<PAGE> 1
SUPPLEMENT DATED JANUARY 1, 2001
to
PROSPECTUS DATED MAY 1, 2000
for
Flexible Premium Variable Life Insurance Policy
MONY Life Insurance Company of America
MONY America Variable Account L
Effective January 1, 2001 this Supplement updates certain information contained
in your Prospectus. Please read it and keep it with your prospectus for future
reference.
1. THE DESCRIPTION OF THE MANAGED PORTFOLIO ON PAGE 25 IS AMENDED TO READ
AS FOLLOWS:
<TABLE>
<S> <C> <C>
--------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
--------------------------------------------------------------------------------------------
MANAGED PORTFOLIO Annual rate of 0.80% of the Wellington Management
Wellington Management first $400 million, 0.75% of Company's fee for the assets
Company, LLP and Sanford C. the next $400 million and of the portfolio it manages
Bernstein & Co., LLC 0.70% in excess of $800 is an annual rate of 0.40%
million of the average daily up to $500 million, 0.35% of
net assets the next $500 million, 0.30%
of the next $1 billion and
0.25% in excess of $2
billion of the portfolio's
average daily net assets.
Sanford C. Bernstein & Co.'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.
--------------------------------------------------------------------------------------------
</TABLE>
Form No. 14352 SL (Supp 1/01/01) Registration No. 333-06071
<PAGE> 2
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 3
The financial statements that follow supplement the Financial Statements
and Notes to Financial Statements found beginning on page F-1 of the Flexible
Premium Variable Life Insurance Policy Prospectus Portfolio dated May 1, 2000.
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY America Variable Account L:
Statements of assets and liabilities as of September 30,
2000 (unaudited)....................................... F-2
Statements of operations for the nine months ended
September 30, 2000 (unaudited)......................... F-8
Statements of changes in net assets for the periods ended
September 30, 2000 (unaudited) and December 31, 1999... F-14
Notes to financial statements (unaudited)................. F-21
With respect to MONY Life Insurance Company of America:
Unaudited interim condensed balance sheets as of September
30, 2000 and December 31, 1999......................... F-24
Unaudited interim condensed statements of income and
comprehensive income for the three-month periods ended
September 30, 2000 and 1999............................ F-25
Unaudited interim condensed statements of income and
comprehensive income for the nine-month periods ended
September 30, 2000 and 1999............................ F-26
Unaudited interim condensed statement of changes in
shareholder's equity for the nine-month period ended
September 30, 2000..................................... F-27
Unaudited interim condensed statements of cash flows for
the nine-month periods ended September 30, 2000 and
1999................................................... F-28
Notes to unaudited interim condensed financial
statements............................................. F-29
</TABLE>
F-1
<PAGE> 4
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ------------ ----------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds................ 20,781,729 181,403 1,625,122 224,801
=========== ========== =========== ==========
Investments at cost............................ $20,781,729 $1,925,929 $21,959,692 $2,448,970
=========== ========== =========== ==========
Investments in respective Funds at net asset
value........................................ $20,781,729 $1,928,311 $20,297,773 $2,448,088
Amount due from MONY America................... 658 413 176 209
Amount due from respective Funds............... 0 0 0 0
----------- ---------- ----------- ----------
Total assets................................... 20,782,387 1,928,724 20,297,949 2,448,297
----------- ---------- ----------- ----------
LIABILITIES
Amount due to MONY America..................... 0 0 0 0
Amount due to respective Funds................. 658 413 176 209
----------- ---------- ----------- ----------
Total liabilities.............................. 658 413 176 209
----------- ---------- ----------- ----------
Net assets..................................... $20,781,729 $1,928,311 $20,297,773 $2,448,088
=========== ========== =========== ==========
Net assets consist of:
Contractholders' net payments................ $19,764,326 $1,835,299 $19,845,434 $2,286,811
Undistributed net investment income.......... 1,017,403 168,626 2,377,260 170,615
Accumulated net realized gain (loss) on
investments............................... 0 (77,997) (263,002) (8,456)
Net unrealized appreciation (depreciation) of
investments............................... 0 2,383 (1,661,919) (882)
----------- ---------- ----------- ----------
Net assets..................................... $20,781,729 $1,928,311 $20,297,773 $2,448,088
=========== ========== =========== ==========
Number of units outstanding*................... 1,772,018 172,423 1,835,381 216,838
----------- ---------- ----------- ----------
Net asset value per unit outstanding*.......... $ 11.73 $ 11.18 $ 11.06 $ 11.29
=========== ========== =========== ==========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-2
<PAGE> 5
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD SMALL COMPANY
EQUITY VALUE MANAGED GROWTH BOND GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds...................... 79,630 24,996 17,770 155,235 4,163,169 24,989 28,572
========== ======== ========= ========== =========== ======== ========
Investments at cost.......... $3,239,492 $743,079 $ 554,492 $1,148,929 $22,141,157 $229,702 $178,840
========== ======== ========= ========== =========== ======== ========
Investments in respective
Funds at net asset value... $2,723,334 $653,898 $ 421,680 $1,103,722 $19,899,946 $234,899 $164,574
---------- -------- --------- ---------- ----------- -------- --------
Amount due from MONY
America.................... 1059 425 63 144 187 636 0
Amount due from respective
Funds...................... 0 0 0 0 0 0 0
---------- -------- --------- ---------- ----------- -------- --------
Total assets................. 2,724,393 654,323 421,743 1,103,866 19,900,133 235,535 164,574
---------- -------- --------- ---------- ----------- -------- --------
LIABILITIES
Amount due to MONY America... 0 0 0 0 0 0 0
Amount due to respective
Funds...................... 1059 425 63 144 187 636 0
---------- -------- --------- ---------- ----------- -------- --------
Total liabilities............ 1059 425 63 144 187 636 0
---------- -------- --------- ---------- ----------- -------- --------
Net assets................... $2,723,334 $653,898 $ 421,680 $1,103,722 $19,899,946 $234,899 $164,574
========== ======== ========= ========== =========== ======== ========
Net assets consist of:
Contractholders' net
payments................. $2,342,490 $538,686 $ 337,898 $ 978,976 $19,279,552 $198,915 $177,315
Undistributed net
investment income........ 737,904 202,518 285,602 145,470 3,023,854 1,644 1,621
Accumulated net realized
gain (loss) on
investments.............. 159,098 1,875 (69,008) 24,483 (162,249) 29,143 (96)
Net unrealized appreciation
(depreciation) of
investments.............. (516,158) (89,181) (132,812) (45,207) (2,241,211) 5,197 (14,266)
---------- -------- --------- ---------- ----------- -------- --------
Net assets................... $2,723,334 $653,898 $ 421,680 $1,103,722 $19,899,946 $234,899 $164,574
========== ======== ========= ========== =========== ======== ========
Number of units
outstanding*............... 170,398 41,723 34,428 87,767 1,729,956 19,453 18,023
---------- -------- --------- ---------- ----------- -------- --------
Net asset value per unit
outstanding*............... $ 15.98 $ 15.67 $ 12.25 $ 12.58 $ 11.50 $ 12.08 $ 9.13
========== ======== ========= ========== =========== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 6
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------
DREYFUS VARIABLE INVESTMENT
FUND
---------------------------- DREYFUS
CAPITAL SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- -----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds......................... 68,056 50,981 922,025
========== ======== ===========
Investments at cost..................................... $2,649,713 $805,584 $32,698,560
========== ======== ===========
Investments in respective Funds at net asset value...... $2,739,242 $975,266 $34,539,284
Amount due from MONY America............................ 1,277 77 14,877
Amount due from respective Funds........................ 0 0 0
---------- -------- -----------
Total assets.................................... 2,740,519 975,343 34,554,161
---------- -------- -----------
LIABILITIES
Amount due to MONY America.............................. 0 0 0
Amount due to respective Funds.......................... 1,277 77 14,877
---------- -------- -----------
Total liabilities....................................... 1,277 77 14,877
---------- -------- -----------
Net assets.............................................. $2,739,242 $975,266 $34,539,284
========== ======== ===========
Net assets consist of:
Contractholders' net payments......................... $2,498,827 $775,962 $30,534,590
Undistributed net investment income................... 20,327 2,695 748,739
Accumulated net realized gain (loss) on investments... 130,559 26,927 1,415,231
Net unrealized appreciation (depreciation) of
investments......................................... 89,529 169,682 1,840,724
---------- -------- -----------
Net assets.............................................. $2,739,242 $975,266 $34,539,284
========== ======== ===========
Number of units outstanding*............................ 183,384 84,046 2,181,698
---------- -------- -----------
Net asset value per unit outstanding*................... $ 14.94 $ 11.60 $ 15.83
========== ======== ===========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE TRUST
DREYFUS -------------------------------------------
SOCIALLY HARD WORLDWIDE WORLDWIDE
RESPONSIBLE ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ---------- -----------------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds......................... 6,092 1,864 10,744 14,996
======== ======= ======== ========
Investments at cost..................................... $235,459 $20,987 $109,959 $184,368
======== ======= ======== ========
Investments in respective Funds at net asset value...... $242,403 $21,962 $105,936 $161,654
Amount due from MONY America............................ 536 0 354 418
Amount due from respective Funds........................ 0 0 0 0
-------- ------- -------- --------
Total assets.................................... 242,939 21,962 106,290 162,072
-------- ------- -------- --------
LIABILITIES
Amount due to MONY America.............................. 0 0 0 0
Amount due to respective Funds.......................... 536 0 354 418
-------- ------- -------- --------
Total liabilities....................................... 536 0 354 418
-------- ------- -------- --------
Net assets.............................................. $242,403 $21,962 $105,936 $161,654
======== ======= ======== ========
Net assets consist of:
Contractholders' net payments......................... $232,016 $20,860 $109,448 $170,913
Undistributed net investment income................... 2,686 45 4,171 197
Accumulated net realized gain (loss) on investments... 757 82 (3,660) 13,258
Net unrealized appreciation (depreciation) of
investments......................................... 6,944 975 (4,023) (22,714)
-------- ------- -------- --------
Net assets.............................................. $242,403 $21,962 $105,936 $161,654
======== ======= ======== ========
Number of units outstanding*............................ 19,843 2,023 10,676 23,022
-------- ------- -------- --------
Net asset value per unit outstanding*................... $ 12.22 $ 10.86 $ 9.92 $ 7.02
======== ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 7
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------------------------------
T. ROWE PRICE
--------------------------------------------------------------------------------------
EQUITY PRIME INTERNATIONAL LIMITED NEW AMERICA PERSONAL STRATEGY
INCOME RESERVE STOCK TERM GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ----------- -----------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds.................... 53,551 59,904 64,030 6,921 19,827 60,330
========== ======= ========== ======= ======== ========
Investments at cost........ $1,027,211 $59,904 $1,137,187 $33,285 $505,099 $962,836
========== ======= ========== ======= ======== ========
Investments in respective
Funds at net asset
value.................... $1,007,821 $59,904 $1,070,577 $33,497 $511,932 $973,732
Amount due from MONY
America.................. 216 0 501 0 242 0
Amount due from respective
Funds.................... 0 0 0 0 0 0
---------- ------- ---------- ------- -------- --------
Total assets............... 1,008,037 59,904 1,071,078 33,497 512,174 973,732
---------- ------- ---------- ------- -------- --------
LIABILITIES
Amount due to MONY
America.................. 0 0 0 0 0 0
Amount due to respective
Funds.................... 216 0 501 0 242 0
---------- ------- ---------- ------- -------- --------
Total liabilities.......... 216 0 501 0 242 0
---------- ------- ---------- ------- -------- --------
Net assets................. $1,007,821 $59,904 $1,070,577 $33,497 $511,932 $973,732
========== ======= ========== ======= ======== ========
Net assets consist of:
Contractholders' net
payments.............. $ 974,266 $51,292 $1,118,919 $32,284 $477,972 $928,083
Undistributed net
investment income..... 65,544 8,612 2,296 1,044 20,704 29,950
Accumulated net realized
gain (loss) on
investments........... (12,599) 0 15,972 (43) 6,423 4,803
Net unrealized
appreciation
(depreciation) of
investments........... (19,390) 0 (66,610) 212 6,833 10,896
---------- ------- ---------- ------- -------- --------
Net assets................. $1,007,821 $59,904 $1,070,577 $33,497 $511,932 $973,732
========== ======= ========== ======= ======== ========
Number of units
outstanding*............. 91,950 5,487 86,737 3,151 40,888 82,976
---------- ------- ---------- ------- -------- --------
Net asset value per unit
outstanding*............. $ 10.96 $ 10.92 $ 12.34 $ 10.63 $ 12.52 $ 11.74
========== ======= ========== ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-5
<PAGE> 8
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS
-----------------------------------------------------------------
VIP III VIP II VIP III
VIP VIP II GROWTH ASSET GROWTH &
GROWTH CONTRA OPPORTUNITIES MANAGER INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds................. 16,110 40,199 3,022 25,258 204,614
======== ========== ======= ======== ==========
Investments at cost............................. $807,900 $1,013,153 $60,517 $414,026 $3,071,713
======== ========== ======= ======== ==========
Investments in respective Funds at net asset
value......................................... $801,977 $1,021,446 $60,293 $420,295 $3,277,917
Amount due from MONY America.................... 759 1,102 963 0 0
Amount due from respective Funds................ 0 0 0 0 0
-------- ---------- ------- -------- ----------
Total assets.................................... 802,736 1,022,548 61,256 420,295 3,277,917
-------- ---------- ------- -------- ----------
LIABILITIES
Amount due to MONY America...................... 0 0 0 0 0
Amount due to respective Funds.................. 759 1,102 963 0 0
-------- ---------- ------- -------- ----------
Total liabilities............................... 759 1,102 963 0 0
-------- ---------- ------- -------- ----------
Net assets...................................... $801,977 $1,021,446 $60,293 $420,295 $3,277,917
======== ========== ======= ======== ==========
Net assets consist of:
Contractholders' net payments................. $797,062 $1,024,672 $60,051 $403,605 $3,000,936
Undistributed net investment income........... 40,092 6,303 0 0 6,457
Accumulated net realized gain (loss) on
investments................................. (29,254) (17,822) 466 10,421 64,320
Net unrealized appreciation (depreciation) of
investments................................. (5,923) 8,293 (224) 6,269 206,204
-------- ---------- ------- -------- ----------
Net assets...................................... $801,977 $1,021,446 $60,293 $420,295 $3,277,917
======== ========== ======= ======== ==========
Number of units outstanding*.................... 67,218 96,345 6,474 41,322 323,212
-------- ---------- ------- -------- ----------
Net asset value per unit outstanding*........... $ 11.93 $ 10.60 $ 9.31 $ 10.17 $ 10.14
======== ========== ======= ======== ==========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
---------------------------------------
EQUITY FIXED
GROWTH INCOME VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds................. 20,527 357,873 41
======== ========== ======
Investments at cost............................. $431,904 $3,583,108 $ 447
======== ========== ======
Investments in respective Funds at net asset
value......................................... $424,085 $3,839,976 $ 472
Amount due from MONY America.................... 0 0 0
Amount due from respective Funds................ 0 0 0
-------- ---------- ------
Total assets.................................... 424,085 3,839,976 472
-------- ---------- ------
LIABILITIES
Amount due to MONY America...................... 0 0 0
Amount due to respective Funds.................. 0 0 0
-------- ---------- ------
Total liabilities............................... 0 0 0
-------- ---------- ------
Net assets...................................... $424,085 $3,839,976 $ 472
======== ========== ======
Net assets consist of:
Contractholders' net payments................. $413,889 $3,582,355 $ 451
Undistributed net investment income........... 11,069 0 0
Accumulated net realized gain (loss) on
investments................................. 6,946 753 (4)
Net unrealized appreciation (depreciation) of
investments................................. (7,819) 256,868 25
-------- ---------- ------
Net assets...................................... $424,085 $3,839,976 $ 472
======== ========== ======
Number of units outstanding*.................... 37,911 358,231 46
-------- ---------- ------
Net asset value per unit outstanding*........... $ 11.19 $ 10.72 $10.27
======== ========== ======
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-6
<PAGE> 9
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------
JANUS ASPEN SERIES
-------------------------------------------------------------------
AGGRESSIVE FLEXIBLE INTERNATIONAL WORLDWIDE CAPITAL
GROWTH INCOME GROWTH GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds......... 22,371 535,502 95,066 36,952 6,036
========== ========== ========== ========== ========
Investments at cost..................... $1,217,348 $6,039,389 $3,824,899 $1,756,587 $200,348
========== ========== ========== ========== ========
Investments in respective Funds at net
asset value........................... $1,182,312 $6,061,888 $3,382,465 $1,568,975 $196,845
Amount due from MONY America............ 2,964 643 1,960 1,614 2,008
Amount due from respective Funds........ 0 0 0 0 0
---------- ---------- ---------- ---------- --------
Total assets............................ 1,185,276 6,062,531 3,384,425 1,570,589 198,853
---------- ---------- ---------- ---------- --------
LIABILITIES
Amount due to MONY America.............. 0 0 0 0 0
Amount due to respective Funds.......... 2,964 643 1,960 1,614 2,008
---------- ---------- ---------- ---------- --------
Total liabilities....................... 2,964 643 1,960 1,614 2,008
---------- ---------- ---------- ---------- --------
Net assets.............................. $1,182,312 $6,061,888 $3,382,465 $1,568,975 $196,845
========== ========== ========== ========== ========
Net assets consist of:
Contractholders' net payments......... $1,209,773 $5,961,243 $3,677,815 $1,734,946 $199,460
Undistributed net investment income... 88,766 80,427 148,348 98,747 959
Accumulated net realized gain (loss)
on investments..................... (81,191) (2,281) (1,264) (77,106) (71)
Net unrealized appreciation
(depreciation) of investments...... (35,036) 22,499 (442,434) (187,612) (3,503)
---------- ---------- ---------- ---------- --------
Net assets.............................. $1,182,312 $6,061,888 $3,382,465 $1,568,975 $196,845
========== ========== ========== ========== ========
Number of units outstanding*............ 105,334 587,145 288,402 140,921 19,988
---------- ---------- ---------- ---------- --------
Net asset value per unit outstanding*... $ 11.22 $ 10.32 $ 11.73 $ 11.13 $ 9.85
========== ========== ========== ========== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-7
<PAGE> 10
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
Dividend income...................................... $609,574 $125,577 $1,339,956 $115,584
Distribution from capital gains...................... 0 0 0 30
-------- -------- ---------- --------
Net investment income................................ 609,574 125,577 1,339,956 115,614
-------- -------- ---------- --------
Realized and unrealized loss on investments:
Net realized loss on investments................... 0 (71,430) (188,463) (8,724)
Net change in unrealized appreciation of
investments..................................... 0 25,768 492,394 13,530
-------- -------- ---------- --------
Net realized and unrealized loss on investments...... 0 (45,662) 303,931 4,806
-------- -------- ---------- --------
Net increase in net assets resulting from
operations......................................... $609,574 $ 79,915 $1,643,887 $120,420
======== ======== ========== ========
</TABLE>
See notes to financial statements.
F-8
<PAGE> 11
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------------------
SMALL COMPANY INTERNATIONAL
EQUITY VALUE MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------- ------------- -------------
FOR THE 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......................... $ 625,935 $ 122,451 $ 143,242 $ 107,349
Distribution from capital gains......... 0 0 0 0
--------- --------- --------- ---------
Net investment income................... 625,935 122,451 143,242 107,349
--------- --------- --------- ---------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments......................... 146,295 17,555 (55,202) 14,551
Net change in unrealized depreciation
of investments...................... (536,651) (122,311) (88,529) (307,490)
--------- --------- --------- ---------
Net realized and unrealized gain (loss)
on investments........................ (390,356) (104,756) (143,731) (292,939)
--------- --------- --------- ---------
Net increase (decrease) in net assets
resulting from operations............. $ 235,579 $ 17,695 $ (489) $(185,590)
========= ========= ========= =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------
HIGH YIELD SMALL COMPANY
BOND GROWTH GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------- ------------------
FOR THE NINE FOR THE NINE FOR THE PERIOD
MONTHS ENDED MONTHS ENDED FEBRUARY 4, 2000**
SEPTEMBER 30, SEPTEMBER 30, THROUGH
2000 2000 SEPTEMBER 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ------------- ------------------
<S> <C> <C> <C>
Dividend income......................... $ 1,414,125 $ 1,644 $ 1,621
Distribution from capital gains......... 0 0 0
----------- ------- --------
Net investment income................... 1,414,125 1,644 1,621
----------- ------- --------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments......................... (90,678) 29,144 (96)
Net change in unrealized depreciation
of investments...................... (1,032,022) (5,904) (14,266)
----------- ------- --------
Net realized and unrealized gain (loss)
on investments........................ (1,122,700) 23,240 (14,362)
----------- ------- --------
Net increase (decrease) in net assets
resulting from operations............. $ 291,425 $24,884 $(12,741)
=========== ======= ========
</TABLE>
---------------
** Commencement of operations.
See notes to financial statements.
F-9
<PAGE> 12
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------------------
DREYFUS VARIABLE INVESTMENT
FUND VAN ECK WORLDWIDE INSURANCE TRUST
---------------------------- DREYFUS DREYFUS ------------------------------------------
CAPITAL SMALL COMPANY STOCK SOCIALLY HARD WORLDWIDE WORLDWIDE
APPRECIATION STOCK INDEX RESPONSIBLE ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------- ----------- ----------- ---------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income........... $ 92 $ 1,649 $ 119,505 $ 12 $ 42 $ 3,021 $ 0
Distribution from capital
gains................... 0 0 157,040 0 0 0 0
-------- -------- ----------- ------- ---- ------- --------
Net investment income..... 92 1,649 276,545 12 42 3,021 0
-------- -------- ----------- ------- ---- ------- --------
Realized and unrealized
gain (loss) on
investments:
Net realized gain (loss)
on investments........ 28,506 35,588 1,003,863 675 91 (3,671) 9,631
Net change in unrealized
appreciation
(depreciation) of
investments........... (12,729) 81,328 (1,801,410) (3,678) 789 (2,124) (42,009)
-------- -------- ----------- ------- ---- ------- --------
Net realized and
unrealized gain (loss)
on investments.......... 15,777 116,916 (797,547) (3,003) 880 (5,795) (32,378)
-------- -------- ----------- ------- ---- ------- --------
Net increase (decrease) in
net assets resulting
from operations......... $ 15,869 $118,565 $ (521,002) $(2,991) $922 $(2,774) $(32,378)
======== ======== =========== ======= ==== ======= ========
</TABLE>
See notes to financial statements.
F-10
<PAGE> 13
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------
T. ROWE PRICE
----------------------------------------------------------------------------------------
EQUITY PRIME INTERNATIONAL LIMITED TERM NEW AMERICA PERSONAL STRATEGY
INCOME RESERVE STOCK BOND GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ------------ ----------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Dividend income........................ $ 13,223 $4,435 $ 0 $ 999 $ 0 $13,706
Distribution from capital gains........ 13,187 0 0 0 0 774
-------- ------ -------- ------ ------- -------
Net investment income.................. 26,410 4,435 0 999 0 14,480
-------- ------ -------- ------ ------- -------
Realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on
investments....................... (15,725) 0 14,432 (41) (646) (426)
Net change in unrealized appreciation
(depreciation) of investments..... 30,456 0 (93,835) 250 (4,490) 11,247
-------- ------ -------- ------ ------- -------
Net realized and unrealized gain (loss)
on investments....................... 14,731 0 (79,403) 209 (5,136) 10,821
-------- ------ -------- ------ ------- -------
Net increase (decrease) in net assets
resulting from operations............ $ 41,141 $4,435 $(79,403) $1,208 $(5,136) $25,301
======== ====== ======== ====== ======= =======
</TABLE>
See notes to financial statements.
F-11
<PAGE> 14
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
------------------------------------------------------------------------------------------
VIP III VIP III
VIP VIP II GROWTH VIP II GROWTH AND
GROWTH CONTRA OPPORTUNITIES ASSET MANAGER INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------- ---------------- ------------------ ------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FOR THE NINE FOR THE NINE MARCH 31, 2000** FEBRUARY 4, 2000** JANUARY 13, 2000**
MONTHS ENDED MONTHS ENDED 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................ $ 399 $ 169 $ 0 $ 0 $ 858
Distribution from capital
gains........................ 39,693 6,134 0 0 5,599
-------- -------- ----- ------- --------
Net investment income.......... 40,092 6,303 0 0 6,457
-------- -------- ----- ------- --------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments................ (29,280) (17,822) 466 10,421 64,320
Net change in unrealized
appreciation (depreciation)
of investments............. (14,652) 6,323 (224) 6,269 206,204
-------- -------- ----- ------- --------
Net realized and unrealized
gain (loss) on investments... (43,932) (11,499) 242 16,690 270,524
-------- -------- ----- ------- --------
Net increase (decrease) in net
assets resulting from
operations................... $ (3,840) $ (5,196) $ 242 $16,690 $276,981
======== ======== ===== ======= ========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
--------------------------------------------------
EQUITY FIXED
GROWTH INCOME VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ----------------- --------------
FOR THE PERIOD FOR THE PERIOD
FOR THE NINE JANUARY 6, 2000** MAY 22, 2000**
MONTHS ENDED THROUGH THROUGH
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 2000 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ----------------- --------------
<S> <C> <C> <C>
Dividend income................ $ 6,830 $ 0 $ 0
Distribution from capital
gains........................ 0 0 0
-------- -------- ---
Net investment income.......... 6,830 0 0
-------- -------- ---
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments................ 6,946 753 (4)
Net change in unrealized
appreciation (depreciation)
of investments............. (12,723) 256,868 25
-------- -------- ---
Net realized and unrealized
gain (loss) on investments... (5,777) 257,621 21
-------- -------- ---
Net increase (decrease) in net
assets resulting from
operations................... $ 1,053 $257,621 $21
======== ======== ===
</TABLE>
---------------
** Commencement of operations.
See notes to financial statements.
F-12
<PAGE> 15
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------
JANUS ASPEN SERIES
----------------------------------------------------------------------------------
AGGRESSIVE FLEXIBLE INTERNATIONAL WORLDWIDE CAPITAL
GROWTH INCOME GROWTH GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------- ------------- ------------- ------------------
FOR THE PERIOD
FOR THE NINE FOR THE NINE FOR THE NINE FOR THE NINE FEBRUARY 4, 2000**
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED 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...................... $ 69,312 $ 79,990 $ 148,348 $ 86,648 $ 915
Distribution from capital gains...... 19,454 0 0 12,099 44
--------- -------- --------- --------- -------
Net investment income................ 88,766 79,990 148,348 98,747 959
--------- -------- --------- --------- -------
Realized and unrealized gain (loss)
on investments:
Net realized loss on investments... (81,193) (2,281) (1,264) (77,115) (71)
Net change in unrealized
appreciation (depreciation) of
investments..................... (59,515) 22,924 (442,927) (194,612) (3,503)
--------- -------- --------- --------- -------
Net realized and unrealized gain
(loss) on investments.............. (140,708) 20,643 (444,191) (271,727) (3,574)
--------- -------- --------- --------- -------
Net increase (decrease) in net assets
resulting from operations.......... $ (51,942) $100,633 $(295,843) $(172,980) $(2,615)
========= ======== ========= ========= =======
</TABLE>
---------------
** Commencement of operations.
See notes to financial statements.
F-13
<PAGE> 16
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------------
MONEY INTERMEDIATE
MARKET TERM BOND
SUBACCOUNT SUBACCOUNT
---------------------------- ----------------------------
FOR THE 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................. $ 609,574 $ 345,020 $ 125,577 $ 35,406
Net realized loss on investments...... 0 0 (71,430) (6,511)
Net change in unrealized depreciation
of investments...................... 0 0 25,768 (28,840)
------------ ------------ ---------- ---------
Net increase (decrease) in net assets
resulting from operations............. 609,574 345,020 79,915 55
------------ ------------ ---------- ---------
From unit transactions:
Net proceeds from the issuance of
units............................... 51,308,927 77,560,082 1,129,196 696,328
Net asset value of units redeemed or
used to meet contract obligations... (50,354,661) (61,373,092) (99,854) (181,862)
------------ ------------ ---------- ---------
Net increase (decrease) from unit
transactions.......................... 954,266 16,186,990 1,029,342 514,466
------------ ------------ ---------- ---------
Net increase in net assets.............. 1,563,840 16,532,010 1,109,257 514,521
Net assets beginning of period.......... 19,217,889 2,685,879 819,054 304,533
------------ ------------ ---------- ---------
Net assets end of period*............... $ 20,781,729 $19,217,889 $1,928,311 $ 819,054
============ ============ ========== =========
Unit transactions:
Units outstanding beginning of period... 1,712,047 251,238 76,605 28,549
Units issued during the period.......... 4,213,391 8,571,435 104,808 65,528
Units redeemed during the period........ (4,153,420) (7,110,626) (8,990) (17,472)
------------ ------------ ---------- ---------
Units outstanding end of period......... 1,772,018 1,712,047 172,423 76,605
============ ============ ========== =========
---------------
* Includes undistributed net investment
income of............................ $ 1,017,403 $ 407,829 $ 168,626 $ 43,049
============ ============ ========== =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------------
LONG TERM GOVERNMENT
BOND SECURITIES
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................. $ 1,339,956 $ 1,028,956 $ 115,614 $36,509
Net realized loss on investments...... (188,463) (74,609) (8,724) (267)
Net change in unrealized depreciation
of investments...................... 492,394 (2,165,463) 13,530 (27,741)
----------- ----------- ---------- ------------
Net increase (decrease) in net assets
resulting from operations............. 1,643,887 (1,211,116) 120,420 8,501
----------- ----------- ---------- ------------
From unit transactions:
Net proceeds from the issuance of
units............................... 704,455 20,478,061 453,892 1,186,866
Net asset value of units redeemed or
used to meet contract obligations... (718,081) (936,588) (148,348) (49,795)
----------- ----------- ---------- ------------
Net increase (decrease) from unit
transactions.......................... (13,626) 19,541,473 305,544 1,137,071
----------- ----------- ---------- ------------
Net increase in net assets.............. 1,630,261 18,330,357 425,964 1,145,572
Net assets beginning of period.......... 18,667,512 337,155 2,022,124 876,552
----------- ----------- ---------- ------------
Net assets end of period*............... $20,297,773 $18,667,512 $2,448,088 $2,022,124
=========== =========== ========== ============
Unit transactions:
Units outstanding beginning of period... 1,836,729 30,651 189,531 82,700
Units issued during the period.......... 66,254 1,909,822 41,076 119,022
Units redeemed during the period........ (67,602) (103,744) (13,769) (12,191)
----------- ----------- ---------- ------------
Units outstanding end of period......... 1,835,381 1,836,729 216,838 189,531
=========== =========== ========== ============
---------------
* Includes undistributed net investment
income of............................ $ 2,377,260 $ 1,037,304 $ 170,615 $55,001
=========== =========== ========== ============
</TABLE>
See notes to financial statements.
F-14
<PAGE> 17
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE 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... $ 625,935 $ 110,007 $ 122,451 $ 35,776 $143,242 $ 56,019
Net realized gain (loss)
on investments........ 146,295 6,521 17,555 (17,101) (55,202) (14,912)
Net change in unrealized
appreciation
(depreciation)
investments........... (536,651) 20,255 (122,311) 57,257 (88,529) 29,662
---------- ---------- --------- --------- -------- ---------
Net increase (decrease)
in net assets resulting
from operations......... 235,579 136,783 17,695 75,932 (489) 70,769
---------- ---------- --------- --------- -------- ---------
From unit transactions:
Net proceeds from the
issuance of units..... 1,221,982 1,307,396 198,985 469,522 111,270 294,982
Net asset value of units
redeemed or used to
meet contract
obligations........... (148,302) (64,000) (125,827) (413,361) (45,572) (861,595)
---------- ---------- --------- --------- -------- ---------
Net increase (decrease)
from unit
transactions............ 1,073,680 1,243,396 73,158 56,161 65,698 (566,613)
---------- ---------- --------- --------- -------- ---------
Net increase (decrease)
in net assets........... 1,309,259 1,380,179 90,853 132,093 65,209 (495,844)
Net assets beginning of
period.................. 1,414,075 33,896 563,045 430,952 356,471 852,315
---------- ---------- --------- --------- -------- ---------
Net assets end of
period*................. $2,723,334 $1,414,075 $ 653,898 $ 563,045 $421,680 $ 356,471
========== ========== ========= ========= ======== =========
Unit transactions:
Units outstanding
beginning of period..... 102,764 2,848 36,787 34,921 28,967 75,641
Units issued during the
period.................. 77,180 109,654 11,724 37,233 8,556 25,257
Units redeemed during the
period.................. (9,546) (9,738) (6,788) (35,367) (3,095) (71,931)
---------- ---------- --------- --------- -------- ---------
Units outstanding end of
period.................. 170,398 102,764 41,723 36,787 34,428 28,967
========== ========== ========= ========= ======== =========
---------------
* Includes undistributed
net investment income
of:................... $ 737,904 $ 1,962 $ 202,518 $ 80,067 $285,602 $ 142,360
========== ========== ========= ========= ======== =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD SMALL COMPANY
GROWTH BOND GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- --------------------------------
FOR THE PERIOD
FOR THE NINE FOR THE NINE FOR THE NINE DECEMBER 8,
MONTHS ENDED FOR THE MONTHS ENDED FOR THE MONTHS ENDED 1999**
SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, THROUGH
2000 DECEMBER 31, 2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
------------- ------------ ------------- ------------ ------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income... $ 107,349 $ 23,845 $ 1,414,125 $ 1,578,167 $ 1,644 $ 0
Net realized gain (loss)
on investments........ 14,551 9,678 (90,678) (71,226) 29,144 (1)
Net change in unrealized
appreciation
(depreciation)
investments........... (307,490) 259,460 (1,032,022) (1,182,329) (5,904) 11,101
---------- ---------- ----------- ----------- -------- --------
Net increase (decrease)
in net assets resulting
from operations......... (185,590) 292,983 291,425 324,612 24,884 11,100
---------- ---------- ----------- ----------- -------- --------
From unit transactions:
Net proceeds from the
issuance of units..... 289,269 292,983 286,555 20,539,013 143,081 137,592
Net asset value of units
redeemed or used to
meet contract
obligations........... (42,854) (29,145) (737,663) (1,183,708) (81,570) (188)
---------- ---------- ----------- ----------- -------- --------
Net increase (decrease)
from unit
transactions............ 246,415 521,394 (451,108) 19,355,305 61,511 137,404
---------- ---------- ----------- ----------- -------- --------
Net increase (decrease)
in net assets........... 60,825 814,377 (159,683) 19,679,917 86,395 148,504
Net assets beginning of
period.................. 1,042,897 228,520 20,059,629 379,712 148,504 0
---------- ---------- ----------- ----------- -------- --------
Net assets end of
period*................. $1,103,722 $1,042,897 $19,899,946 $20,059,629 $234,899 $148,504
========== ========== =========== =========== ======== ========
Unit transactions:
Units outstanding
beginning of period..... 70,342 21,906 1,769,481 34,788 13,697 0
Units issued during the
period.................. 20,609 52,464 23,651 1,854,079 12,028 13,716
Units redeemed during the
period.................. (3,184) (4,028) (63,176) (119,386) (6,272) (19)
---------- ---------- ----------- ----------- -------- --------
Units outstanding end of
period.................. 87,767 70,342 1,729,956 1,769,481 19,453 13,697
========== ========== =========== =========== ======== ========
---------------
* Includes undistributed
net investment income
of:................... $ 145,470 $ 38,121 $ 3,023,854 $ 1,609,729 $ 1,644 $ 0
========== ========== =========== =========== ======== ========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------
ENTERPRISE ACCUMULATION TRUST
----------------
GROWTH
SUBACCOUNT
----------------
FOR THE PERIOD
FEBRUARY 4,
2000**
THROUGH
SEPTEMBER 30,
2000
(UNAUDITED)
----------------
<S> <C>
From operations:
Net investment income... $ 1,621
Net realized gain (loss)
on investments........ (96)
Net change in unrealized
appreciation
(depreciation)
investments........... (14,266)
--------
Net increase (decrease)
in net assets resulting
from operations......... (12,741)
--------
From unit transactions:
Net proceeds from the
issuance of units..... 180,142
Net asset value of units
redeemed or used to
meet contract
obligations........... (2,827)
--------
Net increase (decrease)
from unit
transactions............ 177,315
--------
Net increase (decrease)
in net assets........... 164,574
Net assets beginning of
period.................. 0
--------
Net assets end of
period*................. $164,574
========
Unit transactions:
Units outstanding
beginning of period..... 0
Units issued during the
period.................. 18,313
Units redeemed during the
period.................. (290)
--------
Units outstanding end of
period.................. 18,023
========
---------------
* Includes undistributed
net investment income
of:................... $ 1,621
========
</TABLE>
** Commencement of operations.
See notes to financial statements.
F-15
<PAGE> 18
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------
DREYFUS VARIABLE INVESTMENT FUND
----------------------------------------------------------- DREYFUS
SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
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............. $ 92 $ 16,245 $ 1,649 $ 0 $ 276,545
Net realized gain (loss) on
investments..................... 28,506 100,007 35,588 (7,540) 1,003,863
Net change in unrealized
appreciation (depreciation) of
investments..................... (12,729) 35,110 81,328 82,425 (1,801,410)
---------- ---------- --------- ----------- -----------
Net increase (decrease) in net
assets resulting from
operations...................... 15,869 151,362 118,565 74,885 (521,002)
---------- ---------- --------- ----------- -----------
From unit transactions:
Net proceeds from the issuance
of units...................... 1,174,491 1,490,345 216,678 526,467 5,752,613
Net asset value of units
redeemed or used to meet
contract obligations.......... (209,874) (363,376) (150,061) (106,947) (1,372,121)
---------- ---------- --------- ----------- -----------
Net increase (decrease) from unit
transactions.................... 964,617 1,126,969 66,617 419,520 4,380,492
---------- ---------- --------- ----------- -----------
Net increase in net assets........ 980,486 1,278,331 185,182 494,405 3,859,490
Net assets beginning of period.... 1,758,756 480,425 790,084 295,679 30,679,794
---------- ---------- --------- ----------- -----------
Net assets end of period*......... $2,739,242 $1,758,756 $ 975,266 $ 790,084 $34,539,284
========== ========== ========= =========== ===========
Unit transactions:
Units outstanding beginning of
period.......................... 118,872 36,191 78,184 32,362 1,903,421
Units issued during the period.... 78,359 116,773 20,158 58,620 346,583
Units redeemed during the
period.......................... (13,847) (34,092) (14,296) (12,798) (68,306)
---------- ---------- --------- ----------- -----------
Units outstanding end of period... 183,384 118,872 84,046 78,184 2,181,698
========== ========== ========= =========== ===========
---------------
* Includes undistributed net
investment income of:.......... $ 20,327 $ 20,235 $ 2,695 $ 1,046 $ 748,739
========== ========== ========= =========== ===========
** Commencement of operations
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------
DREYFUS DREYFUS
STOCK SOCIALLY
INDEX RESPONSIBLE
SUBACCOUNT SUBACCOUNT
------------ ------------------------------------
FOR THE NINE
FOR THE MONTHS ENDED FOR THE PERIOD
YEAR ENDED SEPTEMBER 30, SEPTEMBER 30, 1999**
DECEMBER 31, 2000 THROUGH
1999 (UNAUDITED) DECEMBER 31, 1999
------------ ------------- --------------------
<S> <C> <C> <C>
From operations:
Net investment income............. $ 432,056 $ 12 $ 2,674
Net realized gain (loss) on
investments..................... 386,134 675 82
Net change in unrealized
appreciation (depreciation) of
investments..................... 3,009,797 (3,678) 10,622
----------- -------- -------
Net increase (decrease) in net
assets resulting from
operations...................... 3,827,987 (2,991) 13,378
----------- -------- -------
From unit transactions:
Net proceeds from the issuance
of units...................... 23,789,517 169,449 67,417
Net asset value of units
redeemed or used to meet
contract obligations.......... (840,260) (4,064) (786)
----------- -------- -------
Net increase (decrease) from unit
transactions.................... 22,949,257 165,385 66,631
----------- -------- -------
Net increase in net assets........ 26,777,244 162,394 80,009
Net assets beginning of period.... 3,902,550 80,009 0
----------- -------- -------
Net assets end of period*......... $30,679,794 $242,403 $80,009
=========== ======== =======
Unit transactions:
Units outstanding beginning of
period.......................... 291,990 6,671 0
Units issued during the period.... 1,696,879 13,492 6,742
Units redeemed during the
period.......................... (85,448) (320) (71)
----------- -------- -------
Units outstanding end of period... 1,903,421 19,843 6,671
=========== ======== =======
---------------
* Includes undistributed net
investment income of:.......... $ 472,194 $ 2,686 $ 2,674
=========== ======== =======
** Commencement of operations
</TABLE>
F-16
<PAGE> 19
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE TRUST
------------------------------------------------------------------------------------------
HARD WORLDWIDE WORLDWIDE
ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE 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................ $ 42 $ 3 $ 3,021 $ 1,150 $ 0 $ 0
Net realized gain (loss) on
investments........................ 91 (4) (3,671) (19) 9,631 8,133
Net change in unrealized appreciation
(depreciation) of investments...... 789 211 (2,124) (3,363) (42,009) 24,877
------- ------ -------- ------- -------- --------
Net increase (decrease) in net assets
resulting from operations.......... 922 210 (2,774) (2,232) (32,378) 33,010
------- ------ -------- ------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 18,014 3,174 72,244 35,112 147,994 29,369
Net asset value of units redeemed
or used to meet contract
obligations.................... (396) (173) (15,834) (1,399) (24,455) (17,369)
------- ------ -------- ------- -------- --------
Net increase (decrease) from unit
transactions....................... 17,618 3,001 56,410 33,713 123,539 12,000
------- ------ -------- ------- -------- --------
Net increase in net assets........... 18,540 3,211 53,636 31,481 91,161 45,010
Net assets beginning of period....... 3,422 211 52,300 20,819 70,493 25,483
------- ------ -------- ------- -------- --------
Net assets end of period*............ $21,962 $3,422 $105,936 $52,300 $161,654 $ 70,493
======= ====== ======== ======= ======== ========
Unit transactions:
Units outstanding beginning of
period............................. 343 26 5,105 1,873 7,590 5,495
Units issued during the period....... 1,729 335 7,190 3,398 17,192 4,827
Units redeemed during the period..... (49) (18) (1,619) (166) (1,760) (2,732)
------- ------ -------- ------- -------- --------
Units outstanding end of period...... 2,023 343 10,676 5,105 23,022 7,590
======= ====== ======== ======= ======== ========
---------------
* Includes undistributed net
investment income of:............. $ 45 $ 3 $ 4,171 $ 1,150 $ 197 $ 197
======= ====== ======== ======= ======== ========
</TABLE>
** Commencement of operations
See notes to financial statements.
F-17
<PAGE> 20
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------------------
EQUITY INCOME PRIME RESERVE INTERNATIONAL STOCK
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE
PERIOD
FOR THE NINE FOR THE NINE FEBRUARY 1, FOR THE NINE
MONTHS ENDED FOR THE MONTHS ENDED 1999** MONTHS ENDED FOR THE
SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, THROUGH 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........... $ 26,410 $ 37,491 $ 4,435 $ 4,177 $ 0 $ 2,061
Net realized gain (loss) on
investments................... (15,725) 3,114 0 0 14,432 1,541
Net change in unrealized
appreciation (depreciation) of
investments................... 30,456 (48,742) 0 0 (93,835) 26,668
---------- -------- -------- -------- ---------- --------
Net increase (decrease) in net
assets resulting from
operations...................... 41,141 (8,137) 4,435 4,177 (79,403) 30,270
---------- -------- -------- -------- ---------- --------
From unit transactions:
Net proceeds from the issuance
of units...................... 456,144 745,478 1,262 103,722 1,072,170 105,728
Net asset value of units
redeemed or used to meet
contract obligations.......... (204,154) (72,035) (47,396) (6,296) (60,312) (12,925)
---------- -------- -------- -------- ---------- --------
Net increase from unit
transactions.................... 251,990 673,443 (46,134) 97,426 1,011,858 92,803
---------- -------- -------- -------- ---------- --------
Net increase in net assets....... 293,131 665,306 (41,699) 101,603 932,455 123,073
Net assets beginning of period... 714,690 49,384 101,603 0 138,122 15,049
---------- -------- -------- -------- ---------- --------
Net assets end of period*........ $1,007,821 $714,690 $ 59,904 $101,603 $1,070,577 $138,122
========== ======== ======== ======== ========== ========
Unit transactions:
Units outstanding beginning of
period.......................... 67,719 4,853 9,723 0 9,827 1,427
Units issued during the period... 43,090 69,677 119 10,380 81,197 9,599
Units redeemed during the
period.......................... (18,859) (6,811) (4,355) (657) (4,287) (1,199)
---------- -------- -------- -------- ---------- --------
Units outstanding end of
period.......................... 91,950 67,719 5,487 9,723 86,737 9,827
========== ======== ======== ======== ========== ========
---------------
* Includes undistributed net
investment income of:......... $ 65,544 $ 39,134 $ 8,612 $ 4,177 $ 2,296 $ 235
========== ======== ======== ======== ========== ========
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------------------
LIMITED TERM NEW AMERICA GROWTH PERSONAL STRATEGY BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE
PERIOD
FOR THE NINE FEBRUARY 1, FOR THE NINE FOR THE NINE
MONTHS ENDED 1999** MONTHS ENDED FOR THE MONTHS ENDED FOR THE
SEPTEMBER 30, THROUGH 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........... $ 999 $ 45 $ 0 $ 19,751 $ 14,480 $ 15,098
Net realized gain (loss) on
investments................... (41) (2) (646) 7,059 (426) 5,226
Net change in unrealized
appreciation (depreciation) of
investments................... 250 (38) (4,490) 7,101 11,247 (278)
------- ------ -------- --------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations...................... 1,208 5 (5,136) 33,911 25,301 20,046
------- ------ -------- --------- -------- ---------
From unit transactions:
Net proceeds from the issuance
of units...................... 32,551 1,021 228,554 367,884 871,582 324,297
Net asset value of units
redeemed or used to meet
contract obligations.......... (1,222) (66) (60,019) (101,482) (24,515) (251,898)
------- ------ -------- --------- -------- ---------
Net increase from unit
transactions.................... 31,329 955 168,535 266,402 847,067 72,399
------- ------ -------- --------- -------- ---------
Net increase in net assets....... 32,537 960 163,399 300,313 872,368 92,445
Net assets beginning of period... 960 0 348,533 48,220 101,364 8,919
------- ------ -------- --------- -------- ---------
Net assets end of period*........ $33,497 $ 960 $511,932 $ 348,533 $973,732 $ 101,364
======= ====== ======== ========= ======== =========
Unit transactions:
Units outstanding beginning of
period.......................... 95 0 27,453 4,282 8,978 856
Units issued during the period... 3,174 104 17,612 31,991 76,443 31,131
Units redeemed during the
period.......................... (118) (9) (4,177) (8,820) (2,445) (23,009)
------- ------ -------- --------- -------- ---------
Units outstanding end of
period.......................... 3,151 95 40,888 27,453 82,976 8,978
======= ====== ======== ========= ======== =========
---------------
* Includes undistributed net
investment income of:......... $ 1,044 $ 45 $ 20,704 $ 20,704 $ 29,950 $ 15,470
======= ====== ======== ========= ======== =========
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-18
<PAGE> 21
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS
---------------------------------------------------------------------
VIP VIP II
GROWTH CONTRA
SUBACCOUNT SUBACCOUNT
--------------------------------- ---------------------------------
FOR THE NINE FOR THE PERIOD FOR THE NINE FOR THE PERIOD
MONTHS ENDED NOVEMBER 2, MONTHS ENDED DECEMBER 8,
SEPTEMBER 30, 1999** SEPTEMBER 30, 1999**
2000 THROUGH 2000 THROUGH
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------- ----------------- ------------- -----------------
<S> <C> <C> <C> <C>
From operations:
Net investment income................ $ 40,092 $ 0 $ 6,303 $ 0
Net realized gain (loss) on
investments........................ (29,280) 26 (17,822) 0
Net change in unrealized appreciation
(depreciation) of investments...... (14,652) 8,729 6,323 1,970
--------- -------- ---------- -------
Net increase (decrease) in net assets
resulting from operations............ (3,840) 8,755 (5,196) 1,970
--------- -------- ---------- -------
From unit transactions:
Net proceeds from the issuance of
units.............................. 830,055 180,982 1,117,076 36,973
Net asset value of units redeemed or
used to meet contract
obligations........................ (213,766) (209) (129,330) (47)
--------- -------- ---------- -------
Net increase from unit transactions... 616,289 180,773 987,746 36,926
--------- -------- ---------- -------
Net increase in net assets............ 612,449 189,528 982,550 38,896
Net assets beginning of period........ 189,528 0 38,896 0
--------- -------- ---------- -------
Net assets end of period*............. $ 801,977 $189,528 $1,021,446 $38,896
========= ======== ========== =======
Unit transactions:
Units outstanding beginning of
period............................... 16,127 0 3,667 0
Units issued during the period........ 69,324 16,147 99,163 3,672
Units redeemed during the period...... (18,233) (20) (6,485) (5)
--------- -------- ---------- -------
Units outstanding end of period....... 67,218 16,127 96,345 3,667
========= ======== ========== =======
---------------
* Includes undistributed net
investment income of:.............. $ 40,092 $ 0 $ 6,303 $ 0
========= ======== ========== =======
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------
FIDELITY VARIABLE INSURANCE
PRODUCTS FUNDS
------------------------------------------------------------
VIP III
GROWTH VIP II VIP III
OPPORTUNITIES ASSET MANAGER GROWTH & INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MARCH 31, FEBRUARY 4, JANUARY 13,
2000** 2000** 2000**
THROUGH THROUGH THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 2000 SEPTEMBER 30, 2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------------ ------------------ ------------------
<S> <C> <C> <C>
From operations:
Net investment income................ $ 0 $ 0 $ 6,457
Net realized gain (loss) on
investments........................ 466 10,421 64,320
Net change in unrealized appreciation
(depreciation) of investments...... (224) 6,269 206,204
------- -------- ----------
Net increase (decrease) in net assets
resulting from operations............ 242 16,690 276,981
------- -------- ----------
From unit transactions:
Net proceeds from the issuance of
units.............................. 60,920 416,135 3,102,451
Net asset value of units redeemed or
used to meet contract
obligations........................ (869) (12,530) (101,515)
------- -------- ----------
Net increase from unit transactions... 60,051 403,605 3,000,936
------- -------- ----------
Net increase in net assets............ 60,293 420,295 3,277,917
Net assets beginning of period........ 0 0 0
------- -------- ----------
Net assets end of period*............. $60,293 $420,295 $3,277,917
======= ======== ==========
Unit transactions:
Units outstanding beginning of
period............................... 0 0 0
Units issued during the period........ 6,564 42,544 333,479
Units redeemed during the period...... (90) (1,222) (10,267)
------- -------- ----------
Units outstanding end of period....... 6,474 41,322 323,212
======= ======== ==========
---------------
* Includes undistributed net
investment income of:.............. $ 0 $ 0 $ 6,457
======= ======== ==========
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
-------------------------------------------------------------------
EQUITY FIXED
GROWTH INCOME VALUE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD
JANUARY 6, MAY 22,
FOR THE NINE FOR THE PERIOD 2000** 2000**
MONTHS ENDED DECEMBER 8, THROUGH THROUGH
SEPTEMBER 30, 1999** SEPTEMBER 30, SEPTEMBER 30,
2000 THROUGH 2000 2000
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) (UNAUDITED)
------------- ----------------- -------------- --------------
<S> <C> <C> <C> <C>
From operations:
Net investment income................ $ 6,830 $ 4,239 $ 0 $ 0
Net realized gain (loss) on
investments........................ 6,946 0 753 (4)
Net change in unrealized appreciation
(depreciation) of investments...... (12,723) 4,904 256,868 25
--------- -------- ---------- ----
Net increase (decrease) in net assets
resulting from operations............ 1,053 9,143 257,621 21
--------- -------- ---------- ----
From unit transactions:
Net proceeds from the issuance of
units.............................. 427,400 121,757 3,599,132 463
Net asset value of units redeemed or
used to meet contract
obligations........................ (135,080) (188) (16,777) (12)
--------- -------- ---------- ----
Net increase from unit transactions... 292,320 121,569 3,582,355 451
--------- -------- ---------- ----
Net increase in net assets............ 293,373 130,712 3,839,976 472
Net assets beginning of period........ 130,712 0 0 0
--------- -------- ---------- ----
Net assets end of period*............. $ 424,085 $130,712 $3,839,976 $472
========= ======== ========== ====
Unit transactions:
Units outstanding beginning of
period............................... 12,171 0 0 0
Units issued during the period........ 37,593 12,190 359,866 47
Units redeemed during the period...... (11,853) (19) (1,635) (1)
--------- -------- ---------- ----
Units outstanding end of period....... 37,911 12,171 358,231 46
========= ======== ========== ====
---------------
* Includes undistributed net
investment income of:.............. $ 11,069 $ 4,239 $ 0 $ 0
========= ======== ========== ====
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-19
<PAGE> 22
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------
JANUS ASPEN SERIES
------------------------------------------------------------------------
AGGRESSIVE FLEXIBLE
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
---------------------------------- -----------------------------------
FOR THE NINE FOR THE NINE
MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD
SEPTEMBER 30, DECEMBER 8, 1999** SEPTEMBER 30, DECEMBER 27, 1999**
2000 THROUGH 2000 THROUGH
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------- ------------------ ------------- -------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income............. $ 88,766 $ 0 $ 79,990 $ 437
Net realized gain (loss) on
investments...................... (81,193) 2 (2,281) 0
Net change in unrealized
appreciation (depreciation) of
investments...................... (59,515) 24,479 22,924 (425)
---------- -------- ---------- -------
Net increase (decrease) in net
assets resulting from
operations....................... (51,942) 24,481 100,633 12
---------- -------- ---------- -------
From unit transactions:
Net proceeds from the issuance
of units..................... 1,352,783 228,583 5,988,068 12,891
Net asset value of units
redeemed or used to meet
contract obligations......... (371,311) (282) (39,716) 0
---------- -------- ---------- -------
Net increase from unit
transactions..................... 981,472 228,301 5,948,352 12,891
---------- -------- ---------- -------
Net increase in net assets........ 929,530 252,782 6,048,985 12,903
Net assets beginning of period.... 252,782 0 12,903 0
---------- -------- ---------- -------
Net assets end of period*......... $1,182,312 $252,782 $6,061,888 $12,903
========== ======== ========== =======
Unit transactions:
Units outstanding beginning of
period........................... 22,352 0 1,289 0
Units issued during the period.... 110,676 22,380 587,774 1,289
Units redeemed during the
period........................... (27,694) (28) (1,918) 0
---------- -------- ---------- -------
Units outstanding end of period... 105,334 22,352 587,145 1,289
========== ======== ========== =======
---------------
* Includes undistributed net
investment income of:.......... $ 88,766 $ 0 $ 80,427 $ 437
========== ======== ========== =======
** Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------------------------------------
JANUS ASPEN SERIES
--------------------------------------------------------------------------------------------
WORLDWIDE CAPITAL
INTERNATIONAL GROWTH GROWTH APPRECIATION
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------- ---------------------------------- ------------------
FOR THE NINE FOR THE NINE FOR THE PERIOD
MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD FEBRUARY 4, 2000**
SEPTEMBER 30, DECEMBER 2, 1999** SEPTEMBER 30, DECEMBER 2, 1999** THROUGH
2000 THROUGH 2000 THROUGH SEPTEMBER 30, 2000
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED)
------------- ------------------ ------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income............. $ 148,348 $ 0 $ 98,747 $ 0 $ 959
Net realized gain (loss) on
investments...................... (1,264) 0 (77,115) 9 (71)
Net change in unrealized
appreciation (depreciation) of
investments...................... (442,927) 493 (194,612) 7,000 (3,503)
---------- ------ ---------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... (295,843) 493 (172,980) 7,009 (2,615)
---------- ------ ---------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units..................... 3,683,357 3,366 1,706,246 110,815 202,572
Net asset value of units
redeemed or used to meet
contract obligations......... (8,900) (8) (82,013) (102) (3,112)
---------- ------ ---------- -------- --------
Net increase from unit
transactions..................... 3,674,457 3,358 1,624,233 110,713 199,460
---------- ------ ---------- -------- --------
Net increase in net assets........ 3,378,614 3,851 1,451,253 117,722 196,845
Net assets beginning of period.... 3,851 0 117,722 0 0
---------- ------ ---------- -------- --------
Net assets end of period*......... $3,382,465 $3,851 $1,568,975 $117,722 $196,845
========== ====== ========== ======== ========
Unit transactions:
Units outstanding beginning of
period........................... 317 0 10,224 0 0
Units issued during the period.... 288,821 318 137,706 10,234 20,302
Units redeemed during the
period........................... (736) (1) (7,009) (10) (314)
---------- ------ ---------- -------- --------
Units outstanding end of period... 288,402 317 140,921 10,224 19,988
========== ====== ========== ======== ========
---------------
* Includes undistributed net
investment income of:.......... $ 148,348 $ 0 $ 98,747 $ 0 $ 959
========== ====== ========== ======== ========
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-20
<PAGE> 23
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance Policies,
which include Variable Life Insurance (Strategist), Variable Universal Life
(MONYEquity Master, MONY Custom Equity Master and MONY Custom Estate Master) and
Corporate Sponsored Variable Universal Life Insurance Policies. These policies
are issued by MONY America, which is a wholly-owned subsidiary of MONY Life
Insurance Company ("MONY"). For presentation purposes, the information related
only to the Corporate Sponsored Variable Universal Life Insurance Policies
(CSVUL) is presented here.
There are currently thirty seven Corporate Sponsored Variable Universal
Subaccounts within the Variable Account, each invests only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund"), the Enterprise
Accumulation Trust ("Enterprise"), the Dreyfus Variable Investment Fund, the
Dreyfus Stock Index Fund, the Dreyfus Socially Responsible Growth Fund, Inc.,
the Van Eck Worldwide Insurance Trust, the T. Rowe Price Equity Series, Inc.,
the T. Rowe Price Fixed Income Series, Inc., the T. Rowe Price International
Series, Inc., Fidelity Variable Insurance Products Funds, Janus Aspen Series and
The Universal Institutional Funds, Inc. (collectively the "Funds"). The Funds
are registered under the 1940 Act as open-end, diversified, management
investment companies. The Fund and Enterprise are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
each of the Funds contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset value of the respective portfolio as reported by
such portfolio. Net asset values are based upon market or fair valuations of the
securities held in each of the corresponding portfolios of the Funds. For the
money market portfolios, the net asset value is based on amortized cost of the
securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on ex-dividend date. Dividend income includes distributions
of investment income and capital gains received from the respective portfolios
of the Funds. Dividend income received is reinvested in additional shares of the
respective portfolios of the Funds.
F-21
<PAGE> 24
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Taxes:
MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based on current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
3. RELATED PARTY TRANSACTIONS
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, mortality and expense risk
charge and, if applicable, the cost of any optional benefits added by riders to
the insurance policies are deducted monthly from the cash value of the contract
to compensate MONY America. A surrender charge may be imposed by MONY America
when a full or partial surrender is requested by the policyholders. These
deductions are treated as contractholder redemptions by the Variable Account.
The amount deducted for the Corporate Sponsored Variable Universal Life
Subaccounts for the period ended September 30, 2000 aggregated $3,688,067.
As investment adviser to the Fund, MONY America receives amounts paid by
the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares of acquired and proceeds from shares redeemed, during the
period ended September 30, 2000 were as follows:
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE SUBACCOUNTS
<TABLE>
<CAPTION>
COST OF SHARES ACQUIRED PROCEEDS FROM SHARES REDEEMED
----------------------- -----------------------------
<S> <C> <C>
MONY Series Fund, Inc.
Money Market Portfolio........................ $168,694,557 $167,740,291
Intermediate Term Bond Portfolio.............. 1,998,465 969,122
Long Term Bond Portfolio...................... 2,457,055 1,264,681
Government Securities Portfolio............... 658,249 352,704
</TABLE>
F-22
<PAGE> 25
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES ACQUIRED PROCEEDS FROM SHARES REDEEMED
----------------------- -----------------------------
<S> <C> <C>
Enterprise Accumulation Trust
Equity Portfolio.............................. $ 2,833,340 $ 1,135,346
Small Company Value Portfolio................. 302,332 229,174
Managed Portfolio............................. 203,834 138,137
International Growth Portfolio................ 324,652 780,189
High Yield Bond Portfolio..................... 329,082 229,174
Small Company Growth Portfolio................ 225,700 256,488
Growth Portfolio.............................. 180,123 2,809
Dreyfus Variable Investment Fund
Capital Appreciation Portfolio................ 1,260,371 295,753
Small Company Stock Portfolio................. 222,410 155,794
Stock Index Fund.............................. 8,983,171 4,353,679
Socially Responsible Growth Fund, Inc. ....... 169,933 4,548
Van Eck Worldwide Insurance Trust
Hard Assets Portfolio......................... 18,186 569
Worldwide Bond Portfolio...................... 81,364 24,955
Worldwide Emerging Markets Portfolio.......... 186,290 62,751
T. Rowe Price Equity Series, Inc.
Equity Income Portfolio....................... 499,938 247,948
Prime Reserve Portfolio....................... 95,356 141,490
International Stock Portfolio................. 1,101,607 89,750
Limited Term Portfolio........................ 32,551 1,222
New America Growth Portfolio.................. 238,073 69,538
Personal Strategy Balance Portfolio........... 899,590 52,524
Fidelity Variable Insurance Product Funds
VIP Growth Portfolio.......................... 1,193,314 577,024
VIP II Contrafund Portfolio................... 2,007,285 1,019,539
VIP III Growth Opportunities Portfolio........ 74,695 14,644
VIP II Asset Manager Portfolio................ 893,120 489,515
VIP III Growth & Income Portfolio............. 6,708,847 3,707,911
Janus Aspen Series
Aggressive Growth Portfolio................... 1,786,649 805,178
Flexible Income Portfolio..................... 6,108,158 159,807
International Growth Portfolio................ 3,695,207 20,750
Worldwide Growth Portfolio.................... 3,107,115 1,482,883
Capital Appreciation Portfolio................ 204,547 5,087
The Universal Institutional Funds, Inc.
Equity Growth Portfolio....................... 731,152 438,832
Fixed Income Portfolio........................ 3,605,904 23,549
Value Portfolio............................... 728 277
</TABLE>
F-23
<PAGE> 26
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 $6,170.5
======== ========
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-24
<PAGE> 27
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ ------
($ 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-25
<PAGE> 28
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-26
<PAGE> 29
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENT
OF CHANGES IN SHAREHOLDER'S 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) $322.4
==== ====== ====== ===== ======
</TABLE>
---------------
(1) Represents unrealized losses on investments, net of unrealized gains,
reclassification adjustments, and taxes.
See accompanying notes to unaudited interim condensed financial statements.
F-27
<PAGE> 30
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS
NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
--------- -------
($ 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-28
<PAGE> 31
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-29
<PAGE> 32
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-30
<PAGE> 33
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-31
