National Association of Insurance Commissioners ("NAIC")
voted to adopt its Codification of Statutory Accounting Principles project
(referred to hereafter as "codification"). Codification is a modified form of
statutory accounting principles that will result in changes to the current NAIC
Accounting Practices and Procedures Manual applicable to insurance enterprises.
Although adoption of
F-76
<PAGE> 148
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
codification by all states is not a certainty, the NAIC has recommended that all
states enact codification as soon as practicable with an effective date of
January 1, 2001. It is currently anticipated that codification will become a
NAIC state accreditation requirement starting in 2002. In addition, the American
Institute of Certified Public Accountants and the NAIC have agreed to continue
to allow the use of certain permitted accounting practices when codification
becomes effective in 2001. Any accounting differences from codification
principles, however, must be disclosed and quantified in the footnotes to the
audited financial statements. Therefore, codification will likely result in
changes to what are currently considered prescribed statutory insurance
accounting practices.
Each insurance company's state of domicile imposes minimum risk-based
capital requirements. The formulas for determining the amount of risk-based
capital specify various weighting factors that are applied to financial balances
or various levels of activity based on the perceived degree of risk. Regulatory
compliance is determined by a ratio of the Company's regulatory total adjusted
capital, as defined by the NAIC, to its authorized control level risk-based
capital, as defined by the NAIC. Companies below specific trigger points or
ratios are classified within certain levels, each of which requires specified
corrective action. The Company exceeded the minimum risk-based capital
requirements.
As part of their routine regulatory oversight, the Arizona State Insurance
Department completed an examination of the Company for each of the three years
in the period ended December 31, 1996. The report, which became available March
17, 1998, did not cite any matters which will result in a material effect on the
Company's financial condition or results of operations.
F-77
<PAGE> 149
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 150
APPENDIX A
DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
<TABLE>
<CAPTION>
APPLICABLE
ATTAINED AGE PERCENTAGE
------------ ----------
<S> <C>
40 and Under................................................ 150%
41.......................................................... 143
42.......................................................... 136
43.......................................................... 129
44.......................................................... 122
45.......................................................... 115
46.......................................................... 109
47.......................................................... 103
48.......................................................... 97
49.......................................................... 91
50.......................................................... 85
51.......................................................... 78
52.......................................................... 71
53.......................................................... 64
54.......................................................... 57
55.......................................................... 50
56.......................................................... 46
57.......................................................... 42
58.......................................................... 38
59.......................................................... 34
60.......................................................... 30
61.......................................................... 28
62.......................................................... 26
63.......................................................... 24
64.......................................................... 22
65.......................................................... 20
66.......................................................... 19
67.......................................................... 18
68.......................................................... 17
69.......................................................... 16
70.......................................................... 15
71.......................................................... 13
72.......................................................... 11
73.......................................................... 09
74.......................................................... 07
75-90....................................................... 05
91.......................................................... 04
92.......................................................... 03
93.......................................................... 02
94.......................................................... 01
95.......................................................... 00
</TABLE>
A-1
<PAGE> 151
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 152
APPENDIX B
ILLUSTRATIONS OF DEATH BENEFITS, ACCOUNT VALUES AND
SURRENDER VALUES, AND ACCUMULATED PREMIUMS
The following tables illustrate how the key financial elements of the
Policy work, specifically, how the death benefits, Fund Values and Surrender
Values could vary over an extended period of time. In addition, each table
compares these values with premiums paid accumulated with interest.
The Policies illustrated include the following:
<TABLE>
<CAPTION>
BENEFIT SPECIFIED SEE
SEX AGE SMOKER OPTION AMOUNT PAGE
--- --- ------ ------- --------- ----
<S> <C> <C> <C> <C> <C>
Male 45 Preferred Non-smoker 1 $200,000 B- 4
Female 45 Preferred Non-smoker 1 $200,000 B-14
Male 45 Standard Smoker 1 $200,000 B-24
Male 45 Preferred Non-smoker 2 $200,000 B-34
Male 35 Preferred Non-smoker 1 $200,000 B-43
Male 55 Preferred Non-smoker 1 $200,000 B-53
</TABLE>
The tables show how death benefits, Fund Values and Surrender Values of a
hypothetical Policy could vary over an extended period of time if the
Subaccounts of the Variable Account had constant hypothetical gross annual
investment returns of 0%, 6% or 12% over the periods indicated in each table.
The values will differ from those shown in the tables if the annual investment
returns are not absolutely constant. That is, the death benefits, Fund Values
and Surrender Values will be different if the returns averaged 0%, 6% or 12%
over a period of years but went above or below those figures in individual
Policy years. These illustrations assume that no Policy Loan has been taken. The
amounts shown would differ if unisex rates were used.
The fourth column of each table shows what would happen if an amount equal
to the premiums (shown in the third column) were invested to earn interest,
after taxes, of 5% compounded annually. All premium payments are illustrated as
if they were made at the beginning of the year.
The amounts shown for death benefits, Fund Values and Surrender Values
sections reflect the fact the net investment return on the Policy is lower than
the gross investment return on the Subaccounts of the Variable Account. This
results from the charges levied against the Subaccounts of the Variable Account
(i.e., the mortality and expense risk charge) as well as the premium loads,
administrative charges and Fund Charges. The difference between the Fund Value
and the Surrender Value in the first 14 years is the Fund Charge.
The tables illustrate cost of insurance and expense charges at both current
rates (which are described under Cost Of Insurance, page 32.) and at the maximum
rates guaranteed in the Policies. The amounts shown at the end of each Policy
year reflect a daily charge against the Funds as well as those assessed against
the Subaccounts. These charges include the charge against the Subaccounts for
mortality and expense risks and the effect on each Subaccount's investment
experience of the charge to Portfolio assets for investment management and
direct expenses. The mortality and expense risk fee is .75% annually on a
guaranteed basis; illustrations showing current rates reflect a reduction of
.50% of the Account Value annually beginning after the tenth Policy Anniversary.
Since the Company is unable to predict how a particular policy owner will
allocate net premiums and cash values among the available subaccounts, the
Company has assumed that the daily investment advisory fee and other expenses of
the hypothetical portfolio was deducted at a rate equivalent to an annual rate
of 0.75% of the aggregate average daily net assets of the Portfolio. Of course,
the investment advisory fee and other expenses actually incurred will depend
upon the policy owner's choice of subaccounts. Actual fees and other expenses
vary by Portfolio and may be subject to agreements by the sponsor to waive or
otherwise reimburse each Portfolio for operating expenses which exceed certain
limits. There can be no assurance that the expense reimbursement arrangements
will continue in the future, and any unreimbursed expenses would be reflected in
the values included on the tables.
B-1
<PAGE> 153
The effect of these investment management, direct expenses and mortality
and expense risk charges on a 0% gross rate of return would result in a net rate
of return of -1.4916%, on 5% it would be 3.4711%, and on 10% it would be
8.4338%.
The tables assume the deduction of charges including administrative and
sales charges. For each age, there are tables for death benefit Options I and II
and each option is illustrated using current and guaranteed policy cost factors.
The tables reflect the fact that the Company does not currently make any charge
against the Variable Account for state or federal taxes. If such a charge is
made in the future, it will take a higher rate of return to produce after-tax
returns of 0%, 6% or 12%.
The Company will furnish, upon request, a comparable illustration based on
the age and sex of the proposed Insured, standard Premium Class assumptions and
an initial Specified Amount and Scheduled Premium Payments of the applicant's
choice. If a Policy is purchased, an individualized illustration will be
delivered reflecting the Scheduled Premium Payment chosen and the Insured's
actual risk class. After issuance, the Company will provide upon request an
illustration of future Policy benefits based on both guaranteed and current cost
factor assumptions and actual Account Value.
The following is the page of supplemental footnotes to each of the flexible
premium variable life to age 95 standard ledger statements which follow and
which begin on pages B-4, B-6, B-10, B-14, B-16, B-20, B-24, B-26, B-30, B-34,
B-36, B-39, B-43, B-45, B-49, B-53, B-55 and B-57.
THESE ILLUSTRATIONS ARE NOT VALID IN FLORIDA.
B-2
<PAGE> 154
STANDARD LEDGER STATEMENT--SUPPLEMENTAL FOOTNOTE PAGE
MONY EQUITYMASTER
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE OF AMERICA
DECLARED PREMIUMS
This Policy has been tested for the possibility of classification as a
Modified Endowment. This test is not a guarantee that a policy will not be
classified as a Modified Endowment.
This illustration has been checked against Federal Tax Laws relating to the
definition of life insurance and is in compliance based on proposed premium
payments and coverages. Any decrease in specified amount and/or a change in
death benefit Option 2 to death benefit Option 1 and/or surrenders occurring in
the first 15 years may cause a taxable event. In addition, if the Policy is
defined as a Modified Endowment Contract, a loan, surrender, or assignment or
pledge (unless such assignment or pledge is for burial expenses and the maximum
death benefit is not in excess of $25,000) may be considered a Taxable
Distribution and a ten percent penalty may be added to any tax on the
Distribution. Please consult your tax advisor for advice.
Values shown on this illustration are based on a policy owner tax bracket
of 28%.
Premiums are assumed to be paid at the beginning of the payment period. Policy
values and ages are shown as of the end of the Policy year and reflect the
effect of all loans and surrenders. The benefit payable at death, Fund Value and
Value Upon Surrender will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The Policy's Value Upon Surrender is net of any applicable surrender
charge.
Premiums less the following deductions are added to the Fund Value. (1) A
premium tax charge of 2.00% of gross premiums in all Policy years. (2) A sales
charge on the gross premiums. The sales charges equal 4% in Policy years 1-10,
2% in Policy years 11-20, and 0% in Policy years 21 and later. (3) A DAC tax
charge of 1.25% of gross premiums in all Policy years.
Those columns assuming Guaranteed Charges use the current Monthly Mortality
Charges, current Monthly Administrative Charges, current Charges for Mortality
and Expense Risks, current Charges for Rider Benefits, if any, and current
Premium Sales Charge ("Current Charges") for the first year as well as the
Assumed Hypothetical Gross Annual Investment Return indicated. Thereafter these
columns use Guaranteed Monthly Mortality Charges, current Monthly Administrative
Charges, Guaranteed Charges for Mortality and Expense Risks, Guaranteed Charges
for Rider Benefits if any, current Maximum Premium Sales Charge, and the Assumed
Hypothetical Gross Annual Investment Return indicated. Those columns assuming
Current Charges are based upon "Current Charges" and the Assumed Hypothetical
Gross Annual Investment Return indicated.
The Current Charges are declared by MONY Life of America, are guaranteed
for the first Policy year, and apply to policies issued as of the Preparation
Date shown. After the first Policy year, Current Charges are not guaranteed, and
may be changed at the discretion of MONY Life of America.
The difference between the Fund Value and the Value Upon Surrender is a
Fund Charge. A Fund Charge will apply during the first fourteen years from issue
or following a specified amount increase if the Policy is given up for its Value
Upon Surrender or is terminated, or if the specified amount is reduced. Any
applicable fund charge will be deducted from the Fund Value. Whenever there is a
partial surrender, the surrender amount and the surrender charge ($25.00 or 2%
of the amount surrendered, if less) could be deducted from the benefit payable
at death, and will be deducted from the Fund Value and the Value Upon Surrender.
A Policy loan will have a permanent effect on benefits under this Policy.
Loan interest at an annual rate of 5.4% will be charged in advance (equivalent
to 5.75% in arrears). Amounts borrowed will earn interest at an annual rate of
5.0%. This rate is determined by subtracting a margin of 0.75% from the loan
rate. This margin is designed to decrease by 0.5% in Policy years 11 and later,
but such decrease is not guaranteed. Hence amounts borrowed will earn interest
at a rate of 5.0% for Policy years 1 though 10 and 5.5% for Policy years 11 and
later. This decrease is based on current expectations as to mortality, expenses,
persistency and investment income. Adverse tax consequences could occur if a
Policy subject to loans is surrendered or permitted to lapse.
B-3
<PAGE> 155
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (6) (7) (9) (10) (12)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT VALUE (11) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 314 2,117 200,000 314 2,117 200,000 314 2,117 200,000
2 47 3,088 6,647 0 2,058 4,132 200,000 2,058 4,132 200,000 2,361 4,435 200,000
3 48 3,088 10,222 0 2,762 6,078 200,000 2,762 6,078 200,000 3,314 6,630 200,000
4 49 3,088 13,975 0 4,617 7,933 200,000 4,617 7,933 200,000 5,368 8,684 200,000
5 50 3,088 17,916 0 6,385 9,701 200,000 6,385 9,701 200,000 7,331 10,647 200,000
6 51 3,088 22,055 0 8,398 11,383 200,000 8,398 11,383 200,000 9,491 12,476 200,000
7 52 3,088 26,400 0 10,306 12,959 200,000 10,306 12,959 200,000 11,587 14,240 200,000
8 53 3,088 30,962 0 12,110 14,431 200,000 12,110 14,431 200,000 13,621 15,942 200,000
9 54 3,088 35,753 0 13,792 15,781 200,000 13,792 15,781 200,000 15,615 17,604 200,000
10 55 3,088 40,783 0 15,353 17,011 200,000 15,353 17,011 200,000 17,549 19,207 200,000
11 56 3,088 46,064 0 16,931 18,258 200,000 16,931 18,258 200,000 19,507 20,833 200,000
12 57 3,088 51,610 0 18,356 19,351 200,000 18,356 19,351 200,000 21,288 22,283 200,000
13 58 3,088 57,433 0 19,629 20,292 200,000 19,629 20,292 200,000 22,981 23,644 200,000
14 59 3,088 63,547 0 20,731 21,063 200,000 20,731 21,063 200,000 24,607 24,938 200,000
15 60 3,088 69,966 0 21,643 21,643 200,000 21,643 21,643 200,000 26,188 26,188 200,000
16 61 3,088 76,707 0 22,012 22,012 200,000 22,012 22,012 200,000 27,578 27,578 200,000
17 62 3,088 83,785 0 22,149 22,149 200,000 22,149 22,149 200,000 28,842 28,842 200,000
18 63 3,088 91,216 0 22,053 22,053 200,000 22,053 22,053 200,000 29,940 29,940 200,000
19 64 3,088 99,020 0 21,639 21,639 200,000 21,639 21,639 200,000 30,937 30,937 200,000
20 65 3,088 107,213 0 20,881 20,881 200,000 20,881 20,881 200,000 31,832 31,832 200,000
21 66 3,088 115,816 0 19,792 19,792 200,000 19,792 19,792 200,000 32,649 32,649 200,000
22 67 3,088 124,849 0 18,281 18,281 200,000 18,281 18,281 200,000 33,348 33,348 200,000
23 68 3,088 134,334 0 16,291 16,291 200,000 16,291 16,291 200,000 33,869 33,869 200,000
24 69 3,088 144,293 0 13,759 13,759 200,000 13,759 13,759 200,000 34,175 34,175 200,000
25 70 3,088 154,750 0 10,640 10,640 200,000 10,640 10,640 200,000 34,206 34,206 200,000
26 71 3,088 165,730 0 6,810 6,810 200,000 6,810 6,810 200,000 33,980 33,980 200,000
27 72 3,088 177,259 0 2,014 2,014 200,000 2,014 2,014 200,000 33,416 33,416 200,000
28 73 3,088 189,365 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE 32,548 32,548 200,000
29 74 3,088 202,075 0 31,250 31,250 200,000
30 75 3,088 215,421 0 29,489 29,489 200,000
31 76 3,088 229,435 0 27,269 27,269 200,000
32 77 3,088 244,149 0 24,445 24,445 200,000
33 78 3,088 259,599 0 20,879 20,879 200,000
34 79 3,088 275,821 0 15,825 15,825 200,000
35 80 3,088 292,855 0 9,563 9,563 200,000
81 3,088 310,940 0 1,952 1,952 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 82.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-4
<PAGE> 156
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (- 1.49% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 314 2,117 200,000
2 47 3,088 0 0 0 2,361 4,435 200,000
3 48 3,088 0 0 0 3,314 6,630 200,000
4 49 3,088 0 0 0 5,368 8,684 200,000
5 50 3,088 0 0 0 7,331 10,647 200,000
6 51 3,088 0 0 0 9,491 12,476 200,000
7 52 3,088 0 0 0 11,587 14,240 200,000
8 53 3,088 0 0 0 13,621 15,942 200,000
9 54 3,088 0 0 0 15,615 17,604 200,000
10 55 3,088 0 0 0 17,549 19,207 200,000
11 56 3,088 0 0 0 19,507 20,833 200,000
12 57 3,088 0 0 0 21,288 22,283 200,000
13 58 3,088 0 0 0 22,981 23,644 200,000
14 59 3,088 0 0 0 24,607 24,938 200,000
15 60 3,088 0 0 0 26,188 26,188 200,000
16 61 3,088 0 0 0 27,578 27,578 200,000
17 62 3,088 0 0 0 28,842 28,842 200,000
18 63 3,088 0 0 0 29,940 29,940 200,000
19 64 3,088 0 0 0 30,937 30,937 200,000
20 65 3,088 0 0 0 31,832 31,832 200,000
21 66 3,088 0 0 0 32,649 32,649 200,000
22 67 3,088 0 0 0 33,348 33,348 200,000
23 68 3,088 0 0 0 33,869 33,869 200,000
24 69 3,088 0 0 0 34,175 34,175 200,000
25 70 3,088 0 0 0 34,206 34,206 200,000
26 71 3,088 0 0 0 33,980 33,980 200,000
27 72 3,088 0 0 0 33,416 33,416 200,000
28 73 3,088 0 0 0 32,548 32,458 200,000
29 74 3,088 0 0 0 31,250 31,250 200,000
30 75 3,088 0 0 0 29,489 29,489 200,000
31 76 3,088 0 0 0 27,269 27,269 200,000
32 77 3,088 0 0 0 24,445 24,445 200,000
33 78 3,088 0 0 0 20,879 20,879 200,000
34 79 3,088 0 0 0 15,825 15,825 200,000
35 80 3,088 0 0 0 9,563 9,563 200,000
36 81 3,088 0 0 0 1,952 1,952 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 82.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-5
<PAGE> 157
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
6% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
----------------------------- -----------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 314 2,117 200,000 462 2,265 200,000
2 47 3,088 6,647 0 2,058 4,132 200,000 2,485 4,559 200,000
3 48 3,088 10,222 0 2,762 6,078 200,000 3,600 6,916 200,000
4 49 3,088 13,975 0 4,617 7,933 200,000 6,002 9,318 200,000
5 50 3,088 17,916 0 6,385 9,701 200,000 8,452 11,768 200,000
6 51 3.088 22,055 0 8,398 11,383 200,000 11,287 14,271 200,000
7 52 3,088 26,400 0 10,306 12,959 200,000 14,155 16,808 200,000
8 53 3,088 30,962 0 12,110 14,431 200,000 17,063 19,384 200,000
9 54 3,088 35,753 0 13,792 15,781 200,000 19,991 21,981 200,000
10 55 3,088 40,783 0 15,353 17,011 200,000 22,945 24,603 200,000
11 56 3,088 46,064 0 16,931 18,258 200,000 26,114 27,440 200,000
12 57 3,088 51,610 0 18,356 19,351 200,000 29,300 30,295 200,000
13 58 3,088 57,433 0 19,629 20,292 200,000 32,511 33,174 200,000
14 59 3,088 63,547 0 20,731 21,063 200,000 35,732 36,063 200,000
15 60 3,088 69,966 0 21,643 21,643 200,000 38,948 38,948 200,000
16 61 3,088 76,707 0 22,012 22,012 200,000 41,817 41,817 200,000
17 62 3,088 83,785 0 22,149 22,149 200,000 44,655 44,655 200,000
18 63 3,088 91,216 0 22,053 22,053 200,000 47,469 47,469 200,000
19 64 3,088 99,020 0 21,639 21,639 200,000 50,191 50,191 200,000
20 65 3,088 107,213 0 20,881 20,881 200,000 52,805 52,805 200,000
21 66 3,088 115,816 0 19,792 19,792 200,000 55,345 55,345 200,000
22 67 3,088 124,849 0 18,281 18,281 200,000 57,734 57,734 200,000
23 68 3,088 134,334 0 16,291 16,291 200,000 59,936 59,936 200,000
24 69 3,088 144,293 0 13,759 13,759 200,000 61,915 61,915 200,000
25 70 3,088 154,750 0 10,640 10,640 200,000 63,646 63,646 200,000
26 71 3,088 165,730 0 6,810 6,810 200,000 65,053 65,053 200,000
27 72 3,088 177,259 0 2,014 2,014 200,000 65,966 65,966 200,000
28 73 3,088 189,365 0 LAPSE LAPSE LAPSE 66,433 66,433 200,000
29 74 3,088 202,075 0 66,265 66,265 200,000
30 75 3,088 215,421 0 65,278 65,278 200,000
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 462 2,265 200,000
2 2,797 4,871 200,000
3 4,188 7,504 200,000
4 6,829 10,145 200,000
5 9,527 12,843 200,000
6 12,574 15,558 200,000
7 15,709 18,362 200,000
8 18,937 21,259 200,000
9 22,287 24,277 200,000
10 25,744 27,402 200,000
11 29,453 30,779 200,000
12 33,186 34,180 200,000
13 37,031 37,694 200,000
14 41,019 41,351 200,000
15 45,180 45,180 200,000
16 49,362 49,362 200,000
17 53,674 53,674 200,000
18 58,094 58,094 200,000
19 62,688 62,688 200,000
20 67,473 67,473 200,000
21 72,500 72,500 200,000
22 77,742 77,742 200,000
23 83,176 83,176 200,000
24 88,798 88,798 200,000
25 94,596 94,596 200,000
26 100,614 100,614 200,000
27 106,840 106,840 200,000
28 113,336 113,336 200,000
29 120,085 120,085 200,000
30 127,132 127,132 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-6
<PAGE> 158
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
----------------------------- -----------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 3,088 229,435 0 63,304 63,304 200,000
32 77 3,088 244,149 0 60,153 60,153 200,000
33 78 3,088 259,599 0 55,584 55,584 200,000
34 79 3,088 275,821 0 49,289 49,289 200,000
35 80 3,088 292,855 0 40,853 40,853 200,000
36 81 3,088 310,740 0 29,676 29,676 200,000
37 82 3,088 329,519 0 14,937 14,937 200,000
38 83 3,088 349,237 0 LAPSE LAPSE LAPSE
39 84 3,088 369,942 0
40 85 3,088 391,681 0
41 86 3,088 414,508 0
42 87 3,088 438,475 0
43 88 3,088 463,642 0
44 89 3,088 490,066 0
45 90 3,088 517,812 0
46 91 3,088 546,945 0
47 92 3,088 577,534 0
48 93 3,088 609,654 0
49 94 3,088 643,379 0
50 95 3,088 678,790 0
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
31 134,546 134,546 200,000
32 142,350 142,350 200,000
33 150,598 150,598 200,000
34 159,218 159,218 200,000
35 168,463 168,463 200,000
36 178,503 178,503 200,000
37 189,523 189,523 200,000
38 201,393 201,393 211,462
39 213,750 213,750 224,438
40 226,594 226,594 237,923
41 239,935 239,935 251,932
42 253,765 253,765 266,453
43 268,095 268,095 281,500
44 282,923 282,923 297,069
45 298,244 298,244 313,156
46 314,030 314,030 329,731
47 330,717 330,717 343,945
48 348,406 348,406 358,858
49 367,336 367,336 374,683
50 387,802 387,802 391,680
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-7
<PAGE> 159
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
6% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 462 2,265 200,000
2 47 3,088 0 0 0 2,797 4,871 200,000
3 48 3,088 0 0 0 4,188 7,504 200,000
4 49 3,088 0 0 0 6,829 10,145 200,000
5 50 3,088 0 0 0 9,527 12,843 200,000
6 51 3,088 0 0 0 12,574 15,558 200,000
7 52 3,088 0 0 0 15,709 18,362 200,000
8 53 3,088 0 0 0 18,937 21,259 200,000
9 54 3,088 0 0 0 22,287 24,277 200,000
10 55 3,088 0 0 0 25,744 27,402 200,000
11 56 3,088 0 0 0 29,453 30,779 200,000
12 57 3,088 0 0 0 33,186 34,180 200,000
13 58 3,088 0 0 0 37,031 37,694 200,000
14 59 3,088 0 0 0 41,019 41,351 200,000
15 60 3,088 0 0 0 45,180 45,180 200,000
16 61 3,088 0 0 0 49,362 49,362 200,000
17 62 3,088 0 0 0 53,674 53,674 200,000
18 63 3,088 0 0 0 58,094 58,094 200,000
19 64 3,088 0 0 0 62,688 62,688 200,000
20 65 3,088 0 0 0 67,473 67,473 200,000
21 66 3,088 0 0 0 72,500 72,500 200,000
22 67 3,088 0 0 0 77,742 77,742 200,000
23 68 3,088 0 0 0 83,176 83,176 200,000
24 69 3,088 0 0 0 88,798 88,798 200,000
25 70 3,088 0 0 0 94,596 94,596 200,000
26 71 3,088 0 0 0 100,614 100,614 200,000
27 72 3,088 0 0 0 106,840 106,840 200,000
28 73 3,088 0 0 0 113,336 113,336 200,000
29 74 3,088 0 0 0 120,085 120,085 200,000
30 75 3,088 0 0 0 127,132 127,132 200,000
31 76 3,088 0 0 0 134,546 134,546 200,000
32 77 3,088 0 0 0 142,350 142,350 200,000
33 78 3,088 0 0 0 150,598 150,598 200,000
34 79 3,088 0 0 0 159,218 159,218 200,000
35 80 3,088 0 0 0 168,463 168,463 200,000
36 81 3,088 0 0 0 178,503 178,503 200,000
37 82 3,088 0 0 0 189,523 189,523 200,000
38 83 3,088 0 0 0 201,393 201,393 211,462
39 84 3,088 0 0 0 213,750 213,750 224,438
40 85 3,088 0 0 0 226,594 226,594 237,923
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-8
<PAGE> 160
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 239,935 239,935 251,932
42 87 3,088 0 0 0 253,765 253,765 266,453
43 88 3,088 0 0 0 268,095 268,095 281,500
44 89 3,088 0 0 0 282,923 282,923 297,069
45 90 3,088 0 0 0 298,244 298,244 313,156
46 91 3,088 0 0 0 314,030 314,030 329,731
47 92 3,088 0 0 0 330,717 330,717 343,945
48 93 3,088 0 0 0 348,406 348,406 358,858
49 94 3,088 0 0 0 367,336 367,336 374,683
50 95 3,088 0 0 0 387,802 387,802 391,680
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-9
<PAGE> 161
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 314 2,117 200,000 611 2,414 200,000
2 47 3,088 6,647 0 2,058 4,132 200,000 2,931 5,005 200,000
3 48 3,088 10,222 0 2,762 6,078 200,000 4,511 7,827 200,000
4 49 3,088 13,975 0 4,617 7,933 200,000 7,568 10,884 200,000
5 50 3,088 17,916 0 6,385 9,701 200,000 10,887 14,203 200,000
6 51 3.088 22,055 0 8,398 11,383 200,000 14,830 17,815 200,000
7 52 3,088 26,400 0 10,306 12,959 200,000 19,078 21,731 200,000
8 53 3,088 30,962 0 12,110 14,431 200,000 23,670 25,991 200,000
9 54 3,088 35,753 0 13,792 15,781 200,000 28,624 30,614 200,000
10 55 3,088 40,783 0 15,353 17,011 200,000 33,988 35,646 200,000
11 56 3,088 46,064 0 16,931 18,258 200,000 40,073 41,399 200,000
12 57 3,088 51,610 0 18,356 19,351 200,000 46,701 47,695 200,000
13 58 3,088 57,433 0 19,629 20,292 200,000 53,949 54,612 200,000
14 59 3,088 63,547 0 20,731 21,063 200,000 61,885 62,217 200,000
15 60 3,088 69,966 0 21,643 21,643 200,000 70,592 70,592 200,000
16 61 3,088 76,707 0 22,012 22,012 200,000 79,837 79,837 200,000
17 62 3,088 83,785 0 22,149 22,149 200,000 90,066 90,066 200,000
18 63 3,088 91,216 0 22,053 22,053 200,000 101,434 101,434 200,000
19 64 3,088 99,020 0 21,639 21,639 200,000 114,068 114,068 200,000
20 65 3,088 107,213 0 20,881 20,881 200,000 128,171 128,171 200,000
21 66 3,088 115,816 0 19,792 19,792 200,000 144,046 144,046 200,000
22 67 3,088 124,849 0 18,281 18,281 200,000 161,929 161,929 200,000
23 68 3,088 134,334 0 16,291 16,291 200,000 182,045 182,045 214,813
24 69 3,088 144,293 0 13,759 13,759 200,000 204,249 204,249 238,971
25 70 3,088 154,750 0 10,640 10,640 200,000 228,730 228,730 265,327
26 71 3,088 165,730 0 6,810 6,810 200,000 255,712 255,712 294,069
27 72 3,088 177,259 0 2,014 2,014 200,000 285,533 285,533 322,652
28 73 3,088 189,365 0 LAPSE LAPSE LAPSE 318,573 318,573 353,616
29 74 3,088 202,075 0 355,214 355,214 387,184
30 75 3,088 215,421 0 395,923 395,923 423,637
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 611 2,414 200,000
2 3,252 5,326 200,000
3 5,135 8,451 200,000
4 8,475 11,791 200,000
5 12,104 15,420 200,000
6 16,342 19,326 200,000
7 20,959 23,612 200,000
8 26,000 28,321 200,000
9 31,533 33,523 200,000
10 37,595 39,253 200,000
11 44,465 45,791 200,000
12 51,941 52,936 200,000
13 60,182 60,845 200,000
14 69,301 69,633 200,000
15 79,426 79,426 200,000
16 90,480 90,480 200,000
17 102,752 102,752 200,000
18 116,382 116,382 200,000
19 131,589 131,589 200,000
20 148,582 148,582 200,000
21 167,656 167,656 201,187
22 188,879 188,879 224,766
23 212,363 212,363 250,588
24 238,342 238,342 278,860
25 267,069 267,069 309,800
26 298,846 298,846 343,673
27 334,045 334,045 377,471
28 373,077 373,077 414,115
29 416,372 416,372 453,845
30 464,446 464,446 496,958
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-10
<PAGE> 162
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 3,088 229,435 0 441,266 441,266 463,329
32 77 3,088 244,149 0 491,271 491,271 515,835
33 78 3,088 259,599 0 546,388 546,388 573,707
34 79 3,088 275,821 0 607,104 607,104 637,459
35 80 3,088 292,855 0 673,946 673,946 707,644
36 81 3,088 310,740 0 747,471 747,471 784,844
37 82 3,088 329,519 0 828,267 828,267 869,681
38 83 3,088 349,237 0 916,938 916,938 962,785
39 84 3,088 369,942 0 1,014,118 1,014,118 1,064,824
40 85 3,088 391,681 0 1,120,476 1,120,476 1,176,500
41 86 3,088 414,508 0 1,236,724 1,236,724 1,298,560
42 87 3,088 438,475 0 1,363,619 1,363,619 1,431,800
43 88 3,088 463,642 0 1,501,968 1,501,968 1,577,067
44 89 3,088 490,066 0 1,652,620 1,652,620 1,735,251
45 90 3,088 517,812 0 1,816,468 1,816,468 1,907,292
46 91 3,088 546,945 0 1,994,399 1,994,399 2,094,119
47 92 3,088 577,534 0 2,193,086 2,193,086 2,280,809
48 93 3,088 609,654 0 2,416,074 2,416,074 2,488,556
49 94 3,088 643,379 0 2,667,728 2,667,728 2,721,083
50 95 3,088 678,790 0 2,953,496 2,953,496 2,983,031
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
31 517,903 517,903 543,798
32 577,047 577,047 605,899
33 642,453 642,453 674,575
34 714,632 714,632 750,364
35 794,339 794,339 834,056
36 882,327 882,327 926,444
37 979,370 979,370 1,028,338
38 1,086,614 1,086,614 1,140,944
39 1,204,887 1,204,887 1,265,131
40 1,335,178 1,335,178 1,401,936
41 1,478,650 1,478,650 1,552,582
42 1,636,437 1,636,437 1,718,259
43 1,809,892 1,809,892 1,900,387
44 2,000,407 2,000,407 2,100,427
45 2,209,457 2,209,457 2,319,930
46 2,438,465 2,438,465 2,560,388
47 2,692,720 2,692,720 2,800,428
48 2,975,517 2,975,517 3,064,783
49 3,291,773 3,291,773 3,357,608
50 3,647,621 3,647,621 3,684,097
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-11
<PAGE> 163
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
12% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 611 2,414 200,000
2 47 3,088 0 0 0 3,252 5,326 200,000
3 48 3,088 0 0 0 5,135 8,451 200,000
4 49 3,088 0 0 0 8,475 11,791 200,000
5 50 3,088 0 0 0 12,104 15,420 200,000
6 51 3,088 0 0 0 16,342 19,326 200,000
7 52 3,088 0 0 0 20,959 23,612 200,000
8 53 3,088 0 0 0 26,000 28,321 200,000
9 54 3,088 0 0 0 31,533 33,523 200,000
10 55 3,088 0 0 0 37,595 39,253 200,000
11 56 3,088 0 0 0 44,465 45,791 200,000
12 57 3,088 0 0 0 51,941 52,936 200,000
13 58 3,088 0 0 0 60,182 60,845 200,000
14 59 3,088 0 0 0 69,301 69,633 200,000
15 60 3,088 0 0 0 79,426 79,426 200,000
16 61 3,088 0 0 0 90,480 90,480 200,000
17 62 3,088 0 0 0 102,752 102,752 200,000
18 63 3,088 0 0 0 116,382 116,382 200,000
19 64 3,088 0 0 0 131,589 131,589 200,000
20 65 3,088 0 0 0 148,582 148,582 200,000
21 66 3,088 0 0 0 167,656 167,656 201,187
22 67 3,088 0 0 0 188,879 188,879 224,766
23 68 3,088 0 0 0 212,363 212,363 250,588
24 69 3,088 0 0 0 238,342 238,342 278,860
25 70 3,088 0 0 0 267,069 267,069 309,800
26 71 3,088 0 0 0 298,846 298,846 343,673
27 72 3,088 0 0 0 334,045 334,045 377,471
28 73 3,088 0 0 0 373,077 373,077 414,115
29 74 3,088 0 0 0 416,372 416,372 453,845
30 75 3,088 0 0 0 464,446 464,446 496,958
31 76 3,088 0 0 0 517,903 517,903 543,798
32 77 3,088 0 0 0 577,047 577,047 605,899
33 78 3,088 0 0 0 642,453 642,453 674,575
34 79 3,088 0 0 0 714,632 714,632 750,364
35 80 3,088 0 0 0 794,339 794,339 834,056
36 81 3,088 0 0 0 882,327 882,327 926,444
37 82 3,088 0 0 0 979,370 979,370 1,028,338
38 83 3,088 0 0 0 1,086,614 1,086,614 1,140,944
39 84 3,088 0 0 0 1,204,887 1,204,887 1,265,131
40 85 3,088 0 0 0 1,335,178 1,335,178 1,401,936
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-12
<PAGE> 164
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,008 0 0 0 1,478,650 1,478,650 1,552,582
42 87 3,088 0 0 0 1,636,437 1,636,437 1,718,259
43 88 3,088 0 0 0 1,809,892 1,809,892 1,900,387
44 89 3,088 0 0 0 2,000,407 2,000,407 2,100,427
45 90 3,088 0 0 0 2,209,457 2,209,457 2,319,930
46 91 3,088 0 0 0 2,438,465 2,438,465 2,560,388
47 92 3,088 0 0 0 2,692,720 2,692,720 2,800,428
48 93 3,088 0 0 0 2,975,517 2,975,517 3,064,783
49 94 3,088 0 0 0 3,291,773 3,291,773 3,357,608
50 95 3,088 0 0 0 3,647,621 3,647,621 3,684,097
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-13
<PAGE> 165
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
0% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
FEMALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ---------------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 2,707 0 27 1,698 200,000 27 1,698 200,000
2 47 2,578 5,549 0 1,422 3,320 200,000 1,422 3,320 200,000
3 48 2,578 8,534 0 1,966 4,899 200,000 1,966 4,899 200,000
4 49 2,578 11,667 0 3,481 6,415 200,000 3,481 6,415 200,000
5 50 2,578 14,957 0 4,911 7,844 200,000 4,911 7,844 200,000
6 51 2,578 18,412 0 6,573 9,213 200,000 6,573 9,213 200,000
7 52 2,578 22,040 0 8,152 10,499 200,000 8,152 10,499 200,000
8 53 2,578 25,848 0 9,651 11,705 200,000 9,651 11,705 200,000
9 54 2,578 29,848 0 11,071 12,832 200,000 11,071 12,832 200,000
10 55 2,578 34,047 0 12,414 13,881 200,000 12,414 13,881 200,000
11 56 2,578 38,456 0 13,788 14,961 200,000 13,788 14,961 200,000
12 57 2,578 43,086 0 15,070 15,950 200,000 15,070 15,950 200,000
13 58 2,578 47,947 0 16,261 16,847 200,000 16,261 16,847 200,000
14 59 2,578 53,052 0 17,362 17,656 200,000 17,362 17,656 200,000
15 60 2,578 58,411 0 18,375 18,375 200,000 18,375 18,375 200,000
16 61 2,578 64,038 0 19,007 19,007 200,000 19,007 19,007 200,000
17 62 2,578 69,947 0 19,509 19,509 200,000 19,509 19,509 200,000
18 63 2,578 76,152 0 19,860 19,860 200,000 19,860 19,860 200,000
19 64 2,578 82,666 0 20,040 20,040 200,000 20,040 20,040 200,000
20 65 2,578 89,506 0 20,006 20,006 200,000 20,006 20,006 200,000
21 66 2,578 96,688 0 19,766 19,766 200,000 19,766 19,766 200,000
22 67 2,578 104,230 0 19,288 19,288 200,000 19,288 19,288 200,000
23 68 2,578 112,148 0 18,549 18,549 200,000 18,549 18,549 200,000
24 69 2,578 120,462 0 17,545 17,545 200,000 17,545 17,545 200,000
25 70 2,578 129,192 0 16,248 16,248 200,000 16,248 16,248 200,000
26 71 2,578 138,359 0 14,609 14,609 200,000 14,609 14,609 200,000
27 72 2,578 147,984 0 12,527 12,527 200,000 12,527 12,527 200,000
28 73 2,578 158,090 0 9,920 9,920 200,000 9,920 9,920 200,000
29 74 2,578 168,701 0 6,627 6,627 200,000 6,627 6,627 200,000
30 75 2,578 179,843 0 2,519 2,519 200,000 2,519 2,519 200,000
31 76 2,578 191,542 0 0 0 0 0 0 0
32 77 2,578 203,826 0 0 0 0 0 0 0
33 78 2,578 216,725 0 0 0 0 0 0 0
34 79 2,578 230,268 0 0 0 0 0 0 0
35 80 2,578 244,488 0 0 0 0 0 0 0
36 81 2,578 259,419 0 0 0 0 0 0 0
37 82 2,578 275,097 0 0 0 0 0 0 0
38 83 2,578 291,559 0 0 0 0 0 0 0
39 84 2,578 308,844 0 0 0 0 0 0 0
<CAPTION>
CURRENT CHARGES
---------------------------------
0.00% (-1.49% NET)
---------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 27 1,698 200,000
2 1,749 3,647 200,000
3 2,590 5,524 200,000
4 4,328 7,262 200,000
5 5,976 8,909 200,000
6 7,694 10,334 200,000
7 9,351 11,698 200,000
8 10,972 13,025 200,000
9 12,556 14,316 200,000
10 14,082 15,549 200,000
11 15,624 16,797 200,000
12 17,095 17,975 200,000
13 18,517 19,104 200,000
14 19,828 20,121 200,000
15 21,113 21,113 200,000
16 22,250 22,250 200,000
17 23,361 23,361 200,000
18 24,362 24,362 200,000
19 25,339 25,339 200,000
20 26,230 26,230 200,000
21 27,046 27,046 200,000
22 27,757 27,757 200,000
23 28,344 28,344 200,000
24 28,809 28,809 200,000
25 29,192 29,192 200,000
26 29,413 29,413 200,000
27 29,491 29,491 200,000
28 29,387 29,387 200,000
29 29,060 29,060 200,000
30 28,485 28,485 200,000
31 27,580 27,580 200,000
32 26,337 26,337 200,000
33 24,685 24,685 200,000
34 22,508 22,508 200,000
35 19,806 19,806 200,000
36 16,380 16,380 200,000
37 12,212 12,212 200,000
38 6,885 6,885 200,000
39 186 186 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 85.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-14
<PAGE> 166
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 27 1,698 200,000
2 47 2,578 0 0 0 1,749 3,647 200,000
3 48 2,578 0 0 0 2,590 5,524 200,000
4 49 2,578 0 0 0 4,328 7,262 200,000
5 50 2,578 0 0 0 5,976 8,909 200,000
6 51 2,578 0 0 0 7,694 10,334 200,000
7 52 2,578 0 0 0 9,351 11,698 200,000
8 53 2,578 0 0 0 10,972 13,025 200,000
9 54 2,578 0 0 0 12,556 14,316 200,000
10 55 2,578 0 0 0 14,082 15,549 200,000
11 56 2,578 0 0 0 15,624 16,797 200,000
12 57 2,578 0 0 0 17,095 17,975 200,000
13 58 2,578 0 0 0 18,517 19,104 200,000
14 59 2,578 0 0 0 19,828 20,121 200,000
15 60 2,578 0 0 0 21,113 21,113 200,000
16 61 2,578 0 0 0 22,250 22,250 200,000
17 62 2,578 0 0 0 23,361 23,361 200,000
18 63 2,578 0 0 0 24,362 24,362 200,000
19 64 2,578 0 0 0 25,339 25,339 200,000
20 65 2,578 0 0 0 26,230 26,230 200,000
21 66 2,578 0 0 0 27,046 27,046 200,000
22 67 2,578 0 0 0 27,757 27,757 200,000
23 68 2,578 0 0 0 28,344 28,344 200,000
24 69 2,578 0 0 0 28,809 28,809 200,000
25 70 2,578 0 0 0 29,192 29,192 200,000
26 71 2,578 0 0 0 29,413 29,413 200,000
27 72 2,578 0 0 0 29,491 29,491 200,000
28 73 2,578 0 0 0 29,387 29,387 200,000
29 74 2,578 0 0 0 29,060 29,060 200,000
30 75 2,578 0 0 0 28,485 28,485 200,000
31 76 2,578 0 0 0 27,580 27,580 200,000
32 77 2,578 0 0 0 26,337 26,337 200,000
33 78 2,578 0 0 0 24,685 24,685 200,000
34 79 2,578 0 0 0 22,508 22,508 200,000
35 80 2,578 0 0 0 19,806 19,806 200,000
36 81 2,578 0 0 0 16,380 16,380 200,000
37 82 2,578 0 0 0 12,212 12,212 200,000
38 83 2,578 0 0 0 6,885 6,885 200,000
39 84 2,578 0 0 0 186 186 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 85.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-15
<PAGE> 167
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 6%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 MONY LIFE OF AMERICA SPECIFIED AMOUNT
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------
0.00% (- 1.49% NET) 6.00% (4.46% NET)
---------------------------- ----------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 2,707 0 27 1,698 200,000 149 1,819 200,000
2 47 2,578 5,549 0 1,422 3,320 200,000 1,770 3,668 200,000
3 48 2,578 8,534 0 1,966 4,899 200,000 2,648 5,581 200,000
4 49 2,578 11,667 0 3,481 6,415 200,000 4,606 7,540 200,000
5 50 2,578 14,957 0 4,911 7,844 200,000 6,589 9,523 200,000
6 51 2,578 18,412 0 6,573 9,213 200,000 8,916 11,556 200,000
7 52 2,578 22,040 0 8,152 10,499 200,000 11,274 13,620 200,000
8 53 2,578 25,848 0 9,651 11,705 200,000 13,665 15,719 200,000
9 54 2,578 29,848 0 11,071 12,832 200,000 16,094 17,854 200,000
10 55 2,578 34,047 0 12,414 13,881 200,000 18,563 20,030 200,000
11 56 2,578 38,456 0 13,788 14,961 200,000 21,224 22,398 200,000
12 57 2,578 43,086 0 15,070 15,950 200,000 23,932 24,812 200,000
13 58 2,578 47,947 0 16,261 16,847 200,000 26,691 27,278 200,000
14 59 2,578 53,052 0 17,362 17,656 200,000 29,508 29,801 200,000
15 60 2,578 58,411 0 18,375 18,375 200,000 32,387 32,387 200,000
16 61 2,578 64,038 0 19,007 19,007 200,000 35,043 35,043 200,000
17 62 2,578 69,947 0 19,509 19,509 200,000 37,734 37,734 200,000
18 63 2,578 76,152 0 19,860 19,860 200,000 40,447 40,447 200,000
19 64 2,578 82,666 0 20,040 20,040 200,000 43,169 43,169 200,000
20 65 2,578 89,506 0 20,006 20,006 200,000 45,867 45,867 200,000
21 66 2,578 96,688 0 19,766 19,766 200,000 48,564 48,564 200,000
22 67 2,578 104,230 0 19,280 19,288 200,000 51,232 51,232 200,000
23 68 2,578 112,148 0 18,549 18,549 200,000 53,857 53,857 200,000
24 69 2,578 120,462 0 17,545 17,545 200,000 56,445 56,445 200,000
25 70 2,578 129,192 0 16,248 16,248 200,000 58,983 58,983 200,000
26 71 2,578 138,359 0 14,609 14,609 200,000 61,442 61,442 200,000
27 72 2,578 147,984 0 12,527 12,527 200,000 63,756 63,756 200,000
28 73 2,578 158,090 0 9,920 9,920 200,000 65,877 65,877 200,000
29 74 2,578 168,701 0 6,627 6,627 200,000 67,702 67,702 200,000
30 75 2,578 179,843 0 2,519 2,519 200,000 69,154 69,154 200,000
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 149 1,819 200,000
2 2,108 4,005 200,000
3 3,311 6,245 200,000
4 5,538 8,471 200,000
5 7,799 10,732 200,000
6 10,254 12,894 200,000
7 12,769 15,116 200,000
8 15,370 17,423 200,000
9 18,062 19,822 200,000
10 20,828 22,294 200,000
11 23,789 24,963 200,000
12 26,834 27,714 200,000
13 29,991 30,577 200,000
14 33,204 33,498 200,000
15 36,563 36,563 200,000
16 39,941 39,941 200,000
17 43,488 43,488 200,000
18 47,138 47,138 200,000
19 50,977 50,977 200,000
20 54,961 54,961 200,000
21 59,122 59,122 200,000
22 63,440 63,440 200,000
23 67,912 67,912 200,000
24 72,553 72,553 200,000
25 77,412 77,412 200,000
26 82,448 82,448 200,000
27 87,696 87,696 200,000
28 93,151 93,151 200,000
29 98,814 98,814 200,000
30 104,700 104,700 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 87. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at an anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-16
<PAGE> 168
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
---------------------------------------------------------- ----------------------------
0.00% (- 1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- --------------------------- ----------------------------
(1) (2) (3) (4) (6) (7) (9) (10) (12)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT VALUE (11) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 2,578 191,542 0 0 0 0 70,134 70,134 200,000 110,797 110,797 200,000
32 77 2,578 203,826 0 70,541 70,541 200,000 117,143 117,143 200,000
33 78 2,578 216,725 0 70,295 70,295 200,000 123,754 123,754 200,000
34 79 2,578 230,268 0 69,246 69,246 200,000 130,633 130,633 200,000
35 80 2,578 244,488 0 67,228 67,228 200,000 137,851 137,851 200,000
36 81 2,578 259,419 0 63,986 63,986 200,000 145,419 145,419 200,000
37 82 2,578 275,097 0 59,183 59,183 200,000 153,430 153,430 200,000
38 83 2,578 291,559 0 52,314 52,314 200,000 161,901 161,901 200,000
39 84 2,578 308,844 0 42,694 42,694 200,000 170,951 170,951 200,000
40 85 2,578 326,993 0 29,463 29,463 200,000 180,696 180,696 200,000
41 86 2,578 346,049 0 11,387 11,387 200,000 191,367 191,367 200,936
42 87 2,578 366,059 0 0 0 0 202,677 202,677 212,811
43 88 2,578 387,069 0 214,372 214,372 225,090
44 89 2,578 409,129 0 226,481 226,481 237,805
45 90 2,578 432,292 0 239,000 239,000 250,950
46 91 2,578 456,614 0 251,905 251,905 264,500
47 92 2,578 482,151 0 265,559 265,559 276,182
48 93 2,578 508,966 0 280,080 280,080 288,483
49 94 2,578 537,121 0 295,620 295,620 301,533
50 95 2,578 566,684 0 312,348 312,348 315,471
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 87. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at an anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-17
<PAGE> 169
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
6% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
FEMALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
6.00% (4.46% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 149 1,819 200,000
2 47 2,578 0 0 0 2,108 4,005 200,000
3 48 2,578 0 0 0 3,311 6,245 200,000
4 49 2,578 0 0 0 5,538 8,471 200,000
5 50 2,578 0 0 0 7,799 10,732 200,000
6 51 2,578 0 0 0 10,254 12,894 200,000
7 52 2,578 0 0 0 12,769 15,116 200,000
8 53 2,578 0 0 0 15,370 17,423 200,000
9 54 2,578 0 0 0 18,062 19,822 200,000
10 55 2,578 0 0 0 20,828 22,294 200,000
11 56 2,578 0 0 0 23,789 24,963 200,000
12 57 2,578 0 0 0 26,834 27,714 200,000
13 58 2,578 0 0 0 29,991 30,577 200,000
14 59 2,578 0 0 0 33,204 33,498 200,000
15 60 2,578 0 0 0 36,563 36,563 200,000
16 61 2,578 0 0 0 39,941 39,941 200,000
17 62 2,578 0 0 0 43,488 43,488 200,000
18 63 2,578 0 0 0 47,138 47,138 200,000
19 64 2,578 0 0 0 50,977 50,977 200,000
20 65 2,578 0 0 0 54,961 54,961 200,000
21 66 2,578 0 0 0 59,122 59,122 200,000
22 67 2,578 0 0 0 63,440 63,440 200,000
23 68 2,578 0 0 0 67,912 67,912 200,000
24 69 2,578 0 0 0 72,553 72,553 200,000
25 70 2,578 0 0 0 77,412 77,412 200,000
26 71 2,578 0 0 0 82,448 82,448 200,000
27 72 2,578 0 0 0 87,696 87,696 200,000
28 73 2,578 0 0 0 93,151 93,151 200,000
29 74 2,578 0 0 0 98,814 98,814 200,000
30 75 2,578 0 0 0 104,700 104,700 200,000
31 76 2,578 0 0 0 110,797 110,797 200,000
32 77 2,578 0 0 0 117,143 117,143 200,000
33 78 2,578 0 0 0 123,754 123,754 200,000
34 79 2,578 0 0 0 130,633 130,633 200,000
35 80 2,578 0 0 0 137,851 137,851 200,000
36 81 2,578 0 0 0 145,419 145,419 200,000
37 82 2,578 0 0 0 153,430 153,430 200,000
38 83 2,578 0 0 0 161,901 161,901 200,000
39 84 2,578 0 0 0 170,951 170,951 200,000
40 85 2,578 0 0 0 180,696 180,696 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 87. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-18
<PAGE> 170
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
6.00% (4.46% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 191,367 191,367 200,936
42 87 2,578 0 0 0 202,677 202,677 212,811
43 88 2,578 0 0 0 214,372 214,372 225,090
44 89 2,578 0 0 0 226,481 226,481 237,805
45 90 2,578 0 0 0 239,000 239,000 250,950
46 91 2,578 0 0 0 251,905 251,905 264,500
47 92 2,578 0 0 0 265,559 265,559 276,182
48 93 2,578 0 0 0 280,080 280,080 288,483
49 94 2,578 0 0 0 295,620 295,620 301,533
50 95 2,578 0 0 0 312,348 312,348 315,471
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 87. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-19
<PAGE> 171
<TABLE>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (10.42% NET)
----------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 2,707 0 27 1,698 200,000 270 1,940 200,000
2 47 2,578 5,549 0 1,422 3,320 200,000 2,133 4.031 200,000
3 48 2,578 8,534 0 1,966 4,899 200,000 3,388 6,322 200,000
4 49 2,578 11,667 0 3,481 6,415 200,000 5,878 8,812 200,000
5 50 2,578 14,957 0 4,911 7,844 200,000 8,566 11,499 200,000
6 51 2,578 18,412 0 6,573 9,213 200,000 11,791 14,431 200,000
7 52 2,578 22,040 0 8,152 10,499 200,000 15,266 17,612 200,000
8 53 2,578 25,848 0 9,651 11,705 200,000 19,019 21,073 200,000
9 54 2,578 29,848 0 11,071 12,832 200,000 23,086 24,846 200,000
10 55 2,578 34,047 0 12,414 13,881 200,000 27,502 28,968 200,000
11 56 2,578 38,456 0 13,788 14,961 200,000 32,516 33,689 200,000
12 57 2,578 43,086 0 15,070 15,950 200,000 37,998 37,878 200,000
13 58 2,578 47,947 0 16,261 16,847 200,000 44,006 44,593 200,000
14 59 2,578 53,052 0 17,362 17,656 200,000 50,610 50,904 200,000
15 60 2,578 58,411 0 18,375 18,375 200,000 57,886 57,886 200,000
16 61 2,578 64,038 0 19,007 19,007 200,000 65,627 65,627 200,000
17 62 2,578 69,947 0 19,509 19,509 200,000 74,192 74,192 200,000
18 63 2,578 76,152 0 19,860 19,860 200,000 83,677 83,677 200,000
19 64 2,578 82,666 0 20,040 20,040 200,000 94,197 94,197 200,000
20 65 2,578 89,506 0 20,006 20,006 200,000 105,874 105,874 200,000
21 66 2,578 96,688 0 19,766 19,766 200,000 118,917 118,917 200,000
22 67 2,578 104,230 0 19,288 19,288 200,000 133,486 133,486 200,000
23 68 2,578 112,148 0 18,549 18,549 200,000 149,810 149,810 200,000
24 69 2,578 120,462 0 17,545 17,545 200,000 168,162 168,162 200,000
25 70 2,578 129,192 0 16,248 16,248 200,000 188,706 188,706 218,899
26 71 2,578 138,359 0 14,609 14,609 200,000 211,422 211,422 243,135
27 72 2,578 147,984 0 12,527 12,527 200,000 236,581 236,581 267,336
28 73 2,578 158,090 0 9,920 9,920 200,000 264,462 264,462 293,553
29 74 2,578 168,701 0 6,627 6,627 200,000 295,379 295,379 321,963
30 75 2,578 179,843 0 2,519 2,519 200,000 329,703 329,703 352,782
<CAPTION>
CURRENT CHARGES
---------------------
12.00% (10.42% NET)
--------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 270 1,940 200,000
2 2,481 4,378 200,000
3 4,092 7,025 200,000
4 6,899 9,833 200,000
5 9,936 12,869 200,000
6 13,380 16,020 200,000
7 17,121 19,467 200,000
8 21,213 23,266 200,000
9 25,697 27,457 200,000
10 30,595 32,061 200,000
11 36,137 37,310 200,000
12 42,224 43,104 200,000
13 48,944 49,531 200,000
14 56,318 56,611 200,000
15 64,500 64,500 200,000
16 73,428 73,428 200,000
17 83,376 83,376 200,000
18 94,409 94,409 200,000
19 106,710 106,719 200,000
20 120,424 120,424 200,000
21 135,742 135,742 200,000
22 152,836 152,836 200,000
23 171,934 171,934 202,882
24 193,165 193,165 226,003
25 216,691 216,691 251,361
26 242,745 242,745 279,157
27 271,641 271,641 306,955
28 303,695 303,695 337,101
29 339,262 339,262 369,796
30 378,752 378,752 405,265
</TABLE>
Assuming Guaranteed Charges and a Gross Investment return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-20
<PAGE> 172
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (- 10.42% NET)
----------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 2,578 191,542 0 0 0 0 367,869 367,869 386,262
32 77 2,578 203,826 0 0 0 0 410,041 410,041 430,543
33 78 2,578 216,725 0 0 0 0 456,622 456,622 479,453
34 79 2,578 230,268 0 0 0 0 508,045 508,045 533,447
35 80 2,578 244,488 0 0 0 0 564,781 564,781 593,020
36 81 2,578 259,419 0 0 0 0 627,331 627,331 658,698
37 82 2,578 275,097 0 0 0 0 696,233 696,233 731,044
38 83 2,578 291,559 0 0 0 0 772,042 772,042 810,644
39 84 2,578 308,844 0 0 0 0 855,343 855,343 898,110
40 85 2,578 326,993 0 0 0 0 946,762 946,762 994,100
41 86 2,578 346,049 0 0 0 0 1,046,951 1,046,951 1,099,299
42 87 2,578 366,059 0 0 0 0 1,156,605 1,156,605 1,214,436
43 88 2,578 387,069 0 0 0 0 1,276,430 1,276,430 1,340,251
44 89 2,578 409,129 0 0 0 0 1,407,184 1,407,184 1,477,543
45 90 2,578 432,292 0 0 0 0 1,549,597 1,549,597 1,627,077
46 91 2,578 456,614 0 0 0 0 1,704,434 1,704,434 1,789,656
47 92 2,578 482,151 0 0 0 0 1,876,725 1,876,725 1,951,794
48 93 2,578 508,966 0 0 0 0 2,069,388 2,069,388 2,131,470
49 94 2,578 537,121 0 0 0 0 2,286,068 2,286,068 2,331,789
50 95 2,578 566,684 0 0 0 0 2,531,426 2,531,426 2,556,740
<CAPTION>
CURRENT CHARGES
---------------------
12.00% (- 10.42% NET)
--------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
31 422,620 422,620 443,751
32 471,212 471,212 494,773
33 525,024 525,024 551,275
34 584,590 584,590 613,819
35 650,519 650,519 683,045
36 723,448 723,448 759,620
37 804,107 804,107 844,312
38 893,213 893,213 937,874
39 991,593 991,593 1,041,173
40 1,100,045 1,100,045 1,155,047
41 1,219,465 1,219,465 1,280,438
42 1,350,804 1,350,804 1,418,345
43 1,495,068 1,495,068 1,569,821
44 1,653,619 1,653,619 1,736,300
45 1,827,691 1,827,691 1,919,076
46 2,018,474 2,018,474 2,119,397
47 2,230,477 2,230,477 2,319,696
48 2,466,787 2,466,787 2,540,790
49 2,731,205 2,731,205 2,785,829
50 3,028,191 3,028,191 3,058,472
</TABLE>
Assuming Guaranteed Charges and a Gross Investment return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-21
<PAGE> 173
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 270 1,940 200,000
2 47 2,578 0 0 0 2,481 4,378 200,000
3 48 2,578 0 0 0 4,092 7,025 200,000
4 49 2,578 0 0 0 6,899 9,833 200,000
5 50 2,578 0 0 0 9,936 12,869 200,000
6 51 2,578 0 0 0 13,380 16,020 200,000
7 52 2,578 0 0 0 17,121 19,467 200,000
8 53 2,578 0 0 0 21,213 23,266 200,000
9 54 2,578 0 0 0 25,697 27,457 200,000
10 55 2,578 0 0 0 30,595 32,061 200,000
11 56 2,578 0 0 0 36,137 37,310 200,000
12 57 2,578 0 0 0 42,224 43,104 200,000
13 58 2,578 0 0 0 48,944 49,531 200,000
14 59 2,578 0 0 0 56,318 56,611 200,000
15 60 2,578 0 0 0 64,500 64,500 200,000
16 61 2,578 0 0 0 73,428 73,428 200,000
17 62 2,578 0 0 0 83,376 83,376 200,000
18 63 2,578 0 0 0 94,409 94,409 200,000
19 64 2,578 0 0 0 106,719 106,719 200,000
20 65 2,578 0 0 0 120,424 120,424 200,000
21 66 2,578 0 0 0 135,742 135,742 200,000
22 67 2,578 0 0 0 152,836 152,836 200,000
23 68 2,578 0 0 0 171,934 171,934 202,882
24 69 2,578 0 0 0 193,165 193,165 226,003
25 70 2,578 0 0 0 216,691 216,691 251,361
26 71 2,578 0 0 0 242,745 242,745 279,157
27 72 2,578 0 0 0 271,641 271,641 306,955
28 73 2,578 0 0 0 303,695 303,695 337,101
29 74 2,578 0 0 0 339,262 339,262 369,796
30 75 2,578 0 0 0 378,752 378,752 405,265
31 76 2,578 0 0 0 422,620 422,620 443,751
32 77 2,578 0 0 0 471,212 471,212 494,773
33 78 2,578 0 0 0 525,024 525,024 551,275
34 79 2,578 0 0 0 584,590 584,590 613,819
35 80 2,578 0 0 0 650,519 650,519 683,045
36 81 2,578 0 0 0 723,448 723,448 759,620
37 82 2,578 0 0 0 804,107 804,107 844,312
38 83 2,578 0 0 0 893,213 893,213 937,874
39 84 2,578 0 0 0 991,593 991,593 1,041,173
40 85 2,578 0 0 0 1,100,045 1,100,045 1,115,047
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-22
<PAGE> 174
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 1,219,465 1,219,465 1,280,438
42 87 2,578 0 0 0 1,350,804 1,350,804 1,418,345
43 88 2,578 0 0 0 1,495,068 1,495,068 1,569,821
44 89 2,578 0 0 0 1,653,619 1,653,619 1,736,300
45 90 2,578 0 0 0 1,827,691 1,827,691 1,919,076
46 91 2,578 0 0 0 2,018,474 2,018,474 2,119,397
47 92 2,578 0 0 0 2,230,477 2,230,477 2,319,696
48 93 2,578 0 0 0 2,466,787 2,466,787 2,540,790
49 94 2,578 0 0 0 2,731,205 2,731,205 2,785,829
50 95 2,578 0 0 0 3,028,191 3,028,191 3,058,472
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-23
<PAGE> 175
<TABLE>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: MALE 45 STANDARD SMOKER DB OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-------------------------------------------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
----------------------------- -----------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 4,370 0 573 2,655 200,000 573 2,655 200,000
2 47 4,162 8,959 0 2,572 5,023 200,000 2,572 5,023 200,000
3 48 4,162 13,777 0 3,136 7,258 200,000 3,136 7,258 200,000
4 49 4,162 18,836 0 5,218 9,339 200,000 5,218 9,339 200,000
5 50 4,162 24,148 0 7,151 11,272 200,000 7,151 11,272 200,000
6 51 4,162 29,725 0 9,350 13,060 200,000 9,350 13,060 200,000
7 52 4,162 35,581 0 11,386 14,684 200,000 11,386 14,684 200,000
8 53 4,162 41,731 0 13,219 16,104 200,000 13,219 16,104 200,000
9 54 4,162 48,187 0 14,850 17,323 200,000 14,850 17,323 200,000
10 55 4,162 54,967 0 16,242 18,303 200,000 16,242 18,303 200,000
Total 41,620
11 56 4,162 62,085 0 17,604 19,253 200,000 17,604 19,253 200,000
12 57 4,162 69,559 0 18,714 19,951 200,000 18,714 19,951 200,000
13 58 4,162 77,408 0 19,551 20,375 200,000 19,551 20,375 200,000
14 59 4,162 85,648 0 20,092 20,504 200,000 20,092 20,504 200,000
15 60 4,162 94,300 0 20,336 20,336 200,000 20,336 20,336 200,000
16 61 4,162 103,386 0 19,843 19,843 200,000 19,843 19,843 200,000
17 62 4,162 112,925 0 18,957 18,957 200,000 18,957 18,957 200,000
18 63 4,162 122,941 0 17,624 17,624 200,000 17,624 17,624 200,000
19 64 4,162 133,459 0 15,785 15,785 200,000 15,785 15,785 200,000
20 65 4,162 144,502 0 13,354 13,354 200,000 13,354 13,354 200,000
Total 83,240
21 66 4,162 156,097 0 10,320 10,320 200,000 10,320 10,320 200,000
22 67 4,162 168,272 0 6,561 6,561 200,000 6,561 6,561 200,000
23 68 4,162 181,055 0 1,981 1,981 200,000 1,981 1,981 200,000
24 69 4,162 194,478 0 0 0 0 0 0 0
25 70 4,162 208,572 0 0 0 0 0 0 0
26 71 4,162 223,371 0 0 0 0 0 0 0
27 72 4,162 238,910 0 0 0 0 0 0 0
28 73 4,162 255,225 0 0 0 0 0 0 0
29 74 4,162 272,356 0 0 0 0 0 0 0
30 75 4,162 290,344 0 0 0 0 0 0 0
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (- 1.49% NET)
-----------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 573 2,655 200,000
2 3,036 5,486 200,000
3 4,030 8,151 200,000
4 6,511 10,632 200,000
5 8,859 12,980 200,000
6 11,467 15,176 200,000
7 13,928 17,225 200,000
8 16,289 19,174 200,000
9 18,510 20,983 200,000
10 20,573 22,634 200,000
Total
11 22,566 24,214 200,000
12 24,395 25,631 200,000
13 25,877 26,701 200,000
14 27,220 27,632 200,000
15 28,365 28,365 200,000
16 29,346 29,346 200,000
17 30,089 30,089 200,000
18 30,556 30,556 200,000
19 30,744 30,744 200,000
20 30,713 30,713 200,000
Total
21 30,504 30,504 200,000
22 30,030 30,030 200,000
23 29,244 29,244 200,000
24 28,016 28,016 200,000
25 26,229 26,229 200,000
26 23,879 23,879 200,000
27 20,833 20,833 200,000
28 17,090 17,090 200,000
29 12,449 12,449 200,000
30 6,721 6,721 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 69. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 76.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.88 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-24
<PAGE> 176
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 STANDARD SMOKER DE OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 573 2,655 200,000
2 47 4,162 0 0 0 3,036 5,486 200,000
3 48 4,162 0 0 0 4,030 8,151 200,000
4 49 4,162 0 0 0 6,511 10,632 200,000
5 50 4,162 0 0 0 8,859 12,980 200,000
6 51 4,162 0 0 0 11,467 15,176 200,000
7 52 4,162 0 0 0 13,928 17,225 200,000
8 53 4,162 0 0 0 16,289 19,174 200,000
9 54 4,162 0 0 0 18,510 20,983 200,000
10 55 4,162 0 0 0 20,573 22,634 200,000
11 56 4,162 0 0 0 22,566 24,214 200,000
12 57 4,162 0 0 0 24,395 25,631 200,000
13 58 4,162 0 0 0 25,877 26,701 200,000
14 59 4,162 0 0 0 27,220 27,632 200,000
15 60 4,162 0 0 0 28,365 28,365 200,000
16 61 4,162 0 0 0 29,346 29,346 200,000
17 62 4,162 0 0 0 30,089 30,089 200,000
18 63 4,162 0 0 0 30,556 30,556 200,000
19 64 4,162 0 0 0 30,744 30,744 200,000
20 65 4,162 0 0 0 30,713 30,713 200,000
21 66 4,162 0 0 0 30,504 30,504 200,000
22 67 4,162 0 0 0 30,030 30,030 200,000
23 68 4,162 0 0 0 29,244 29,244 200,000
24 69 4,162 0 0 0 28,016 28,016 200,000
25 70 4,162 0 0 0 26,229 26,229 200,000
26 71 4,162 0 0 0 23,879 23,879 200,000
27 72 4,162 0 0 0 20,833 20,833 200,000
28 73 4,162 0 0 0 17,090 17,090 200,000
29 74 4,162 0 0 0 12,449 12,449 200,000
30 75 4,162 0 0 0 6,721 6,721 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 69. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 76.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-25
<PAGE> 177
<TABLE>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: MALE 45 STANDARD SMOKER DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
--------------------------- --------------------------- -----------------------------
(1) (2) (3) (4) (6) (7) (9) (10) (12)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT VALUE (11) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 4,370 0 573 2,655 200,000 766 2,848 200,000 766 2,848 200,000
2 47 4,162 8,959 0 2,572 5,023 200,000 3,120 5,570 200,000 3,597 6,048 200,000
3 48 4,162 13,777 0 3,136 7,258 200,000 4,195 8,316 200,000 5,143 9,264 200,000
4 49 4,162 18,836 0 5,218 9,339 200,000 6,945 11,066 200,000 8,359 12,481 200,000
5 50 4,162 24,148 0 7,151 11,272 200,000 9,704 13,825 200,000 11,626 15,747 200,000
6 51 4,162 29,725 0 9,350 13,060 200,000 12,889 16,598 200,000 15,339 19,049 200,000
7 52 4,162 35,581 0 11,386 14,684 200,000 16,070 19,367 200,000 19,095 22,392 200,000
8 53 4,162 41,731 0 13,219 16,104 200,000 19,208 22,093 200,000 22,941 25,826 200,000
9 54 4,162 48,187 0 14,850 17,323 200,000 22,306 24,779 200,000 26,846 29,319 200,000
10 55 4,162 54,967 0 16,242 18,303 200,000 25,326 27,387 200,000 30,796 32,857 200,000
11 56 4,162 62,085 0 17,604 19,253 200,000 28,537 30,186 200,000 34,955 36,604 200,000
12 57 4,162 69,559 0 18,714 19,951 200,000 31,685 32,922 200,000 39,189 40,425 200,000
13 58 4,162 77,408 0 19,551 20,375 200,000 34,753 35,578 200,000 43,336 44,161 200,000
14 59 4,162 85,648 0 20,092 20,504 200,000 37,724 38,137 200,000 47,596 48,008 200,000
15 60 4,162 94,300 0 20,336 20,336 200,000 40,601 40,601 200,000 51,926 51,926 200,000
16 61 4,162 103,386 0 19,843 19,843 200,000 42,952 42,952 200,000 56,324 56,324 200,000
17 62 4,162 112,925 0 18,957 18,957 200,000 45,134 45,134 200,000 60,803 60,803 200,000
18 63 4,162 122,941 0 17,624 17,624 200,000 47,106 47,106 200,000 65,351 65,351 200,000
19 64 4,162 133,459 0 15,785 15,785 200,000 48,822 48,822 200,000 69,987 69,987 200,000
20 65 4,162 144,502 0 13,354 13,354 200,000 50,216 50,216 200,000 74,781 74,781 200,000
21 66 4,162 156,097 0 10,320 10,320 200,000 51,304 51,304 200,000 79,816 79,816 200,000
22 67 4,162 168,272 0 6,561 6,561 200,000 51,976 51,976 200,000 85,037 85,037 200,000
23 68 4,162 181,055 0 1,981 1,981 200,000 52,162 52,162 200,000 90,449 90,449 200,000
24 69 4,162 194,478 0 0 0 0 51,835 51,835 200,000 96,007 96,007 200,000
25 70 4,162 208,572 0 0 0 0 50,866 50,866 200,000 101,690 101,690 200,000
26 71 4,162 223,371 0 0 0 0 49,106 49,106 200,000 107,558 107,558 200,000
27 72 4,162 238,910 0 0 0 0 46,396 46,396 200,000 113,608 113,608 200,000
28 73 4,162 255,225 0 0 0 0 42,461 42,461 200,000 119,923 119,923 200,000
29 74 4,162 272,356 0 0 0 0 37,006 37,006 200,000 126,506 126,506 200,000
30 75 4,162 290,344 0 0 0 0 29,682 29,682 200,000 133,400 133,400 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-26
<PAGE> 178
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
---------------------------- ----------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 4,162 309,232 0 0 0 0 19,951 19,951 200,000
32 77 4,162 329,063 0 0 0 0 7,238 7,238 200,000
33 78 4,162 349,887 0 0 0 0 0 0 0
34 79 4,162 371,751 0 0 0 0 0 0 0
35 80 4,162 394,709 0 0 0 0 0 0 0
36 81 4,162 418,814 0 0 0 0 0 0 0
37 82 4,162 444,125 0 0 0 0 0 0 0
38 83 4,162 470,701 0 0 0 0 0 0 0
39 84 4,162 498,607 0 0 0 0 0 0 0
40 85 4,162 527,907 0 0 0 0 0 0 0
Total 166,480
41 86 4,162 558,673 0 0 0 0 0 0 0
42 87 4,162 590,976 0 0 0 0 0 0 0
43 88 4,162 624,895 0 0 0 0 0 0 0
44 89 4,162 660,510 0 0 0 0 0 0 0
45 90 4,162 697,906 0 0 0 0 0 0 0
46 91 4,162 737,171 0 0 0 0 0 0 0
47 92 4,162 778,400 0 0 0 0 0 0 0
48 93 4,162 821,690 0 0 0 0 0 0 0
49 94 4,162 867,144 0 0 0 0 0 0 0
50 95 4,162 914,872 0 0 0 0 0 0 0
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
31 140,753 140,753 200,000
32 148,589 148,589 200,000
33 157,023 157,023 200,000
34 165,956 165,956 200,000
35 175,846 175,846 200,000
36 187,039 187,039 200,000
37 199,415 199,415 209,386
38 212,313 212,313 222,928
39 225,674 225,674 236,957
40 239,478 239,478 251,452
Total
41 253,736 253,736 266,423
42 268,411 268,411 281,831
43 283,512 283,512 297,688
44 299,024 299,024 313,975
45 314,930 314,930 330,677
46 331,172 331,172 347,730
47 348,580 348,580 362,523
48 367,367 367,367 378,388
49 387,780 387,780 395,536
50 410,114 410,114 414,216
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-27
<PAGE> 179
ALLOCATION OF VALUE
<TABLE>
<S> <C> <C>
FOR: MALE 45 STANDARD SMOKER DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 766 2,848 200,000
2 47 4,162 0 0 0 3,597 6,048 200,000
3 48 4,162 0 0 0 5,143 9,264 200,000
4 49 4,162 0 0 0 8,359 12,481 200,000
5 50 4,162 0 0 0 11,626 15,747 200,000
6 51 4,162 0 0 0 15,339 19,049 200,000
7 52 4,162 0 0 0 19,095 22,392 200,000
8 53 4,162 0 0 0 22,941 25,826 200,000
9 54 4,162 0 0 0 26,846 29,319 200,000
10 55 4,162 0 0 0 30,796 32,857 200,000
11 56 4,162 0 0 0 34,955 36,604 200,000
12 57 4,162 0 0 0 39,189 40,425 200,000
13 58 4,162 0 0 0 43,336 44,161 200,000
14 59 4,162 0 0 0 47,596 48,008 200,000
15 60 4,162 0 0 0 51,926 51,926 200,000
16 61 4,162 0 0 0 56,324 56,324 200,000
17 62 4,162 0 0 0 60,803 60,803 200,000
18 63 4,162 0 0 0 65,351 65,351 200,000
19 64 4,162 0 0 0 69,987 69,987 200,000
20 65 4,162 0 0 0 74,781 74,781 200,000
21 66 4,162 0 0 0 79,816 79,816 200,000
22 67 4,162 0 0 0 85,037 85,037 200,000
23 68 4,162 0 0 0 90,449 90,449 200,000
24 69 4,162 0 0 0 96,007 96,007 200,000
25 70 4,162 0 0 0 101,690 101,690 200,000
26 71 4,162 0 0 0 107,558 107,558 200,000
27 72 4,162 0 0 0 113,608 113,608 200,000
28 73 4,162 0 0 0 119,923 119,923 200,000
29 74 4,162 0 0 0 126,506 126,506 200,000
30 75 4,162 0 0 0 133,400 133,400 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-28
<PAGE> 180
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 4,162 0 0 0 140,753 140,753 200,000
32 77 4,162 0 0 0 148,589 148,589 200,000
33 78 4,162 0 0 0 157,023 157,023 200,000
34 79 4,162 0 0 0 165,956 165,956 200,000
35 80 4,162 0 0 0 175,846 175,846 200,000
36 81 4,162 0 0 0 187,039 187,039 200,000
37 82 4,162 0 0 0 199,415 199,415 209,386
38 83 4,162 0 0 0 212,313 212,313 222,928
39 84 4,162 0 0 0 225,674 225,674 236,957
40 85 4,162 0 0 0 239,478 239,478 251,452
41 86 4,162 0 0 0 253,736 253,736 266,423
42 87 4,162 0 0 0 268,411 268,411 281,831
43 88 4,162 0 0 0 283,512 283,512 297,688
44 89 4,162 0 0 0 299,024 299,024 313,975
45 90 4,162 0 0 0 314,930 314,930 330,677
46 91 4,162 0 0 0 331,172 331,172 347,730
47 92 4,162 0 0 0 348,580 348,580 362,523
48 93 4,162 0 0 0 367,367 367,367 378,388
49 94 4,162 0 0 0 387,780 387,780 395,536
50 95 4,162 0 0 0 410,114 410,114 414,216
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-29
<PAGE> 181
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 STANDARD SMOKER DB OPT 1 12% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 MONY LIFE OF AMERICA SPECIFIED AMOUNT
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (10.42% NET)
--------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 4,370 0 573 2,655 200,000 960 3,042 200,000
2 47 4,162 8,959 0 2,572 5,023 200,000 3,691 6,142 200,000
3 48 4,162 13,777 0 3,136 7,258 200,000 5,347 9,468 200,000
4 49 4,162 18,836 0 5,218 9,339 200,000 8,904 13,026 200,000
5 50 4,162 24,148 0 7,151 11,272 200,000 12,725 16,846 200,000
6 51 4,162 29,725 0 9,350 13,060 200,000 17,257 20,966 200,000
7 52 4,162 35,581 0 11,386 14,684 200,000 22,106 25,403 200,000
8 53 4,162 41,731 0 13,219 16,104 200,000 27,273 30,158 200,000
9 54 4,162 48,187 0 14,850 17,323 200,000 32,807 35,280 200,000
10 55 4,162 54,967 0 16,242 18,303 200,000 38,722 40,783 200,000
11 56 4,162 62,085 0 17,604 19,253 200,000 45,434 47,083 200,000
12 57 4,162 69,559 0 18,714 19,951 200,000 52,717 53,954 200,000
13 58 4,162 77,408 0 19,551 20,375 200,000 60,648 61,472 200,000
14 59 4,162 85,648 0 20,092 20,504 200,000 69,317 69,729 200,000
15 60 4,162 94,300 0 20,336 20,336 200,000 78,853 78,853 200,000
16 61 4,162 103,386 0 19,843 19,843 200,000 88,978 88,978 200,000
17 62 4,162 112,925 0 18,957 18,957 200,000 100,237 100,237 200,000
18 63 4,162 122,941 0 17,624 17,624 200,000 112,817 112,817 200,000
19 64 4,162 133,459 0 15,785 15,785 200,000 126,948 126,948 200,000
20 65 4,162 114,502 0 13,354 13,354 200,000 142,908 142,908 200,000
21 66 4,162 156,097 0 10,320 10,320 200,000 161,147 161,147 200,000
22 67 4,162 168,272 0 6,561 6,561 200,000 181,799 181,799 216,341
23 68 4,162 181,055 0 1,981 1,981 200,000 204,513 204,513 241,326
24 69 4,162 194,478 0 0 0 0 229,486 229,486 268,499
25 70 4,162 208,572 0 0 0 0 256,936 256,936 298,046
26 71 4,162 223,371 0 0 0 0 287,105 287,105 330,171
27 72 4,162 238,910 0 0 0 0 320,462 320,462 362,122
28 73 4,162 255,225 0 0 0 0 357,400 357,400 396,715
29 74 4,162 272,356 0 0 0 0 398,398 398,398 434,253
30 75 4,162 290,344 0 0 0 0 444,031 444,031 475,114
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 960 3,042 200,000
2 4,183 6,633 200,000
3 6,351 10,472 200,000
4 10,447 14,568 200,000
5 14,881 19,003 200,000
6 20,088 23,797 200,000
7 25,702 28,999 200,000
8 31,820 34,705 200,000
9 38,464 40,937 200,000
10 45,683 47,744 200,000
11 53,821 55,470 200,000
12 62,765 64,001 200,000
13 72,483 73,307 200,000
14 83,267 83,680 200,000
15 95,230 95,230 200,000
16 108,411 108,411 200,000
17 123,136 123,136 200,000
18 139,631 139,631 200,000
19 158,184 158,184 200,000
20 178,985 178,985 218,362
21 202,081 202,081 242,498
22 227,579 227,579 270,819
23 255,723 255,723 301,753
24 286,759 286,759 335,508
25 320,966 320,966 372,320
26 358,685 358,685 412,487
27 400,416 400,416 452,470
28 446,674 446,674 495,808
29 498,000 498,000 542,820
30 555,047 555,047 593,900
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-30
<PAGE> 182
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (10.42% NET)
---------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 4,162 309,232 0 0 0 0 494,986 494,986 519,735
32 77 4,162 329,063 0 0 0 0 551,064 551,064 578,617
33 78 4,162 349,887 0 0 0 0 612,751 612,751 643,388
34 79 4,162 371,751 0 0 0 0 680,581 680,581 714,610
35 80 4,162 394,709 0 0 0 0 755,120 755,120 792,876
36 81 4,162 418,814 0 0 0 0 836,962 836,962 878,810
37 82 4,162 444,125 0 0 0 0 926,747 926,747 973,084
38 83 4,162 470,701 0 0 0 0 1,025,123 1,025,123 1,076,379
39 84 4,162 498,607 0 0 0 0 1,132,773 1,132,773 1,189,411
40 85 4,162 527,907 0 0 0 0 1,250,436 1,250,436 1,312,958
41 86 4,162 558,673 0 0 0 0 1,378,917 1,378,917 1,447,863
42 87 4,162 590,976 0 0 0 0 1,519,104 1,519,104 1,595,059
43 88 4,162 624,895 0 0 0 0 1,671,956 1,671,956 1,755,554
44 89 4,162 660,510 0 0 0 0 1,838,361 1,838,361 1,930,279
45 90 4,162 697,906 0 0 0 0 2,019,366 2,019,366 2,120,335
46 91 4,162 737,171 0 0 0 0 2,216,063 2,216,063 2,326,866
47 92 4,162 778,400 0 0 0 0 2,436,330 2,436,330 2,533,783
48 93 4,162 821,690 0 0 0 0 2,684,143 2,684,143 2,764,667
49 94 4,162 867,144 0 0 0 0 2,964,138 2,964,138 3,023,421
50 95 4,162 914,872 0 0 0 0 3,282,334 3,282,334 3,315,157
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
31 618,632 618,632 649,564
32 688,805 688,805 723,246
33 766,199 766,199 804,509
34 851,215 851,215 893,776
35 944,737 944,737 991,974
36 1,047,583 1,047,583 1,099,962
37 1,160,516 1,160,516 1,218,542
38 1,285,006 1,285,006 1,349,257
39 1,421,726 1,421,726 1,492,812
40 1,571,622 1,571,622 1,650,203
41 1,735,914 1,735,914 1,822,709
42 1,915,590 1,915,590 2,011,370
43 2,112,044 2,112,044 2,217,646
44 2,326,578 2,326,578 2,442,907
45 2,560,602 2,560,602 2,688,632
46 2,815,241 2,815,241 2,956,003
47 3,099,575 3,099,575 3,223,558
48 3,418,515 3,418,515 3,521,070
49 3,777,967 3,777,967 3,853,527
50 4,185,124 4,185,124 4,226,975
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-31
<PAGE> 183
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 STANDARD SMOKER DB OPT 1 12% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 960 3,042 200,000
2 47 4,162 0 0 0 4,183 6,633 200,000
3 48 4,162 0 0 0 6,351 10,472 200,000
4 49 4,162 0 0 0 10,447 14,568 200,000
5 50 4,162 0 0 0 14,881 19,003 200,000
6 51 4,162 0 0 0 20,088 23,797 200,000
7 52 4,162 0 0 0 25,702 28,999 200,000
8 53 4,162 0 0 0 31,820 34,705 200,000
9 54 4,162 0 0 0 38,464 40,937 200,000
10 55 4,162 0 0 0 45,683 47,744 200,000
11 56 4,162 0 0 0 53,821 55,470 200,000
12 57 4,162 0 0 0 62,765 64,001 200,000
13 58 4,162 0 0 0 72,483 73,308 200,000
14 59 4,162 0 0 0 83,267 83,680 200,000
15 60 4,162 0 0 0 95,230 95,230 200,000
16 61 4,162 0 0 0 108,411 108,411 200,000
17 62 4,162 0 0 0 123,136 123,136 200,000
18 63 4,162 0 0 0 139,631 139,631 200,000
19 64 4,162 0 0 0 158,184 158,184 200,000
20 65 4,162 0 0 0 178,985 178,985 218,362
21 66 4,162 0 0 0 202,081 202,081 242,498
22 67 4,162 0 0 0 227,579 227,579 270,819
23 68 4,162 0 0 0 255,723 255,723 301,753
24 69 4,162 0 0 0 286,759 286,759 335,508
25 70 4,162 0 0 0 320,966 320,966 372,320
26 71 4,162 0 0 0 358,685 358,685 412,487
27 72 4,162 0 0 0 400,416 400,416 452,470
28 73 4,162 0 0 0 446,674 446,674 495,808
29 74 4,162 0 0 0 498,000 498,000 542,820
30 75 4,162 0 0 0 555,047 555,047 593,900
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-32
<PAGE> 184
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 4,162 0 0 0 618,632 618,632 649,564
32 77 4,162 0 0 0 688,805 688,805 723,246
33 78 4,162 0 0 0 766,199 766,199 804,509
34 79 4,162 0 0 0 851,215 851,215 893,776
35 80 4,162 0 0 0 944,737 944,737 991,974
36 81 4,162 0 0 0 1,047,583 1,047,583 1,099,962
37 82 4,162 0 0 0 1,160,516 1,160,516 1,218,542
38 83 4,162 0 0 0 1,285,006 1,285,006 1,349,257
39 84 4,162 0 0 0 1,421,726 1,421,726 1,492,812
40 85 4,162 0 0 0 1,571,622 1,571,622 1,650,203
41 86 4,162 0 0 0 1,735,914 1,735,914 1,822,709
42 87 4,162 0 0 0 1,915,590 1,915,590 2,011,370
43 88 4,162 0 0 0 2,112,044 2,112,044 2,217,646
44 89 4,162 0 0 0 2,326,578 2,326,578 2,442,907
45 90 4,162 0 0 0 2,560,602 2,560,602 2,688,632
46 91 4,162 0 0 0 2,815,241 2,815,241 2,956,003
47 92 4,162 0 0 0 3,099,575 3,099,575 3,223,558
48 93 4,162 0 0 0 3,418,515 3,418,515 3,521,070
49 94 4,162 0 0 0 3,777,967 3,777,967 3,853,527
50 95 4,162 0 0 0 4,185,124 4,185,124 4,226,975
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-33
<PAGE> 185
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET)
---------------------------- ----------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 310 2,113 202,113 310 2,113 202,113
2 47 3,088 6,647 0 1,506 4,112 204,112 1,506 4,112 204,112
3 48 3,088 10,222 0 2,716 6,032 206,032 2,716 6,032 206,032
4 49 3,088 13,975 0 4,537 7,853 207,853 4,537 7,853 207,853
5 50 3,088 17,916 0 6,260 9,576 209,576 6,260 9,576 209,576
6 51 3.088 22,055 0 8,216 11,201 211,201 8,216 11,201 211,201
7 52 3,088 26,400 0 10,054 12,706 212,706 10,054 12,706 212,706
8 53 3,088 30,962 0 11,773 14,094 214,094 11,773 14,094 214,094
9 54 3,088 35,753 0 13,353 15,343 215,343 13,353 15,343 215,343
10 55 3,088 40,783 0 14,795 16,453 216,453 14,795 16,453 216,453
11 56 3,088 46,064 0 16,230 17,557 217,557 16,230 17,557 217,557
12 57 3,088 51,610 0 17,487 18,482 218,482 17,487 18,482 218,482
13 58 3,088 57,433 0 18,568 19,231 219,231 18,568 19,231 219,231
14 59 3,088 63,547 0 19,450 19,782 219,782 19,450 19,782 219,782
15 60 3,088 69,966 0 20,112 20,112 220,112 20,112 20,112 220,112
16 61 3,088 76,707 0 20,200 20,200 220,200 20,200 20,200 220,200
17 62 3,088 83,785 0 20,025 20,025 220,025 20,025 20,025 220,025
18 63 3,088 91,216 0 19,589 19,589 219,589 19,589 19,589 219,589
19 64 3,088 99,020 0 18,799 18,799 218,799 18,799 18,799 218,799
20 65 3,088 107,213 0 17,635 17,635 217,635 17,635 17,635 217,635
21 66 3,088 115,816 0 16,114 16,114 216,114 16,114 16,114 216,114
22 67 3,088 124,849 0 14,155 14,155 214,155 14,155 14,155 214,155
23 68 3,088 134,334 0 11,714 11,714 211,714 11,714 11,714 211,714
24 69 3,088 144,293 0 8,749 8,749 208,749 8,749 8,749 208,749
25 70 3,088 154,750 0 5,240 5,240 205,240 5,240 5,240 205,240
26 71 3,088 165,730 0 1,098 1,098 201,098 1,098 1,098 201,098
27 72 3,088 177,259 0 0 0 0 0 0 0
28 73 3,088 189,365 0 0 0 0 0 0 0
29 74 3,088 202,075 0 0 0 0 0 0 0
30 75 3,088 215,421 0 0 0 0 0 0 0
31 76 3,088 229,435 0 0 0 0 0 0 0
32 77 3,088 244,149 0 0 0 0 0 0 0
33 78 3,088 259,599 0 0 0 0 0 0 0
34 79 3,088 275,821 0 0 0 0 0 0 0
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 310 2,113 202,113
2 1,815 4,421 204,421
3 3,283 6,599 206,599
4 5,310 8,626 208,626
5 7,235 10,551 210,551
6 9,344 12,328 212,328
7 11,378 14,031 214,031
8 13,340 15,661 215,661
9 15,254 17,243 217,243
10 17,096 18,754 218,754
11 18,938 20,264 220,264
12 20,573 21,568 221,568
13 22,101 22,764 222,764
14 23,544 23,876 223,876
15 24,929 24,929 224,929
16 26,139 26,139 226,139
17 27,193 27,193 227,193
18 28,046 28,046 228,046
19 28,771 28,771 228,771
20 29,370 29,370 229,370
21 29,857 29,857 229,857
22 30,195 30,195 230,195
23 30,315 30,315 230,315
24 30,172 30,172 230,172
25 29,696 29,696 229,696
26 28,914 28,914 228,914
27 27,734 27,734 227,734
28 26,208 26,208 226,208
29 24,196 24,196 224,196
30 21,679 21,679 221,679
31 18,686 18,686 218,686
32 15,078 15,078 215,078
33 10,742 10,742 210,742
34 4,922 4,922 204,922
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 72. Assuming current charges and a gross
investment return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-34
<PAGE> 186
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 310 2,113 202,113
2 47 3,088 0 0 0 1,815 4,421 204,421
3 48 3,088 0 0 0 3,283 6,599 206,599
4 49 3,088 0 0 0 5,310 8,626 208,626
5 50 3,088 0 0 0 7,235 10,551 210,551
6 51 3,088 0 0 0 9,344 12,328 212,328
7 52 3,088 0 0 0 11,378 14,031 214,031
8 53 3,088 0 0 0 13,340 15,661 215,661
9 54 3,088 0 0 0 15,254 17,243 217,243
10 55 3,088 0 0 0 17,096 18,754 218,754
11 56 3,088 0 0 0 18,938 20,264 220,264
12 57 3,088 0 0 0 20,573 21,568 221,568
13 58 3,088 0 0 0 22,101 22,764 222,764
14 59 3,088 0 0 0 23,544 23,876 223,876
15 60 3,088 0 0 0 24,929 24,929 224,929
16 61 3,088 0 0 0 26,139 26,139 226,139
17 62 3,088 0 0 0 27,193 27,193 227,193
18 63 3,088 0 0 0 28,046 28,046 228,046
19 64 3,088 0 0 0 28,771 28,771 228,771
20 65 3,088 0 0 0 29,370 29,370 229,370
21 66 3,088 0 0 0 29,857 29,857 229,857
22 67 3,088 0 0 0 30,195 30,195 230,195
23 68 3,088 0 0 0 30,315 30,315 230,315
24 69 3,088 0 0 0 30,172 30,172 230,172
25 70 3,088 0 0 0 29,696 29,696 229,696
26 71 3,088 0 0 0 28,914 28,914 228,914
27 72 3,088 0 0 0 27,734 27,734 227,734
28 73 3,088 0 0 0 26,208 26,208 226,208
29 74 3,088 0 0 0 24,196 24,196 224,196
30 75 3,088 0 0 0 21,679 21,679 221,679
31 76 3,088 0 0 0 18,686 18,686 218,686
32 77 3,088 0 0 0 15,078 15,078 215,078
33 78 3,088 0 0 0 10,742 10,742 210,742
34 79 3,088 0 0 0 4,922 4,922 204,922
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
0.00%, contract lapses at age 72. Assuming current charges and a gross
investment return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-35
<PAGE> 187
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 6% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (6) (7) (9) (10) (12)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT VALUE (11) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 310 2,113 202,113 458 2,261 202,261 458 2,261 202,261
2 47 3,088 6,647 0 1,506 4,112 204,112 1,931 4,537 204,537 2,250 4,856 204,856
3 48 3,088 10,222 0 2,716 6,032 206,032 3,549 6,865 206,865 4,153 7,469 207,469
4 49 3,088 13,975 0 4,537 7,853 207,853 5,907 9,223 209,223 6,759 10,075 210,075
5 50 3,088 17,916 0 6,260 9,576 209,576 8,297 11,613 211,613 9,408 12,724 212,724
6 51 3,088 22,055 0 8,216 11,201 211,201 11,051 14,036 214,036 12,384 15,369 215,369
7 52 3,088 26,400 0 10,054 12,706 212,706 13,816 16,468 216,468 15,429 18,082 218,082
8 53 3,088 30,962 0 11,773 14,094 214,094 16,590 18,911 218,911 18,546 20,867 220,867
9 54 3,088 35,753 0 13,353 15,343 215,343 19,351 21,340 221,340 21,763 23,753 223,753
10 55 3,088 40,783 0 14,795 16,453 216,453 22,097 23,755 223,755 25,059 26,717 226,717
11 56 3,088 46,064 0 16,230 17,557 217,557 25,003 26,330 226,330 28,557 29,883 229,883
12 57 3,088 51,610 0 17,487 18,482 218,482 27,865 28,860 228,860 32,015 33,010 233,010
13 58 3,088 57,433 0 18,568 19,231 219,231 30,681 31,344 231,344 35,531 36,194 236,194
14 59 3,088 63,547 0 19,450 19,782 219,782 33,424 33,755 233,755 39,131 39,463 239,463
15 60 3,088 69,966 0 20,112 20,112 220,112 36,065 36,065 236,065 42,845 42,845 242,845
16 61 3,088 76,707 0 20,200 20,200 220,200 38,243 38,243 238,243 46,569 46,569 246,569
17 62 3,088 83,785 0 20,025 20,025 220,025 40,258 40,258 240,258 50,331 50,331 250,331
18 63 3,088 91,216 0 19,589 19,589 219,589 42,104 42,104 242,104 54,083 54,083 254,083
19 64 3,088 99,020 0 18,799 18,799 218,799 43,671 43,671 243,671 57,899 57,899 257,899
20 65 3,088 107,213 0 17,635 17,635 217,635 44,922 44,922 244,922 61,782 61,782 261,782
21 66 3,088 115,816 0 16,114 16,114 216,114 45,857 45,857 245,857 65,751 65,751 265,751
22 67 3,088 124,849 0 14,155 14,155 214,155 46,371 46,371 246,371 69,771 69,771 269,771
23 68 3,088 134,334 0 11,714 11,714 211,714 46,392 46,392 246,392 73,768 73,768 273,768
24 69 3,088 144,293 0 8,749 8,749 208,749 45,848 45,848 245,848 77,695 77,695 277,695
25 70 3,088 154,750 0 5,240 5,240 205,240 44,685 44,685 244,685 81,472 81,472 281,472
26 71 3,088 165,730 0 1,098 1,098 201,098 42,775 42,775 242,775 85,117 85,117 285,117
27 72 3,088 177,259 0 0 0 0 39,857 39,857 239,857 88,524 88,524 288,524
28 73 3,088 189,365 0 36,005 36,005 236,005 91,733 91,733 291,733
29 74 3,088 202,075 0 30,950 30,950 230,950 94,583 94,583 294,583
30 75 3,088 215,421 0 24,461 24,461 224,461 97,034 97,034 297,034
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
6.00%, contract lapses at age 78. Assuming current charges and a gross
investment return of 6.00%, contract lapses at age 90.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-36
<PAGE> 188
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (6) (7) (9) (10) (12)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT VALUE (11) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 3,088 229,435 0 0 0 0 16,366 16,366 216,366 99,089 99,089 299,089
32 77 3,088 244,149 0 0 0 0 6,513 6,513 206,513 100,582 100,582 300,582
33 78 3,088 259,599 0 0 0 0 0 0 0 101,360 101,360 301,360
34 79 3,088 275,821 0 0 0 0 0 0 0 100,600 100,600 300,600
35 80 3,088 292,855 0 0 0 0 0 0 0 98,668 98,668 298,668
36 81 3,088 310,740 0 0 0 0 0 0 0 95,482 95,482 295,482
37 82 3,088 329,519 0 0 0 0 0 0 0 90,733 90,733 290,733
38 83 3,088 349,237 0 0 0 0 0 0 0 85,302 85,302 285,302
39 84 3,088 369,942 0 0 0 0 0 0 0 78,369 78,369 278,369
40 85 3,088 391,681 0 0 0 0 0 0 0 69,538 69,538 269,538
41 86 3,088 414,508 0 0 0 0 0 0 0 58,713 58,713 258,713
42 87 3,088 438,475 0 0 0 0 0 0 0 45,451 45,451 245,451
43 88 3,088 463,642 0 0 0 0 0 0 0 29,655 29,655 229,655
44 89 3,088 490,066 0 0 0 0 0 0 0 11,050 11,050 211,050
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
6.00%, contract lapses at age 78. Assuming current charges and a gross
investment return of 6.00%, contract lapses at age 90.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-37
<PAGE> 189
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 6% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND
VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 458 2,261 202,261
2 47 3,088 0 0 0 2,250 4,856 204,856
3 48 3,088 0 0 0 4,153 7,469 207,469
4 49 3,088 0 0 0 6,759 10,075 210,075
5 50 3,088 0 0 0 9,408 12,724 212,724
6 51 3,088 0 0 0 12,384 15,369 215,369
7 52 3,088 0 0 0 15,429 18,082 218,082
8 53 3,088 0 0 0 18,546 20,867 220,867
9 54 3,088 0 0 0 21,763 23,753 223,753
10 55 3,088 0 0 0 25,059 26,717 226,717
11 56 3,088 0 0 0 28,557 29,883 229,883
12 57 3,088 0 0 0 32,015 33,010 233,010
13 58 3,088 0 0 0 35,531 36,194 236,194
14 59 3,088 0 0 0 39,131 39,463 239,463
15 60 3,088 0 0 0 42,845 42,845 242,845
16 61 3,088 0 0 0 46,569 46,569 246,569
17 62 3,088 0 0 0 50,331 50,331 250,331
18 63 3,088 0 0 0 54,083 54,083 254,083
19 64 3,088 0 0 0 57,899 57,899 257,899
20 65 3,088 0 0 0 61,782 61,782 261,782
21 66 3,088 0 0 0 65,751 65,751 265,751
22 67 3,088 0 0 0 69,771 69,771 269,771
23 68 3,088 0 0 0 73,768 73,768 273,768
24 69 3,088 0 0 0 77,695 77,695 277,695
25 70 3,088 0 0 0 81,472 81,472 281,472
26 71 3,088 0 0 0 85,117 85,117 285,117
27 72 3,088 0 0 0 88,524 88,524 288,524
28 73 3,088 0 0 0 91,733 91,733 291,733
29 74 3,088 0 0 0 94,583 94,583 294,583
30 75 3,088 0 0 0 97,034 97,034 297,034
31 76 3,088 0 0 0 99,089 99,089 299,089
32 77 3,088 0 0 0 100,582 100,582 300,582
33 78 3,088 0 0 0 101,360 101,360 301,360
34 79 3,088 0 0 0 100,600 100,600 300,600
35 80 3,088 0 0 0 98,668 98,668 298,668
36 81 3,088 0 0 0 95,482 95,482 295,482
37 82 3,088 0 0 0 90,733 90,733 290,733
38 83 3,088 0 0 0 85,302 85,302 285,302
39 84 3,088 0 0 0 78,369 78,369 278,369
40 85 3,088 0 0 0 69,538 69,538 269,538
41 86 3,088 0 0 0 58,713 58,713 258,713
42 87 3,088 0 0 0 45,451 45,451 245,451
43 88 3,088 0 0 0 29,655 29,655 229,655
44 89 3,088 0 0 0 11,050 11,050 211,050
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
6.00%, contract lapses at age 78. Assuming current charges and a gross
investment return of 6.00%, contract lapses at age 90.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-38
<PAGE> 190
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 2 12% GROSS MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (6) (7) (9)
END NET PREMIUM NET (4) (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 310 2,113 202,113 606 2,409 202,409
2 47 3,088 6,647 0 1,506 4,112 204,112 2,374 4,980 204,980
3 48 3,088 10,222 0 2,716 6,032 206,032 4,452 7,768 207,768
4 49 3,088 13,975 0 4,537 7,853 207,853 7,455 10,771 210,771
5 50 3,088 17,916 0 6,260 9,576 209,576 10,695 14,011 214,011
6 51 3,088 22,055 0 8,216 11,201 211,201 14,528 17,512 217,512
7 52 3,088 26,400 0 10,054 12,706 212,706 18,624 21,277 221,277
8 53 3,088 30,962 0 11,773 14,094 214,094 23,012 25,333 225,333
9 54 3,088 35,753 0 13,353 15,343 215,343 27,695 29,684 229,684
10 55 3,088 40,783 0 14,795 16,453 216,453 32,705 34,363 234,363
11 56 3,088 46,064 0 16,230 17,557 217,557 38,320 39,646 239,646
12 57 3,088 51,610 0 17,487 18,482 218,482 44,337 45,332 245,332
13 58 3,088 57,433 0 18,568 19,231 219,231 50,800 51,463 251,463
14 59 3,088 63,547 0 19,450 19,782 219,782 57,732 58,064 258,064
15 60 3,088 69,966 0 20,112 20,112 220,112 65,160 65,160 265,160
16 61 3,088 76,707 0 20,200 20,200 220,200 72,782 72,782 272,782
17 62 3,088 83,785 0 20,025 20,025 220,025 80,959 80,959 280,959
18 63 3,088 91,216 0 19,589 19,589 219,589 89,755 89,755 289,755
19 64 3,088 99,020 0 18,799 18,799 218,799 99,135 99,135 299,135
20 65 3,088 107,213 0 17,635 17,635 217,635 109,138 109,138 309,138
21 66 3,088 115,816 0 16,114 16,114 216,114 119,849 119,849 319,849
22 67 3,088 124,849 0 14,155 14,155 214,155 131,253 131,253 331,253
23 68 3,088 134,334 0 11,714 11,714 211,714 143,375 143,375 343,375
24 69 3,088 144,293 0 8,749 8,749 208,749 156,242 156,242 356,242
25 70 3,088 154,750 0 5,240 5,240 205,240 169,912 169,912 369,912
26 71 3,088 165,730 0 1,098 1,098 201,098 184,370 184,370 384,370
27 72 3,088 177,259 0 0 0 0 199,475 199,475 399,475
28 73 3,088 189,365 0 0 0 0 215,424 215,424 415,424
29 74 3,088 202,075 0 0 0 0 232,082 232,082 432,082
30 75 3,088 215,421 0 0 0 0 249,348 249,348 449,348
31 76 3,088 229,435 0 0 0 0 267,187 267,187 467,187
32 77 3,088 244,149 0 0 0 0 285,587 285,587 485,587
33 78 3,088 259,599 0 0 0 0 304,532 304,532 504,532
34 79 3,088 275,821 0 0 0 0 324,006 324,006 524,006
35 80 3,088 292,855 0 0 0 0 343,966 343,966 543,966
36 81 3,088 310,740 0 0 0 0 364,287 364,287 564,287
37 82 3,088 329,519 0 0 0 0 384,805 384,805 584,805
38 83 3,088 349,237 0 0 0 0 405,211 405,211 605,211
39 84 3,088 369,942 0 0 0 0 425,190 425,190 625,190
40 85 3,088 391,681 0 0 0 0 444,414 444,414 644,414
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 606 2,409 202,409
2 2,704 5,309 205,309
3 5,095 8,411 208,411
4 8,393 11,709 211,709
5 11,958 15,274 215,274
6 16,100 19,084 219,084
7 20,588 23,241 223,241
8 25,458 27,780 227,780
9 30,777 32,766 232,766
10 36,564 38,222 238,222
11 43,059 44,386 244,386
12 50,028 51,023 251,023
13 57,624 58,287 258,287
14 65,940 66,272 266,272
15 75,082 75,082 275,082
16 85,036 85,036 285,036
17 95,931 95,931 295,931
18 107,817 107,817 307,817
19 120,881 120,881 320,881
20 135,251 135,251 335,251
21 151,089 151,089 351,089
22 168,511 168,511 368,511
23 187,617 187,617 387,617
24 208,540 208,540 408,540
25 231,403 231,403 431,403
26 256,444 256,444 456,444
27 283,801 283,801 483,801
28 313,779 313,779 513,779
29 346,512 346,512 546,512
30 382,278 382,278 582,278
31 421,435 421,435 621,435
32 464,203 464,203 664,203
33 510,850 510,850 710,850
34 560,990 560,990 760,990
35 615,462 615,462 815,462
36 674,717 674,717 874,717
37 739,027 739,027 939,027
38 809,935 809,935 1,009,935
39 887,353 887,353 1,087,353
40 971,665 971,665 1,171,665
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-39
<PAGE> 191
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- ---------------------------------
(1) (2) (3) (6) (7) (9)
END NET PREMIUM NET (4) (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 414,508 0 462,571 462,571 662,571
42 87 3,088 438,475 0 479,368 479,368 679,368
43 88 3,088 463,642 0 494,527 494,527 694,527
44 89 3,088 490,066 0 507,742 507,742 707,742
45 90 3,088 517,812 0 518,698 518,698 718,698
46 91 3,088 546,945 0 526,945 526,945 726,945
47 92 3,088 577,534 0 531,904 531,904 731,904
48 93 3,088 609,654 0 532,810 532,810 732,810
49 94 3,088 643,379 0 528,556 528,556 728,556
50 95 3,088 678,790 0 516,977 516,977 716,977
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
41 1,063,627 1,063,627 1,263,627
42 1,163,725 1,163,725 1,363,725
43 1,272,874 1,272,874 1,472,874
44 1,391,916 1,391,916 1,591,916
45 1,521,760 1,521,760 1,721,760
46 1,663,157 1,663,157 1,863,157
47 1,816,487 1,816,487 2,016,487
48 1,981,458 1,981,458 2,181,458
49 2,158,916 2,158,916 2,358,916
50 2,349,368 2,349,368 2,549,368
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-40
<PAGE> 192
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER
2--12% GROSS FLEXIBLE PREMIUM VARIABLE LIFE SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA SPECIFIED AMOUNT
DECLARED PREMIUMS PLUS FUND VALUE
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 606 2,409 202,409
2 47 3,088 0 0 0 2,704 5,309 205,309
3 48 3,088 0 0 0 5,095 8,411 208,411
4 49 3,088 0 0 0 8,393 11,709 211,709
5 50 3,088 0 0 0 11,958 15,274 215,274
6 51 3,088 0 0 0 16,100 19,084 219,084
7 52 3,088 0 0 0 20,588 23,241 223,241
8 53 3,088 0 0 0 25,458 27,780 227,780
9 54 3,088 0 0 0 30,777 32,766 232,766
10 55 3,088 0 0 0 36,564 38,222 238,222
11 56 3,088 0 0 0 43,059 44,386 244,386
12 57 3,088 0 0 0 50,028 51,023 251,023
13 58 3,088 0 0 0 57,624 58,287 258,287
14 59 3,088 0 0 0 65,940 66,272 266,272
15 60 3,088 0 0 0 75,082 75,082 275,082
16 61 3,088 0 0 0 85,036 85,036 285,036
17 62 3,088 0 0 0 95,931 95,931 295,931
18 63 3,088 0 0 0 107,817 107,817 307,817
19 64 3,088 0 0 0 120,881 120,881 320,881
20 65 3,088 0 0 0 135,251 135,251 335,251
21 66 3,088 0 0 0 151,089 151,089 351,089
22 67 3,088 0 0 0 168,511 168,511 368,511
23 68 3,088 0 0 0 187,617 187,617 387,617
24 69 3,088 0 0 0 208,540 208,540 408,540
25 70 3,088 0 0 0 231,403 231,403 431,403
26 71 3,088 0 0 0 256,444 256,444 456,444
27 72 3,088 0 0 0 283,801 283,801 483,801
28 73 3,088 0 0 0 313,779 313,779 513,779
29 74 3,088 0 0 0 346,512 346,512 546,512
30 75 3,088 0 0 0 382,278 382,278 582,278
31 76 3,088 0 0 0 421,435 421,435 621,435
32 77 3,088 0 0 0 464,203 464,203 664,203
33 78 3,088 0 0 0 510,850 510,850 710,850
34 79 3,088 0 0 0 560,990 560,990 760,990
35 80 3,088 0 0 0 615,462 615,462 815,462
36 81 3,088 0 0 0 674,717 674,717 874,717
37 82 3,088 0 0 0 739,027 739,027 939,027
38 83 3,088 0 0 0 809,935 809,935 1,009,935
39 84 3,088 0 0 0 887,353 887,353 1,087,353
40 85 3,088 0 0 0 971,665 971,665 1,171,665
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-41
<PAGE> 193
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,008 0 0 0 1,063,627 1,063,627 1,263,627
42 87 3,088 0 0 0 1,163,725 1,163,725 1,363,725
43 88 3,088 0 0 0 1,272,874 1,272,874 1,472,874
44 89 3,088 0 0 0 1,391,916 1,391,916 1,591,916
45 90 3,088 0 0 0 1,521,760 1,521,760 1,721,760
46 91 3,088 0 0 0 1,663,157 1,663,157 1,863,157
47 92 3,088 0 0 0 1,816,487 1,816,487 2,016,487
48 93 3,088 0 0 0 1,981,458 1,981,458 2,181,458
49 94 3,088 0 0 0 2,158,916 2,158,916 2,358,916
50 95 3,088 0 0 0 2,349,368 2,349,368 2,549,368
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-42
<PAGE> 194
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0%
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (6) (7) (9) (10) (12)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT VALUE (11) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 1,728 0 0 869 200,000 0 869 200,000 0 869 200,000
2 37 1,646 3,543 0 299 1,929 200,000 299 1,929 200,000 393 2,023 200,000
3 38 1,646 5,448 0 718 2,952 200,000 718 2,952 200,000 928 3,162 200,000
4 39 1,646 7,449 0 1,704 3,938 200,000 1,704 3,938 200,000 2,004 4,239 200,000
5 40 1,646 9,550 0 2,654 4,889 200,000 2,654 4,889 200,000 3,044 5,278 200,000
6 41 1,646 11,756 0 3,793 5,804 200,000 3,793 5,804 200,000 4,247 6,258 200,000
7 42 1,646 14,072 0 4,874 6,661 200,000 4,874 6,661 200,000 5,414 7,201 200,000
8 43 1,646 16,504 0 5,921 7,485 200,000 5,921 7,485 200,000 6,569 8,133 200,000
9 44 1,646 19,057 0 6,913 8,254 200,000 6,913 8,254 200,000 7,689 9,030 200,000
10 45 1,646 21,738 0 7,850 8,967 200,000 7,850 8,967 200,000 8,775 9,892 200,000
11 46 1,646 26,554 0 8,816 9,710 200,000 8,816 9,710 200,000 9,870 10,764 200,000
12 47 1,646 27,510 0 9,732 10,402 200,000 9,732 10,402 200,000 10,914 11,585 200,000
13 48 1,646 30,613 0 10,598 11,045 200,000 10,598 11,045 200,000 11,930 12,377 200,000
14 49 1,646 33,872 0 11,393 11,617 200,000 11,393 11,617 200,000 12,895 13,119 200,000
15 50 1,646 37,294 0 12,118 12,118 200,000 12,118 12,118 200,000 13,812 13,812 200,000
16 51 1,646 40,887 0 12,549 12,549 200,000 12,549 12,549 200,000 14,566 14,566 200,000
17 52 1,646 44,660 0 12,889 12,889 200,000 12,889 12,889 200,000 15,249 15,249 200,000
18 53 1,646 48,621 0 13,138 13,138 200,000 13,138 13,138 200,000 15,884 15,884 200,000
19 54 1,646 52,781 0 13,275 13,275 200,000 13,275 13,275 200,000 16,493 16,493 200,000
20 55 1,646 57,148 0 13,300 13,300 200,000 13,300 13,300 200,000 17,077 17,077 200,000
21 56 1,646 61,734 0 13,224 13,224 200,000 13,224 13,224 200,000 17,668 17,668 200,000
22 57 1,646 66,549 0 12,992 12,992 200,000 12,992 12,992 200,000 18,190 18,190 200,000
23 58 1,646 71,604 0 12,605 12,605 200,000 12,605 12,605 200,000 18,602 18,602 200,000
24 59 1,646 76,913 0 12,039 12,039 200,000 12,039 12,039 200,000 18,925 18,925 200,000
25 60 1,646 82,487 0 11,270 11,270 200,000 11,270 11,270 200,000 19,138 19,138 200,000
26 61 1,646 88,339 0 10,274 10,274 200,000 10,274 10,274 200,000 19,244 19,244 200,000
27 62 1,646 94,485 0 9,025 9,025 200,000 9,025 9,025 200,000 19,219 19,219 200,000
28 63 1,646 100,937 0 7,519 7,519 200,000 7,519 7,519 200,000 19,044 19,044 200,000
29 64 1,646 107,712 0 5,658 5,658 200,000 5,658 5,658 200,000 18,740 18,740 200,000
30 65 1,646 114,826 0 3,409 3,409 200,000 3,409 3,409 200,000 18,306 18,306 200,000
31 66 1,646 122,296 0 713 713 200,000 713 713 200,000 17,720 17,720 200,000
32 67 1,646 130,139 0 0 0 0 0 0 0 17,003 17,003 200,000
33 68 1,646 138,374 0 0 0 0 0 0 0 16,088 16,088 200,000
34 69 1,646 147,021 0 0 0 0 0 0 0 14,929 14,929 200,000
35 70 1,646 156,101 0 0 0 0 0 0 0 13,455 13,455 200,000
36 71 1,646 165,634 0 0 0 0 0 0 0 11,681 11,681 200,000
37 72 1,646 175,644 0 0 0 0 0 0 0 9,509 9,509 200,000
38 73 1,646 186,154 0 0 0 0 0 0 0 6,974 6,974 200,000
39 74 1,646 197,190 0 0 0 0 0 0 0 3,922 3,922 200,000
40 75 1,646 208,778 0 0 0 0 0 0 0 306 306 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 76.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-43
<PAGE> 195
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 35 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------
0.00% (-1.49% NET)
---------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 869 200,000
2 37 1,646 0 0 0 393 2,023 200,000
3 38 1,646 0 0 0 928 3,162 200,000
4 39 1,646 0 0 0 2,004 4,239 200,000
5 40 1,646 0 0 0 3,044 5,278 200,000
6 41 1,646 0 0 0 4,247 6,258 200,000
7 42 1,646 0 0 0 5,414 7,201 200,000
8 43 1,646 0 0 0 6,569 8,133 200,000
9 44 1,646 0 0 0 7,689 9,030 200,000
10 45 1,646 0 0 0 8,775 9,892 200,000
11 46 1,646 0 0 0 9,870 10,764 200,000
12 47 1,646 0 0 0 10,914 11,585 200,000
13 48 1,646 0 0 0 11,930 12,377 200,000
14 49 1,646 0 0 0 12,895 13,119 200,000
15 50 1,646 0 0 0 13,812 13,812 200,000
16 51 1,646 0 0 0 14,566 14,566 200,000
17 52 1,646 0 0 0 15,249 15,249 200,000
18 53 1,646 0 0 0 15,884 15,884 200,000
19 54 1,646 0 0 0 16,493 16,493 200,000
20 55 1,646 0 0 0 17,077 17,077 200,000
21 56 1,646 0 0 0 17,668 17,668 200,000
22 57 1,646 0 0 0 18,190 18,190 200,000
23 58 1,646 0 0 0 18,602 18,602 200,000
24 59 1,646 0 0 0 18,925 18,925 200,000
25 60 1,646 0 0 0 19,138 19,138 200,000
26 61 1,646 0 0 0 19,244 19,244 200,000
27 62 1,646 0 0 0 19,219 19,219 200,000
28 63 1,646 0 0 0 19,044 19,044 200,000
29 64 1,646 0 0 0 18,740 18,740 200,000
30 65 1,646 0 0 0 18,306 18,306 200,000
31 66 1,646 0 0 0 17,720 17,720 200,000
32 67 1,646 0 0 0 17,003 17,003 200,000
33 68 1,646 0 0 0 16,088 16,088 200,000
34 69 1,646 0 0 0 14,929 14,929 200,000
35 70 1,646 0 0 0 13,455 13,455 200,000
36 71 1,646 0 0 0 11,681 11,681 200,000
37 72 1,646 0 0 0 9,509 9,509 200,000
38 73 1,646 0 0 0 6,974 6,974 200,000
39 74 1,646 0 0 0 3,922 3,922 200,000
40 75 1,646 0 0 0 306 306 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 76.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-44
<PAGE> 196
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 1,728 0 0 869 200,000 0 939 200,000
2 37 1,646 3,543 0 299 1,929 200,000 502 2,132 200,000
3 38 1,646 5,448 0 718 2,952 200,000 1,121 3,355 200,000
4 39 1,646 7,449 0 1,704 3,938 200,000 2,378 4,612 200,000
5 40 1,646 9,550 0 2,654 4,889 200,000 3,669 5,904 200,000
6 41 1,646 11,756 0 3,793 5,804 200,000 5,221 7,233 200,000
7 42 1,646 14,072 0 4,874 6,661 200,000 6,789 8,577 200,000
8 43 1,646 16,504 0 5,921 7,485 200,000 8,397 9,961 200,000
9 44 1,646 19,057 0 6,913 8,254 200,000 10,023 11,364 200,000
10 45 1,646 21,738 0 7,850 8,967 200,000 11,671 12,788 200,000
11 46 1,646 24,554 0 8,816 9,710 200,000 13,449 14,343 200,000
12 47 1,646 27,510 0 9,732 10,402 200,000 15,265 15,935 200,000
13 48 1,646 30,613 0 10,598 11,045 200,000 17,121 17,568 200,000
14 49 1,646 33,872 0 11,393 11,617 200,000 18,998 19,221 200,000
15 50 1,646 37,294 0 12,118 12,118 200,000 20,898 20,898 200,000
16 51 1,646 40,887 0 12,549 12,549 200,000 22,601 22,601 200,000
17 52 1,646 44,660 0 12,889 12,889 200,000 24,311 24,311 200,000
18 53 1,646 48,621 0 13,138 13,138 200,000 26,029 26,029 200,000
19 54 1,646 52,781 0 13,275 13,275 200,000 27,738 27,738 200,000
20 55 1,646 57,148 0 13,300 13,300 200,000 29,438 29,438 200,000
21 56 1,646 61,734 0 13,224 13,224 200,000 31,145 31,145 200,000
22 57 1,646 66,549 0 12,992 12,992 200,000 32,807 32,807 200,000
23 58 1,646 71,604 0 12,605 12,605 200,000 34,423 34,423 200,000
24 59 1,646 76,913 0 12,039 12,039 200,000 35,973 35,973 200,000
25 60 1,646 82,487 0 11,270 11,270 200,000 37,437 37,437 200,000
26 61 1,646 88,339 0 10,274 10,274 200,000 38,792 38,792 200,000
27 62 1,646 94,485 0 9,025 9,025 200,000 40,015 40,015 200,000
28 63 1,646 100,937 0 7,519 7,519 200,000 41,100 41,100 200,000
29 64 1,646 107,712 0 5,658 5,658 200,000 41,964 41,964 200,000
30 65 1,646 114,826 0 3,409 3,409 200,000 42,575 42,575 200,000
31 66 1,646 122,296 0 713 713 200,000 42,879 42,879 200,000
32 67 1,646 130,139 0 LAPSE LAPSE LAPSE 42,835 42,835 200,000
33 68 1,646 138,374 0 42,379 42,379 200,000
34 69 1,646 147,021 0 41,436 41,436 200,000
35 70 1,646 156,101 0 39,943 39,943 200,000
36 71 1,646 165,634 0 37,765 37,765 200,000
37 72 1,646 175,644 0 34,642 34,642 200,000
38 73 1,646 186,154 0 30,564 30,564 200,000
39 74 1,646 197,190 0 25,213 25,213 200,000
<CAPTION>
CURRENT CHARGES
---------------------------------
6.00% (4.46% NET)
---------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 0 939 200,000
2 599 2,229 200,000
3 1,343 3,578 200,000
4 2,706 4,941 200,000
5 4,109 6,343 200,000
6 5,753 7,764 200,000
7 7,439 9,227 200,000
8 9,194 10,758 200,000
9 10,997 12,338 200,000
10 12,852 13,969 200,000
11 14,830 15,723 200,000
12 16,854 17,525 200,000
13 18,952 19,399 200,000
14 21,105 21,329 200,000
15 23,318 23,318 200,000
16 25,478 25,478 200,000
17 27,688 27,688 200,000
18 29,976 29,976 200,000
19 32,365 32,365 200,000
20 34,863 34,863 200,000
21 37,510 37,510 200,000
22 40,241 40,241 200,000
23 43,024 43,024 200,000
24 45,884 45,884 200,000
25 48,810 48,810 200,000
26 51,808 51,808 200,000
27 54,869 54,869 200,000
28 57,982 57,982 200,000
29 61,175 61,175 200,000
30 64,455 64,455 200,000
31 67,818 67,818 200,000
32 71,289 71,289 200,000
33 74,834 74,834 200,000
34 78,435 78,435 200,000
35 82,060 82,060 200,000
36 85,740 85,740 200,000
37 89,432 89,432 200,000
38 93,182 93,182 200,000
39 96,928 96,928 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.09 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-45
<PAGE> 197
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 75 1,646 208,778 0 0 0 0 18,247 18,247 200,000
41 76 1,646 220,945 0 0 0 0 9,314 9,314 200,000
42 77 1,646 233,721 0 0 0 0 0 0 0
43 78 1,646 247,135 0 0 0 0 0 0 0
44 79 1,646 261,220 0 0 0 0 0 0 0
45 80 1,646 276,010 0 0 0 0 0 0 0
46 81 1,646 291,539 0 0 0 0 0 0 0
47 82 1,646 307,844 0 0 0 0 0 0 0
48 83 1,646 324,964 0 0 0 0 0 0 0
49 84 1,646 342,941 0 0 0 0 0 0 0
50 85 1,646 361,816 0 0 0 0 0 0 0
51 86 1,646 381,635 0 0 0 0 0 0 0
52 87 1,646 402,445 0 0 0 0 0 0 0
53 88 1,646 424,296 0 0 0 0 0 0 0
54 89 1,646 447,239 0 0 0 0 0 0 0
55 90 1,646 471,329 0 0 0 0 0 0 0
56 91 1,646 496,624 0 0 0 0 0 0 0
57 92 1,646 523,183 0 0 0 0 0 0 0
58 93 1,646 551,071 0 0 0 0 0 0 0
59 94 1,646 580,353 0 0 0 0 0 0 0
60 95 1,646 611,099 0 0 0 0 0 0 0
<CAPTION>
CURRENT CHARGES
---------------------------------
6.00% (4.46% NET)
---------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
40 100,679 100,679 200,000
41 104,467 104,467 200,000
42 108,244 108,244 200,000
43 111,981 111,981 200,000
44 115,359 115,359 200,000
45 118,585 118,585 200,000
46 121,672 121,672 200,000
47 124,546 124,546 200,000
48 127,585 127,585 200,000
49 130,538 130,538 200,000
50 133,321 133,321 200,000
51 135,956 135,956 200,000
52 138,352 138,352 200,000
53 140,528 140,528 200,000
54 142,448 142,448 200,000
55 144,056 144,056 200,000
56 145,210 145,210 200,000
57 145,602 145,602 200,000
58 144,628 144,628 200,000
59 141,761 141,761 200,000
60 136,013 136,013 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.09 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-46
<PAGE> 198
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 6% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 35 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 939 200,000
2 37 1,646 0 0 0 599 2,229 200,000
3 38 1,646 0 0 0 1,343 3,578 200,000
4 39 1,646 0 0 0 2,706 4,941 200,000
5 40 1,646 0 0 0 4,109 6,343 200,000
6 41 1,646 0 0 0 5,753 7,764 200,000
7 42 1,646 0 0 0 7,439 9,227 200,000
8 43 1,646 0 0 0 9,194 10,758 200,000
9 44 1,646 0 0 0 10,997 12,338 200,000
10 45 1,646 0 0 0 12,852 13,969 200,000
11 46 1,646 0 0 0 14,830 15,723 200,000
12 47 1,646 0 0 0 16,854 17,525 200,000
13 48 1,646 0 0 0 18,952 19,399 200,000
14 49 1,646 0 0 0 21,105 21,329 200,000
15 50 1,646 0 0 0 23,318 23,318 200,000
16 51 1,646 0 0 0 25,478 25,478 200,000
17 52 1,646 0 0 0 27,688 27,688 200,000
18 53 1,646 0 0 0 29,976 29,976 200,000
19 54 1,646 0 0 0 32,365 32,365 200,000
20 55 1,646 0 0 0 34,863 34,863 200,000
21 56 1,646 0 0 0 37,510 37,510 200,000
22 57 1,646 0 0 0 40,241 40,241 200,000
23 58 1,646 0 0 0 43,024 43,024 200,000
24 59 1,646 0 0 0 45,884 45,884 200,000
25 60 1,646 0 0 0 48,810 48,810 200,000
26 61 1,646 0 0 0 51,808 51,808 200,000
27 62 1,646 0 0 0 54,869 54,869 200,000
28 63 1,646 0 0 0 57,982 57,982 200,000
29 64 1,646 0 0 0 61,175 61,175 200,000
30 65 1,646 0 0 0 64,455 64,455 200,000
31 66 1,646 0 0 0 67,818 67,818 200,000
32 67 1,646 0 0 0 71,289 71,289 200,000
33 68 1,646 0 0 0 74,834 74,834 200,000
34 69 1,646 0 0 0 78,435 78,435 200,000
35 70 1,646 0 0 0 82,060 82,060 200,000
36 71 1,646 0 0 0 85,740 85,740 200,000
37 72 1,646 0 0 0 89,432 89,432 200,000
38 73 1,646 0 0 0 93,182 93,182 200,000
39 74 1,646 0 0 0 96,928 96,928 200,000
40 75 1,646 0 0 0 100,679 100,679 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-47
<PAGE> 199
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 104,467 104,467 200,000
42 77 1,646 0 0 0 108,244 108,244 200,000
43 78 1,646 0 0 0 111,981 111,981 200,000
44 79 1,646 0 0 0 115,359 115,359 200,000
45 80 1,646 0 0 0 118,585 118,585 200,000
46 81 1,646 0 0 0 121,672 121,672 200,000
47 82 1,646 0 0 0 124,546 124,546 200,000
48 83 1,646 0 0 0 127,585 127,585 200,000
49 84 1,646 0 0 0 130,538 130,538 200,000
50 85 1,646 0 0 0 133,321 133,321 200,000
51 86 1,646 0 0 0 135,956 135,956 200,000
52 87 1,646 0 0 0 138,352 138,352 200,000
53 88 1,646 0 0 0 140,528 140,528 200,000
54 89 1,646 0 0 0 142,448 142,448 200,000
55 90 1,646 0 0 0 144,056 144,056 200,000
56 91 1,646 0 0 0 145,210 145,210 200,000
57 92 1,646 0 0 0 145,602 145,602 200,000
58 93 1,646 0 0 0 144,628 144,628 200,000
59 94 1,646 0 0 0 141,761 141,761 200,000
60 95 1,646 0 0 0 136,013 136,013 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-48
<PAGE> 200
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
--------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 1,728 0 0 869 200,000 0 1,010 200,000
2 37 1,646 3,543 0 299 1,929 200,000 713 2,343 200,000
3 38 1,646 5,448 0 718 2,952 200,000 1,558 3,793 200,000
4 39 1,646 7,449 0 1,704 3,938 200,000 3,138 5,372 200,000
5 40 1,646 9,550 0 2,654 4,889 200,000 4,861 7,095 200,000
6 41 1,646 11,756 0 3,793 5,804 200,000 6,967 8,978 200,000
7 42 1,646 14,072 0 4,874 6,661 200,000 9,226 11,013 200,000
8 43 1,646 16,504 0 5,921 7,485 200,000 11,678 13,242 200,000
9 44 1,646 19,057 0 6,913 8,254 200,000 14,323 15,664 200,000
10 45 1,646 21,738 0 7,850 8,967 200,000 17,181 18,299 200,000
11 46 1,646 24,554 0 8,816 9,710 200,000 20,422 21,316 200,000
12 47 1,646 27,510 0 9,732 10,402 200,000 23,961 24,631 200,000
13 48 1,646 30,613 0 10,598 11,045 200,000 27,832 28,279 200,000
14 49 1,646 33,872 0 11,393 11,617 200,000 32,055 32,278 200,000
15 50 1,646 37,294 0 12,118 12,118 200,000 36,672 36,672 200,000
16 51 1,646 40,887 0 12,549 12,549 200,000 41,509 41,509 200,000
17 52 1,646 44,660 0 12,889 12,889 200,000 46,824 46,824 200,000
18 53 1,646 48,621 0 13,138 13,138 200,000 52,678 52,678 200,000
19 54 1,646 52,781 0 13,275 13,275 200,000 59,121 59,121 200,000
20 55 1,646 57,148 0 13,300 13,300 200,000 66,230 66,230 200,000
21 56 1,646 61,734 0 13,224 13,224 200,000 74,114 74,114 200,000
22 57 1,646 66,549 0 12,992 12,992 200,000 82,822 82,822 200,000
23 58 1,646 71,604 0 12,605 12,605 200,000 92,470 92,470 200,000
24 59 1,646 76,913 0 12,039 12,039 200,000 103,174 103,174 200,000
25 60 1,646 82,487 0 11,270 11,270 200,000 115,074 115,074 200,000
26 61 1,646 88,339 0 10,274 10,274 200,000 128,332 128,332 200,000
27 62 1,646 94,485 0 9,025 9,025 200,000 143,142 143,142 200,000
28 63 1,646 100,937 0 7,519 7,519 200,000 159,742 159,742 201,274
29 64 1,646 107,712 0 5,658 5,658 200,000 178,218 178,218 220,990
30 65 1,646 114,826 0 3,409 3,409 200,000 198,621 198,621 242,318
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 0 1,010 200,000
2 813 2,443 200,000
3 1,794 4,028 200,000
4 3,497 5,731 200,000
5 5,355 7,590 200,000
6 7,587 9,598 200,000
7 10,007 11,795 200,000
8 12,662 14,226 200,000
9 15,552 16,893 200,000
10 18,703 19,821 200,000
11 22,253 23,147 200,000
12 26,133 26,803 200,000
13 30,404 30,850 200,000
14 35,090 35,313 200,000
15 40,241 40,241 200,000
16 45,787 45,787 200,000
17 51,905 51,905 200,000
18 58,680 58,680 200,000
19 66,209 66,209 200,000
20 74,580 74,580 200,000
21 83,928 83,928 200,000
22 94,302 94,302 200,000
23 105,802 105,802 200,000
24 118,583 118,583 200,000
25 132,798 132,798 200,000
26 148,631 148,631 200,000
27 166,262 166,262 212,816
28 185,789 185,789 234,094
29 207,410 207,410 257,189
30 231,357 231,357 282,256
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-49
<PAGE> 201
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
--------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 66 1,646 122,296 0 713 713 200,000 221,158 221,158 265,389
32 67 1,646 130,139 0 0 0 0 246,006 246,006 292,747
33 68 1,646 138,374 0 0 0 0 273,399 273,399 322,610
34 69 1,646 147,021 0 0 0 0 303,591 303,591 355,201
35 70 1,646 156,101 0 0 0 0 336,874 336,874 390,774
36 71 1,646 165,634 0 0 0 0 373,552 373,552 429,585
37 72 1,646 175,644 0 0 0 0 414,093 414,093 467,925
38 73 1,646 186,154 0 0 0 0 459,020 459,020 509,512
39 74 1,646 197,190 0 0 0 0 508,855 508,855 554,652
40 75 1,646 208,778 0 0 0 0 564,236 564,236 603,732
41 76 1,646 220,945 0 0 0 0 625,941 625,941 657,239
42 77 1,646 233,721 0 0 0 0 693,983 693,983 728,682
43 78 1,646 247,135 0 0 0 0 768,970 768,970 807,419
44 79 1,646 261,220 0 0 0 0 851,567 851,567 894,145
45 80 1,646 276,010 0 0 0 0 942,487 942,487 989,612
46 81 1,646 291,539 0 0 0 0 1,042,486 1,042,486 1,094,610
47 82 1,646 307,844 0 0 0 0 1,152,363 1,152,363 1,209,981
48 83 1,646 324,964 0 0 0 0 1,272,933 1,272,933 1,336,580
49 84 1,646 342,941 0 0 0 0 1,405,058 1,405,058 1,475,310
50 85 1,646 361,816 0 0 0 0 1,549,643 1,549,643 1,627,125
51 86 1,646 381,635 0 0 0 0 1,707,652 1,707,652 1,793,034
52 87 1,646 402,445 0 0 0 0 1,880,111 1,880,111 1,974,117
53 88 1,646 424,296 0 0 0 0 2,068,117 2,068,117 2,171,523
54 89 1,646 447,239 0 0 0 0 2,272,817 2,272,817 2,386,458
55 90 1,646 471,329 0 0 0 0 2,495,424 2,495,424 2,620,195
56 91 1,646 496,624 0 0 0 0 2,737,138 2,737,138 2,873,995
57 92 1,646 523,183 0 0 0 0 3,007,096 3,007,096 3,127,380
58 93 1,646 551,071 0 0 0 0 3,310,126 3,310,126 3,409,430
59 94 1,646 580,353 0 0 0 0 3,652,177 3,652,177 3,725,220
60 95 1,646 611,099 0 0 0 0 4,040,667 4,040,667 4,081,073
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
31 257,882 257,882 309,458
32 287,246 287,246 341,823
33 319,736 319,736 377,288
34 355,675 355,675 416,139
35 395,412 395,412 458,678
36 439,366 439,366 505,270
37 488,054 488,054 551,501
38 542,050 542,050 601,676
39 601,948 601,948 656,123
40 668,466 668,466 715,258
41 742,440 742,440 779,562
42 824,281 824,281 865,495
43 914,782 914,782 960,521
44 1,014,645 1,014,645 1,065,377
45 1,124,915 1,124,915 1,181,161
46 1,246,636 1,246,636 1,308,967
47 1,380,872 1,380,872 1,449,916
48 1,529,218 1,529,218 1,605,678
49 1,692,811 1,692,811 1,777,451
50 1,873,017 1,873,017 1,966,668
51 2,071,445 2,071,445 2,175,017
52 2,289,658 2,289,658 2,404,141
53 2,529,528 2,529,528 2,656,004
54 2,792,976 2,792,976 2,932,625
55 3,082,041 3,082,041 3,236,143
56 3,398,686 3,398,686 3,568,621
57 3,750,257 3,750,257 3,900,268
58 4,141,318 4,141,318 4,265,557
59 4,578,678 4,578,678 4,670,252
60 5,070,838 5,070,838 5,121,546
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-50
<PAGE> 202
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
12% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 35 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 1,010 200,000
2 37 1,646 0 0 0 813 2,443 200,000
3 38 1,646 0 0 0 1,794 4,028 200,000
4 39 1,646 0 0 0 3,497 5,731 200,000
5 40 1,646 0 0 0 5,355 7,590 200,000
6 41 1,646 0 0 0 7,587 9,598 200,000
7 42 1,646 0 0 0 10,007 11,795 200,000
8 43 1,646 0 0 0 12,662 14,226 200,000
9 44 1,646 0 0 0 15,552 16,893 200,000
10 45 1,646 0 0 0 18,703 19,821 200,000
11 46 1,646 0 0 0 22,253 23,147 200,000
12 47 1,646 0 0 0 26,133 26,803 200,000
13 48 1,646 0 0 0 30,404 30,850 200,000
14 49 1,646 0 0 0 35,090 35,313 200,000
15 50 1,646 0 0 0 40,241 40,241 200,000
16 51 1,646 0 0 0 45,787 45,787 200,000
17 52 1,646 0 0 0 51,905 51,905 200,000
18 53 1,646 0 0 0 58,680 58,680 200,000
19 54 1,646 0 0 0 66,209 66,209 200,000
20 55 1,646 0 0 0 74,580 74,580 200,000
21 56 1,646 0 0 0 83,928 83,928 200,000
22 57 1,646 0 0 0 94,302 94,302 200,000
23 58 1,646 0 0 0 105,802 105,802 200,000
24 59 1,646 0 0 0 118,583 118,583 200,000
25 60 1,646 0 0 0 132,798 132,798 200,000
26 61 1,646 0 0 0 148,631 148,631 200,000
27 62 1,646 0 0 0 166,262 166,262 212,816
28 63 1,646 0 0 0 185,789 185,789 234,094
29 64 1,646 0 0 0 207,410 207,410 257,189
30 65 1,646 0 0 0 231,357 231,357 282,256
31 66 1,646 0 0 0 257,882 257,882 309,458
32 67 1,646 0 0 0 287,246 287,246 341,823
33 68 1,646 0 0 0 319,736 319,736 377,288
34 69 1,646 0 0 0 355,675 355,675 416,139
35 70 1,646 0 0 0 395,412 395,412 458,678
36 71 1,646 0 0 0 439,366 439,366 505,270
37 72 1,646 0 0 0 488,054 488,054 551,501
38 73 1,646 0 0 0 542,050 542,050 601,676
39 74 1,646 0 0 0 601,948 601,948 656,123
40 75 1,646 0 0 0 668,466 668,466 715,258
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-51
<PAGE> 203
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 742,440 742,440 779,562
42 77 1,646 0 0 0 824,281 824,281 865,495
43 78 1,646 0 0 0 914,782 914,782 960,521
44 79 1,646 0 0 0 1,014,645 1,014,645 1,065,377
45 80 1,646 0 0 0 1,124,915 1,124,915 1,181,161
46 81 1,646 0 0 0 1,246,636 1,246,636 1,308,967
47 82 1,646 0 0 0 1,380,872 1,380,872 1,449,916
48 83 1,646 0 0 0 1,529,218 1,529,218 1,605,678
49 84 1,646 0 0 0 1,692,811 1,692,811 1,777,451
50 85 1,646 0 0 0 1,873,017 1,873,017 1,966,668
51 86 1,646 0 0 0 2,071,445 2,071,445 2,175,017
52 87 1,646 0 0 0 2,289,658 2,289,658 2,404,141
53 88 1,646 0 0 0 2,529,528 2,529,528 2,656,004
54 89 1,646 0 0 0 2,792,976 2,792,976 2,932,625
55 90 1,646 0 0 0 3,082,041 3,082,041 3,236,143
56 91 1,646 0 0 0 3,398,686 3,398,686 3,568,621
57 92 1,646 0 0 0 3,750,257 3,750,257 3,900,268
58 93 1,646 0 0 0 4,141,318 4,141,318 4,265,557
59 94 1,646 0 0 0 4,578,678 4,578,678 4,670,252
60 95 1,646 0 0 0 5,070,838 5,070,838 5,121,546
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-52
<PAGE> 204
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET)
---------------------------- ---------------------------------
(1) (2) (3) (6) (9)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 5,261 0 1,270 3,573 200,000 1,270 3,573 200,000
2 57 5,010 10,784 0 3,567 6,369 200,000 3,567 6,369 200,000
3 58 5,010 16,584 0 4,231 8,988 200,000 4,231 8,988 200,000
4 59 5,010 22,673 0 6,656 11,414 200,000 6,656 11,414 200,000
5 60 5,010 29,068 0 8,871 13,629 200,000 8,871 13,629 200,000
6 61 5,010 35,781 0 11,335 15,617 200,000 11,335 15,617 200,000
7 62 5,010 42,831 0 13,557 17,363 200,000 13,557 17,363 200,000
8 63 5,010 50,233 0 15,540 18,870 200,000 15,540 18,870 200,000
9 64 5,010 58,005 0 17,203 20,057 200,000 17,203 20,057 200,000
10 65 5,010 66,166 0 18,529 20,908 200,000 18,529 20,908 200,000
11 66 5,010 74,735 0 19,696 21,599 200,000 19,696 21,599 200,000
12 67 5,010 83,732 0 20,468 21,895 200,000 20,468 21,895 200,000
13 68 5,010 93,179 0 20,799 21,751 200,000 20,799 21,751 200,000
14 69 5,010 103,099 0 20,639 21,115 200,000 20,639 21,115 200,000
15 70 5,010 113,514 0 19,954 19,954 200,000 19,954 19,954 200,000
16 71 5,010 124,450 0 18,164 18,164 200,000 18,164 18,164 200,000
17 72 5,010 135,933 0 15,518 15,518 200,000 15,518 15,518 200,000
18 73 5,010 147,990 0 12,080 12,080 200,000 12,080 12,080 200,000
19 74 5,010 160,650 0 7,591 7,591 200,000 7,591 7,591 200,000
20 75 5,010 173,943 0 1,800 1,800 200,000 1,800 1,800 200,000
21 76 5,010 187,901 0 0 0 0 0 0 0
22 77 5,010 202,557 0 0 0 0 0 0 0
23 78 5,010 217,945 0 0 0 0 0 0 0
24 79 5,010 234,103 0 0 0 0 0 0 0
25 80 5,010 251,068 0 0 0 0 0 0 0
26 81 5,010 268,882 0 0 0 0 0 0 0
27 82 5,010 287,587 0 0 0 0 0 0 0
28 83 5,010 307,227 0 0 0 0 0 0 0
29 84 5,010 327,849 0 0 0 0 0 0 0
30 85 5,010 349,502 0 0 0 0 0 0 0
<CAPTION>
CURRENT CHARGES
---------------------------------
0.00% (-1.49% NET)
---------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 1,270 3,573 200,000
2 4,509 7,311 200,000
3 6,114 10,871 200,000
4 9,460 14,218 200,000
5 12,580 17,337 200,000
6 15,913 20,195 200,000
7 19,163 22,969 200,000
8 22,332 25,662 200,000
9 25,401 28,256 200,000
10 28,255 30,633 200,000
11 30,969 32,872 200,000
12 33,415 34,842 200,000
13 35,713 36,664 200,000
14 37,809 38,285 200,000
15 39,687 39,687 200,000
16 41,290 41,290 200,000
17 42,604 42,604 200,000
18 43,483 43,483 200,000
19 44,095 44,095 200,000
20 44,326 44,326 200,000
21 44,275 44,275 200,000
22 43,723 43,723 200,000
23 42,561 42,561 200,000
24 40,159 40,159 200,000
25 36,787 36,787 200,000
26 32,350 32,350 200,000
27 26,543 26,543 200,000
28 20,049 20,049 200,000
29 12,089 12,089 200,000
30 2,172 2,172 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 86.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-53
<PAGE> 205
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 55 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,270 3,573 200,000
2 57 5,010 0 0 0 4,509 7,311 200,000
3 58 5,010 0 0 0 6,114 10,871 200,000
4 59 5,010 0 0 0 9,460 14,218 200,000
5 60 5,010 0 0 0 12,580 17,337 200,000
6 61 5,010 0 0 0 15,913 20,195 200,000
7 62 5,010 0 0 0 19,163 22,969 200,000
8 63 5,010 0 0 0 22,332 25,662 200,000
9 64 5,010 0 0 0 25,401 28,256 200,000
10 65 5,010 0 0 0 28,255 30,633 200,000
11 66 5,010 0 0 0 30,969 32,872 200,000
12 67 5,010 0 0 0 33,415 34,842 200,000
13 68 5,010 0 0 0 35,713 36,664 200,000
14 69 5,010 0 0 0 37,809 38,285 200,000
15 70 5,010 0 0 0 39,687 39,687 200,000
16 71 5,010 0 0 0 41,290 41,290 200,000
17 72 5,010 0 0 0 42,604 42,604 200,000
18 73 5,010 0 0 0 43,483 43,483 200,000
19 74 5,010 0 0 0 44,095 44,095 200,000
20 75 5,010 0 0 0 44,326 44,326 200,000
21 76 5,010 0 0 0 44,275 44,275 200,000
22 77 5,010 0 0 0 43,723 43,723 200,000
23 78 5,010 0 0 0 42,561 42,561 200,000
24 79 5,010 0 0 0 40,159 40,159 200,000
25 80 5,010 0 0 0 36,787 36,787 200,000
26 81 5,010 0 0 0 32,350 32,350 200,000
27 82 5,010 0 0 0 26,543 26,543 200,000
28 83 5,010 0 0 0 20,049 20,049 200,000
29 84 5,010 0 0 0 12,089 12,089 200,000
30 85 5,010 0 0 0 2,172 2,172 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 86.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-54
<PAGE> 206
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------------
(1) (2) (3) (4) (6) (9)
END NET PREMIUM NET VALUE (5) BENEFIT (7) (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 5,261 0 1,270 3,573 200,000 1,515 3,818 200,000
2 57 5,010 10,784 0 3,567 6,369 200,000 4,260 7,062 200,000
3 58 5,010 16,584 0 4,231 8,988 200,000 5,560 10,318 200,000
4 59 5,010 22,673 0 6,656 11,414 200,000 8,810 13,568 200,000
5 60 5,010 29,068 0 8,871 13,629 200,000 12,038 16,795 200,000
6 61 5,010 35,781 0 11,335 15,617 200,000 15,703 19,985 200,000
7 62 5,010 42,831 0 13,557 17,363 200,000 19,314 23,120 200,000
8 63 5,010 50,233 0 15,540 18,870 200,000 22,876 26,206 200,000
9 64 5,010 58,005 0 17,203 20,057 200,000 26,310 29,165 200,000
10 65 5,010 66,166 0 18,529 20,908 200,000 29,599 31,978 200,000
11 66 5,010 74,735 0 19,696 21,599 200,000 32,994 34,897 200,000
12 67 5,010 83,732 0 20,468 21,895 200,000 36,219 37,646 200,000
13 68 5,010 93,179 0 20,799 21,751 200,000 39,235 40,187 200,000
14 69 5,010 103,099 0 20,639 21,115 200,000 42,001 42,476 200,000
15 70 5,010 113,514 0 19,954 19,954 200,000 44,489 44,489 200,000
16 71 5,010 124,450 0 18,164 18,164 200,000 46,136 46,136 200,000
17 72 5,010 135,933 0 15,518 15,518 200,000 47,230 47,230 200,000
18 73 5,010 147,990 0 12,080 12,080 200,000 47,821 47,821 200,000
19 74 5,010 160,650 0 7,591 7,591 200,000 47,699 47,699 200,000
20 75 5,010 173,943 0 1,800 1,800 200,000 46,657 46,657 200,000
21 76 5,010 187,901 0 0 0 0 44,617 44,617 200,000
22 77 5,010 202,557 0 0 0 0 41,269 41,269 200,000
23 78 5,010 217,945 0 0 0 0 36,345 36,345 200,000
24 79 5,010 234,103 0 0 0 0 29,506 29,506 200,000
25 80 5,010 251,068 0 0 0 0 20,293 20,293 200,000
26 81 5,010 268,882 0 0 0 0 8,039 8,039 200,000
27 82 5,010 287,587 0 0 0 0 0 0 0
28 83 5,010 307,227 0 0 0 0 0 0 0
29 84 5,010 327,849 0 0 0 0 0 0 0
30 85 5,010 349,502 0 0 0 0 0 0 0
31 86 5,010 372,237 0 0 0 0 0 0 0
32 87 5,010 396,109 0 0 0 0 0 0 0
33 88 5,010 421,175 0 0 0 0 0 0 0
34 89 5,010 447,495 0 0 0 0 0 0 0
35 90 5,010 475,130 0 0 0 0 0 0 0
36 91 5,010 504,147 0 0 0 0 0 0 0
37 92 5,010 534,615 0 0 0 0 0 0 0
38 93 5,010 566,606 0 0 0 0 0 0 0
39 94 5,010 600,197 0 0 0 0 0 0 0
40 95 5,010 635,467 0 0 0 0 0 0 0
<CAPTION>
CURRENT CHARGES
---------------------------------
6.00% (4.46% NET)
---------------------------------
(12)
END (10) (11) BENEFIT
OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 1,515 3,818 200,000
2 5,230 8,032 200,000
3 7,555 12,312 200,000
4 11,866 16,623 200,000
5 16,195 20,953 200,000
6 20,986 25,268 200,000
7 25,942 29,748 200,000
8 31,075 34,405 200,000
9 36,378 39,233 200,000
10 41,750 44,129 200,000
11 47,377 49,280 200,000
12 53,077 54,504 200,000
13 58,977 59,928 200,000
14 65,050 65,526 200,000
15 71,308 71,308 200,000
16 77,643 77,643 200,000
17 84,173 84,173 200,000
18 90,830 90,830 200,000
19 97,778 97,778 200,000
20 104,993 104,993 200,000
21 112,641 112,641 200,000
22 120,629 120,629 200,000
23 128,993 128,993 200,000
24 137,574 137,574 200,000
25 146,658 146,658 200,000
26 156,395 156,395 200,000
27 166,927 166,927 200,000
28 178,623 178,623 200,000
29 191,617 191,617 201,198
30 205,391 205,391 215,660
31 219,713 219,713 230,698
32 234,577 234,577 246,306
33 249,995 249,995 262,495
34 265,969 265,969 279,267
35 282,494 282,494 296,618
36 299,545 299,545 314,523
37 317,543 317,543 330,245
38 336,591 336,591 346,689
39 356,927 356,927 364,065
40 378,846 378,846 382,635
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-55
<PAGE> 207
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 6% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 55 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,515 3,818 200,000
2 57 5,010 0 0 0 5,230 8,032 200,000
3 58 5,010 0 0 0 7,555 12,312 200,000
4 59 5,010 0 0 0 11,866 16,623 200,000
5 60 5,010 0 0 0 16,195 20,953 200,000
6 61 5,010 0 0 0 20,986 25,268 200,000
7 62 5,010 0 0 0 25,942 29,748 200,000
8 63 5,010 0 0 0 31,075 34,405 200,000
9 64 5,010 0 0 0 36,378 39,233 200,000
10 65 5,010 0 0 0 41,750 44,129 200,000
11 66 5,010 0 0 0 47,377 49,280 200,000
12 67 5,010 0 0 0 53,077 54,504 200,000
13 68 5,010 0 0 0 58,977 59,928 200,000
14 69 5,010 0 0 0 65,050 65,526 200,000
15 70 5,010 0 0 0 71,308 71,308 200,000
16 71 5,010 0 0 0 77,643 77,643 200,000
17 72 5,010 0 0 0 84,173 84,173 200,000
18 73 5,010 0 0 0 90,830 90,830 200,000
19 74 5,010 0 0 0 97,778 97,778 200,000
20 75 5,010 0 0 0 104,993 104,993 200,000
21 76 5,010 0 0 0 112,641 112,641 200,000
22 77 5,010 0 0 0 120,629 120,629 200,000
23 78 5,010 0 0 0 128,993 128,993 200,000
24 79 5,010 0 0 0 137,574 137,574 200,000
25 80 5,010 0 0 0 146,658 146,658 200,000
26 81 5,010 0 0 0 156,395 156,395 200,000
27 82 5,010 0 0 0 166,927 166,927 200,000
28 83 5,010 0 0 0 178,623 178,623 200,000
29 84 5,010 0 0 0 191,617 191,617 201,198
30 85 5,010 0 0 0 205,391 205,391 215,660
31 86 5,010 0 0 0 219,713 219,713 230,698
32 87 5,010 0 0 0 234,577 234,577 246,306
33 88 5,010 0 0 0 249,995 249,995 262,495
34 89 5,010 0 0 0 265,969 265,969 279,267
35 90 5,010 0 0 0 282,494 282,494 296,618
36 91 5,010 0 0 0 299,545 299,545 314,523
37 92 5,010 0 0 0 317,543 317,543 330,245
38 93 5,010 0 0 0 336,591 336,591 346,689
39 94 5,010 0 0 0 356,927 356,927 364,065
40 95 5,010 0 0 0 378,846 378,846 382,635
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-56
<PAGE> 208
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (10.42% NET)
--------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
---- --- ------ ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 5,261 0 1,270 3,573 200,000 1,760 4,063 200,000
2 57 5,010 10,784 0 3,567 6,369 200,000 4,985 7,786 200,000
3 58 5,010 16,584 0 4,231 8,988 200,000 7,009 11,766 200,000
4 59 5,010 22,673 0 6,656 11,414 200,000 11,258 16,015 200,000
5 60 5,010 29,068 0 8,871 13,629 200,000 15,794 20,551 200,000
6 61 5,010 35,781 0 11,335 15,617 200,000 21,113 25,395 200,000
7 62 5,010 42,831 0 13,557 17,363 200,000 26,768 30,574 200,000
8 63 5,010 50,233 0 15,540 18,870 200,000 32,813 36,143 200,000
9 64 5,010 58,005 0 17,203 20,057 200,000 39,229 42,084 200,000
10 65 5,010 66,166 0 18,529 20,908 200,000 46,066 48,445 200,000
11 66 5,010 74,735 0 19,696 21,599 200,000 53,767 55,670 200,000
12 67 5,010 83,732 0 20,468 21,895 200,000 62,095 63,522 200,000
13 68 5,010 93,179 0 20,799 21,751 200,000 71,141 72,092 200,000
14 69 5,010 103,099 0 20,639 21,115 200,000 81,019 81,495 200,000
15 70 5,010 113,514 0 19,954 19,954 200,000 91,891 91,891 200,000
16 71 5,010 124,450 0 18,164 18,164 200,000 103,435 103,435 200,000
17 72 5,010 135,933 0 15,518 15,518 200,000 116,280 116,280 200,000
18 73 5,010 147,990 0 12,080 12,080 200,000 130,799 130,799 200,000
19 74 5,010 160,650 0 7,591 7,591 200,000 147,307 147,307 200,000
20 75 5,010 173,943 0 1,800 1,800 200,000 166,269 166,269 200,000
21 76 5,010 187,901 0 0 0 0 188,449 188,449 200,000
22 77 5,010 202,557 0 0 0 0 213,707 213,707 224,392
23 78 5,010 217,945 0 0 0 0 241,559 241,559 253,636
24 79 5,010 234,103 0 0 0 0 272,253 272,253 285,865
25 80 5,010 251,068 0 0 0 0 306,057 306,057 321,360
26 81 5,010 268,882 0 0 0 0 343,256 343,256 360,419
27 82 5,010 287,587 0 0 0 0 384,152 384,152 403,359
28 83 5,010 307,227 0 0 0 0 429,052 429,052 450,504
29 84 5,010 327,849 0 0 0 0 478,283 478,283 502,197
30 85 5,010 349,502 0 0 0 0 532,188 532,188 558,798
31 86 5,010 372,237 0 0 0 0 591,133 591,133 620,690
32 87 5,010 396,109 0 0 0 0 655,505 655,505 688,280
33 88 5,010 421,175 0 0 0 0 725,717 725,717 762,003
34 89 5,010 447,495 0 0 0 0 802,204 802,204 842,314
35 90 5,010 475,130 0 0 0 0 885,423 885,423 929,694
36 91 5,010 504,147 0 0 0 0 975,829 975,829 1,024,620
37 92 5,010 534,615 0 0 0 0 1,076,718 1,076,718 1,119,787
38 93 5,010 566,606 0 0 0 0 1,189,874 1,189,874 1,225,570
39 94 5,010 600,197 0 0 0 0 1,317,491 1,317,491 1,343,841
40 95 5,010 635,467 0 0 0 0 1,462,308 1,462,308 1,476,931
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(10) (12)
END VALUE (11) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
---- --------- ----- --------
<S> <C> <C> <C>
1 1,760 4,063 200,000
2 5,982 8,784 200,000
3 9,116 13,874 200,000
4 14,578 19,336 200,000
5 20,441 25,198 200,000
6 27,195 31,477 200,000
7 34,596 38,402 200,000
8 42,722 46,052 200,000
9 51,642 54,497 200,000
10 61,350 63,728 200,000
11 72,282 74,185 200,000
12 84,298 85,726 200,000
13 97,656 98,608 200,000
14 112,517 112,993 200,000
15 129,104 129,104 200,000
16 147,384 147,384 200,000
17 167,930 167,930 200,000
18 191,036 191,036 212,050
19 216,725 216,725 236,230
20 245,245 245,245 262,412
21 277,056 277,056 290,908
22 312,256 312,256 327,869
23 351,190 351,190 368,750
24 394,168 394,168 413,876
25 441,636 441,636 463,718
26 494,046 494,046 518,748
27 551,859 551,859 579,452
28 615,753 615,753 646,540
29 686,227 686,227 720,538
30 763,874 763,874 802,068
31 849,389 849,389 891,859
32 943,451 943,451 990,623
33 1,046,867 1,046,867 1,099,211
34 1,160,471 1,160,471 1,218,495
35 1,285,144 1,285,144 1,349,402
36 1,421,741 1,421,741 1,492,828
37 1,573,374 1,573,374 1,636,309
38 1,742,004 1,742,004 1,794,264
39 1,930,544 1,930,544 1,969,155
40 2,142,633 2,142,633 2,164,059
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-57
<PAGE> 209
ALLOCATION OF VALUE
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,760 4,063 200,000
2 57 5,010 0 0 0 5,982 8,784 200,000
3 58 5,010 0 0 0 9,116 13,874 200,000
4 59 5,010 0 0 0 14,578 19,336 200,000
5 60 5,010 0 0 0 20,441 25,198 200,000
6 61 5,010 0 0 0 27,195 31,477 200,000
7 62 5,010 0 0 0 34,596 38,402 200,000
8 63 5,010 0 0 0 42,722 46,052 200,000
9 64 5,010 0 0 0 51,642 54,497 200,000
10 65 5,010 0 0 0 61,350 63,728 200,000
11 66 5,010 0 0 0 72,282 74,185 200,000
12 67 5,010 0 0 0 84,298 85,726 200,000
13 68 5,010 0 0 0 97,656 98,608 200,000
14 69 5,010 0 0 0 112,517 112,993 200,000
15 70 5,010 0 0 0 129,104 129,104 200,000
16 71 5,010 0 0 0 147,384 147,384 200,000
17 72 5,010 0 0 0 167,930 167,930 200,000
18 73 5,010 0 0 0 191,036 191,036 212,050
19 74 5,010 0 0 0 216,725 216,725 236,230
20 75 5,010 0 0 0 245,245 245,245 262,412
21 76 5,010 0 0 0 277,056 277,056 290,908
22 77 5,010 0 0 0 312,256 312,256 327,869
23 78 5,010 0 0 0 351,190 351,190 368,750
24 79 5,010 0 0 0 394,168 394,168 413,876
25 80 5,010 0 0 0 441,636 441,636 463,718
26 81 5,010 0 0 0 494,046 494,046 518,748
27 82 5,010 0 0 0 551,859 551,859 579,452
28 83 5,010 0 0 0 615,753 615,753 646,540
29 84 5,010 0 0 0 686,227 686,227 720,538
30 85 5,010 0 0 0 763,874 763,874 802,068
31 86 5,010 0 0 0 849,389 849,389 891,859
32 87 5,010 0 0 0 943,451 943,451 990,623
33 88 5,010 0 0 0 1,046,867 1,046,867 1,099,211
34 89 5,010 0 0 0 1,160,471 1,160,471 1,218,495
35 90 5,010 0 0 0 1,285,144 1,285,144 1,349,402
36 91 5,010 0 0 0 1,421,741 1,421,741 1,492,828
37 92 5,010 0 0 0 1,573,374 1,573,374 1,636,309
38 93 5,010 0 0 0 1,742,004 1,742,004 1,794,264
39 94 5,010 0 0 0 1,930,544 1,930,544 1,969,155
40 95 5,010 0 0 0 2,142,633 2,142,633 2,164,059
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming current charges and a gross
investment return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America or the underlying Funds of the Separate Account that these hypothetical
rates of return can be achieved for any one year, or sustained over any period
of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 12/11/00 PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-58
<PAGE> 210
APPENDIX C
GUARANTEED DEATH BENEFIT RIDER
MONTHLY GUARANTEE PREMIUM FOR GUARANTEED DEATH
BENEFIT RIDER WITH TEN YEAR/AGE 75 GUARANTEE PERIOD
<TABLE>
<CAPTION>
MONTHLY GUARANTEE
PREMIUM
-----------------
<S> <C>
Specified Amount = $200.00
Male age 45 Preferred Nonsmoker Death Benefit Option 1...... $ 257.33
Female age 45 Preferred Nonsmoker Death Benefit Option 1.... $ 214.83
Male age 45 Standard Smoker Death Benefit Option 1.......... $ 346.83
Male age 45 Preferred Nonsmoker Death Benefit Option 2...... $ 257.33
Male age 35 Preferred Nonsmoker Death Benefit Option 1...... $ 137.17
Male age 55 Preferred Nonsmoker Death Benefit Option 1...... $ 417.50
</TABLE>
C-1
<PAGE> 211
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 212
APPENDIX D
GUARANTEED DEATH BENEFIT RIDER
MONTHLY GUARANTEE PREMIUM FOR GUARANTEED DEATH
BENEFIT RIDER WITH LIFETIME GUARANTEE PERIOD
<TABLE>
<CAPTION>
MONTHLY GUARANTEE
PREMIUM
-----------------
<S> <C>
Specified Amount = $200,000
Male age 45 Preferred Nonsmoker Death Benefit Option 1...... $295.19
Female age 45 Preferred Nonsmoker Death Benefit Option 1.... 247.16
Male age 45 Standard Smoker Death Benefit Option 1.......... 398.48
Male age 45 Preferred Nonsmoker Death Benefit Option 2...... 295.19
Male age 35 Preferred Nonsmoker Death Benefit Option 1...... 182.22
Male age 55 Preferred Nonsmoker Death Benefit Option 1...... 502.22
</TABLE>
D-1
<PAGE> 213
The complete registration statement and other filed documents for MONY America
Variable Account L can be reviewed and copied at the Securities and Exchange
Commission's Public Reference Room in Washington, D.C. You may get information
on the operation of the public reference room by calling the Securities and
Exchange Commission at 1-800-SEC-0330. The registration statement and other
filed documents for MONY America Variable Account L are available on the
Securities and Exchange Commission's Internet site at http//:www.sec.gov. You
may get copies of this information by paying a duplicating fee, and writing the
Public Reference Section of the Securities and Exchange Commission, Washington,
D.C. 20549-6009.
<PAGE> 214
PART II
(INFORMATION NOT REQUIRED IN A PROSPECTUS)
<PAGE> 215
PART II
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the Registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and Reports as may be prescribed by any rule or regulation of the
Commission heretofore, or hereafter duly adopted pursuant to authority conferred
in that Section.
RULE 484 UNDERTAKING
The By-Laws of MONY Life Insurance Company of America ("MONY America")
provide, in Article VI as follows:
SECTION 1. The Corporation shall indemnify any existing or former
director, officer, employee or agent of the Corporation against all
expenses incurred by them and each of them which may arise or be incurred,
rendered or levied in any legal action brought or threatened against any of
them for or on account of any action or omission alleged to have been
committed while acting within the scope of employment as director, officer,
employee or agent of the Corporation, whether or not any action is or has
been filed against them and whether or not any settlement or compromise is
approved by a court, all subject and pursuant to the provisions of the
Articles of Incorporation of this Corporation.
SECTION 2. The indemnification provided in this By-Law shall not be
deemed exclusive of any other rights to which those seeking indemnification
may be entitled under By-Law, agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in his official
capacity and as to action in another capacity while holding office, and
shall continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors
and administrators of such a person.
Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification for such
liabilities (other than the payment by the Registrant of expense incurred or
paid by a director, officer, or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant, will (unless in the opinion of its counsel the
matter has been settled by controlling precedent) submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
REPRESENTATIONS RELATING TO SECTION 26 OF THE
INVESTMENT COMPANY ACT OF 1940
Registrant and MONY Life Insurance Company of America represent that the
fees and charges deducted under the contract, in the aggregate, are reasonable
in relation to the services rendered, the expenses expected to be incurred, and
the risks assumed by MONY Life Insurance Company of America.
II-1
<PAGE> 216
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement comprises the following papers and documents:
The Facing Sheet.
Cross-Reference to items required by Form N-8B-2.
Prospectus consisting of pages.
The Undertaking to file reports.
The signatures.
Written consents of the following persons:
a. Edward P. Bank, Vice President and Deputy General Counsel, The
Mutual Life Insurance Company of New York
b. Evelyn Peos, FSA
c. PricewaterhouseCoopers LLP, Independent Accountants
The following exhibits:
1. The following exhibits correspond to those required by paragraph A
of the instructions as exhibits to Form N-8B2:
(1) Resolution of the Board of Directors of MONY America
authorizing establishment of MONY America Variable Account L, filed as
Exhibit 1 to Registration Statement on Form S-6, dated February 21, 1985
(Registration Nos. 2-95900 and 811-4235), is incorporated herein by
reference.
(2) Not applicable.
(3) (a) Underwriting Agreement between MONY Life Insurance Company
of America, MONY Series Fund, Inc., and MONY Securities Corp., filed as
Exhibit 3(a) to Pre-Effective Amendment No. 1 to Registration Statement
on Form S-6, dated January 6, 1995 (Registration Nos. 33-82570 and
811-4235), is incorporated by referenced herein.
(b) Proposed specimen agreement between MONY Securities Corp. and
registered representatives, filed as Exhibit 3(b) of Pre-Effective
Amendment No. 1, dated December 17, 1990, to Registration Statement on
Form N-4 (Registration Nos. 33-37722 and 811-6126) is incorporated
herein by reference.
(c) Commission schedule (with Commission Contract), filed as
Exhibit 3(c) to Pre-Effective Amendment No. 1 to Registration Statement
on Form S-6, dated January 6, 1995 (Registration Nos. 33-82570 and
811-4235), is incorporated by referenced herein.
(4) Not applicable.
(5) Form of policy, filed as Exhibit 5 to Registration Statement on
Form S-6, dated August 8, 1994 (Registration Nos. 33-82570 and
811-4235), is incorporated herein by reference.
(6) Articles of Incorporation and By-Laws of MONY America filed as
Exhibits 6(a) and 6(b), respectively, to Registration Statement
(Registration No. 33-13183) dated April 6, 1987, is incorporated herein
by reference.
(7) Not applicable.
(8) (a) Form of agreement to purchase shares filed as Exhibit
1(3)(a) to Pre-Effective Amendment No. 1 to Registration Statement on
Form S-6, dated January 6, 1995 (Registration Nos. 33-82570 and
811-4235), is incorporated herein by reference.
II-2
<PAGE> 217
(b) Investment Advisory Agreement between MONY Life Insurance
Company of America and MONY Series Fund, Inc. filed as Exhibit 5(i) to
Post-Effective amendment No. 14 to Registration Statement (Registration
Nos. 2-95501 and 811-4209) dated February 27, 1998, is incorporated
herein by reference.
Investment Advisory Agreement between Enterprise Capital
Management, Inc., ("Enterprise Capital") and The Enterprise Accumulation
Trust ("Trust"), and Enterprise Capital, the Trust, and Quest for Value
Advisors, as sub-advisor, filed as Exhibit 5 to Post-Effective Amendment
No. 8, dated September 30, 1994, to Registration Statement on Form N-1A
(Registration No. 33-21534), is incorporated herein by reference.
(c) Services Agreement between The Mutual Life Insurance Company of
New York and MONY Life Insurance Company of America filed as Exhibit
5(ii) to Pre-Effective Amendment to Registration Statement (Registration
Nos. 2-95501 and 811-4209) dated July 19, 1985, is incorporated herein
by reference.
(9) Not applicable.
(10) Application Form for Flexible Premium Variable Universal Life
Insurance Policy filed as Exhibit 1(10) to Pre-Effective Amendment No. 1
to Registration Statement on Form S-6, dated January 6, 1995
(Registration Nos. 33-82570 and 811-4235), is incorporated herein by
reference.
2. Opinion and consent of Edward P. Bank, Vice President and Deputy
General Counsel, The Mutual Life Insurance Company of New York, as to
legality of the securities being registered, filed as Exhibit 2 to
Pre-Effective Amendment No. 1 to Registration Statement on Form S-6, dated
January 6, 1995 (Registration Nos. 33-82570 and 811-4235), is incorporated
by referenced herein.
3. Not applicable.
4. Not applicable.
5. Not applicable.
6. Opinion and consent of Evelyn L. Peos, FSA, as to actuarial
matters, filed as Exhibit 6 to Pre-Effective Amendment No. 1 to
Registration Statement on Form S-6, dated January 6, 1995 (Registration
Nos. 33-82570 and 811-4235), is incorporated by referenced herein.
7. Consent of PricewaterhouseCoopers LLP as to financial statements of
MONY America Variable Account L and of MONY Life Insurance Company of
America.
II-3
<PAGE> 218
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
MONY America Variable Account L of MONY Life Insurance Company of America, has
duly caused this Post-Effective Amendment No. 11 to the Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of New York and the State of New York, on this 12th day of January, 2001.
MONY AMERICA VARIABLE ACCOUNT L OF
MONY LIFE INSURANCE COMPANY OF AMERICA
By: /s/ MICHAEL I. ROTH
------------------------------------
Michael I. Roth, Director,
Chairman of
the Board and Chief Executive
Officer
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment No. 11 to the Registration Statement has been duly
signed below by the following persons in the capacities and on the date
indicated.
<TABLE>
<CAPTION>
SIGNATURE DATE
--------- ----
<C> <S> <C>
/s/ MICHAEL I. ROTH Director, Chairman of the January 12, 2001
----------------------------------------------------- Board and Chief Executive
Michael I. Roth Officer
/s/ SAMUEL J. FOTI Director, President and Chief January 12, 2001
----------------------------------------------------- Operating Officer
Samuel J. Foti
/s/ RICHARD DADDARIO Director, Vice President and January 12, 2001
----------------------------------------------------- Controller (Principal
Richard Daddario Financial and Accounting
Officer)
/s/ KENNETH M. LEVINE Director and Executive Vice January 12, 2001
----------------------------------------------------- President
Kenneth M. Levine
/s/ PHILLIP A. EISENBERG Director, Vice President January 12, 2001
----------------------------------------------------- and Chief Actuary
Phillip A. Eisenberg
/s/ MARGARET G. GALE Director and Vice President January 12, 2001
-----------------------------------------------------
Margaret G. Gale
/s/ CHARLES P. LEONE Director and Vice President January 12, 2001
-----------------------------------------------------
Charles P. Leone
/s/ RICHARD E. CONNORS Director January 12, 2001
-----------------------------------------------------
Richard E. Connors
/s/ STEPHEN J. HALL Director January 12, 2001
-----------------------------------------------------
Stephen J. Hall
</TABLE>
II-4
<PAGE> 219
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<C> <S>
7. Consent of PricewaterhouseCoopers LLP.
</TABLE>
