<PAGE> 1
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)............ $ 53,484 $ 27,690 $ 6,354 $ 12,610 $ 52,601 $ 31,156
======== ======== ======== ======== ======== ========
Investments in MONY Series Fund, Inc. at
net asset value (Note 2).............. $ 64,153 $ 30,200 $ 6,432 $ 13,137 $ 61,887 $ 31,156
Amount due from MONY Series Fund,
Inc. ................................. 0 0 0 0 29 57
-------- -------- -------- -------- -------- --------
Total assets....................... 64,153 30,200 6,432 13,137 61,916 31,213
-------- -------- -------- -------- -------- --------
LIABILITIES
Amount due to MONY...................... 0 0 0 0 29 57
-------- -------- -------- -------- -------- --------
Net assets.............................. $ 64,153 $ 30,200 $ 6,432 $ 13,137 $ 61,887 $ 31,156
======== ======== ======== ======== ======== ========
Net assets consist of:
Contractholders' net payments......... $ 73,892 $ 40,087 $ 8,557 $ 15,755 $ 63,818 $ 50,339
Cost of insurance withdrawals (Note
3)................................. (44,237) (26,585) (12,084) (34,263) (31,880) (42,378)
Undistributed net investment income... 9,319 8,924 8,829 25,973 18,015 23,195
Accumulated net realized gains on
investments........................ 14,510 5,264 1,052 5,145 2,648 0
Unrealized appreciation of
investments........................ 10,669 2,510 78 527 9,286 0
-------- -------- -------- -------- -------- --------
Net assets.............................. $ 64,153 $ 30,200 $ 6,432 $ 13,137 $ 61,887 $ 31,156
-------- -------- -------- -------- -------- --------
Number of units outstanding*............ 2,072 979 334 602 2,427 1,933
-------- -------- -------- -------- -------- --------
Net asset value per unit outstanding.... $ 30.96 $ 30.86 $ 19.24 $ 21.84 $ 25.49 $ 16.12
======== ======== ======== ======== ======== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
14
<PAGE> 2
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income......................... $ 0 $ 56 $ 0 $ 0 $ 0 $ 777
Mortality and expense risk charges
(Note 3).............................. 187 90 19 40 182 94
------ ------ ---- ------ ------ ------
Net investment income (loss)............ (187) (34) (19) (40) (182) 683
------ ------ ---- ------ ------ ------
Realized and unrealized gains (losses)
on investments (Note 2):
Proceeds from sales................... 5,750 4,485 277 417 1,770 1,207
Cost of shares sold................... 4,326 3,650 269 410 1,293 1,207
------ ------ ---- ------ ------ ------
Net realized gains on investments....... 1,424 835 8 7 477 0
Net increase (decrease) in unrealized
appreciation of investments........... 5,331 1,321 (26) (873) 3,170 0
------ ------ ---- ------ ------ ------
Net realized and unrealized gains
(losses) on investments............... 6,755 2,156 (18) (866) 3,647 0
------ ------ ---- ------ ------ ------
Net increase (decrease) in net assets
resulting from operations............. $6,568 $2,122 $(37) $ (906) $3,465 $ 683
====== ====== ==== ====== ====== ======
</TABLE>
See notes to financial statements.
15
<PAGE> 3
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LONG TERM
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- ------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1996 1995 1996 1995 1996 1995 1996
------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
From operations:
Net investment income
(loss).................. $ (187) $ 3,663 $ (34) $ 1,419 $ (19) $ 327 $ (40)
Net realized gains on
investments............. 1,424 1,900 835 358 8 17 7
Net increase (decrease) in
unrealized appreciation
of investments.......... 5,331 5,010 1,321 2,181 (26) 454 (873)
-------- -------- -------- -------- ------ ------ --------
Net increase (decrease) in
net assets resulting from
operations ............... 6,568 10,573 2,122 3,958 (37) 798 (906)
-------- -------- -------- -------- ------ ------ --------
From unit transactions:
Net proceeds from the
issuance of units....... 3,574 21,677 3,201 20,006 169 516 300
Net asset value of units
redeemed or used to meet
contract obligations.... 5,521 9,320 4,395 6,980 212 418 378
-------- -------- -------- -------- ------ ------ --------
Net increase (decrease) from
unit transactions......... (1,947) 12,357 (1,194) 13,026 (43) 98 (78)
-------- -------- -------- -------- ------ ------ --------
Net increase (decrease) in
net assets................ 4,621 22,930 928 16,984 (80) 896 (984)
Net assets beginning of
period.................... 59,532 36,602 29,272 12,288 6,512 5,616 14,121
-------- -------- -------- -------- ------ ------ --------
Net assets end of period*... $ 64,153 $ 59,532 $ 30,200 $ 29,272 $6,432 $6,512 $ 13,137
======== ======== ======== ======== ====== ====== ========
Units outstanding beginning
of period................. 2,137 1,705 1,016 565 336 331 605
Units issued during the
period.................... 121 815 107 735 9 28 14
Units redeemed during the
period.................... 186 383 144 284 11 23 17
-------- -------- -------- -------- ------ ------ --------
Units outstanding end of
period.................... 2,072 2,137 979 1,016 334 336 602
======== ======== ======== ======== ====== ====== ========
- ---------------
*Includes undistributed net
investment income of: $ 9,319 $ 9,506 $ 8,924 $ 8,958 $8,829 $8,848 $ 25,973
<CAPTION>
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1996 1995 1996 1995
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
(UNAUDITED) (UNAUDITED)
From operations:
Net investment income
(loss).................. $ 474 $ (182) $ 2,843 $ 683 $ 1,566
Net realized gains on
investments............. 8,193 477 439 0 0
Net increase (decrease) in
unrealized appreciation
of investments.......... 3,566 3,170 5,659 0 0
-------- -------- -------- -------- --------
Net increase (decrease) in
net assets resulting from
operations ............... 12,233 3,465 8,941 683 1,566
-------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the
issuance of units....... 739 1,604 17,167 94 1,811
Net asset value of units
redeemed or used to meet
contract obligations.... 44,332 1,588 2,298 1,113 3,761
-------- -------- -------- -------- --------
Net increase (decrease) from
unit transactions......... (43,593) 16 14,869 (1,019) (1,950)
-------- -------- -------- -------- --------
Net increase (decrease) in
net assets................ (31,360) 3,481 23,810 (336) (384)
Net assets beginning of
period.................... 45,481 58,406 34,596 31,492 31,876
-------- -------- -------- -------- --------
Net assets end of period*... $ 14,121 $ 61,887 $ 58,406 $ 31,156 $ 31,492
======== ======== ======== ======== ========
Units outstanding beginning
of period................. 2,521 2,427 1,805 1,997 2,123
Units issued during the
period.................... 28 64 728 6 117
Units redeemed during the
period.................... 1,944 64 106 70 243
-------- -------- -------- -------- --------
Units outstanding end of
period.................... 605 2,427 2,427 1,933 1,997
======== ======== ======== ======== ========
- ---------------
*Includes undistributed net
investment income of: $ 26,013 $ 18,015 $ 18,197 $ 23,195 $ 22,512
</TABLE>
See notes to financial statements.
16
<PAGE> 4
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY Variable Account L (the "Variable Account") is a separate investment
account established on November 28, 1990 by The Mutual Life Insurance Company of
New York ("MONY"), under the laws of the State of New York.
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 's other assets and, at present, is
used only to support Flexible Premium Variable Life Insurance Policies. These
policies are issued by MONY. MONY is currently taxed as a life insurance company
and will include the Variable Account's operations in its tax return. MONY does
not expect, based upon 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.
There are currently six subaccounts within the Variable Account, and each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund"). The Fund is registered under the 1940 Act as an open end, diversified,
management investment company.
A full presentation of the related financial statements and footnotes of
the Fund are contained on pages 55 to 82 and should be read in conjunction with
these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investments:
The investment in shares of each of the respective portfolios of the Fund
is stated at value which is the net asset value of the Fund. Net asset values
are based upon market valuations of the securities held in each of the
corresponding portfolios of the Fund. For the Money Market Portfolio, the net
asset values are based on amortized cost of the securities held which
approximates value.
3. RELATED PARTY TRANSACTIONS
MONY is the legal holder of the assets of the Variable Account.
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders are deducted monthly from the cash
value of the contract to compensate MONY. These deductions are treated as
contractholder redemptions by the Variable Account. The amount deducted for all
subaccounts for 1996 aggregated $7,208.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.60 percent of aggregate average daily
net assets. As MONY America, a wholly-owned subsidiary of MONY, acts as
investment adviser to the Fund, it receives amounts paid by the Fund for those
services.
17
<PAGE> 5
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at June 30, 1996 (unaudited)
consist of the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares..................................... 2,371 1,493 616 1,096 3,715 31,492
Amount..................................... $54,194 $28,083 $6,408 $12,721 $52,290 $31,492
------- ------- ------ ------- ------- -------
Shares acquired:
Shares..................................... 136 156 20 25 99 94
Amount..................................... $ 3,616 $ 3,201 $ 215 $ 299 $ 1,604 $ 94
Shares received for reinvestment of
dividends:
Shares..................................... 0 3 0 0 0 777
Amount..................................... $ 0 $ 56 $ 0 $ 0 $ 0 $ 777
Shares redeemed:
Shares..................................... 214 216 26 34 108 1,207
Amount..................................... $ 4,326 $ 3,650 $ 269 $ 410 $ 1,293 $ 1,207
------- ------- ------ ------- ------- -------
Net change:
Shares..................................... (78) (57) (6) (9) (9) (336)
Amount..................................... $ (710) $ (393) $ (54) $ (111) $ 311 $ (336)
------- ------- ------ ------- ------- -------
Shares end of period:
Shares..................................... 2,293 1,436 610 1,087 3,706 31,156
Amount..................................... $53,484 $27,690 $6,354 $12,610 $52,601 $31,156
======= ======= ====== ======= ======= =======
</TABLE>
18
