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MONY Custom Master
- --------------------------------------------------------------------------------
Supplement to Prospectus Portfolio
Dated May 1, 1999
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Flexible Payment
Variable Annuity
Issued by
MONY Life Insurance Company of America
Supplement dated July 15, 1999
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<PAGE> 2
SUPPLEMENT DATED JULY 15, 1999
to
PROSPECTUS DATED MAY 1, 1999
for
Flexible Payment Variable Annuity Contract
Issued by
MONY Life Insurance Company of America
MONY America Variable Account A
EFFECTIVE JULY 15, 1999 THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN
YOUR PROSPECTUS. PLEASE READ IT AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE
REFERENCE.
1. THE THIRD BULLET ON THE COVER PAGE IS HEREBY AMENDED TO READ AS FOLLOWS:
- If you do, you can also tell us to place your purchase payments and
fund values into any or all of 25 different subaccounts. (The eleven
new subaccounts added as of July 15, 1999 are currently unavailable
in the State of Vermont.) Each of these subaccounts seeks to achieve
a different objective. The subaccounts invest in shares of the
following portfolios of the MONY Series Fund, Inc., The Enterprise
Accumulation Trust, Fidelity Variable Insurance Products Fund,
Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, Dreyfus Stock Index Fund, Dreyfus
Socially Responsible Growth Fund and Janus Aspen Series.
2. THE INFORMATION ON THE COVER PAGE UNDER "THE ENTERPRISE ACCUMULATION TRUST"
IS AMENDED TO INCLUDE THE FOLLOWING INFORMATION:
Multi-Cap Growth Portfolio, Balanced Portfolio
3. NEW BULLETS ON THE COVER PAGE UNDER THE CAPTION "ALLOCATION OF PURCHASE
PAYMENTS AND CASH VALUE" ARE ADDED AS FOLLOWS:
- Dreyfus Stock Index Fund
- The Dreyfus Socially Responsible Growth Fund, Inc.
- Fidelity Variable Insurance Products Fund
- Growth Portfolio
- Fidelity Variable Insurance Products Fund II
- Contrafund Portfolio
- Fidelity Variable Insurance Products Fund III
- Growth Opportunities Portfolio
- Janus Aspen Series
- Aggressive Growth Portfolio, Balanced Portfolio, Capital
Appreciation Portfolio and Worldwide Growth Portfolio.
1
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4. PAGE 5 IS AMENDED TO INCLUDE THE FOLLOWING INFORMATION:
ENTERPRISE ACCUMULATION TRUST
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
MULTI-CAP
BALANCED PORTFOLIO GROWTH PORTFOLIO
------------------ ----------------
<S> <C> <C>
Management Fees............................................. 0.75% 1.00%
Other Expenses (After Reimbursement)........................ 0.20% 0.40%
Total Annual Expenses*...................................... 0.95% 1.40%
</TABLE>
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* The sub-accounts corresponding to these Portfolios first became available for
allocation in July, 1999. These expenses are estimated. Enterprise Capital has
agreed to limit expenses on the Balanced Portfolio and the Multi-Cap Growth
Portfolio to 0.95% and 1.40%, respectively.
DREYFUS STOCK INDEX FUND
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<S> <C>
Management Fees............................................. 0.25%
Other Expenses.............................................. 0.01%
Total Annual Expenses*...................................... 0.26%
</TABLE>
- ---------------
* The sub-account corresponding to this Fund first became available for
allocation in July, 1999.
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<S> <C>
Management Fees............................................. 0.75%
Other Expenses.............................................. 0.05%
Total Annual Expenses*...................................... 0.80%
</TABLE>
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* The sub-account corresponding to this Fund first became available for
allocation in July, 1999.
FIDELITY VARIABLE INSURANCE PRODUCTS FUND
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
GROWTH PORTFOLIO
----------------
<S> <C>
Management Fees............................................. 0.59%
Other Expenses (After Reimbursement)........................ 0.07%
Total Annual Expenses (After Reimbursement)*................ 0.66%
</TABLE>
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* The sub-account corresponding to this Portfolio first became available for
allocation in July, 1999. Expenses are net of reimbursements. Absent
reimbursements, expenses would have been 0.68%.
2
<PAGE> 4
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
CONTRAFUND PORTFOLIO
--------------------
<S> <C>
Management Fees............................................. 0.59%
Other Expenses (After Reimbursement)........................ 0.07%
Total Annual Expenses (After Reimbursement)*................ 0.66%
</TABLE>
- ---------------
* The sub-account corresponding to this Portfolio first became available for
allocation in July, 1999. Expenses are net of reimbursements. Absent
reimbursements, expenses would have been 0.70%.
FIDELITY VARIABLE INSURANCE PRODUCTS FUND III
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES
--------------------
<S> <C>
Management Fees............................................. 0.59%
Other Expenses (After Reimbursement)........................ 0.11%
Total Annual Expenses (After Reimbursement)*................ 0.70%
</TABLE>
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* The subaccount corresponding to this Portfolio first became available for
allocation in July, 1999. Expenses are net of reimbursements. Absent
reimbursements, expenses would have been 0.71%.
JANUS ASPEN SERIES
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- --------- ------------ ---------
<S> <C> <C> <C> <C>
Management Fees (After Waivers).................. 0.72% 0.72% 0.70% 0.65%
Other Expenses (After Waivers)................... 0.03% 0.02% 0.22% 0.07%
Total Annual Expenses (After Waivers)*........... 0.75% 0.74% 0.92%** 0.72%**
</TABLE>
- ---------------
* The sub-accounts corresponding to these portfolios first became available for
allocation in July, 1999.
** Expenses are net of waivers. Absent waivers, expenses for the Capital
Appreciation and Worldwide Growth Portfolios would have been 0.97% and 0.74%,
respectively.
5. THE FIRST FULL PARAGRAPH ON PAGE 6 IS AMENDED TO INCLUDE THE FOLLOWING
INFORMATION:
The expenses borne by the Enterprise Accumulation Trust assume that the
expense reimbursements in effect on and after July 15, 1999 for the Balanced and
Multi-Cap Portfolios which limit the total annual expenses to .75% and 1.00%
respectively of average net assets, will continue throughout the period shown.
3
<PAGE> 5
6. THE EXAMPLE ON PAGE 6 OF THE PROSPECTUS IS AMENDED TO INCLUDE THE FOLLOWING
INFORMATION:
If you surrender your Contract at the end of the time periods shown below,
you would pay the following expenses on a $1,000 investment, assuming 5% annual
return on assets:
<TABLE>
<CAPTION>
AFTER AFTER AFTER AFTER
SUBACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS
---------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
Enterprise Multi-Cap Growth.................. $90 $136 $185 $298
Enterprise Balanced.......................... $85 $122 $162 $253
Dreyfus Stock Index.......................... $78 $101 $127 $180
Dreyfus Socially Responsible................. $84 $118 $155 $238
Fidelity VIP Growth.......................... $82 $114 $148 $223
Fidelity VIP II Contrafund................... $82 $114 $148 $223
Fidelity VIP III Growth Opportunities........ $83 $115 $150 $227
Janus Aspen Series Aggressive Growth......... $83 $116 $152 $233
Janus Aspen Series Balanced.................. $83 $116 $152 $232
Janus Aspen Series Capital Appreciation...... $85 $122 $161 $250
Janus Aspen Series Worldwide Growth.......... $83 $115 $151 $230
</TABLE>
7. THE EXAMPLE ON PAGE 7 OF THE PROSPECTUS IS AMENDED TO INCLUDE THE FOLLOWING
INFORMATION:
If you annuitize your Contract at the end of the time periods shown below,
you would pay the following expenses on a $1,000 investment, assuming 5% annual
return on assets:
<TABLE>
<CAPTION>
AFTER AFTER AFTER AFTER
SUBACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS
---------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
Enterprise Multi-Cap Growth.................. $90 $136 $141 $298
Enterprise Balanced.......................... $85 $122 $118 $253
Dreyfus Stock Index.......................... $78 $101 $ 82 $180
Dreyfus Socially Responsible................. $84 $118 $110 $238
Fidelity VIP Growth.......................... $82 $114 $103 $223
Fidelity VIP II Contrafund................... $82 $114 $103 $223
Fidelity VIP III Growth Opportunities........ $83 $115 $105 $227
Janus Aspen Series Aggressive Growth......... $83 $116 $108 $233
Janus Aspen Series Balanced.................. $83 $116 $107 $232
Janus Aspen Series Capital Appreciation...... $85 $122 $116 $250
Janus Aspen Series Worldwide Growth.......... $83 $115 $106 $230
</TABLE>
4
<PAGE> 6
8. THE EXAMPLE ON PAGE 7 OF THE PROSPECTUS IS AMENDED TO INCLUDE THE FOLLOWING
INFORMATION:
If you do not surrender your Contract at the end of the time periods shown
below, you would pay the following expenses on a $1,000 investment, assuming 5%
annual return on assets:
<TABLE>
<CAPTION>
AFTER AFTER AFTER AFTER
SUBACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS
---------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
Enterprise Multi-Cap Growth.................. $27 $82 $141 $298
Enterprise Balanced.......................... $22 $69 $118 $253
Dreyfus Stock Index.......................... $15 $48 $ 82 $180
Dreyfus Socially Responsible................. $21 $64 $110 $238
Fidelity VIP Growth.......................... $19 $60 $103 $223
Fidelity VIP II Contrafund................... $19 $60 $103 $223
Fidelity VIP III Growth Opportunities........ $20 $61 $105 $227
Janus Aspen Series Aggressive Growth......... $20 $63 $108 $233
Janus Aspen Series Balanced.................. $20 $62 $107 $232
Janus Aspen Series Capital Appreciation...... $22 $68 $116 $250
Janus Aspen Series Worldwide Growth.......... $20 $62 $106 $230
</TABLE>
9. THE 2ND AND 3RD SENTENCE OF THE LAST PARAGRAPH ON PAGE 13 OF THE PROSPECTUS
IS HEREBY AMENDED TO READ AS FOLLOWS:
There are currently 25 subaccounts available to you. Each subaccount
invests only in shares of a designated portfolio/fund of MONY Series Fund, Inc.,
Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The Dreyfus Socially
Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Fund,
Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or the Janus Aspen Series.
10. THE TABLE LISTING SUBACCOUNTS BEGINNING ON PAGE 14 OF THE PROSPECTUS IS
HEREBY AMENDED TO INCLUDE THE FOLLOWING INFORMATION:
<TABLE>
<CAPTION>
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
<S> <C>
ENTERPRISE BALANCED SUBACCOUNT Seeks long-term total return. Generally,
between 55% and 75% of its total assets
This subaccount purchases shares of the will be invested in equity securities, and
Enterprise Accumulation Trust Balanced between 45% and 25% in fixed income
Portfolio. securities to provide a stable flow of
income. Allocation will vary based on the
manager's assessment of the return
potential of each asset class.
ENTERPRISE MULTI-CAP GROWTH SUBACCOUNT Seeks long-term capital appreciation by
primarily investing in growth stocks.
This subaccount purchases shares of the Companies will tend to fall into one of
Enterprise Accumulation Trust Multi-Cap two categories: companies that offer goods
Growth Portfolio. or services to a rapidly expanding
marketplace or companies experiencing a
major change that is expected to produce
advantageous results.
DREYFUS STOCK INDEX SUBACCOUNT Seeks to match the total return of the
Standard & Poor's 500 Composite Stock
This subaccount purchases shares of the Price Index. Generally invests in all 500
Dreyfus Stock Index Fund. stocks in the S&P 500 in proportion to
their weighting in the index.
</TABLE>
5
<PAGE> 7
<TABLE>
<CAPTION>
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
<S> <C>
THE DREYFUS SOCIALLY RESPONSIBLE Seeks to provide capital growth, with
SUBACCOUNT current income as a secondary goal. Invest
primarily in common stock of companies
This subaccount purchases shares of The that, in the opinion of its management,
Dreyfus Socially Responsible Growth Fund, meet traditional investment standards and
Inc. conduct their business in a manner that
contributes to the enhancement of the
quality of life in America.
FIDELITY VIP GROWTH SUBACCOUNT Seeks to achieve capital appreciation by
investing its assets primarily in common
This subaccount purchases shares of stocks that it believes have above-average
Fidelity Variable Insurance Products Fund growth potential. Tends to be companies
(VIP) Growth fund. with higher than average price/earnings
ratios, and with new products,
technologies, distribution channels or
other opportunities, or with a strong
industry or market position. May invest in
securities of foreign issuers in addition
to those of domestic issuers.
FIDELITY VIP II CONTRAFUND SUBACCOUNT Seeks long-term capital appreciation by
investing mainly in equity securities of
This subaccount purchases shares of companies whose value it believes is not
Fidelity Variable Insurance Products Fund fully recognized by the public. Typically,
(VIP II) Contrafund fund. includes companies in turnaround
situations, companies experiencing
transitory difficulties, and undervalued
companies. May invest in securities of
foreign issuers in addition to those of
domestic issuers.
FIDELITY VIP III GROWTH OPPORTUNITIES Seeks to provide capital growth by
SUBACCOUNT investing primarily in common stocks. May
also invest in other types of securities,
This subaccount purchases shares of including bonds, which may be
Fidelity Variable Insurance Products Fund lower-quality debt securities. May invest
(VIP III) Growth Opportunities fund. in securities of foreign issuers in
addition to those of domestic issuers.
JANUS ASPEN SERIES AGGRESSIVE GROWTH Seeks long-term growth of capital by
SUBACCOUNT investing primarily in common stocks
selected for their growth potential.
This subaccount purchases shares of Janus Normally, it invests at least 50% of its
Aspen Series Aggressive Growth Portfolio. equity assets in medium-sized companies
with market capitalization's falling
within the range of companies in the S&P
MidCap 400 Index. Market capitalization
within the Index will vary but as of
12/31/98, they ranged from approximately
$142 million to $73 billion.
</TABLE>
6
<PAGE> 8
<TABLE>
<CAPTION>
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
<S> <C>
JANUS ASPEN SERIES BALANCED SUBACCOUNT Seeks long-term capital growth, consistent
with preservation of capital and balanced
This subaccount purchases shares of Janus by current income. Normally invests 40-60%
Aspen Series Balanced Portfolio. of its assets in securities selected
primarily for their growth potential, and
40-60% in securities selected primarily
for their income potential and at least
25% of its assets in fixed-income
securities.
JANUS ASPEN SERIES CAPITAL APPRECIATION Seeks long-term growth of capital. It
SUBACCOUNT pursues its objective by investing
primarily in common stocks selected for
This subaccount purchases shares of Janus their growth potential. The portfolio may
Aspen Series Capital Appreciation invest in companies of any size, from
Portfolio. larger, well-established companies to
smaller, emerging growth companies.
JANUS ASPEN SERIES WORLDWIDE GROWTH Seeks long-term growth of capital in a
SUBACCOUNT manner consistent with the preservation of
capital. It pursues this objective by
This subaccount purchases shares of Janus investing primarily in common stocks of
Aspen Series Worldwide Growth Portfolio. companies of any size throughout the
world. Normally invests in issuers from at
least five different countries, including
the United States but may at times invest
in fewer than five countries or even in a
single country.
</TABLE>
11. THE TABLES SETTING FORTH THE SUB-INVESTMENT ADVISER, INVESTMENT ADVISER FEES
AND SUB-INVESTMENT ADVISER FEES BEGINNING ON PAGE 17 OF THE PROSPECTUS FOR
ENTERPRISE ACCUMULATION TRUST ARE HEREBY AMENDED TO ADD THE FOLLOWING
PORTFOLIOS ON PAGE 19:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
PORTFOLIO AND SUB-INVESTMENT ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ENTERPRISE ACCUMULATION TRUST Annual rate of 1.00% of the Annual rate of 0.30% up to
BALANCED PORTFOLIO aggregate average daily net $1 billion and 0.20% in
assets. excess of $1 billion of the
Montag & Caldwell, Inc. is the portfolio's aggregate
sub-investment adviser. average daily net assets.
- ------------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST Annual rate of 0.75% of the Annual rate of 0.40% of the
MULTI-CAP PORTFOLIO aggregate average daily net aggregate average daily net
assets. assets.
Fred Alger Management Inc. is the
sub-investment adviser.
- ------------------------------------------------------------------------------------------------------
</TABLE>
DREYFUS STOCK INDEX FUND
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
The Dreyfus Corporation is the investment adviser of the Dreyfus Stock
Index Fund and The Dreyfus Socially Responsible Growth Fund, Inc. As described
below, the Fund or The Dreyfus Corporation contracts with sub-investment
advisers to assist in managing the portfolios as noted below. Fees are
7
<PAGE> 9
deducted on a monthly basis. The daily investment advisory fees and
sub-investment advisory fees for each portfolio are shown in the table below.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
PORTFOLIO AND SUB-INVESTMENT ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
DREYFUS STOCK INDEX FUND Annual rate of 0.25% of the Dreyfus Corporation pays the
fund's average daily net sub-adviser an annual rate
Mellon Equity Associates is the assets. of 0.01% of the value of the
sub-investment adviser. fund's average daily net
assets.
- ------------------------------------------------------------------------------------------------------
THE DREYFUS SOCIALLY RESPONSIBLE Annual rate of 0.75% of the Dreyfus Corporation pays the
GROWTH FUND, INC. fund's average daily net sub-adviser an annual rate
assets. of 0.10% of the first $32
NCM Capital Management Group, Inc. million, 0.15% in excess of
is the sub-investment adviser. $32 million up to $150
million, 0.20% in excess of
$150 million up to $300
million, 0.25% in excess of
$300 million of the value of
the fund's average daily net
assets.
- ------------------------------------------------------------------------------------------------------
</TABLE>
FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- GROWTH PORTFOLIO
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II -- CONTRAFUND PORTFOLIO
FIDELITY VARIABLE INSURANCE PRODUCTS FUND III -- GROWTH OPPORTUNITIES PORTFOLIO
Fidelity Management & Research ("FMR") is each fund's investment manager.
As the manager, FMR is responsible for choosing investments for the funds and
handling the funds' business affairs. Affiliates assist FMR with foreign
investments.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
PORTFOLIO AND SUB-INVESTMENT ADVISERS INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------
<S> <C>
FIDELITY VARIABLE INSURANCE PRODUCTS The fee is calculated by adding a group fee
FUND -- GROWTH PORTFOLIO rate to an individual fee rate, dividing by
twelve, and multiplying the result by the
Fidelity Management & Research (U.K.) fund's average net assets throughout the
Inc. and Fidelity Management & Research month. The group fee rate is based on the
Far East Inc. are the sub-investment average net assets of all the mutual funds
advisers. advised by FMR. This group rate cannot rise
above 0.52% for this fund, and it drops as
total assets under management increase. The
individual fee rate for this fund is 0.30%
of the fund's average net assets.
- ------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group fee
II -- CONTRAFUND PORTFOLIO rate to an individual fee rate, dividing by
twelve, and multiplying the result by the
Fidelity Management & Research (U.K.) fund's average net assets throughout the
Inc. and Fidelity Management & Research month. The group fee rate is based on the
Far East Inc. are the sub-investment average net assets of all the mutual funds
advisers. advised by FMR. This group rate cannot rise
above 0.52% for this fund, and it drops as
total assets under management increase. The
individual fee rate for this fund is 0.30%
of the fund's average net assets.
- ------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE> 10
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
PORTFOLIO AND SUB-INVESTMENT ADVISERS INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------
<S> <C>
FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group fee
III -- GROWTH OPPORTUNITIES PORTFOLIO rate to an individual fee rate, dividing by
twelve, and multiplying the result by the
Fidelity Management & Research (U.K.) fund's average net assets throughout the
Inc. and Fidelity Management & Research month. The group fee rate is based on the
Far East Inc. are the sub-investment average net assets of all the mutual funds
advisers. advised by FMR. This group rate cannot rise
above 0.52% for this fund, and it drops as
total assets under management increase. The
individual fee rate for this fund is 0.30%
of the fund's average net assets.
- ------------------------------------------------------------------------------------------
</TABLE>
JANUS ASPEN SERIES
Janus Aspen Series has eleven portfolios. The shares of four of the
portfolios can be purchased by the subaccounts available to you. Janus Capital
is the investment adviser to each of the portfolios and is responsible for the
day-to-day management of the investment portfolios and other business affairs of
the portfolios.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------
<S> <C>
JANUS ASPEN SERIES AGGRESSIVE GROWTH Annual rate of 0.75% of the first $300
PORTFOLIO million, 0.70 of the next $200 million,
0.65% over $500 million of the portfolio's
average daily net assets.*
- ------------------------------------------------------------------------------------------
JANUS ASPEN SERIES BALANCED PORTFOLIO Annual rate of 0.75% of the first $300
million, 0.70 of the next $200 million,
0.65% over $500 million of the portfolio's
average daily net assets.*
- ------------------------------------------------------------------------------------------
JANUS ASPEN SERIES CAPITAL APPRECIATION Annual rate of 0.75% of the first $300
PORTFOLIO million, 0.70 of the next $200 million,
0.65% over $500 million of the portfolio's
average daily net assets.*
- ------------------------------------------------------------------------------------------
JANUS ASPEN SERIES WORLDWIDE GROWTH Annual rate of 0.75% of the first $300
PORTFOLIO million, 0.70 of the next $200 million,
0.65% over $500 million of the portfolio's
average daily net assets.*
- ------------------------------------------------------------------------------------------
* Janus Capital has agreed to reduce the portfolio's management fee to the extent that
such fee exceeds the effective rate of the Janus retail fund corresponding to such
portfolio.
- ------------------------------------------------------------------------------------------
</TABLE>
12. PAGE 46 OF THE PROSPECTUS UNDER THE HEADING "NON-STANDARDIZED PERFORMANCE
DATA" IS AMENDED TO INCLUDE THE FOLLOWING INFORMATION:
We may also use non-standard performance in cases where we add new
subaccounts which purchase shares of underlying funds in existence prior to the
formation of such subaccounts. In such cases we will use the historical
performance of the underlying fund with the current expenses of the applicable
subaccount under the Contract.
9
<PAGE> 11
13. EXISTING SUBACCOUNT NAMES IN THE PROSPECTUS ARE CHANGED WHENEVER THEY APPEAR
AS SPECIFIED IN THE TABLE BELOW:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
OLD SUBACCOUNT NAME NEW SUBACCOUNT NAME
- ------------------------------------------------------------------------------------------
<S> <C>
The Money Market Subaccount MONY Money Market Subaccount
- ------------------------------------------------------------------------------------------
The Government Securities Subaccount MONY Government Securities Subaccount
- ------------------------------------------------------------------------------------------
The Intermediate Term Bond Subaccount MONY Intermediate Term Bond Subaccount
- ------------------------------------------------------------------------------------------
The Long Term Bond Subaccount MONY Long Term Bond Subaccount
- ------------------------------------------------------------------------------------------
The Equity Subaccount Enterprise Equity Subaccount
- ------------------------------------------------------------------------------------------
The Managed Subaccount Enterprise Managed Subaccount
- ------------------------------------------------------------------------------------------
The Small Company Value Subaccount Enterprise Small Company Value Subaccount
- ------------------------------------------------------------------------------------------
The International Growth Subaccount Enterprise International Growth Subaccount
- ------------------------------------------------------------------------------------------
The Growth Subaccount Enterprise Growth Subaccount
- ------------------------------------------------------------------------------------------
The Growth and Income Subaccount Enterprise Growth and Income Subaccount
- ------------------------------------------------------------------------------------------
The Equity Income Subaccount Enterprise Equity Income Subaccount
- ------------------------------------------------------------------------------------------
The Small Company Growth Subaccount Enterprise Small Company Growth Subaccount
- ------------------------------------------------------------------------------------------
The Capital Appreciation Subaccount Enterprise Capital Appreciation Subaccount
- ------------------------------------------------------------------------------------------
The High Yield Bond Subaccount Enterprise High Yield Bond Subaccount
- ------------------------------------------------------------------------------------------
</TABLE>
Form No. 14477 SL (7/99) Reg. No. 333-59717
10
<PAGE> 12
MONY Life Insurance Company of America
Administrative Offices
1740 Broadway, New York, NY 10019
[THE MONY GROUP LOGO]
MONY Life Insurance Company of America and
MONY
Securities Corporation are members of The
MONY Group
- --------------------------------------------------------------------------------
Form No. 14477 SL 7/99
