<PAGE> 1
REGISTRATION NO. 333-01581
REGISTRATION NO. 811-6217
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-6
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 [X]
OF SECURITIES OF UNIT
INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2
PRE-EFFECTIVE AMENDMENT NO.
POST-EFFECTIVE AMENDMENT NO. 4
MONY VARIABLE ACCOUNT L
(Exact Name of Trust)
MONY LIFE INSURANCE COMPANY
(Name of Depositor)
1740 BROADWAY
NEW YORK, NEW YORK 10019
(Address of Principal Executive Office)
FREDERICK C. TEDESCHI, ESQ.
VICE PRESIDENT AND CHIEF COUNSEL, OPERATIONS
MONY LIFE INSURANCE COMPANY
1740 BROADWAY
NEW YORK, NEW YORK 10019
(Name and Address of Agent for Service)
It is proposed that this filing will become effective on May 1, 2000
pursuant to Rule 485(a).
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STATEMENT PURSUANT TO RULE 24f-2
The Registrant registers an indefinite number or amount of its variable
life insurance contracts under the Securities Act of 1933 pursuant to Rule 24f-2
under the Investment Company Act of 1940. The Rule 24f-2 notice for Registrant's
fiscal year ending December 31, 1999 will be filed on or before March 31, 2000.
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CROSS REFERENCE TO ITEMS REQUIRED BY FORM N-8B-2
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ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
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1.......................................... Cover Page
2.......................................... Cover Page
3.......................................... Not Applicable
4.......................................... DISTRIBUTION OF THE POLICY
5.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
6.......................................... MONY America Variable Account L
7.......................................... Not required
8.......................................... Not required
9.......................................... Legal Proceedings
10.......................................... THE POLICY; INFORMATION ABOUT THE COMPANY AND THE
VARIABLE ACCOUNT; CHARGES AND DEDUCTIONS; OTHER
INFORMATION; VOTING OF FUND SHARES; MORE ABOUT THE
POLICY
11.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE FUNDS; PURCHASE OF PORTFOLIO SHARES BY THE
VARIABLE ACCOUNT
12.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE FUNDS; PURCHASE OF PORTFOLIO SHARES BY THE
VARIABLE ACCOUNT
13.......................................... THE POLICY; CHARGES AND DEDUCTIONS; THE FUNDS
14.......................................... THE POLICY
15.......................................... THE POLICY
16.......................................... THE FUNDS; THE POLICY; INFORMATION ABOUT THE COMPANY AND
THE VARIABLE ACCOUNT
17.......................................... THE POLICY
18.......................................... THE FUNDS; THE POLICY; INFORMATION ABOUT COMPANY AND THE
VARIABLE ACCOUNT
19.......................................... VOTING OF FUND SHARES; MORE ABOUT THE POLICY
20.......................................... Not applicable
21.......................................... THE POLICY
22.......................................... Not applicable
23.......................................... Not applicable
24.......................................... IMPORTANT TERMS; MORE ABOUT THE POLICY
25.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
26.......................................... Not applicable
</TABLE>
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<TABLE>
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ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
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27.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
28.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
29.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
30.......................................... Not applicable
31.......................................... Not applicable
32.......................................... Not applicable
33.......................................... Not applicable
34.......................................... Not applicable
35.......................................... MORE ABOUT THE POLICY
36.......................................... Not applicable
37.......................................... Not applicable
38.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
MORE ABOUT THE POLICY
39.......................................... MORE ABOUT THE POLICY
40.......................................... Not applicable
41.......................................... MORE ABOUT THE POLICY
42.......................................... Not applicable
43.......................................... Not applicable
44.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
45.......................................... Not applicable
46.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
47.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
48.......................................... Not applicable
49.......................................... Not applicable
50.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
51.......................................... Cover Page; INFORMATION ABOUT THE COMPANY AND THE
VARIABLE ACCOUNT; THE POLICY; MORE ABOUT THE POLICY
52.......................................... OTHER INFORMATION
53.......................................... OTHER INFORMATION
54.......................................... Not applicable
55.......................................... Not applicable
56.......................................... Not required
57.......................................... Not required
58.......................................... Not required
59.......................................... FINANCIAL STATEMENTS
</TABLE>
2
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PART I
(INFORMATION REQUIRED IN A PROSPECTUS)
<PAGE> 5
PROSPECTUS
Dated May 1, 2000
Variable Universal Life Insurance Policy
MONY Life Insurance Company (the "Company") issues a variable universal life
insurance policy described in this Prospectus. Among the policy's many terms
are:
Allocation of Premiums and Fund Values:
- - You can tell us what to do with your premium payments. You can also tell us
what to do with the cash values your policy may create for you resulting from
those premium payments.
- You can tell us to place them into a separate account. That separate
account is called MONY Variable Account L.
- If you do, you can also tell us to place your premium payments and
cash values into any or all of 9 different subaccounts. Each of these
subaccounts seeks to achieve a different investment objective. If you
tell us to place your premium payments and cash values into one or
more subaccounts of the separate account, you bear the risk that the
investment objectives will not be met. That risk includes your not
earning any money on your premium payments and cash values and also
that your premium payments and cash values may lose some or all of
their value.
- You can also tell us to place some or all of your premium payments and
cash values into our account. Our account is called the Guaranteed
Interest Account. If you do, we will guarantee that those premium
payments and cash values will not lose any value. We also guarantee that
we will pay not less than 5% interest annually. We may pay more than 5%
if we choose. Premium payments and cash values you place into the
Guaranteed Interest Account become part of our assets.
Death Benefit:
- - We will pay a death benefit if you die before you reach age 95 while the
policy is in effect. That death benefit will never be less than amount
specified in the policy. It may be greater than the amount specified if the
policy's cash values increase.
Living Benefits:
- - You may ask for some or all of the policy's cash value at any time. If you do,
we may deduct a surrender charge. You may borrow up to 90% of the policy's
cash value from us at any time. You will have to pay interest to us on the
amount borrowed.
Charges and Fees:
- - The policy allows us to deduct certain charges from the cash value. These
charges are detailed in the policy and in this prospectus.
THESE ARE ONLY SOME OF THE TERMS OF THE POLICY.
PLEASE READ THE PROSPECTUS CAREFULLY FOR MORE COMPLETE DETAILS OF THE POLICY.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of the prospectus. Any representation to the contrary is a
criminal offense. This prospectus comes with prospectuses for the MONY Series
Fund, Inc and Enterprise Accumulation Trust, Dreyfus Stock Index Fund, Fidelity
Variable Insurance Products Fund, Fidelity Variable Insurance Products Fund II
and Janus Aspen Series. You should read these prospectuses carefully and keep
them for future reference.
MONY Variable Account L
MONY Life Insurance Company
1740 Broadway, New York, New York 10019
1-800-487-6669
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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TABLE OF CONTENTS
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PAGE
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Summary of the Policy....................................... 1
Important Policy Terms.................................... 1
Purpose of the Policy..................................... 1
Policy Premium Payments and Values........................ 1
Charges and Deductions.................................... 3
The Death Benefit......................................... 5
Premium Features.......................................... 6
MONY Variable Account L................................... 6
Allocation Options........................................ 6
Transfer of Fund Value.................................... 6
Policy Loans.............................................. 6
Full Surrender............................................ 7
Partial Surrender......................................... 7
Preferred Partial Surrender............................... 7
Free Look Period.......................................... 7
Grace Period and Lapse.................................... 7
Tax Treatment of Increases in Fund Value.................. 7
Tax Treatment of Death Benefit............................ 8
Riders.................................................... 8
Contacting the Company.................................... 8
Understanding the Policy.................................. 9
Detailed Information about the Company and MONY Variable
Account L................................................. 10
MONY Life Insurance Company............................... 10
Year 2000 Issue........................................... 10
MONY Variable Account L................................... 12
The Funds................................................... 15
MONY Series Fund, Inc. ................................... 15
Enterprise Accumulation Trust............................. 16
Dreyfus Stock Index Fund..................................
Fidelity Variable Insurance Products Fund, Fidelity
Variable Insurance Products Fund II.................... 19
Janus Aspen Series........................................ 19
Purchase of Portfolio Shares by MONY America Variable
Account L.............................................. 20
Detailed Information About The Policy....................... 20
Application for a Policy.................................. 20
Right to Examine a Policy -- Free Look Period............. 22
Premiums.................................................. 23
Allocation of Net Premiums................................ 24
Death Benefits under the Policy........................... 25
Changes in Specified Amount............................... 27
Other Optional Insurance Benefits......................... 28
Benefits at Maturity...................................... 29
Policy Values............................................. 30
Determination of Fund Value............................... 30
Calculating Unit Values for Each Subaccount............... 31
Transfer of Fund Value.................................... 32
Right to Exchange Policy.................................. 33
Policy Loans.............................................. 33
Full Surrender............................................ 34
Partial Surrender......................................... 34
</TABLE>
i
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<TABLE>
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PAGE
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Preferred Partial Surrender............................... 35
Grace Period and Lapse.................................... 35
Charges and Deductions...................................... 38
Deductions from Premiums.................................. 38
Daily Deduction from MONY Variable Account L.............. 38
Deductions from Fund Value................................ 38
Fund Charge............................................... 42
Transaction and Other Charges............................. 44
Fees and Expenses of the Funds............................ 44
Guarantee of Certain Charges.............................. 46
Other Information........................................... 46
Federal Income Tax Considerations......................... 46
Charge for Company Income Taxes........................... 50
Voting of Fund Shares..................................... 51
Disregard of Voting Instructions.......................... 51
Report to Policy Owners................................... 51
Substitution of Investments and Right to Change
Operations............................................. 52
Changes to Comply with Law................................ 52
Performance Information..................................... 53
The Guaranteed Interest Account............................. 53
General Description....................................... 54
Limitations on Amounts in the Guaranteed Interest
Account................................................ 54
Death Benefit............................................. 54
Policy Charges............................................ 54
Transfers................................................. 55
Surrenders and Policy Loans............................... 55
More About the Policy....................................... 56
Ownership................................................. 56
Beneficiary............................................... 56
Notification and Claims Procedures........................ 56
Payments.................................................. 57
Payment Plan/Settlement Provisions........................ 57
Payment in Case of Suicide................................ 57
Assignment................................................ 57
Errors on the Application................................. 58
Incontestability.......................................... 58
Policy Illustrations...................................... 58
Distribution of the Policy................................ 58
More About the Company...................................... 59
Management................................................ 59
State Regulation.......................................... 60
Telephone Transfer Privileges............................. 60
Legal Proceedings......................................... 61
Legal Matters............................................. 61
Registration Statement.................................... 61
Independent Accountants................................... 61
Financial Statements...................................... 61
Index to Financial Statements............................... F-1
Appendix A.................................................. A-1
Appendix B.................................................. B-1
</TABLE>
ii
<PAGE> 9
SUMMARY OF THE POLICY
This summary provides you with a brief overview of the more important
aspects of your policy. It is not intended to be complete. More detailed
information is contained in this prospectus on the pages following this Summary
and in your policy. This summary and the entire prospectus will describe the
part of the policy involving MONY Variable Account L. The prospectus also
briefly will describe the Guaranteed Interest Account on page 50. The Guaranteed
Interest Account is also described in your policy. BEFORE PURCHASING A POLICY,
WE URGE YOU TO READ THE ENTIRE PROSPECTUS CAREFULLY.
IMPORTANT POLICY TERMS
We are providing you with definitions for the following terms to make the
description of the policy provisions easier for you to understand.
Outstanding Debt -- The unpaid balance of any loan which you request on the
policy. The unpaid balance includes accrued loan interest which is due and has
not been paid by you.
Loan Account -- An account to which amounts are transferred from the
subaccounts of MONY Variable Account L and the Guaranteed Interest Account as
collateral for any loan you request. We will credit interest to the Loan Account
at a rate not less than 5%. The Loan Account is part of the Company's General
Account.
Fund Value -- The sum of the amounts under the policy held in each
subaccount of MONY Variable Account L the Guaranteed Interest Account, and the
Loan Account, and any interest thereon to secure Outstanding Debt.
Cash Value -- The Fund Value of the policy less any fund charge.
Surrender Value -- The cash value less any outstanding debt reduced by any
unearned loan interest.
Minimum Monthly Premium -- The amount the Company determines is necessary
to keep the policy in effect for the first two policy years. In certain cases,
this also applies to the first two policy years following an increase in the
Specified Amount.
Guaranteed Interest Account -- This account is part of the general account
of MONY Life Insurance Company (the "Company"). You may allocate all or a part
of your net premium payments to this account. This account will credit you with
a fixed interest rate (which will not be less than 5%) declared by the Company.
(For more detailed information, see "The Guaranteed Interest Account," page 50.)
Specified Amount -- The minimum death benefit for as long as the policy
remains in effect.
Valuation Date -- Each day that the New York Stock Exchange is open for
trading.
PURPOSE OF THE POLICY
The policy offers insurance protection on the life of the insured. If the
insured is alive on the anniversary of the policy date when the insured is age
95, a maturity benefit will be paid instead of a death benefit. The policy
provides a death benefit equal to (a) its Specified Amount, or (b) its Specified
Amount plus accumulated of Fund Value. The policy also provides surrender and
loan privileges. The policy offers a choice of investment alternatives and an
opportunity for the policy's Fund Value and its death benefit, to grow based on
investment results. In addition, you, as owner of the policy, choose the amount
and frequency of premium payments, within certain limits.
POLICY PREMIUM PAYMENTS AND VALUES
The premium payments you make for the policy are received by the Company.
From those premium payments, the Company makes deductions to pay premium and
other taxes imposed by state and local governments. The Company makes deductions
to cover the cost to the Company of a deferred acquisition tax imposed by the
United States government. The Company will also deduct a Sales Charge to cover
the
1
<PAGE> 10
costs of making the policies available to the public. After deduction of these
charges, the amount remaining is called the net premium payment.
You may allocate net premium payments among the various subaccounts of MONY
Variable Account L and/or the Guaranteed Interest Account. As owner of the
policy, you may give the right to allocate net premium payments to someone else.
The net premium payments you allocate among the various subaccounts of MONY
Variable Account L may increase or decrease in value on any day depending on the
investment experience of the subaccounts you select. Your death benefit may or
may not increase or decrease depending on several factors including the death
benefit option you choose. The death benefit will never decrease below the
Specified Amount of your policy.
Net premium payments you allocate to the Guaranteed Interest Account will
be credited with interest at a rate determined by the Company. That rate will
not be less than 5%.
The value of the net premium payments you allocate to MONY Variable Account
L and to the Guaranteed Interest Account are called the Fund Value. There is no
guarantee that the policy's Fund Value and death benefit will increase. You bear
the risk that the net premiums and Fund Value allocated to MONY Variable Account
L may be worth more or less while the policy remains in effect.
If you cancel the policy and return it to the Company during the Free Look
Period, your premium payments will be returned by the Company. After the Free
Look Period, you may cancel your policy by surrendering it to the Company. The
Company will pay you the Fund Value minus a charge if you cancel your policy
during the first fourteen years since the policy was issued or the Specified
Amount increased. The Company will also deduct any amount you have borrowed from
it from the amount it will pay you. The Fund Value minus Fund Charges and minus
the amount of debt outstanding from loans you have received plus any unearned
interest on the outstanding debt is called the Cash Value of the policy.
Charges and fees such as the cost of insurance, administrative charges, and
mortality and expense risk charges are imposed by the policy. These charges and
fees are deducted by the Company from the policy's Cash Value and are described
in further detail below.
The policy remains in effect until the earliest of:
- A grace period expires without the payment of sufficient additional
premium to cover policy charges or repayment of the Outstanding Debt.
- Age 95.
- Death of the insured.
- Full surrender of the policy.
Generally, the policy remains in effect only as long as the Cash Value less
any Outstanding Debt is sufficient to pay all monthly deductions. However,
during the first two years the policy is in effect, the Company will determine
an amount which if paid during those first two policy years will keep the policy
and all rider coverages in effect for the first two policy years even if the
Cash Value less any Outstanding Debt of the policy is not enough to pay monthly
deductions. This amount is called the Minimum Monthly Premium. If you increase
the Specified Amount during the first two policy years, you must pay the Minimum
Monthly Premium for two more years after the increase.
2
<PAGE> 11
CHARGES AND DEDUCTIONS
The policy provides for the deduction of the various charges, costs, and
expenses from the Fund Value of the policy. These deductions are summarized in
the table below. Additional details can be found on pages 35 - 41.
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DEDUCTIONS FROM PREMIUMS
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Sales Charge -- Varies based on number of Premiums paid during first ten policy
years the policy has been in effect. It is years -- 4%
a % of Premium paid. Premiums paid during policy years
11-20 -- 2%
Premiums paid after policy year 20 -- 0%
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Tax Charge State and local -- 0.8%
Federal -- 1.25%
</TABLE>
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DAILY DEDUCTION FROM MONY VARIABLE ACCOUNT L
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Mortality & Expense Risk Charge -- Maximum .75% of subaccount value (0.002055% daily)
Annual Rate Reduces after 10th policy year
</TABLE>
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DEDUCTIONS FROM FUND VALUE
<TABLE>
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Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
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</TABLE>
<TABLE>
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EACH OF
1ST 12 EACH
POLICY MONTH
SPECIFIED AMOUNT MONTHS THEREAFTER
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Administrative Charge -- monthly charge based on Less than $31.50* $6.50
Specified Amount of policy. $250,000............ $28.50* $3.50
$250,000-$499,999... $25.00* None
$500,000 or more....
---------------
* Reduced by $5.00 for issue ages 0 through
17.
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</TABLE>
<TABLE>
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Optional Insurance Benefits Charge As applicable.
Monthly Deduction for any other Optional Insurance
Benefits added by rider.
- ----------------------------------------------------------------------------------------------------
Transaction and Other Charges The lesser of 2% of the amount
-Partial Surrender Fee surrendered or $25.
-Transfer of Fund Value Currently $0. Maximum $25 on each
(at Company's Option) Transfer in a policy year exceeding four.
</TABLE>
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3
<PAGE> 12
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ADMINISTRATIVE
Administrative Fund Charge ISSUE AGE* FUND CHARGE
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Over 14 years based on a schedule. Factors per 0-25........................ $2.50
$1,000 of Specified Amount vary based on issue age. 26.......................... 3.00
27.......................... 3.50
28.......................... 4.00
29.......................... 4.50
30 or higher................ 5.00
</TABLE>
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<TABLE>
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Sales Fund Charge ISSUE AGE PERCENTAGE
------------------------------- --
Percentage of premiums paid in the first 5 years, 0-17........................... 50%
up to a maximum amount of premiums called the 18-65.......................... 75
target premium. 66............................. 70
67............................. 65
68............................. 60
69............................. 55
70 or higher................... 50
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The Sales Fund Charge can increase as
premiums are paid during the five year
period. Starting on the fifth anniversary,
the charge decreases from its maximum by
10% per year until it reaches zero at the
end of the 14th year.
</TABLE>
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MONY Variable Account L is divided into subdivisions called subaccounts.
Each subaccount invests exclusively in shares of a designated portfolio. Each
portfolio pays a fee to its investment adviser to manage the portfolio. The
investment adviser fees for each portfolio are listed in the table below. Each
portfolio also incurs expenses its operations. Those expenses are also shown in
the table below.
FEES AND EXPENSES OF THE FUNDS
The Fund and each of its portfolios incur certain charges including the
investment advisory fee and certain operating expenses. These fees and expenses
vary by portfolio and are set forth below. Their Boards govern the Funds. The
advisory fees are summarized at pages 4-5. Fees and expenses of the Funds are
described in more detail in the Funds' prospectuses.
Information contained in the following table was provided by the respective
Funds and has not been independently verified by us.
ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
DISTRIBUTION AND
FUND/PORTFOLIO MANAGEMENT FEES OTHER EXPENSES SERVICE (12-b-1) FEE TOTAL EXPENSES
-------------- --------------- -------------- -------------------- --------------
<S> <C> <C> <C> <C>
MONY SERIES FUND, INC.
Intermediate Term Bond
Portfolio.................... 0.50% 0.07% N/A 0.57%
Long Term Bond Portfolio....... 0.50% 0.05% N/A 0.55%
Government Securities
Portfolio.................... 0.50% 0.08% N/A 0.58%(1)
Money Market Portfolio......... 0.40% 0.04% N/A 0.44%
ENTERPRISE ACCUMULATION TRUST
Equity Portfolio(2)............ 0.78% 0.04% N/A 0.82%
Small Company Value
Portfolio(2)................. 0.80% 0.04% N/A 0.84%
Managed Portfolio(2)........... 0.72% 0.04% N/A 0.76%
International Growth
Portfolio(2)................. 0.85% 0.16% N/A 1.01%
High Yield Bond Portfolio(2)... 0.60% 0.09% N/A 0.69%
Capital Appreciation
Portfolio.................... 0.75% 0.41% N/A 1.16%
Growth and Income Portfolio.... 0.75% 0.19% N/A 0.94%
Growth Portfolio............... 0.75% 0.09% N/A 0.84%
DREYFUS STOCK INDEX FUND(2).... 0.245% 0.015% N/A 0.26%
FIDELITY VARIABLE INSURANCE
PRODUCTS FUND (VIP)
</TABLE>
4
<PAGE> 13
<TABLE>
<CAPTION>
DISTRIBUTION AND
FUND/PORTFOLIO MANAGEMENT FEES OTHER EXPENSES SERVICE (12-b-1) FEE TOTAL EXPENSES
-------------- --------------- -------------- -------------------- --------------
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Growth Portfolio............... 0.58% 0.09% 0.10% 0.77%(2)(3)
FIDELITY VARIABLE INSURANCE
PRODUCTS FUND II (VIP II)
Contrafund(R)Portfolio......... 0.58% 0.10% 0.10% 0.78%(2)(3)
JANUS ASPEN SERIES
Capital Appreciation
Portfolio.................... 0.65% 0.04% N/A 0.69%(2)(4)
Worldwide Growth Portfolio..... 0.65% 0.05% N/A 0.70%(2)(4)
</TABLE>
- ---------------
(1) Expenses do not include custodial credits. With custodial credits,
expenses would have been 0.57%.
(2) The sub-account corresponding to this Fund/Portfolio first became
available for allocation in November 1999.
(3) Expenses do not include reimbursements. With reimbursements, expenses
would have been 0.75%.
(4) Expenses are based upon expenses for the fiscal year ended December 31,
1999, restated to reflect a reduction in management fee.
THE DEATH BENEFIT
The minimum initial Specified Amount is $100,000. You may elect one of two
options to compute the amount of death benefit payable under the policy. Your
selection may increase the death benefit.
Option I -- The death benefit equals the greater of:
(a) The Specified Amount plus the increase in Fund Value since the
last Monthly Anniversary Day, or
(b) Fund Value on the date of death, plus the increase in Fund Value
since the last Monthly Anniversary day, multiplied by a death
benefit percentage required by the federal tax law definition of
life insurance.
If you choose Option I, favorable investment performance will reduce
the cost you pay for the death benefit. This reduction will decrease the
deduction from Fund Value and
Option II -- The death benefit equals the greater of:
(a) The Specified Amount of the policy, plus the Fund Value on the date
of death, or
(b) The Fund Value on the date of death, plus the Fund Value on the
last Monthly Anniversary Date, multiplied by a death benefit percentage
required by the federal tax law definition of life insurance.
If you choose Option II, favorable investment performance will
increase the Fund Value of the Policy which in turn increases insurance
coverage.
The Fund Value used in these calculations is the Fund Value as of the date of
the insured's death.
You may change the death benefit option and increase or decrease the
Specified Amount, subject to certain conditions. See "Death Benefits Under the
Policy," page 21.
5
<PAGE> 14
PREMIUM FEATURES
You must pay premiums equal to at least the amount necessary to keep the
policy in effect for the first two policy years. After that, subject to certain
limitations, you may choose the amount and frequency of premium payments as your
financial situation and needs change.
When you apply for a policy, you determine the level amount you intend to
pay at fixed intervals over a specified period of time. You elect to receive a
premium notice on an annual, semiannual, or quarterly basis. However, you may
choose to skip or stop making premium payments, your policy continues in effect
until the Cash Value can no longer cover (1) the monthly deductions from the
Fund Value for your policy, and (2) any optional insurance benefits added by
rider. You may pay premiums under the electronic funds transfer program. Under
this program, you authorize the Company to withdraw the amount you determine
from your checking account each month.
The amount, frequency and period of time over which you pay premiums may
affect whether or not the policy will be classified as a modified endowment
contract. You will find more information on the tax treatment of life insurance
contracts, including modified endowment contracts under "Federal Income Tax
Considerations," page 43.
The payment of premiums you specified on the application will not guarantee
that your policy will remain in effect. See "Grace Period and Lapse," page 32.
If any premium payment would result in an immediate increase in the net amount
at risk, the Company may, (1) reject a part of the premium payment, or (2) limit
the premium payment, unless you provide satisfactory evidence of insurability.
MONY VARIABLE ACCOUNT L
MONY Variable Account L is a separate investment account whose assets are
owned by the Company. See "MONY Variable Account L" on page 11.
ALLOCATION OPTIONS
You may allocate premium payments and Fund Values among the various
subaccounts of MONY Variable Account L. Each of the subaccounts uses premium
payments and Fund Values to purchase shares of a designated portfolio of the
MONY Series Fund, the Enterprise Accumulation Trust, Dreyfus Stock Index Fund,
Fidelity Variable Insurance Products Fund, Fidelity Variable Insurance Products
Fund II or Janus Aspen Series (collectively the "Funds"). The subaccounts
available to you and the investment objectives of each available subaccount are
described in detail beginning on page 13.
TRANSFER OF FUND VALUE
You may transfer Fund Value among the subaccounts. Subject to certain
limitations, you may also transfer between the subaccounts and the Guaranteed
Interest Account. Transfers may be made by telephone if the proper form has been
completed, signed and filed at the Company's Syracuse Operations Center. See
Transfer of Fund Value," page 29.
POLICY LOANS
You may borrow up to 90% of your policy's Cash Value from the Company. Your
policy will be the only security required for a loan. See "Policy Loans," page
30.
The amount of Outstanding Debt reduced by any Unearned Interest is
subtracted from your death benefit. Your Outstanding Debt reduced by any
Unearned Interest is repaid from the proceeds of a full surrender. See "Full
Surrender," page 31. Outstanding Debt may also affect the continuation of the
policy. See "Grace Period and Lapse," page 32. The Company charges interest on
policy loans. If you do not pay the interest when due, the amount due will be
borrowed from the policy's Cash Value and will become part of the Outstanding
Debt.
6
<PAGE> 15
FULL SURRENDER
You can surrender the policy during the insured's lifetime and receive its
Cash Value, which equals (a) Fund Value, minus (b) any surrender charge, and
minus (c) any Outstanding Debt plus any unearned loan interest. See "Full
Surrender," page 31.
PARTIAL SURRENDER
You may request a partial surrender after your Policy has been in effect
for 2 years if your Cash Value after the deduction of the requested surrender
amount and any fees is greater than $500. If the requested amount exceeds the
amount available, we will reject your request and return it to you. A partial
surrender will decrease the Specified Amount. See "Partial Surrender," at page
31.
Partial surrenders must be for at least $500. A partial surrender fee of
$25 or 2% of the amount surrendered (whichever is less) will be assessed against
the remaining Fund Value. A portion of the surrender charge may be assessed on a
partial surrender.
PREFERRED PARTIAL SURRENDER
You may request up to 10% of your Policy's Cash Value on that day, without
a Surrender Charge on the Specified Amount of your policy being reduced. You may
make this request after your Policy has been in effect for two years. You will
have to pay the partial surrender fee. See "Preferred Partial Surrender," page
32.
FREE LOOK PERIOD
You have the right to examine the policy when you receive it. You may
return the policy for any reason and obtain a full refund of the premium you
paid if you return your policy within 10 days (or longer in some states) after
you receive it. You may also return the policy within 45 days after the date you
sign the application for the policy. During the Free Look Period, net premiums
will be allocated to the Money Market Subaccount of the Variable Account. See
"Right to Examine a Policy -- Free Look Period," page 19.
GRACE PERIOD AND LAPSE
Your policy will remain in effect as long as:
(1) it has a Cash Value greater than zero;
(2) during the first two policy years if on each monthly anniversary
the sum of the premiums paid minus the sum of partial surrenders (and
related fees) and any Outstanding Debt, is greater than or equal to the
Minimum Monthly Premium times the number of months your policy has been in
effect.
If the policy is about to terminate (or Lapse), we will give you notice
that you must pay additional premiums. That notice will tell you what the
minimum amount you must pay is if the policy is to remain in effect and the date
by which we must receive that amount (this period is called the "grace period").
If your policy does not meet the test on that date, a notice will be sent
to you giving you 61 days from its date to make additional payments to the
Rider. See "Grace Period and Lapse", page 32.
TAX TREATMENT OF INCREASES IN FUND VALUE
The federal income tax laws generally tie the taxation of Fund Values to
your receipt of those Fund Values. This policy is currently subject to the same
federal income tax treatment as fixed life insurance. Certain policy loans may
be taxable. You can find information on the tax treatment of the policy under
"Federal Income Tax Consideration," on page 43.
7
<PAGE> 16
TAX TREATMENT OF DEATH BENEFIT
Generally, the death benefit will be fully excludable from the gross income
of the beneficiary under the Internal Revenue Code. Thus the death benefit
received by the beneficiary at the death of the insured will not be subject to
federal income taxes when received by the beneficiary. Also a death benefit paid
by this policy is currently subject to federal income tax treatment as a death
benefit paid by a fixed life insurance policy. See "Federal Income Tax
Considerations," page 43.
RIDERS
Additional optional insurance benefits may be added to the policy by an
addendum called a rider. There are five riders available with this policy:
- Spouse's Term Rider
- Children's Term Insurance Rider
- Accidental Death Benefit Rider
- Purchase Option Rider
- Waiver of Monthly Deductions Rider
CONTACTING THE COMPANY
All written requests, notices, and forms required by the policies, and any
questions or inquiries should be directed to the Company's Operations Center at
1 MONY Plaza, Syracuse, New York 13202.
8
<PAGE> 17
UNDERSTANDING THE POLICY
The following chart may help you to understand how the policy works.
[HOW THE POLICY WORKS FLOW CHART]
9
<PAGE> 18
DETAILED INFORMATION ABOUT THE COMPANY
AND MONY VARIABLE ACCOUNT L
MONY LIFE INSURANCE COMPANY
MONY Life Insurance Company issues the policy. In this prospectus MONY Life
Insurance Company is called the "Company". The Company is a stock life insurance
company organized in the State of New York. The Company is currently licensed to
sell life insurance and annuities in all 50 states, the District of Columbia,
Puerto Rico, and the Virgin Islands.
The Company was founded as a mutual life insurance company under the laws
of the State of New York in 1842 under the name The Mutual Life Insurance
Company of New York. In 1998, The Mutual Life Insurance Company of New York
converted to a stock company through demutualization and was renamed MONY Life
Insurance Company. The demutualization did not have any material effect on the
Company, MONY Variable Account L, or the Contract. The principal office of the
Company is located at 1740 Broadway, New York, New York 10019.
At August 16, 1999, the rating assigned to the Company by A.M. Best
Company, Inc., an independent insurance company rating organization, was A
(Excellent). This rating is based upon an analysis of financial condition and
operating performance. The A.M. Best rating of the Company should be considered
only as bearing on the ability of the Company to meet its obligations under the
policies.
MONY Securities Corporation, a wholly-owned subsidiary of the Company, is
the principal underwriter for the policies.
YEAR 2000 ISSUE
State of Readiness
In 1996, the Company on behalf of itself and its affiliates (hereafter
collectively referred to as "the Company and its subsidiaries") initiated a
formal Year 2000 Project (the "Project") to resolve the Year 2000 issue. The
scope of the Project was identified, and funding was established.
The scope of the Company's Project includes: ensuring the compliance of all
applications, operating systems and hardware on mainframe, PC and local area
network ("LAN") platforms; ensuring the compliance of voice and data network
software and hardware; addressing issues related to non-IT systems in buildings,
facilities and equipment which may contain date logic in embedded chips; and
addressing the compliance of key vendors and other third parties. Each system is
tested using a standard testing methodology which includes unit testing,
baseline testing, and future date testing. Future date testing includes critical
dates near the end of 1999 and into the year 2000.
At December 31, 1999, all of the Company and its subsidiaries' existing
application systems had been remediated, current date tested and future date
tested. Newly acquired applications and new releases of software packages were
tested in 1999 as implemented.
In late 1998 and early 1999, the Company contracted with a consulting firm
to perform an Independent Validation and Verification ("IV&V") of the Year 2000
remediation of selected critical applications. The results of the IV&V indicated
that the Company's remediation and testing processes were highly effective and
had achieved a high level of compliance.
All of the operating systems, systems software, and hardware for mainframe,
PC and LAN platforms are deemed compliant based on information supplied by
vendors verbally, in writing, or on the vendor's Internet site. Essentially all
critical hardware and software were compliant and tested by December 31, 1998.
The few remaining items were resolved and tested prior to December 31, 1999. We
continue to monitor for Year 2000 compliance in 2000 as applications, systems
software and hardware are upgraded or replaced. All critical non-IT systems had
been remediated as of December 31, 1999, and ongoing monitoring for year 2000
compliance will continue in 2000.
10
<PAGE> 19
As part of the Project, we identified and contacted significant service and
information providers, external vendors, suppliers, and other third parties
(including telecommunication, electrical, security, and HVAC systems) that
believe will be critical to business operations after January 1, 2000.
Procedures have been undertaken to ascertain with reasonable certainty their
current and reasonably anticipated states of Year 2000 readiness through
questionnaires, compliance letters, interviews, on-site visits, and other
available means. We will continue to monitor and evaluate the progress of our
suppliers and customers on this matter in 2000.
Costs
The total cost of the Year 2000 Project was $2.4 million. The total amount
expended on the Project during 1999, 1998, and 1997 were $0.6 million, $1.4
million, and $0.4 million, respectively, aggregating $2.4 million through
December 31, 1999. These amounts also include costs associated with the
development of contingency plans. The Company does not expect to incur any
future material costs on the Year 2000 Project.
Risks
The Company has not experienced any material (or significant) Year 2000
related problems post-December 31, 1999 with its operations or with any external
parties with which business is conducted. However, there is still the
possibility that future Year 2000 related failures in the Company's systems or
equipment and/or failure of external parties to achieve Year 2000 compliance
could affect the distribution and sale of the life insurance, annuity and
investment products and could have a material adverse effect on the Company's
consolidated financial position and results of its operations.
Contingency Plans
The Company and its subsidiaries retained outside consultants to assist in
the development of Business Continuity Plans ("BCP"), which include
identification of third party service providers, information systems, equipment,
facilities and other items which are mission-critical to the operation of the
business. In conjunction with this effort. The Company and its subsidiaries
developed a Year 2000 Contingency Plan (the "Contingency Plan") to address Y2K
related failures of third parties, among other factors that are critical to the
ongoing operation of the business. The Contingency Plan provides alternate means
of processing critical work and services, as well as a methodology for selection
and retention of alternate service providers, vendors, and suppliers, if
necessary. Additional maintenance and refinement of BCP will continue in 2000,
as other critical Year 2000 dates approach (such as February 29, 2000). The
Company believes that due to the pervasive and evolving nature of potential Year
2000 issues, the contingency planning process is an ongoing one that will
require further modifications as the Company obtains additional information
regarding the status of third party Year 2000 readiness.
MONY VARIABLE ACCOUNT L
MONY Variable Account L is a separate investment account of the Company.
Presently, only premium payments and cash values of flexible premium variable
life insurance policies are permitted to be allocated to MONY Variable Account
L. The assets in MONY Variable Account L are kept separate from the general
account assets and other separate accounts of the Company.
The Company owns the assets in MONY Variable Account L. The Company is
required to keep assets in MONY Variable Account L that equal the total market
value of the policy liabilities funded by MONY Variable Account L. Realized or
unrealized income gains or losses of MONY Variable Account L are credited or
charged against MONY Variable Account L assets without regard to the other
income, gains or losses of the Company. Reserves and other liabilities under the
policies are assets of MONY Variable Account L. MONY Variable Account L assets
are not chargeable with liabilities of the Company's other businesses.
11
<PAGE> 20
Fund Values of the policy allocated to the Guaranteed Interest Account are
held in the Company's general account. The Company's general account assets are
subject to the liabilities from the businesses the Company conducts. In
addition, the Company may transfer to its general account any assets that exceed
anticipated obligations of MONY Variable Account L. All obligations of the
Company under the policy are general corporate obligations of the Company. The
Company may accumulate in MONY Variable Account L proceeds from various policy
charges and investment results applicable to those assets.
MONY Variable Account L was authorized by the Board of Directors of the
Company and established under New York law on November 28, 1990. MONY Variable
Account L is registered with the SEC as a unit investment trust. The SEC does
not supervise the administration or investment practices or policies of MONY
Variable Account L.
MONY Variable Account L is divided into subdivisions called subaccounts.
Each subaccount invests exclusively in shares of a designated portfolio of the
Funds. For example, the Long Term Bond Subaccount invests solely in shares of
the MONY Series Fund, Inc. Long Term Bond Portfolio. These portfolios serve only
as the underlying investment for variable annuity and variable life insurance
contracts issued through separate accounts of the Company or other life
insurance companies. The portfolios may also be available to certain pension
accounts. The portfolios are not available directly to individual investors. In
the future, the Company may establish additional subaccounts within MONY
Variable Account L. Future subaccounts may invest in other portfolios of the
Funds or in other securities. Not all subaccounts are available to you.
The following table lists the subaccounts of MONY Variable Account L that
are available to you, their respective investment objectives, and which Fund
portfolio shares are purchased:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
MONY MONEY MARKET SUBACCOUNT Seeks to maximize current income
consistent with preservation of capital
This subaccount purchases shares of the and maintenance of liquidity by investing
MONY Series Fund, Inc. Money Market primarily in high quality, short-term
Portfolio. money market instruments.
--------------------------------------------------------------------------------------------
MONY GOVERNMENT SECURITIES SUBACCOUNT Seeks to maximize income and capital
appreciation by investing in bonds, notes
This subaccount purchases shares of the and other obligations either issued or
MONY Series Fund, Inc. Government guaranteed by the U.S. Government, its
Securities Portfolio. agencies or instrumentalities, together
having a weighted average maturity of
between 4 to 8 years.
--------------------------------------------------------------------------------------------
MONY INTERMEDIATE TERM BOND SUBACCOUNT Seeks to maximize income and capital
appreciation over the intermediate term by
This subaccount purchases shares of the investing in highly rated fixed income
MONY Series Fund, Inc. Intermediate Term securities issued by a diverse mix of
Bond Portfolio. corporations, the U.S. Government and its
agencies or instrumentalities, as well as
mortgage-backed and asset-backed
securities together having a
dollar-weighted average maturity of
between 4 and 8 years.
--------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE> 21
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
MONY LONG TERM BOND SUBACCOUNT Seeks to maximize income and capital
appreciation over the longer term by
This subaccount purchases shares of the investing in highly-rated fixed income
MONY Series Fund, Inc. Long Term Bond securities issued by a diverse mix of
Portfolio. corporations, the U.S. Government and its
agencies or instrumentalities, as well as
mortgage-backed and asset-backed
securities together having a
dollar-weighted average maturity of more
than 8 years.
--------------------------------------------------------------------------------------------
ENTERPRISE GROWTH AND INCOME SUBACCOUNT Seeks total return through capital
appreciation with income as a secondary
This subaccount purchases shares of the consideration by investing in a broadly
Enterprise Accumulation Trust Growth and diversified group of U.S. common stocks of
Income Portfolio. large capitalization companies.
--------------------------------------------------------------------------------------------
ENTERPRISE GROWTH SUBACCOUNT Seeks capital appreciation, primarily from
investments in U.S. common stocks of large
This subaccount purchases shares of the capitalization companies. Pursues goal by
Enterprise Accumulation Trust Growth investing in companies with long-term
Portfolio. earnings potential, but which are
currently selling at a discount to their
estimated long-term value.
--------------------------------------------------------------------------------------------
ENTERPRISE EQUITY SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in U.S. common stock
This subaccount purchases shares of the of companies that meet the portfolio
Enterprise Accumulation Trust Equity manager's criteria of high return on
Portfolio. investment capital, strong positions
within their industries, sound financial
fundamentals and management committed to
shareholder interests.
--------------------------------------------------------------------------------------------
ENTERPRISE CAPITAL APPRECIATION SUBACCOUNT Seeks maximum capital appreciation,
primarily through investment in common
This subaccount purchases shares of the stocks of U.S. companies that demonstrate
Enterprise Accumulation Trust Capital accelerating earnings momentum and
Appreciation Portfolio. consistently strong financial
characteristics.
--------------------------------------------------------------------------------------------
ENTERPRISE MANAGED SUBACCOUNT Seeks growth of capital over time by
investing in a portfolio consisting of
This subaccount purchases shares of the common stocks, bonds and cash equivalents,
Enterprise Accumulation Trust Managed the percentages of which vary over time
Portfolio. based on the investment manager's
assessment of economic and market trends
and its perception of the relative
investment values available from such
types of securities at any given time.
--------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE> 22
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
ENTERPRISE SMALL COMPANY VALUE SUBACCOUNT Seeks maximum capital appreciation by
investing primarily in common stocks of
This subaccount purchases shares of the small capitalization companies that the
Enterprise Accumulation Trust Small portfolio manager believes are
Company Value Portfolio. undervalued -- that is the stock's market
price does not fully reflect the company's
value.
--------------------------------------------------------------------------------------------
ENTERPRISE INTERNATIONAL GROWTH SUBACCOUNT Seeks capital appreciation by investing
primarily in a diversified portfolio of
This subaccount purchases shares of the non-United States equity securities that
Enterprise Accumulation Trust the portfolio manager believes are
International Growth Portfolio. undervalued.
--------------------------------------------------------------------------------------------
ENTERPRISE HIGH YIELD BOND SUBACCOUNT Seeks maximum current income by primarily
investing in high yield, income producing
This subaccount purchases shares of the U.S. corporate bonds rated B3 or better by
Enterprise Accumulation Trust High Yield Moody's Investors Service, Inc., or B- or
Bond Portfolio. better by Standard & Poor's Corporation.
These lower rated bonds are commonly
referred to as "Junk Bonds." Bonds of this
type are considered to be speculative with
regard to the payment of interest and
return of principal. Investment in these
types of securities has special risks and
therefore, may not be suitable for all
investors. Investors should carefully
assess the risks associated with
allocating premium payments to this
subaccount.
DREYFUS STOCK INDEX SUBACCOUNT Seeks to match the total return of the
Standard & Poor's 500 Composite Stock
This subaccount purchases shares of the Price Index. Generally invests in all 500
Dreyfus Stock Index Fund. stocks in the S&P 500 in proportion to
their weighting in the index.
FIDELITY GROWTH SUBACCOUNT Seeks to achieve capital appreciation by
investing its assets primarily in common
This subaccount purchases shares of stocks that it believes have above-average
Fidelity Variable Insurance Products Fund growth potential. Tends to be companies
(VIP) -- with higher than average price/earnings
Growth Portfolio. ratios, and with new products,
technologies, distribution channels or
other opportunities, or with a strong
industry or market position. May invest in
securities of foreign issuers in addition
to those of domestic issuers.
</TABLE>
14
<PAGE> 23
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
FIDELITY CONTRAFUND(R) 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,
II (VIP II) -- Contrafund(R) Portfolio. includes companies in turnaround
situations, companies experiencing
transitory difficulties, and undervalued
companies. May invest in securities of
foreign issuers in addition to those of
domestic issuers.
JANUS CAPITAL APPRECIATION SUBACCOUNT Seeks long-term growth of capital. It
pursues its objective by investing
This subaccount purchases shares of Janus primarily in common stocks selected for
Aspen Series -- Capital Appreciation their growth potential. The portfolio may
Portfolio. invest in companies of any size, from
larger, well-established companies to
smaller, emerging growth companies.
JANUS WORLDWIDE GROWTH SUBACCOUNT Seeks long-term growth of capital in a
manner consistent with the preservation of
This subaccount purchases shares of Janus capital. It pursues this objective by
Aspen Series -- Worldwide Growth investing primarily in common stocks of
Portfolio. companies of any size throughout the
world. Normally invests in issuers from at
least five different countries, including
the United States but may at times invest
in fewer than five countries or even in a
single country.
</TABLE>
THE FUNDS
The Funds are diversified, open-end management investment companies of the
series type. The Funds are registered with the SEC under the Investment Company
Act of 1940. The SEC does not supervise the investments or investment policy of
the Funds.
MONY SERIES FUND, INC.
Only shares of four of the seven portfolios of the MONY Series Fund, Inc.
can be purchased by a subaccount available to you. Each of the portfolios has
different investment objectives and policies. MONY Life Insurance Company of
America, a wholly-owned subsidiary of the Company ("MONY America") is a
registered investment adviser under the Investment Advisers Act of 1940. MONY
America, as investment adviser, currently pays the compensation of the Fund's
directors, officers and employees who are affiliated in some way with the
Company. The MONY Series Fund, Inc. pays for all other expenses including, for
example, the calculation of the net asset value of the portfolios. To carry out
its duties as investment adviser, MONY America has entered into a Services
Agreement with the Company to provide personnel, equipment, facilities and other
services. As the investment adviser to the MONY Series Fund, Inc., MONY America
receives a daily investment advisory fee for each portfolio (See chart below).
Fees are deducted daily and paid to MONY America monthly.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISORY FEE
--------------------------------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT SECURITIES PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE> 24
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISORY FEE
--------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
INTERMEDIATE TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
and 0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million,
and 0.30% of assets in excess of $800
million of the portfolio's aggregate
average daily net assets.
----------------------------------------------------------------------------------------
</TABLE>
ENTERPRISE ACCUMULATION TRUST
Enterprise Accumulation Trust has a number of portfolios; the shares of
some of which can be purchased by subaccounts available to you. Enterprise
Capital Management, Inc. ("Enterprise Capital"), a wholly owned subsidiary of
the Company, is the investment adviser of Enterprise Accumulation Trust.
Enterprise Capital is responsible for the overall management of the portfolios,
including meeting the investment objectives and policies of the portfolios.
Enterprise Capital contracts with sub-investment advisers to assist in managing
the portfolios. For information on the sub-advisers for each portfolio, see the
Enterprise Accumulation Trust prospectus included in this Prospectus Portfolio.
Enterprise Accumulation Trust pays an investment advisory fee to Enterprise
Capital which in turn pays the sub-investment advisers. Fees are deducted daily
and paid to Enterprise Capital on a monthly basis. The daily investment advisory
fees and sub-investment advisory fees for each portfolio are shown in the chart
below.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
EQUITY PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% up to
first $400 million, 0.75% of $1 billion, and 0.30% in
TCW Investment Management the next $400 million and excess of $1 billion of the
Company is the 0.70% in excess of $800 portfolio's average daily
sub-investment adviser. million of the portfolio's net assets.
average daily net assets.
- ----------------------------------------------------------------------------------------------
</TABLE>
16
<PAGE> 25
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MANAGED PORTFOLIO Annual rate of 0.80% of the OpCap Advisors' fee for the
first $400 million, 0.75% of assets of the portfolio it
OpCap Advisors and Sanford the next $400 million and manages is an annual rate of
C. Bernstein & Co., Inc. 0.70% in excess of $800 0.40% up to $1 billion,
are the co-sub-investment million of the portfolio's 0.30% from $1 billion to $2
advisers. average daily net assets. billion, and 0.25% in excess
of $2 billion of the
portfolio's average daily
net assets. Sanford C.
Bernstein & Co., Inc.'s fee
for the assets of the
portfolio it manages is an
annual rate of 0.40% up to
$10 million, 0.30% from $10
million to $50 million,
0.20% from $50 million to
$100 million, and 0.10% in
excess of $100 million of
the portfolio's average
daily net assets.
- ----------------------------------------------------------------------------------------------
GROWTH AND INCOME Annual rate of 0.75% of the Annual rate of 0.30% of the
PORTFOLIO portfolio's average daily first $100 million, 0.25% of
net assets. the next $100 million, and
Retirement Systems 0.20% in excess of $200
Investors, Inc. is the million of the portfolio's
sub-investment adviser. average daily net assets.
- ----------------------------------------------------------------------------------------------
GROWTH PORTFOLIO Annual rate of 0.75% of the Annual rate of 0.30% of the
portfolio's average daily first $1 billion and 0.20%
Montag & Caldwell, Inc. is net assets. in excess of $1 billion of
the sub-investment the portfolio's average
adviser. daily net assets.
- ----------------------------------------------------------------------------------------------
CAPITAL APPRECIATION Annual rate of 0.75% of the Annual rate of 0.45% of the
PORTFOLIO portfolio's average daily portfolio's average daily
net assets. net assets.
Marsico Capital
Management, LLC is the
sub-investment adviser.
- ----------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE> 26
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SMALL COMPANY VALUE Annual rate of 0.80% of the Annual rate of 0.40% of the
PORTFOLIO portfolio's average daily first $1 billion and 0.30%
net assets. in excess of $1 billion of
Gabelli Asset Management, the portfolio's average
Inc. is the sub-investment daily net assets.
adviser.
- ----------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH Annual rate of 0.85% of the Annual rate of 0.40% of the
PORTFOLIO portfolio's average daily first $100 million 0.35% of
net assets. $100 million to $200
Vontobel USA Inc. is the million, 0.30% of $200
sub-investment adviser. million to $500 million,
0.25% in excess of $500
million of the portfolio's
average daily net assets.
- ----------------------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO Annual rate of 0.60% of the Annual rate of 0.30% of the
portfolio's average daily first $100 million and 0.25%
Caywood-Scholl Capital net assets. in excess of $100 million of
Corporation is the sub- the portfolio's average
investment adviser. daily net assets.
- ----------------------------------------------------------------------------------------------
</TABLE>
DREYFUS STOCK INDEX FUND
The Dreyfus Corporation is the investment adviser of the Dreyfus Stock
Index Fund. As described below, The Dreyfus Corporation contracts with
sub-investment advisers to assist in managing the portfolios as noted below.
Fees are deducted on a monthly basis. The daily investment advisory fees and
sub-investment advisory fees for each portfolio are shown in the table below.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
PORTFOLIO AND
SUB-INVESTMENT ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
DREYFUS STOCK INDEX FUND Annual rate of 0.245% of the The Dreyfus Corporation pays
fund's average daily net the sub-investment adviser
Mellon Equity Associates assets. an annual rate of 0.095% of
is the sub-investment the value of the fund's
adviser. average daily net assets.
- ----------------------------------------------------------------------------------------------
</TABLE>
18
<PAGE> 27
FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- GROWTH PORTFOLIO -- Service Class
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II -- CONTRAFUND(R)
Portfolio -- Service Class
Fidelity Management & Research ("FMR") is each fund's investment manager.
As the manager, FMR is responsible for choosing investments for the funds and
handling the funds' business affairs. Affiliates assist FMR with foreign
investments. The daily investment advisory fee for each portfolio is shown in
the table below.
<TABLE>
<CAPTION>
PORTFOLIO AND SUB-INVESTMENT ADVISERS INVESTMENT ADVISER FEE
<S> <C>
FIDELITY VARIABLE INSURANCE PRODUCTS The fee is calculated by adding a group
FUND -- GROWTH PORTFOLIO fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the Fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this Fund is 0.30% of the
Fund's average net assets.
FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group
II -- CONTRAFUND(R) PORTFOLIO fee rate to an individual fee rate,
dividing by twelve, and multiplying the
Fidelity Management & Research (U.K.) Inc. result by the Fund's average net assets
and Fidelity Management & Research Far throughout the month. The group fee rate
East Inc. are the sub-investment advisers. is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this Fund is 0.30% of the
Fund's average net assets.
</TABLE>
JANUS ASPEN SERIES
Janus Aspen Series has 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. The daily investment advisory fee for each portfolio is shown in
the table below.
<TABLE>
<CAPTION>
PORTFOLIO INVESTMENT ADVISER FEE
<S> <C>
JANUS ASPEN SERIES -- CAPITAL Annual rate of 0.65% of the portfolio's
APPRECIATION PORTFOLIO average daily net assets.
JANUS ASPEN SERIES -- WORLDWIDE GROWTH Annual rate of 0.65% of the portfolio's
PORTFOLIO average daily net assets.
</TABLE>
19
<PAGE> 28
The investment objectives of each portfolio (except for the Janus
portfolios) are fundamental and may not be changed without the approval of the
holders of a majority of the outstanding shares of the portfolio affected. For
each of the Funds a majority means the lesser of:
(1) 67% of the portfolio shares represented at a meeting at which more than
50% of the outstanding portfolio shares are represented, or
(2) more than 50% of the outstanding portfolio shares.
The investment objectives of the Janus portfolios are non-fundamental and may be
changed by the Fund's Trustees without a shareholder vote.
PURCHASE OF PORTFOLIO SHARES BY MONY VARIABLE ACCOUNT L
The Company purchases shares of each portfolio for the corresponding
sub-account at net asset value, i.e. without a sales load. Generally, all
dividends and capital gains distributions received from a portfolio are
automatically reinvested in the portfolio at net asset value. The Company, on
behalf of MONY Variable Account L, may elect not to reinvest dividends and
capital gains distributions. The Company redeems Fund shares at net asset value
to make payments under the Policies.
Fund shares are offered only to insurance company separate accounts. The
insurance companies may or may not be affiliated with the Company or with each
other. This is called "shared funding." Shares may also be sold to separate
accounts to serve as the underlying investments for variable life insurance
policies and variable annuity policies. This is called "mixed funding."
Currently, the Company does not foresee any disadvantages to policy owners due
to mixed or shared funding. However, differences in tax treatment or other
considerations may at some time create conflict of interests between owners of
various contracts. The Company and the Boards of Directors of the Funds, and any
other insurance companies that participate in the Funds are required to monitor
events to identify material conflicts. If there is a conflict because of mixed
or shared funding, the Company might be required to withdraw the investment of
one or more of its separate accounts from the Funds. This might force the Funds
to sell securities at disadvantageous prices.
The investment objectives of each of the portfolios is substantially
similar to the investment objectives of the subaccount which purchases shares of
that portfolio. A summary of the investment objective of each of the subaccounts
available to you is found in the chart on pages 13-14. No portfolio can assure
you that its objective will be achieved. You will find more detailed information
in the prospectus of each Fund that you received with this prospectus. The
Funds' prospectuses include information on the risks of each portfolio's
investments and investment techniques.
THE FUNDS' PROSPECTUSES ACCOMPANY THIS PROSPECTUS AND SHOULD BE
READ CAREFULLY BEFORE INVESTING
DETAILED INFORMATION ABOUT THE POLICY
The Fund Value in MONY Variable Account L and the Guaranteed Interest
Account provide many of the benefits of your policy. The information in this
section describes the benefits, features, charges, and other major provisions of
the policies and the extent to which those benefits depend upon the Fund Value.
APPLICATION FOR A POLICY
The policy design meets the needs of individuals as well as for
corporations who provide coverage and benefits for key employees. A purchaser
must complete an application and personally deliver it to a licensed agent of
the Company, who is also a registered representative of MONY Securities
Corporation ("MSC"). The licensed agent submits the application to the Company.
The policy may also be sold
20
<PAGE> 29
through other broker-dealers authorized under the law and by MSC. A policy can
be issued on the life of an insured for ages up to and including 80 with
evidence of insurability that satisfies the Company. Policies offered to
residents of, or issued for delivery in, the State of Maryland may only be
issued on the life of an Insured for Ages up to and including Age 70 with
evidence of insurability satisfactory to the Company. Policies offered to
residents of, or issued for delivery in, the State of New Jersey may only be
issued on the lives of Insureds between the Ages of 18 and 70, depending upon
the health and smoking status of the Insured applicants. The age of the insured
is the age on his or her birthday nearest to the date of the policy. The Company
accepts the application subject to its underwriting rules, and may request
additional information or reject an application.
The minimum Specified Amount you may apply for is $100,000. However, the
Company reserves the right to revise its rules at any time to require a
different minimum Specified Amount at issue for subsequently issued policies.
Each policy is issued with a policy date. The policy date is used to
determine the policy months and years, and policy monthly, quarterly,
semi-annual and annual anniversaries. The policy date is stated on page 1 of the
policy. The policy date will normally be the later of (1) the date that delivery
of the policy is authorized by the Company ("Policy Release Date"), or (2) the
policy date requested in the application. No premiums may be paid with the
application except under the temporary insurance procedures defined below.
Temporary Insurance Coverage
If you want insurance coverage before the Policy Release Date, and are more
than 15 days old and not more than 70 years old, you may be eligible for a
temporary insurance agreement. You must complete an application for the policy
and give it to the Company's licensed agent. The application contains a number
of questions about your health. Your eligibility for temporary coverage will
depend upon your answers to those questions. In addition, you must complete and
sign the Temporary Insurance Agreement Form. You must also submit payment for at
least one Minimum Monthly Premium for the Policy as applied for. Your coverage
under the Temporary Insurance Agreement starts on the date you sign the form and
pay the premium amount, or if later, the requested policy date. See
"Premiums -- Premium Flexibility," page 19.
Coverage under the Temporary Insurance Agreement ends on the earliest of:
- the Policy Release Date, if the policy is issued as applied for;
- the 15th day after the Policy Release Date or the date the policy takes
effect, if the policy is issued other than as applied for;
- no later than 90 days from the date the Temporary Insurance Agreement is
signed;
- the 45th day after the form is signed if you have not finished the last
required medical exam;
- 5 days after the Company sends notice to you that it declines to issue
any policy; and
- the date you tell the Company that the policy will be refused.
If the insured dies during the period of temporary coverage, the death
benefit will be:
(1) the insurance coverage applied for (including any optional riders)
up to $500,000, less
(2) the deductions from premium and the monthly deduction due prior to
the date of death.
Premiums paid for temporary insurance coverage are held in the Company's
general account until the Policy Release Date. Except as provided below,
interest is credited on the premiums (less any deductions from premiums) held in
the Company's general account. The interest rate will be set by the Company, but
21
<PAGE> 30
will not be less than 5% per year. If the policy is issued and accepted, these
amounts will be applied to the policy. These premiums will be returned to you
(without interest) within 5 days after the earliest of:
(1) the date you tell the Company that the policy will be refused.
Your refusal must be (a) at or before the Policy Release Date, or (b) (if
the policy is authorized for delivery other than as applied for), on or
before the 15th day after the Policy Release Date; or
(2) the date on which the coverage under the Temporary Insurance
Agreement ends other than because the applicant has died or the policy
applied for is issued or refused.
Premiums will be returned to you with interest within 5 days after the date
the Company sends notice to you declining to issue any policy.
Initial Premium Payment
Once your application is approved and you are issued a policy, the balance
of the first scheduled premium payment is payable. The scheduled premium payment
specified in your policy must be paid in full when your policy is delivered.
Your policy is effective the later of (1) acceptance and payment of the
scheduled premium payment, or (2) the policy date requested in the application.
If you do not request a policy date or if the policy date you request is earlier
than the Policy Release Date, any premium balance remitted by you earns interest
until the Policy Release Date. The policy premium credited with interest equals
amounts in the general account under the Temporary Insurance Agreement, plus
interest credited minus deductions from premiums. The monthly deduction due
prior to or on the Policy Release Date will be made. If you request a policy
date which is later than the Policy Release Date, your premium will be held in
the general account until the policy date. Premium held in the Company's general
account earns an interest rate set by the Company, but will not be less than 5%
per year. Upon the Policy Release Date (or when your premium payment is received
if you did not pay premium when you applied for the policy) your premiums will
be allocated to the Money Market Subaccount. When the Free Look Period ends,
amounts held in the Money Market Subaccount will be allocated to the subaccounts
of MONY Variable Account L or the Guaranteed Interest Account pursuant to your
instructions. (See "Right to Examine a Policy -- Right to Return Policy Period,"
below.)
Policy Date
The Company may approve the backdating of a policy. However, the policy may
be backdated for not more than 6 months (a shorter period is required in certain
states) prior to the date of the application. Backdating can be to your
advantage if it lowers the insured's issue age and results in lower cost of
insurance rates. If the policy is backdated, the initial scheduled premium
payment will include sufficient premium to cover the extra charges for the
backdating period. Extra charges equal the monthly deductions for the period
that the policy date is backdated.
Risk Classification
Insureds are assigned to underwriting (risk) classes. Risk classes are used
in calculating the cost of insurance and certain rider charges. In assigning
insureds to underwriting classes, the Company will normally use the medical or
paramedical underwriting method. This method may require a medical examination
of the proposed insured. The Company may use other forms of underwriting when it
is considered appropriate.
RIGHT TO EXAMINE A POLICY -- FREE LOOK PERIOD
The Right to Return Policy Period runs for 10 days (or longer in certain
states) after you receive the policy. During this period, you may cancel the
policy and receive a refund of the full amount of the premium paid.
22
<PAGE> 31
PREMIUMS
The policy is a flexible premium policy. The policy provides considerable
flexibility, subject to the limitations described below, to pay premiums at your
discretion.
Premium Flexibility
The Company requires you to pay an amount equal to at least the Minimum
Monthly Premium to put the policy in effect. If you want to pay premiums less
often than monthly, the premium required to put the policy in effect is equal to
the Minimum Monthly Premium multiplied by 12 divided by the frequency of the
scheduled premium payments. This Minimum Monthly Premium will be based upon:
1) the policy's Specified Amount,
2) any riders added to the policy, and
3) the insured's
a) Age,
b) smoking status,
c) gender (unless unisex cost of insurance rates apply, see
"Deductions from Fund Value -- Cost of Insurance," page 38), and
d) underwriting class.
The Minimum Monthly Premium will be shown in the policy. Thereafter,
subject to the limitations described below, you may choose the amount and
frequency of premium payments to reflect your varying financial conditions.
The policy is guaranteed not to lapse during the first three policy years
if on each monthly anniversary the conditions previously described in "Summary
of the Policy" on page 2 are met. See also "Grace Period and Lapse," page 32.
Scheduled Premium Payments (Planned Premium Payments)
When you apply for a policy, you determine a scheduled premium payment.
This scheduled premium payment provides for the payment of level premiums at
fixed intervals over a specified period of time. You will receive a premium
reminder notice for the scheduled premium payment amount on an annual,
semiannual or quarterly basis, at your option. The minimum scheduled premium
payment equals the Minimum Monthly Premium multiplied by 12 divided by the
scheduled premium payment frequency. Although reminder notices will be sent, you
may not be required to pay scheduled premium payments. For policies offered to
residents of, or issued for delivery in the Commonwealth of Massachusetts, you
will determine a Planned Premium Payment. The Planned Premium Payment provides
for the payment of level premiums at fixed intervals over a specified period of
time. For those policyowners, the term "Scheduled Premium Payment" used in this
Prospectus refers to "Planned Premium Payment."
You may elect to make monthly premium payments by the MONYMatic Plan. Based
on your policy date, up to two Minimum Monthly Premiums may be required to be
paid in cash before premiums may be paid by the MonyMatic Plan. Paying premiums
by electronic funds transfer requires you to authorize the Company to withdraw
premiums from your checking account each month.
Payment of the scheduled premium payments will not guarantee that your
policy will remain in effect. (See "Grace Period and Lapse" in the Summary and
on page 32.)
Modified Endowment Contracts
The amount, frequency and period of time over which you pay premiums may
affect whether your policy will be classified as a modified endowment contract.
A modified endowment contract is a type of
23
<PAGE> 32
life insurance policy subject to different tax treatment than that given to a
conventional life insurance policy. The difference in tax treatment occurs when
you take certain pre-death distributions from your policy. See "Federal Income
Tax Considerations -- Modified Endowment Contracts," page 45.
Unscheduled Premium Payments
Generally, you may make premium payments at any time and in any amount as
long as each payment is at least $250. However, if the premium payment you wish
to make exceeds the Scheduled Premium payments for the policy, the Company may
reject or limit any unscheduled premium payment that would result in an
immediate increase in the death benefit payable. An immediate increase would
occur if the policy's death benefit exceeds the Specified Amount for the policy.
The policy's death benefit would exceed the Specified Amount of the policy if
your Fund Value multiplied by the death benefit percentage determined in
accordance with the federal income tax law definition of life insurance exceeds
the Specified Amount. See "Death Benefits Under the Policy," page 21 and
"Federal Income Tax Considerations -- Definition of Life Insurance," page 43.
However, such a premium may be accepted if you provide us with satisfactory
evidence of insurability. If satisfactory evidence of insurability is not
received, the payment or a part of it may be returned. In addition, all or a
part of a premium payment will be rejected and returned to you if it would
exceed the maximum premium limitations prescribed by the federal income tax law
definition of life insurance.
Payments you send to us will be treated as premium payments, and not as
repayment of Outstanding Debt, unless you request otherwise. If you request that
the payment be treated as a repayment of Outstanding Debt, any part of a payment
that exceeds the amount of Outstanding Debt will be applied to the Fund Value.
Applicable taxes and sales charges are only deducted from any payment that
constitutes a premium payment.
Premium Payments Affect the Continuation of the Policy
If you skip or stop paying premiums, the policy will continue in effect
until the Cash Value less Outstanding Debt can no longer cover (1) the monthly
deductions from the Fund Value for the policy, and (2) the charges for any
optional insurance benefits added by rider. See "Grace Period and Lapse" page
.
Your policy is guaranteed to remain in effect as long as: if:
(a) the Cash Value less any Outstanding Debt is greater than zero; or
(b) during the first two policy years, the Minimum Monthly Premium
requirements are satisfied, and if you increase the Specified Amount during
the first two policy years the Minimum Monthly Premium requirements are
satisfied during the two policy years following the effective date of the
increase.
ALLOCATION OF NET PREMIUMS
Net premiums may be allocated to any number of the nine available
subaccounts and to the Guaranteed Interest Account. Allocations must be in whole
percentages, and no allocation may be for less than 10% of a net premium.
Allocation percentages must sum to 100%.
You may change the allocation of net premiums at any time by submitting a
proper written request to the Company's administrative office at 1740 Broadway,
New York, New York, 10019. In addition, you may make changes in net premium
allocation instructions by telephone if a properly completed and signed
telephone transfer authorization form has been received by us at our Syracuse
Operations Center at 1 MONY Plaza, Syracuse, New York, 13202. The Company may
stop making available the ability to give net premium allocation instructions by
telephone at any time, but it will give you notice before doing so if we have
received your telephone transfer authorization form. See "Telephone Transfer
Privileges," page 56. Whether you give us instructions in writing or by
telephone, the revised allocation percentages will be effective within seven
days from receipt of notification.
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<PAGE> 33
Unscheduled premium payments may be allocated either by percentage or by
dollar amount. If the allocation is expressed in dollar amounts, the 10% limit
on allocation percentages does not apply.
DEATH BENEFITS UNDER THE POLICY
When your policy is issued, the initial amount of insurance ("Specified
Amount") is shown on the specification page of your policy. The minimum
Specified Amount is $100,000.
As long as the policy is in effect, the Company will, upon proof of death
of an insured, pay death benefit proceeds to a named beneficiary. Death benefit
proceeds will consist of:
(1) The policy's death benefit, plus
(2) Any insurance proceeds provided by rider, less
(3) Any Outstanding Debt reduced by any unearned loan interest (and,
if in the Grace Period, less any overdue charges).
You may select one of two death benefit Options: Option I or Option II.
Generally, you designate the death benefit option in your application. If no
option is designated, the Company assumes Option I has been selected. Subject to
certain restrictions, you can change the death benefit option selected. As long
as your policy is in effect, the death benefit under either option will never be
less than the Specified Amount of your policy.
Option I -- The death benefit equals the greater of:
(a) The Specified Amount, plus the increase in Fund Value since last
monthly anniversary day or
(b) Fund Value on date of death plus FV since last monthly anniversary
day multiplied by a death benefit percentage.
The death benefit percentages vary according to the age of the insured
and will be at least equal to the percentage defined in the Internal
Revenue Code. The Internal Revenue Code addresses the definition of a life
insurance policy for tax purposes. See "Federal Income Tax
Considerations -- Definition of Life Insurance," page 43. The death benefit
percentage is 150% for insureds 40 or under, and it declines for older
insureds. A table showing the death benefit percentages is in Appendix A to
this prospectus and in your policy. If you seek to have favorable
investment performance reflected in increasing Fund Value, and not in
increasing insurance coverage, you should choose Option I.
Option II -- The death benefit equals the greater of:
(a) The Specified Amount of the policy, plus the Fund Value as of date
of death or
(b) The Fund Value on date of death plus Fund Value on the last
monthly anniversary day multiplied by a death benefit percentage.
The Fund Value used in these calculations is determined as of the date
of the insured's death. The death benefit percentage is the same as that
used for Option I and is stated in Appendix A. The death benefit in Option
II will always vary as Fund Value varies. If you seek to have favorable
investment performance reflected in increased insurance coverage, you
should choose Option II.
Examples of Options I and II
The following examples demonstrate the determination of death benefits
under Options I and II. The examples show three policies with the same Specified
Amount, but Fund Values that vary as shown. It is assumed that the insured is
age 40 at the time of death and that there is no Outstanding Debt. The date of
death is also assumed to be on a monthly anniversary day.
25
<PAGE> 34
<TABLE>
<CAPTION>
POLICY 1 POLICY 2 POLICY 3
-------- -------- --------
<S> <C> <C> <C>
Specified Amount........................................... $100,000 $100,000 $100,000
Fund Value on Date of Death................................ $ 35,000 $ 60,000 $ 85,000
Death Benefit Percentage................................... 150% 150% 150%
Death Benefit under Option 1............................... $100,000 $150,000 $212,500
Death Benefit under Option 2............................... $135,000 $160,000 $212,500
</TABLE>
Option I, Policy 1: The death benefit equals $100,000 since the death benefit
is the greater of the Specified Amount ($100,000) or the Fund Value plus the
Fund Value multiplied by the death benefit percentage ($35,000 x 250% =
$87,500).
Option I, Policies 2 & 3: The death benefit is equal to the Fund Value plus the
Fund Value multiplied by the death benefit percentage since ($60,000 x 250% =
$150,000 for Policy 2; $85,000 x 150% = $212,500 for Policy 3) is greater than
the Specified Amount ($100,000).
Option II, Policy 1: The death benefit equals $135,000 since the Specified
Amount plus the Fund Value ($100,000 + $35,000 = $135,000) is greater than the
Fund Value plus the Fund Value multiplied by the death benefit percentage
($35,000 x 150% = $87,500).
Option II, Policy 2: The death benefit equals the Specified Amount plus the
Fund Value ($100,000 + $60,000 = $160,000) since it is greater than the Fund
Value plus the Fund Value multiplied by the death benefit percentage ($60,000 x
150% = $150,000).
Option II, Policy 3: The death benefit is the Fund Value plus the Fund Value
multiplied by the death benefit percentage ($85,000 x 150% = $212,500) since it
is greater than the Specified Amount plus the Fund Value ($100,000 + $85,000 =
$185,000).
The Company pays death benefit proceeds to a beneficiary in a lump sum or under
a payment plan offered under the policy. The policy should be consulted for
details.
Changes in Death Benefit Option
You may request that the death benefit option under your policy be changed
from Option I to Option II, or Option II to Option I. You may make a change by
sending a written request to the Company's administrative office. A change from
Option II to Option I is made without providing evidence of insurability. A
change from Option I to Option II will require that you provide satisfactory
evidence of insurability. The effective date of a change requested between
monthly anniversaries will be the next monthly anniversary day after the change
is accepted by the Company.
If you change from Option I to Option II your policy's Specified Amount is
reduced by the amount of the policy's Fund Value at the date of the change. This
maintains the death benefit payable under Option II at the amount that would
have been payable under Option I immediately prior to the change. The total
death benefit will not change immediately. The change to Option II will affect
the determination of the death benefit from that point on. As of the date of the
change, the Fund Value will be added to the new specified Amount. The death
benefit will then vary with the Fund Value. This change will not be permitted if
it would result in a new Specified Amount of less than $100,000.
If you change from Option II to Option I, the Specified Amount of the
policy will remain the same. The death benefit will be reduced to the Specified
Amount. However, the death benefit will equal the Fund Value on the date of
death plus the Fund Value on the Monthly Anniversary day prior to the date of
death times the Death Benefit Percentage if that amount is greater than the
Specified Amount. The change to Option I will generally reduce the death benefit
payable in the future.
A change in the death benefit option may affect the monthly cost of
insurance charge since this charge varies with the net amount at risk.
Generally, the net amount at risk is the amount by which the death benefit
exceeds Fund Value. See "Deductions from Fund Value -- Cost of Insurance," page
38. If the policy's death benefit is not based on the death benefit percentage
under Option I or II, changing from
26
<PAGE> 35
Option II to Option I will generally decrease the net amount at risk. Therefore,
this change may decrease the cost of insurance charges. Changing from Option I
to Option II will generally result in a net amount at risk that remains level.
However, such a change will result in an increase in the cost of insurance
charges over time. This results because the cost of insurance rates increase
with the insured's age.
CHANGES IN SPECIFIED AMOUNT
You may request an increase or decrease in the Specified Amount under your
policy subject to Company approval. A change in the Specified Amount may be made
at any time after the second policy anniversary. Increases in Specified Amount
are not permitted on or after the insured's age 81. For policies offered to
residents of, or issued for delivery in, the State of New Jersey, increases in
Specified Amount are not permitted after the insured's age 66. Increasing the
Specified Amount will generally increase the policy's death benefit. Decreasing
the Specified Amount will generally decrease the policy's death benefit. The
amount of change in the death benefit depends on (1) the death benefit option
chosen, and (2) whether the death benefit under the policy is being computed
using the death benefit percentage at the time of the change. Changing the
Specified Amount could affect the subsequent level of the death benefit while
the policy is in effect and the policy values. For example, an increase in
Specified Amount may increase the net amount at risk, which will increase your
cost of insurance charges over time. Conversely, a decrease in Specified Amount
may decrease the net amount at risk, which may decrease your cost of insurance
over time.
To increase or decrease the Specified Amount, send a written application to
the Company's administrative office. It will become effective on the monthly
anniversary day on or next following the Company's acceptance of your request.
If you are not the insured, the Company may also require the consent of the
insured before accepting a request.
Increases
An increase of Specified Amount requires that additional, satisfactory
evidence of insurability be provided to the Company. An increase will not be
given for increments of Specified Amount less than $10,000.
When you request an increase in Specified Amount, a new "coverage segment"
is created for which cost of insurance and other charges are computed
separately. See "Charges and Deductions," page . In addition, the fund charge
associated with your policy will increase. The fund charge for the increase is
computed in a similar way as for the original Specified Amount. The target
premiums will also be adjusted. The adjustment will be done prospectively to
reflect the increase. If the Specified Amount is increased when a premium
payment is received, the increase will be processed before the premium payment
is processed.
If an increase creates a new coverage segment of Specified Amount, Fund
Value after the increase will be allocated, (1) first to the original coverage
segment, and (2) the new coverage segments. Allocation to new coverage segments
will be in the same proportion that the guideline annual premiums for each
segment bear to the sum of guideline annual premiums for all segments. Guideline
annual premiums are defined by federal securities law. Fund Value will also be
allocated to each coverage segment.
You will have the right to cancel an increase in the Specified Amount
within the later of (1) 45 days after Part I of the application for the increase
is signed, (2) ten days (or longer in certain states) after receipt of the
policy endorsement applicable to the increase, or (3) ten days after mailing or
personal delivery of a notice as to the availability of the Free Look provision.
If the increase is canceled, any charges attributable to the increase will be
reversed and then added to your Fund Value, without sales or other loads. The
policy fund charge will also be adjusted to the amount which would have existed
had the increase never taken place.
27
<PAGE> 36
Decreases
Any decrease in Specified Amount (whether requested by you or resulting
from a partial surrender or a death benefit option change) will be applied:
(1) To reduce the coverage segments of Specified Amount associated
with the most recent increases, then
(2) To the next most recent increases successively, and last
(3) To the original Specified Amount.
A decrease will not be permitted if the Specified Amount would fall below
$100,000. A decrease will not be given if less than $10,000.
If the reduction decreases the Specified Amount during the fund charge
period, the fund charge on the remaining Specified Amount will be reduced.
However, an amount equal to the reduction in the fund charge will be deducted
from the Fund Value. See "Fund Charge", page 39. Target premiums, will also be
adjusted for the decrease in Specified Amount. If the Specified Amount is
decreased when a premium payment is received, the decrease will be processed
before the premium payment is processed. Rider coverages may also be affected by
a decrease in Specified Amount.
The Company reserves the right to reject a requested decrease. Decreases
will not be permitted if:
(1) Compliance with the guideline premium limitations under federal
tax law resulting from the decrease would result in immediate termination
of your policy, or
(2) To effect the decrease, payments to you would have to be made from
Fund Value for compliance with the guideline premium limitations, and the
amount of the payments would exceed the Surrender Value of your policy.
If a requested change is not approved, we will send you a written notice of our
decision. See "Federal Income Tax Considerations -- Definition of Life
Insurance," page 43.
OTHER OPTIONAL INSURANCE BENEFITS
Subject to certain requirements, you may elect to add one or more of the
optional insurance benefits described below. Optional insurance benefits are
added when you apply for your policy. These other optional benefits are added to
your policy by an addendum called a rider. A charge is deducted monthly from the
Fund Value for each optional benefit added to your policy. See "Charges and
Deductions," page 37. You can cancel these benefits at any time. Certain
restrictions may apply and are described in the applicable rider. In addition,
adding or canceling these benefits may have an effect on your policy's status as
a modified endowment contract. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page 45. An insurance agent
authorized to sell the policy can describe these extra benefits further. Samples
of the provisions are available from the Company upon written request.
From time to time we may make available riders other than those listed
below. Contact an insurance agent authorized to sell the policy for a complete
list of the riders available.
Spouse's Term Rider
This rider provides for term insurance benefits on the life of the
insured's spouse, to the spouse's age 70. The minimum amount of coverage is
$25,000. The rider coverage may be converted without evidence of insurability to
any level premium, level face amount permanent plan of insurance offered by the
Company at any time prior to the spouse's age 65 or 5 years from the issue of
the rider, if later.
Children's Term Insurance Rider
This rider provides term insurance coverage on the lives of the children of
the insured under age 18. The coverage continues to the policy anniversary
nearest the Insured's Age 65 or the child's 22nd birthday,
28
<PAGE> 37
if earlier. It provides coverage for children upon birth or legal adoption
without presenting evidence of insurability. Coverage is limited to the lesser
of the initial Specified Amount or $10,000. Upon the expiration of the rider
coverage, it may be converted to any level premium, level face amount permanent
plan of insurance then offered by the Company.
Accidental Death Benefit Rider
This rider pays the benefit amount selected if the insured dies as a result
of an accident. The accident must occur after the insured's age 5 and prior to
insured's age 70. A benefit equal to twice the rider amount is payable if:
(1) accidental death occurs as the result of riding as a passenger,
and
(2) the accidental death occurred while riding in a public conveyance,
and
(3) the public conveyance was being operated commercially to transport
passengers for hire.
The maximum amount of coverage is the initial specified amount but not more
than the greater of:
(1) $100,000 total coverage of all such insurance in the Company or
its affiliates, or
(2) 200,000 of all such coverages regardless of insurance companies
issuing such coverages.
Purchase Option Rider
This Rider provides the option to purchase up to $50,000 of additional
coverage without providing additional evidence that the insured remains
insurable. Coverage may be added on each policy anniversary when the insured's
age is 25, 28, 31, 34, 37 and 40. In addition, the future right to purchase new
insurance on the next option date may be advanced and exercised immediately upon
the following events:
- Marriage of the insured.
- Birth of a child of the insured.
- Legal adoption of a child by insured.
A period of term insurance is automatically provided starting on the date
of the specified event. The interim term insurance, and the option to accelerate
the purchase of the coverage expires 60 days after the specified event.
Waiver of Monthly Deduction Rider
This rider provides for the waiver of certain charges while the insured has
a covered disability and the policy is in effect. While the insured is disabled,
no deductions are made for (1) monthly administrative charges, (2) cost of
insurance charges, and rider charges. During this period the charges are waived
and therefore not deducted from the Fund Value.
BENEFITS AT MATURITY
The maturity date for this policy is the policy anniversary on which the
insured is age 95. If the insured is living on the maturity date, the Company
will pay to you, as an endowment benefit, the Surrender Value of the policy.
Ordinarily, the Company pays within seven days of the policy anniversary.
Payments may be postponed in certain circumstances. See "Payments," page 53.
Premiums will not be accepted, nor will monthly deductions be made, after the
maturity date.
29
<PAGE> 38
POLICY VALUES
Fund Value
The Fund Value is the sum of the amounts under the policy held in each
subaccount of MONY Variable Account L and any Guaranteed Interest Account. It
also includes the amount set aside in the Company's Loan Account, and any
interest, to secure Outstanding Debt.
On each Valuation Date, the part of the Fund Value allocated to any
particular subaccount is adjusted to reflect the investment experience of that
subaccount. On each monthly anniversary day, the Fund Value also is adjusted to
reflect interest on the Guaranteed Interest Account and the Loan Account and the
assessment of the monthly deduction. See "Determination of Fund Value," page 26.
No minimum amount of Fund Value allocated to a particular subaccount is
guaranteed. You bear the risk for the investment experience of Fund Value
allocated to the subaccounts.
Cash Value
The Cash Value of the policy equals the Fund Value less any Outstanding
Debt reduced by any unearned loan interest. Thus, the Fund Value exceeds your
policy's Cash Value by the amount of the surrender charge. Once the surrender
charge expires, the Cash Value equals the Fund Value.
DETERMINATION OF FUND VALUE
Although the death benefit under a policy can never be less than the
policy's Specified Amount, the Fund Value will vary. The Fund Value varies
depending on several factors:
- Payment of premiums.
- Amount held in the Loan Account to secure any Outstanding Debt.
- Partial surrenders.
- Preferred Partial Surrenders.
- The charges assessed in connection with the policy.
- Investment experience of the subaccounts.
- Amounts credited to the Guaranteed Interest Account.
There is no guaranteed minimum Fund Value (except to the extent that you have
allocated net premium payments and cash values to the Guaranteed Interest
Account) and you bear the entire risk relating to the investment performance of
Fund Value allocated to the subaccounts.
The Company uses amounts allocated to the subaccounts to purchase shares of
the corresponding portfolios of the Funds. The values of the subaccounts reflect
the investment experience of the corresponding portfolio. The investment
experience reflects:
- The investment income.
- Realized and unrealized capital gains and losses.
- Expenses of a portfolio including the investment adviser fees.
- Any dividends or distributions declared by a portfolio.
Any dividends or distributions from any portfolio of the Funds are reinvested
automatically in shares of the same portfolio. However, the Company, on behalf
of MONY Variable Account L, may elect otherwise. The subaccount value will also
reflect the mortality and expense risk charges the Company makes each day to the
Variable Account.
Amounts allocated to the subaccounts are measured in terms of units. Units
are a measure of value used for bookkeeping purposes. The value of amounts
invested in each subaccount is represented by the
30
<PAGE> 39
value of units credited to the policy for that subaccount. (See "Calculating
Unit Values for Each Subaccount," on page 28.) On any day, the amount in a
subaccount of MONY Variable Account L is equal to the unit value times the
number of units in that subaccount credited to the policy. The units of each
subaccount will have different unit values.
Units of a subaccount are purchased (credited) whenever premiums or amounts
transferred (including transfers from the Loan Account) are allocated to that
subaccount. Units are redeemed (debited) to:
- Make partial surrenders.
- Make Preferred Partial Surrenders.
- Make full surrenders.
- Transfer amounts from a subaccount (including transfers to the Loan
Account).
- Pay the death benefit when the insured dies.
- Pay monthly deductions from the policy's Fund Value.
- Pay policy transaction charges.
- Pay surrender charges.
The number of units purchased or redeemed is determined by dividing the dollar
amount of the transaction by the unit value of the affected subaccount, computed
after the close of business that day. The number of units changes only as a
result of policy transactions or charges. The number of units credited will not
change because of later changes in unit value.
Transactions are processed when a premium or an acceptable written or
telephone request is received at the Company's administrative office. If the
premium or request reaches the administrative office on a day that is not a
Valuation Date, or after the close of business on a Valuation Date (after 4:00
Eastern Time), the transaction date will be the next Valuation Date. All policy
transactions are performed as of a Valuation Date. If a transaction date or
monthly anniversary day occurs on a day other than a Valuation Date (e.g.,
Saturday), the calculations will be done on the next day that the New York Stock
Exchange is open for trading.
CALCULATING UNIT VALUES FOR EACH SUBACCOUNT
The Company calculates the unit value of a subaccount on any Valuation Date
as follows:
(1) Calculate the value of the shares of the portfolio belonging to
the subaccount as of the close of business that Valuation Date. This
calculation is done before giving effect to any policy transactions for
that day, such as premium payments or surrenders. For this purpose, the net
asset value per share reported to the Company by the managers of the
portfolio is used.
(2) Add the value of any dividends or capital gains distributions
declared and reinvested by the portfolio during the valuation period.
Subtract from this amount a charge for taxes, if any.
(3) Subtract a charge for the mortality and expense risk assumed by
the Company under the policy. See "Daily Deductions From the Variable
Account -- Mortality and Expense Risk Charge," page 37. If the previous day
was not a Valuation Date, then the charge is adjusted for the additional
days between valuations.
(4) Divide the resulting amount by the number of units held in the
subaccount on the Valuation Date before the purchase or redemption of any
units on that date.
The unit value of each subaccount on its first Valuation Date was set at
$10.00.
31
<PAGE> 40
DETERMINING FUND VALUE
[DETERMINING FUND VALUE FLOW CHART]
TRANSFER OF FUND VALUE
You may transfer Fund Value among the subaccounts after the Free Look
Period by sending a proper written request to the Company's administrative
office. Transfers may be made by telephone if you have proper authorization. See
"Telephone Transfer Privileges," page 56. Currently, there are no limitations on
the number of transfers between subaccounts. There is also no minimum amount
required: (1) to make a transfer, or (2) to remain in the subaccount after a
transfer. You may not make a transfer if your policy is in the grace period and
a payment required to avoid lapse is not paid. See "Grace Period and Lapse,"
page 32. No charges are currently imposed upon these transfers. However, the
Company reserves the right to assess a $25 transfer charge in the future on
policy transfers in excess of four during a policy year and to discontinue
telephone transfers.
32
<PAGE> 41
After the Free Look Period, Fund Value may also be transferred from the
subaccounts to the Guaranteed Interest Account. Transfers from the Guaranteed
Interest Account to the subaccounts will only be permitted in the policy month
following a policy anniversary as described in "The Guaranteed Interest
Account," page 50.
RIGHT TO EXCHANGE POLICY
During the first 24 months following the policy date or an increase in the
Specified Amount, you may exchange your policy for a policy where the investment
experience is guaranteed. To accomplish this, the entire amount in the
subaccounts of MONY Variable Account L is transferred to the Guaranteed Interest
Account. All future premiums are allocated to the Guaranteed Interest Account.
This serves as an exchange of your policy for the equivalent of a flexible
premium universal life policy. See "The Guaranteed Interest Account," page 50.
No charge is imposed on the transfer when you exercise the exchange privilege.
POLICY LOANS
You may borrow money from the Company at any time using your policy as
security for the loan. You take a loan by submitting a proper written request to
the Company's administrative office. You may take a loan any time your policy
has a positive Cash Value. The minimum amount you may borrow is $250. The
maximum amount you may borrow at any time is 90% of the Cash Value of your
policy less any Outstanding Debt. (If you request a loan on a monthly
anniversary day, the maximum loan is reduced by the monthly deduction due on
that day.) The Outstanding Debt is the cumulative amount of outstanding loans
and loan interest payable to the Company at any time.
Loan interest is payable in advance on each policy anniversary at an annual
rate of 5.4%. Interest on the full amount of any Outstanding Debt for the
following Policy Year is due on the policy anniversary, until the Outstanding
Debt is repaid. If interest is not paid when due, it will be added to the amount
of the Outstanding Debt.
You may repay all or part of the Outstanding Debt at any time while your
policy is in effect. Only payments shown as loan or interest payments will be
treated as such. If a loan repayment is made which exceeds the Outstanding Debt,
the excess will be applied as a scheduled premium payment. The payment will be
subject to the rules on acceptance of premium payments.
When you take a loan, an amount equal to the loan is transferred out of the
subaccounts and the Guaranteed Interest Account into the Loan Account to secure
the loan. Within certain limits, you may specify the amount or the percentage of
the loan amount to be deducted from the subaccounts and the Guaranteed Interest
Account. If the Policy Owner does not specify the source of the transfer, or if
the transfer instructions are incorrect, loan amounts will be deducted from the
Subaccounts and the Guaranteed Interest Account in the proportion that each
bears to the Fund Value less Outstanding Debt. On each policy anniversary, an
amount equal to the loan interest due and unpaid for the policy year will be
transferred to the Loan Account. The transfer is made from the subaccounts and
the Guaranteed Interest Account on the basis you specify, or, if you do not
specify, on a proportional basis.
The Fund Value in the Loan Account in excess of the Outstanding Debt will
be allocated to the subaccounts and/or the Guaranteed Interest Account in a
manner determined by the Company.
The Loan Account is part of the Company's general account. Amounts held in
the Loan Account are credited monthly with an annual rate of interest not less
than 5%. After the tenth Policy anniversary, it is expected the annual interest
rate that applies to the Loan Account will be .5% higher than otherwise
applicable. This increase is not guaranteed.
Loan repayments release funds from the Loan Account. Unless you request
otherwise, amounts released from the Loan Account will be transferred into the
subaccounts and Guaranteed Interest Account pursuant to your most recent valid
allocation instructions for scheduled premium payments, subject to the
limitation of maintaining no more than $250,000 in the Guaranteed Interest
Account. In addition, any
33
<PAGE> 42
interest earned on the amount held in the Loan Account will be transferred to
each of the Subaccounts and Guaranteed Interest Account on the same basis.
Amounts held in the Loan Account to secure Outstanding Debt forego the
investment experience of the subaccounts and the current interest rate of the
Guaranteed Interest Account. Thus Outstanding Debt, whether or not repaid, has a
permanent effect on your policy values and may have an effect on the amount and
duration of the death benefit. If not repaid, the Outstanding Debt will be
deducted from the amount of the death benefit upon the death of the insured, or
the value paid upon surrender or maturity.
Outstanding Debt may affect the length of time the policy remains in
effect. After the third policy anniversary (or, in some instances, the third
anniversary following an increase), your policy will lapse when (1) Cash Value
is insufficient to cover the monthly deduction against the policy's Fund Value
on any monthly anniversary day, and (2) the minimum payment required is not made
during the grace period. Moreover, the policy may enter the grace period more
quickly when Outstanding Debt exists, because the Outstanding Debt is not
available to cover the monthly deduction. Additional payments or repayments of a
part of Outstanding Debt may be required to keep the Policy in effect. See
"Grace Period and Lapse," page 32.
A loan will not be treated as a distribution from your policy and will not
result in taxable income to you unless your policy is a modified endowment
contract. If your policy is a modified endowment contract, a loan will be
treated as a distribution that may give rise to taxable income. If your policy
lapses with an outstanding loan balance there could be adverse federal income
tax consequences depending on the particular facts and circumstances. For
example, if (1) your policy lapses with an outstanding loan balance, and (2) it
does not lapse under a non-forfeiture option, you can have ordinary income to
the extent the outstanding loan exceeds your investment in the policy (i.e.
generally premiums paid less prior non-taxable distributions). For more
information on the tax treatment of loans, see "Federal Income Tax
Considerations," page 43.
FULL SURRENDER
You may fully surrender your policy at any time during the lifetime of the
insured. The amount received for a full surrender is the policy's Fund Value
less (1) any fund charge, and (2) any Outstanding Debt reduced by any unearned
loan interest.
You may surrender your policy by sending a written request together with
the policy to the Company's administrative office. The proceeds will be
determined as of the end of the valuation period during which the request for
surrender is received. You may elect to (1) have the proceeds paid in cash, or
(2) apply the proceeds under a payment plan offered under your policy. See
"Payment Plan Settlement Provisions," page 53. For information on the tax
effects of surrender of a policy, see "Federal Income Tax Consideration," page
.
PARTIAL SURRENDER
With a partial surrender, you obtain a part of the Surrender Value of your
policy without having to surrender the policy in full. You may request a partial
surrender after the second policy anniversary. The partial surrender will take
effect on (1) the business day that we receive your request at our
administrative office, or (2) on the next business day if that day is not a
business day. There is currently no limit on the number of partial surrenders
allowed in a policy year. However, the Company reserves the right to limit the
number of partial surrenders to 12 per year.
A partial surrender must be for at least $500 (plus the applicable fee). In
addition, your policy's Surrender Value must be at least $500 after the partial
surrender.
You may make a partial surrender by submitting a proper written request to
the Company's home office. As of the effective date of any partial surrender,
your Fund Value, Cash Value, and Surrender Value are reduced by the amount
surrendered (plus the applicable fee). The amount of any partial surrender (plus
the applicable fee) is allocated proportionately to the policy owner's Fund
Value in the
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<PAGE> 43
subaccounts and Guaranteed Interest Account unless he/she requests otherwise. If
the insured dies after the request for a partial surrender is sent to the
Company and prior to it being effected, the amount of the partial surrender will
be deducted from the death benefit proceeds. The death benefit proceeds will be
determined taking into account the amount surrendered.
When a partial surrender is made on a policy on which the owner has
selected death benefit Option I, the Specified Amount under the policy is
decreased by the lesser of (1) the amount of the partial surrender or (2) if the
death benefit prior to the Partial Surrender is greater than the Specified
Amount, the amount, if any, by which the Specified Amount exceeds the difference
between the death benefit and the amount of the partial surrender. A partial
surrender will not change the Specified Amount of a policy on which the owner
has selected death benefit Option II. However, assuming that the death benefit
is not equal to Fund Value plus Fund Value times a death benefit percentage, the
partial surrender will reduce the death benefit by the amount of the partial
surrender. To the extent the death benefit is based upon the Fund Value plus
Fund Value times the death benefit percentage applicable to the insured, a
partial surrender may cause the death benefit to decrease by an amount greater
than the amount of the partial surrender. See "Death Benefits under the Policy,"
page 21.
A fee for each Partial Surrender will be assessed. See "Charges and
Deductions -- Transaction and Other Charges", page 35. In addition, a portion of
the Fund Charge may be assessed if the Specified Amount is reduced as a result
of the Partial Surrender. See "Charges and Deductions -- Fund Charge," page 39.
For information on the tax treatment of partial surrenders, see "Federal
Income Tax Considerations," page 43.
PREFERRED PARTIAL SURRENDER
A Fund Charge which otherwise would have been imposed, will not be imposed
to the extent required to permit the policy owner to receive amounts up to 10%
of the Cash Value of the policy each year. The Cash Value of the policy is
determined on the date the first request for a Partial Surrender is received in
a Policy Year. The partial surrender fee will, however, be charged. The Company
reserves the right to limit the number of partial surrenders available under the
Preferred Partial Surrender to not more than 12 per policy year.
GRACE PERIOD AND LAPSE
Your policy will remain in effect as long as:
(1) it has a Cash Value greater than zero, and
(2) you make any required additional premium payments during a 61-day
Grace Period.
Special Rule for First Two Policy Years
During the first two policy years, your policy and any riders are
guaranteed not to lapse if on each monthly anniversary day either:
- Your policy's Cash Value is greater than zero, or
- The sum of the premiums paid minus all partial surrenders (and related
fees), minus any Outstanding Debt, is greater than or equal to
- The Minimum Monthly Premium times the number of months your policy has
been in effect
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<PAGE> 44
The policy may be at risk of lapse if:
- an insufficiency occurs at any time after the second policy
anniversary, or
- the Minimum Monthly Premium test has not been met during the first two
policy years.
See the explanation below.
We will not accept any payment if it would cause the total premium payments
to exceed the maximum permissible premium for the policy's Specified Amount
under the Internal Revenue Code. This may occur when the policy owner has
Outstanding Debt. In such case, the policy owner could repay a sufficient
portion of the Outstanding Debt to avoid termination. To avoid recurrence of
potential lapse the policy owner may wish to:
- repay an additional portion of Outstanding Debt, and
- if premium payments have not exceeded the maximum permissible premiums
for the policy's Specified Amount, the policy owner may also wish to
make larger or more frequent premium payments.
If the Cash Value of the policy less Outstanding Debt is insufficient to
cover the entire monthly deduction on a monthly anniversary, we will deduct the
amount that is available. We will notify you (and any assignee of record) of the
payment required to keep the policy in effect. You will then have a grace period
of 61 days to make the required payment. The grace period starts from the date
the notice is sent. During the first two policy years, the payment required is:
- the amount of Minimum Monthly Premium not paid plus not less than two
succeeding Minimum Monthly Premiums, or
- the number of Minimum Monthly Premiums remaining until the next
scheduled premium due date.
After the second policy anniversary, the payment required is:
- the amount of the monthly deduction not paid, plus
- not less than two succeeding monthly deductions, or the number of
monthly deductions remaining until the next scheduled premium due
date, grossed up by the amount of the deductions from premiums (see
"Charges and Deductions -- Deductions from Premiums", page 37).
The policy will remain in effect through the grace Period. Failure to make the
required payment within the grace period will result in termination of coverage
under the policy. If the required payment is made during the grace period, any
premium paid will be allocated among the subaccounts of MONY Variable Account L
and the Guaranteed Interest Amount in accordance with your current scheduled
premium payment allocation instructions. Any monthly deduction due will be
charged to the subaccounts and the Guaranteed Interest Account on a
proportionate basis. If the insured dies during the grace period, the death
benefit proceeds will equal the amount of the death benefit immediately prior to
the start of the grace period, reduced by any unpaid monthly deductions and any
Outstanding Debt reduced by any unearned loan interest.
Reinstatement
We will reinstate a lapsed policy at any time:
(1) Before the maturity date, and
(2) Within five years after the monthly anniversary day which precedes
the start of the grace period.
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<PAGE> 45
To reinstate a lapsed policy we must also receive:
(1) A written application from you,
(2) Evidence of insurability satisfactory to us,
(3) Payment of all monthly deductions that were due and unpaid during
the grace period,
(4) Payment of an amount at least sufficient to keep your policy in
effect for three months after the reinstatement date,
(5) Payment of interest on debt reinstated from the beginning of the
grace period to the end of the grace period at the rate that applies to
policy loans on the date of reinstatement.
When your policy is reinstated, the Fund Value will be equal to the Fund
Value on the date of the lapse subject to the following:
(1) The Fund charge will be equal to the Fund charge that would have
existed had your policy been in effect since the original policy date.
(2) The Fund Value will be reduced by the decrease, if any, in the
Fund charge during the period that the policy was not in effect.
(3) Any Outstanding Debt on the date of lapse will also be reinstated.
(4) No interest on amounts held in our Loan Account to secure
Outstanding Debt will be paid or credited between lapse and reinstatement.
Reinstatement will be effective as of the monthly anniversary day on or
preceding the date of approval by us. At that time, the Fund Value minus, if
applicable, Outstanding Debt will be allocated among the subaccounts and the
Guaranteed Interest Account pursuant to your most recent scheduled premium
payment allocation instructions.
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<PAGE> 46
CHARGES AND DEDUCTIONS
The following chart is intended to provide an overview of the current
charges and deductions under the policy. Please see the discussion of each item
in this prospectus and in the policy for further details.
- --------------------------------------------------------------------------------
DEDUCTIONS FROM PREMIUMS
<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------
Sales Charge -- Varies based on number of Premiums paid during first ten policy
years the policy has been in effect. It is years -- 4%
a % of Premium paid. Premiums paid during policy years
11-20 -- 2%
Premiums paid after policy year 20 -- 0%
- -----------------------------------------------------------------------------------------------
Tax Charge State and local -- 0.8%
Federal -- 1.25%
</TABLE>
- --------------------------------------------------------------------------------
DAILY DEDUCTION FROM MONY VARIABLE ACCOUNT L
<TABLE>
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
Mortality & Expense Risk Charge -- Maximum .75% of subaccount value (0.002055% daily)
Annual Rate Reduces after 10th policy year
</TABLE>
- --------------------------------------------------------------------------------
DEDUCTIONS FROM FUND VALUE
<TABLE>
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
- ----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
EACH OF
1ST 12 EACH
POLICY MONTH
SPECIFIED AMOUNT MONTHS THEREAFTER
---------------- ------- ----------
<S> <C> <C> <C> <C>
Administrative Charge -- monthly charge based on Less than $31.50* $6.50
Specified Amount of policy. $250,000............ $28.50* $3.50
$250,000-$499,999... $25.00* None
$500,000 or more....
---------------
* Reduced by $5.00 for issue ages 0 through
17.
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
Optional Insurance Benefits Charge As applicable.
Monthly Deduction for any other Optional Insurance
Benefits added by rider.
- ----------------------------------------------------------------------------------------------------
Transaction and Other Charges The lesser of 2% of the amount
-Partial Surrender Fee surrendered or $25.
-Transfer of Fund Value Currently $0. Maximum $25 on each
(at Company's Option) Transfer in a policy year exceeding four.
</TABLE>
- --------------------------------------------------------------------------------
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<PAGE> 47
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADMINISTRATIVE
Administrative Fund Charge ISSUE AGE* FUND CHARGE
---------------------------- -----
<S> <C> <C> <C>
Over 14 years based on a schedule. Factors per 0-25........................ $2.50
$1,000 of Specified Amount vary based on issue age. 26.......................... 3.00
27.......................... 3.50
28.......................... 4.00
29.......................... 4.50
30 or higher................ 5.00
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Sales Fund Charge ISSUE AGE PERCENTAGE
------------------------------- --
Percentage of premiums paid in the first 5 years, 0-17........................... 50%
up to a maximum amount of premiums called the 18-65.......................... 75
target premium. 66............................. 70
67............................. 65
68............................. 60
69............................. 55
70 or higher................... 50
---------------
The Sales Fund Charge can increase as
premiums are paid during the five year
period. Starting on the fifth anniversary,
the charge decreases from its maximum by
10% per year until it reaches zero at the
end of the 14th year.
</TABLE>
- --------------------------------------------------------------------------------
The following provides additional details of the deductions from premium
payments under a policy prior to allocating net premium payments to the
subaccounts of MONY Variable Account L or to the Guaranteed Interest Account and
of the deductions from MONY Variable Account L and from the policy's Fund Value.
39
<PAGE> 48
DEDUCTIONS FROM PREMIUMS --
Deductions are made from each premium payment prior to applying the net
premium payment to the Fund Value.
Sales Charge -- This charge is equal to a percent of premiums paid
as follows:
Policy years 1-10: 4%
Policy years 11-20: 2%
Policy years after 20: 0%
You should refer to your policy to determine your Specified Amount and the
amount of any Term Life Term Insurance in force.
The sales charge compensates us for the cost of distributing the policies.
This charge is not expected to be enough to cover sales and distribution
expenses for the policies. To the extent that sales and distribution expenses
exceed sales charges, amounts derived from surrender charges will be used.
Expenses in excess of the sales and surrender charges may be recovered from
other charges, including amount indirectly derived from the charge for mortality
and expense risks and mortality gains.
Tax Charge -- State and local premium tax -- currently 0.8%
Federal tax for deferred acquisition costs of the
Company -- currently 1.25%
All states levy taxes on life insurance premium payments. These taxes vary
from state to state and may vary from jurisdiction to jurisdiction within a
state. For policyholders resident in New York, the Company currently deducts an
amount equal to 0.8%, of each premium to pay applicable premium taxes.
Currently, these taxes range from 0% to 4%. The 0.8% deduction is the actual
premium tax imposed by the State of New York. We do not expect to profit from
this charge.
The 1.25% current charge against each premium covers our estimated cost for
the Federal income tax treatment of deferred acquisition costs. This is
determined solely by the amount of life insurance premiums received. We believe
this charge is reasonable in relation to our increased federal tax burden under
IRC Section 848 resulting from the receipt of premium payments. No charge will
be deducted where premiums received from you are not subject to this tax.
We reserve the right to increase or decrease the charge for taxes due to
any change in tax law or due to any change in the cost to us.
DAILY DEDUCTION FROM MONY VARIABLE ACCOUNT L --
A charge is deducted daily from each subaccount of MONY Variable Account L
for the mortality and expense risks assumed by the Company.
Mortality and Expense Risk
Charge -- Maximum of .002055% of the amount in the
subaccount, which is equivalent to an annual rate
of .75% of subaccount value.
The Mortality and Expense Risk Charge will
effectively be reduced after the tenth policy
anniversary. Each month after said date, an
expected amount equal to .04167% of the subaccount
value will be credited to the Fund Value allocated
to the subaccounts. This is equivalent to 0.5% on
an annualized basis. This amount is not guaranteed.
The allocation among subaccounts will be done
proportionately on each monthly anniversary
following the tenth policy anniversary.
This charge compensates us for assuming mortality and expense risks under
the policies. The mortality risk assumed is that insureds, as a group, may live
for a shorter period of time than estimated. Therefore, the cost of insurance
charges specified in the policy will not be enough to meet our actual
40
<PAGE> 49
claims. We assume an expense risk that other expenses incurred in issuing and
administering the policies and operating MONY Variable Account L will be greater
than the amount estimated when setting the charges for these expenses. We will
realize a profit from this fee to the extent it is not needed to provide
benefits and pay expenses under the policies. We may use this profit for other
purposes. These purposes may include any distribution expenses not covered by
the sales charge or surrender charge.
This charge is not assessed against the amount of the policy Fund Value
that is allocated to the Guaranteed Interest Account, nor to amounts in the Loan
Account.
DEDUCTIONS FROM FUND VALUE --
A charge called the Monthly Deduction is deducted from the Fund Value on
each monthly anniversary day. The Monthly Deduction consists of the following
items:
Cost of Insurance -- This charge compensates us for the anticipated cost
of paying death benefits in excess of Fund Value to
insureds' beneficiaries. The amount of the charge
is equal to a current cost of insurance rate
multiplied by the net amount at risk under the
policy at the beginning of each policy month. Here,
net amount at risk equals the death benefit payable
at the beginning of the policy month less the Fund
Value at that time.
The policy contains guaranteed cost of insurance rates that may not be
increased. The guaranteed rates are based on the 1980 Commissioners Standard
Ordinary Smoker and Nonsmoker Mortality Tables. (For issue ages under 18, no
smoker/nonsmoker adjustment is made until attained age 15. Where unisex cost of
insurance rates apply, the 1980 Commissioners Ordinary Smoker and Nonsmoker
Mortality Table B applies.) These rates are based on the age and underwriting
class of the insured. They are also based on the gender of the insured, but
unisex rates are used where appropriate under applicable law. Unisex laws
include the State of Montana and in policies purchased by employers and employee
organizations in connection with employment related insurance or benefit
programs. As of the date of this prospectus, we charge "current rates" that are
lower (i.e., less expensive) than the guaranteed rates. We may change current
rates in the future. Like the guaranteed rates, the current rates also vary with
the age, gender, smoking status, and underwriting class of the insured. In
addition, they also vary with the policy duration. The cost of insurance rate
generally increases with the age of the insured.
If there have been increases in the Specified Amount, then for purposes of
calculating the cost of insurance charge, the Fund Value will first be applied
to the initial Specified Amount. If the Fund Value exceeds the initial Specified
Amount, the excess will then be applied to any increase in Specified Amount in
the order of the increases. If the death benefit equals the Fund Value
multiplied by the applicable death benefit percentage, any increase in Fund
Value will cause an automatic increase in the death benefit. The underwriting
class and duration for such increase will be the same as that used for the most
recent increase in Specified Amount (that has not been eliminated through a
later decrease in Specified Amount.
Administrative Charge
An administrative charge is deducted monthly from the Fund Value. The
amount of this charge varies by issue age of the insured, policy duration and
with the size of a policy's Specified Amount.
<TABLE>
<CAPTION>
FIRST 12 EACH POLICY
POLICY MONTHS MONTH THEREAFTER
------------- ----------------
<S> <C> <C>
Specified Amount:
Less than $250,000........................................ $ 31.50* $6.50
$250,000 to $499,000...................................... 28.50* 3.50
$500,000 or more.......................................... 25.00* None
</TABLE>
- ------------------------
* Reduced by $5.00 for issue ages 0 through 17.
41
<PAGE> 50
For purposes of this charge, if an increase or decrease in Specified Amount
causes your policy to change bands, the monthly administrative charges on the
monthly anniversary day of the change will be adjusted to reflect the new
Specified Amount. The administrative charge is assessed to reimburse the Company
for the expenses associated with administration and maintenance of the policies.
The administrative charge is guaranteed never to exceed these amounts. The
Company does not expect to profit from this charge.
Optional Insurance Benefits
Charge -- A monthly deduction for any other optional
insurance benefits added to the policy by rider.
FUND CHARGE
There will be a difference between the Fund Value of the policy and its
Cash Value for at least the first fourteen policy years. This difference is the
Fund Charge, a contingent deferred load. It is a contingent load because it is
assessed only if the policy is surrendered, if the policy lapses, or if the
Specified Amount of the policy is decreased. It is a deferred load because it is
not deducted from the premiums paid. The Fund Charge consists of two charges: an
Administrative Fund Charge and a Sales Fund Charge. The Company will assess the
Fund Charge against the Fund Value upon surrender, lapse or reduction in
Specified Amount within fourteen years after its issuance, or within fourteen
years following an increase in Specified Amount.
Administrative Fund Charge
The Administrative Fund Charge is equal to an amount per thousand dollars
of Specified Amount as follows:
<TABLE>
<CAPTION>
ADMINISTRATIVE
ISSUE AGE FUND CHARGE
--------- --------------
<S> <C>
0-25........................................................ $2.50
26.......................................................... 3.00
27.......................................................... 3.50
28.......................................................... 4.00
29.......................................................... 4.50
30 or higher................................................ 5.00
</TABLE>
The amount of the charge remains level for five policy years. After the fifth
policy Anniversary, the charge decreases by 10% per year until it reaches zero
at the end of the 14th policy year. An additional Administrative Fund Charge is
created each time a new coverage segment of Specified Amount is added. The
Administrative Fund Charge related to the increased Specified Amount decreases
over the 14 years following the date of the increase on a scale identical to
that of the original Administrative Fund Charge.
For example, if a policy issued at Age 40 with an initial Specified Amount
of $100,000 is surrendered in the third policy year, the Administrative Fund
Charge would be $500 ($100 times $5.00). If that policy is increased in the
fourth policy year to $150,000 and is subsequently surrendered in the seventh
policy year, the total Administrative Fund Charge would be $650 ($100 times
$5.00 times 80%, plus $50 times $5.00.)
The Administrative Fund Charge is designed to cover the administrative
expenses associated with underwriting and issuing a policy, including the costs
of processing applications, conducting medical examinations, determining
insurability and your underwriting class, and establishing policy records. The
Company does not expect to profit from the Administrative Fund Charge.
42
<PAGE> 51
Sales Fund Charge
To determine the Sales Fund Charge, a "target premium" is used. The target
premium is not based on the minimum annual premiums or the scheduled premium
payments. The maximum Sales Fund Charge for the initial Specified Amount of the
policy will be equal to the following percentage of premiums paid up to one
target premium. The maximum Sales Fund Charge will not vary based on the amount
of premiums paid or the timing of the premium payments. The actual Sales Fund
Charge for your policy is a percentage of the premiums paid on your policy
during the first five policy years, up to the maximum. This percentage varies by
the Age of the Insured on the policy date as follows:
<TABLE>
<CAPTION>
PERCENTAGE OF
AGE PREMIUMS PAID
- --- -------------
<S> <C>
0-17........................................................ 50%
18-65....................................................... 75
66.......................................................... 70
67.......................................................... 65
68.......................................................... 60
69.......................................................... 55
70 or higher................................................ 50
</TABLE>
Therefore, the Sales Fund Charge can increase as premiums are paid during the
five year period. Starting on the fifth Policy anniversary, the charge decreases
from its maximum by 10% per year until it reaches zero at the end of the 14th
year.
During the first two Policy years, the Sales Fund Charge will be further
limited.
As an example of the Sales Fund Charge calculation, if a Male Insured Age
25 purchases a Policy with a Specified Amount of $100,000, the, Target Premium,
based upon the assumptions described above, would be $580.00 (Preferred,
nonsmoker, Death Benefit Option I). The maximum Sales Fund charge during the
first five Policy Years would be 75% of this amount, or $435.00.
The purpose of the Sales Fund Charge is to reimburse the Company for some
of the expenses of distributing the Policies.
Effect of Changes in Specified Amount on the Fund Charge
The Fund Charge will increase when a new coverage segment of Specified
Amount is created due to a requested increase in coverage. The fund charge
related to the increase will be calculated in the same manner as the fund charge
for the original Specified Amount, and will be reduced over the 15 year period
following the increase. For purposes of calculating the sales fund charge,
premiums paid after the increase will be allocated to Specified Amount segments
in the same proportion that the guideline annual premium as defined by the
federal securities laws for each segment bear to the sum of the guideline annual
premiums for all coverage segments. The new fund charge for the policy will
equal the remaining portion of the fund charge for the original Specified
Amount, plus the fund charge related to the increase.
A portion of the fund charge will be deducted from the Fund Value whenever
the Specified Amount of the policy is reduced. This may result from (1) a
requested decrease, (2) a change of death benefit option from Option II to
Option I, or (3) a partial surrender. The fund charge, as well as the
transaction charge assessed for the Partial Surrender, if applicable, will be
deducted from the subaccounts and the Guaranteed Interest Account on the same
basis that the partial surrender is allocated. For purposes of this calculation,
if any subaccount or the Guaranteed Interest Account is insufficient to provide
for its share of the deduction, the entire deduction will be pro-rated among the
subaccounts from which the partial surrender is deducted in relation to their
Fund Values. The remaining Fund Charge which applies to the policy will be
reduced proportionately for the amount of the fund charge which was assessed
against the Fund Value.
43
<PAGE> 52
Effect of Changes in Specified Amount on the Fund Charge --
The fund charge will increase when a new coverage segment of Specified
Amount is created due to a requested increase in coverage. The fund charge
related to the increase will be computed in the same manner as the fund charge
for the original Specified Amount. It will reduce over the 15-year period
following the increase. The new fund charge for the policy will equal:
(1) The remaining part of the fund charge for the original Specified
Amount, plus
(2) The fund charge related to the increase.
A portion of the Fund Charge will be deducted from the Fund Value whenever
the Specified Amount of the policy is reduced. This may result from:
- a requested decrease,
- a change of death benefit option from Option I to Option II, or
- a partial surrender.
The Fund Charge, as well as any applicable transaction charge assessed for
the partial surrender, will be deducted from the subaccounts and the Guaranteed
Interest Account. The deduction will be made on the same basis that the partial
surrender is allocated. If any subaccount or the Guaranteed Interest Account is
insufficient to provide for its share of the deduction, the entire deduction
will be pro-rated among the subaccounts from which the partial surrender is
deducted in relation to their Fund Values. The remaining Fund Charge which
applies to the policy will be reduced proportionately for the amount of the Fund
Charge which was assessed against the Fund Value.
TRANSACTION AND OTHER CHARGES
- Partial Surrender Fee -- The lesser of 2% of the partial surrender amount
or $25.
- Transfer of Fund Value -- Currently $0.
The partial surrender fee is guaranteed not to exceed the amounts above.
Currently, we do not charge for transfers of Fund Value between the subaccounts.
However, we reserve the right to assess a $25 charge on transfers which exceed 4
in any policy year.
We may charge the subaccounts for federal income taxes that are incurred by
us and are attributable to MONY Variable Account L and its subaccounts. No such
charge is currently assessed. See "Charge for Company Income Taxes," page 47.
We will bear the direct operating expenses of MONY Variable Account L. The
subaccounts purchase shares of the corresponding portfolio of the underlying
Fund. The Fund's expenses are not fixed or specified under the terms of the
policy.
FEES AND EXPENSES OF THE FUNDS
The Fund and each of its portfolios incur certain charges including the
investment advisory fee and certain operating expenses. These fees and expenses
vary by portfolio and are set forth below. Their Boards govern the Funds. The
advisory fees are summarized at pages 4-5. Fees and expenses of the Funds are
described in more detail in the Funds' prospectuses.
44
<PAGE> 53
GUARANTEE OF CERTAIN CHARGES
We guarantee that the following charges will not increase:
(1) Mortality and expense risk charge.
(2) Administrative charge.
(3) Sales charge.
(4) Guaranteed cost of insurance rates.
(5) Fund charge.
(6) Partial surrender fee.
Any changes in the current cost of insurance charges or charges for
optional insurance benefits will be made based on the class of the insured.
Changes will be based on changes in:
(1) Future expectations with respect to investment earnings,
(2) Mortality,
(3) Length of time policies will remain in effect,
(4) Expenses, and
(5) Taxes.
In no event will they exceed the guaranteed rates defined in the policy.
OTHER INFORMATION
FEDERAL INCOME TAX CONSIDERATIONS
The following provides a general description of the federal income tax
considerations relating to the policy. This discussion is based upon our
understanding of the present federal income tax laws as the Internal Revenue
Service ("IRS") currently interprets them. This discussion is not intended as
tax advice. Tax laws are very complex and tax results will vary according to
your individual circumstances. A person considering the purchase of the policy
may need tax advice. It should be understood that these comments on federal
income tax consequences are not an exhaustive discussion of all tax questions
that might arise under the policy. Special rules that are not discussed here may
apply in certain situations. We make no representation as to the likelihood of
continuation of federal income tax or estate or gift tax laws or of the current
interpretations of the IRS or the courts. Future legislation may adversely
affect the tax treatment of life insurance policies or other tax rules that we
describe here or that relate directly or indirectly to life insurance policies.
Our comments do not take into account any state or local income tax
considerations that may be involved in the purchase of the policy.
Definition of Life Insurance
Under section 7702 of the Internal Revenue Code (the "Code"), a policy will
be treated as a life insurance policy for federal tax purposes if one of two
alternate tests are met. These tests are:
(1) "Cash Value Accumulation Test"
(2) "Guideline Premium/Cash Value Corridor Test"
Your policy is tested under the Guideline Premium/Cash Value Corridor Test.
This test provides for, among other things:
(1) A maximum allowable premium per thousand dollars of death benefit,
known as the "guideline annual premium," and
45
<PAGE> 54
(2) A minimum ongoing "corridor" of death benefit in relation to the
Fund Value of the policy, known as the "death benefit percentage."
See Appendix A, for a table of the Guideline Premium/Cash Value Corridor Test
factors.
We believe that the policy meets this statutory definition of life
insurance and hence will receive federal income tax treatment consistent with
that of fixed life insurance. Thus, the death benefit should be excludable from
the gross income of the beneficiary (whether the beneficiary is a corporation,
individual or other entity) under Section 101 (a) (1) of the Code for purposes
of the regular federal income tax. You generally should not be considered to be
in constructive receipt of the cash values under the policy until a full
surrender, maturity of the policy, or a partial surrender. In addition, certain
policy loans may be taxable in the case of policies that are modified endowment
contracts. Prospective policy owners that intend to use policies to fund
deferred compensation arrangements for their employees are urged to consult
their tax advisors with respect to the tax consequences of such arrangements.
Prospective corporate owners should consult their tax advisors about the
treatment of life insurance in their particular circumstances for purposes of
the alternative minimum tax applicable to corporations.
Tax Treatment of Policies
The Technical and Miscellaneous Revenue Act of 1988 established a new class
of life insurance contracts referred to as modified endowment contracts. A life
insurance contract becomes a "modified endowment contract" if, at any time
during the first seven contract years, the sum of actual premiums paid exceeds
the sum of the "seven-pay premium." Generally, the "seven-pay premium" is the
level annual premium, which if paid for each of the first seven years, will
fully pay for all future death and endowment benefits under a contract.
Example: "Seven-pay premium = $1,000
Maximum premium to avoid "modified endowment" treatment =
First year -- $1,000
Through first two years -- $2,000
Through first three years -- $3,000 etc.
Under this test, a policy may or may not be a modified endowment contract. The
outcome depends on the amount of premiums paid during each of the policy's first
seven contract years. Changes in benefits may require testing to determine if
the policy is to be classified as a modified endowment contract. A modified
endowment contract is treated differently for tax purposes then a conventional
life insurance contract.
Conventional Life Insurance Policies
If a policy is not a modified endowment contract distributions are treated
as follows. Upon a full surrender or maturity of a policy for its Cash Value,
the excess if any, of the Cash Value plus Outstanding Debt minus the cost basis
under a policy will be treated as ordinary income for federal income tax
purposes. A policy's cost basis will usually equal the premiums paid less any
premiums previously recovered through partial surrenders. Under Section 7702 of
the Code, special rules apply to determine whether part or all the cash received
through partial surrenders in the first 15 policy years is paid out of the
income of the policy and therefore subject to income tax. Cash distributed to a
policy owner on partial surrenders occurring more than 15 years after the policy
date will be taxable as ordinary income to the policy owner to the extent that
it exceeds the cost basis under a policy.
We believe that loans received under policies that are not modified
endowment contracts will be treated as indebtedness of the owner. Thus, no part
of any loan under the policy will constitute income to the owner until the
policy matures, unless the policy is surrendered before it matures. Interest
paid (or accrued by an accrual basis taxpayer) on a loan under a policy that is
not a modified endowment contract may be deductible. Deductibility will be
subject to several limitations, depending upon (1) the use to which the proceeds
are put and (2) the tax rules applicable to the policy owner. If, for example,
an individual who uses the proceeds of a loan for business or investment
purposes, may be able to deduct all
46
<PAGE> 55
or part of the interest expense. Generally, if an individual uses the policy
loan for personal purposes, the interest expense is not deductible. The
deductibility of loan interest (whether incurred under a policy loan or other
indebtedness) also may be subject to other limitations.
For example, the interest may be deductible to the extent that the interest
is attributable to the first $50,000 of the Outstanding Debt where:
- The interest is paid (or accrued by an accrual basis taxpayer) on a loan
under a policy, and
- The policy covers the life of an officer, employee, or person financially
interested in the trade or business of the policy owners.
Other tax law provisions may limit the deduction of interest payable on
loan proceeds that are used to purchase or carry certain life insurance
policies.
Modified Endowment Contracts
Pre-death distributions from modified endowment contracts may result in
taxable income. Upon full surrender or maturity of the policy, the policy owner
would recognize ordinary income for federal income tax purposes. Ordinary income
will equal the amount by which the Cash Value plus Outstanding Debt exceeds the
investment in the policy. (The investment in the policy is usually the premiums
paid plus certain pre-death distributions that were taxable less any premiums
previously recovered that were excludable from gross income.) Upon partial
surrenders and policy loans the policy owner would recognize ordinary income to
the extent allocable to income (which includes all previously non-taxed gains)
on the policy. The amount allocated to income is the amount by which the Fund
Value of the policy exceeds investment in the policy immediately before
distribution. The tax law provides for aggregation of two or more policies
classified as modified endowment contracts if:
(1) The policies are purchased from any one insurance company
(including the Company), and
(2) The purchases take place during a calendar year.
The policies are aggregated for the purpose of determining the part of the
pre-death distributions allocable to income on the policies and the part
allocable to investment in the policies.
Amounts received under a modified endowment contract that are included in
gross income are subject to an additional tax. This additional tax is equal to
10% of the amount included in gross income, unless an exception applies. The 10%
additional tax does not apply to any amount received:
(1) When the taxpayer is at least 59 1/2 years old;
(2) Which is attributable to the taxpayer becoming disabled; or
(3) Which is part of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life expectancy)
of the taxpayer or the joint lives (or joint life expectancies) of the
taxpayer and his or her beneficiary.
A contract may not be a modified endowment contract originally but may
become one later. Treasury Department regulations, yet to be prescribed, cover
pre-death distributions received in anticipation of the policy's failure to meet
the seven-pay premium test. These distributions are to be treated as pre-death
distributions from a modified endowment contract (and, therefore, are to be
taxed as described above). This treatment is applied even though the policy was
not yet a modified endowment contract. The Code defines a distribution in
anticipation of failing the test as one made within two years of the policy
being classified as a modified endowment contract.
It is unclear whether interest paid (or accrued by an accrual basis
taxpayer) on Outstanding Debt with respect to a modified endowment contract
constitutes interest for federal income tax purposes. If it does constitute
interest, its deductibility will be subject to the same limitations as
conventional life insurance contracts (see "Federal Income Tax
Considerations -- Conventional Life Insurance Policies," page 44.)
47
<PAGE> 56
Reasonableness Requirement for Charges
The tax law also deals with allowable mortality costs and other expenses
used in the calculations to determine whether a contract qualifies as life
insurance for income tax purposes. For policies entered into on or after October
21, 1988, the calculations must be based upon, (1) reasonable mortality charges,
and (2) other charges reasonably expected to be paid. The Treasury Department is
expected to declare regulations governing reasonableness standards for mortality
charges. We believe our mortality costs and other expenses used in these
calculations meet the current requirements. It is possible that future
regulations will contain standards that would require us to modify our mortality
charges for these calculations. We reserve the right to make modifications to
retain the policy's qualification as life insurance for federal income tax
purposes.
Pension and Profit Sharing Plans
Policies purchased by a fund, which is part of a pension or profit sharing
plan (under Sections 401(a) or 403 of the Code), will be treated differently
from that described above. For participants in these plans, the current cost of
insurance for the net amount at risk is treated as a "current fringe benefit."
The current cost of insurance must be included annually in the plan
participant's gross income. This cost (referred to as the "P.S. 58" cost) is
reported to the participant annually. The excess of the death benefit over the
policy Fund Value will not be subject to federal income tax if:
(1) The plan participant dies while covered by the plan, and
(2) The policy proceeds are paid to the participant's beneficiary.
However, the policy Fund Value will generally be taxable to the extent it
exceeds the sum of (1) $5,000 plus (2) the participant's cost basis in the
policy. The participant's cost basis will generally include the costs of
insurance previously reported as income to the participant. Special rules may
apply if the participant has borrowed from his or her policy or was an
owner-employee under the plan.
There are limits on the amounts of life insurance that may be purchased on
behalf of a participant in a pension or profit sharing plan. Complex rules, in
addition to those discussed above, apply whenever life insurance is purchased by
a tax-qualified plan.
Other Employee Benefit Programs
Complex rules may apply when a policy is held by an employer or a trust, or
acquired by an employee, to provide for employee benefits. These policy owners
also must consider whether the policy was applied for by or issued to a person
having an insurable interest under applicable state law. The lack of insurable
interest may, among other things, affect the qualification of the policy as life
insurance for federal income tax purposes. It may also affect the right of the
beneficiary to death benefits. Employers and employer-created trusts may be
subject to reporting, disclosure, and fiduciary obligations under the Employee
Retirement Income Security Act of 1974 (ERISA). The policy owner's legal advisor
should be consulted to address these issues.
Diversification Requirements
To comply with regulations under Section 817(h) of the Code, each portfolio
is required to diversify its investments. Generally, on the last day of each
quarter of a calendar year,
(1) No more than 55% of the value of the portfolio's assets can be
represented by any one investment,
(2) No more than 70% can be represented by any two investments,
(3) No more than 80% can be represented by any three investments, and
(4) No more than 90% can be represented by any four investments.
48
<PAGE> 57
Securities of a single issuer generally are treated for purposes of Section
817(h) as a single investment. However, for this purpose, each U.S. Government
agency or instrumentality is treated as a separate issuer. Any security issued,
guaranteed, or insured (to the extent guaranteed and insured) by the U.S. or by
an agency or instrumentality of the U.S. is treated as a security issued by the
U.S. Government or its agency or instrumentality, as applicable.
Currently, for federal income tax purposes, the portfolio shares underlying
the subaccounts available under the policies are owned by the Company and not by
you or any beneficiary. However, no representation is or can be made regarding
the likelihood of the continuation of current interpretations by the IRS.
Other
Federal estate and gift and state and local estate, inheritance, and other
tax consequences of ownership or receipt of policy proceeds depend on the
jurisdiction and the circumstances of each owner or beneficiary.
For complete information on federal, state, local and other tax
considerations, a qualified tax advisor should be consulted.
THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING
THE TAX STATUS OF ANY POLICY
CHARGE FOR COMPANY INCOME TAXES
For federal income tax purposes, variable life insurance generally is
treated in a manner consistent with fixed life insurance. The Company will
review the question of a charge to the Variable Account for the Company's
federal income taxes periodically. A charge may be made for any federal income
taxes incurred by the Company that are attributable to the Variable Account.
This might become necessary if:
(1) The tax treatment of the Company is ultimately determined to be
other than what the Company currently believes it to be,
(2) There are changes made in the federal income tax treatment of
variable life insurance at the insurance company level, or
(3) There is a change in the Company's tax status.
Under current laws, the Company may incur state and local taxes (in
addition to premium taxes imposed by the states) in several states. At present,
these taxes are not significant. If there is a material change in applicable
state or local tax laws or in the cost to the Company, the Company reserves the
right to charge the Account for any such taxes attributable to the Account.
VOTING OF FUND SHARES
Based on its view of present applicable law, the Company will exercise
voting rights attributable to the shares of each portfolio of the Funds held in
the subaccounts. We will exercise such rights at any regular and special
meetings of the shareholders of the Funds on matters requiring shareholder
voting under the Investment Company Act of 1940. Our will exercise of these
voting rights will be based on instructions received from persons having the
voting interest in corresponding subaccounts of MONY Variable Account L. We may
elect to vote the shares of the Funds in our own right if:
(1) The Investment Company Act of 1940 or any regulations thereunder
is amended, or
(2) The present interpretation of the Act should change, and
(3) As a result we determine that it is permitted to vote the shares
of the Funds in our right.
49
<PAGE> 58
The person having the voting interest under a policy is the policy owner.
Unless otherwise required by applicable law, a policy owner will have the right
to instruct for the number of votes of any portfolio determined by dividing his
or her Fund Value in the subaccount that corresponds to the portfolio by $100.
Fractional votes will be counted. The number policy owner votes will be
determined as of the date set by the Company. However, such date will not be
more than 90 days prior to the date established by the corresponding Fund for
determining shareholders eligible to vote at that Fund's meeting. If required by
the Securities and Exchange Commission, the Company reserves the right to
determine the voting rights in a different fashion. Voting instructions may be
cast in person or by proxy.
If the Company does not receive voting instructions from the policy owner
on time, the Company will vote his or her votes. The Company will vote in the
same proportion as voting instructions received on time for all policies
participating in that subaccount. The Company will also exercise the voting
rights from assets in each subaccount, which are not otherwise attributable to
policy owners. These votes will be exercised in the same proportion as the
voting instructions that are received on time for all policies participating in
that subaccount. Generally, the Company will vote any voting rights attributable
to shares of portfolios of the Funds held in its General Account. These votes
will be exercised in the same proportion as the aggregate votes cast with
respect to shares of portfolios of the Funds held by MONY Variable Account L and
other separate accounts of the Company.
DISREGARD OF VOTING INSTRUCTIONS
The Company may disregard voting instructions when required by state
insurance regulatory authorities, if, (1) the instructions require that voting
rights be exercised so as to cause a change in the subclassification or
investment objective of a Portfolio, or (2) to approve or disapprove an
investment advisory contract. In addition, the Company itself may disregard
voting instructions of changes initiated by policy owners in the investment
policy or the investment adviser (or portfolio manager) of a portfolio. The
Company's disapproval of such change must be reasonable and must be based on a
good faith determination that the change would be contrary to state law or
otherwise inappropriate, considering the portfolio's objectives and purpose, and
considering the effect the change would have on the Company. If Company does
disregard voting instructions; a summary of that action and the reasons for such
action will be included in the next report to policy owners.
REPORT TO POLICY OWNERS
A statement will be sent at least annually to each policy owner setting
forth:
(1) A summary of the transactions which occurred since the last
statement, and
(2) Indicating the death benefit, Specified Amount, Fund Value, Cash
Value, and any Outstanding Debt.
In addition, the statement will indicate the allocation of Fund Value among the
Guaranteed Interest Account, the Loan Account and the subaccounts, and any other
information required by law. Confirmations will be sent out upon premium
payments, transfers, loans, loan repayments, withdrawals, and surrenders.
Each policy owner will also receive an annual and a semiannual report
containing financial statements for MONY Variable Account L and the Funds. The
Funds' statement will include a list of the portfolio securities of the Funds,
as required by the Investment Company Act of 1940, and/or such other reports as
may be required by federal securities laws.
SUBSTITUTION OF INVESTMENTS AND RIGHT TO CHANGE OPERATIONS
The Company reserves the right, subject to compliance with the law as then
in effect, to make additions to, deletions from, or substitutions for the
securities that are held by or may be purchased by MONY Variable Account L or
any of its other separate accounts. The Company may substitute shares of
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<PAGE> 59
another portfolio of the Funds or of a different fund for shares already
purchased, or to be purchased in the future under the policies if:
(1) Shares of any or all of the portfolios of the Funds should no
longer be available for investment or,
(2) In the judgment of the Company's management, further investment in
shares of any or all portfolios of the Funds should become inappropriate in
view of the purposes of the policies.
Where required, the Company will not substitute any shares attributable to
a policy owner's interest in MONY Variable Account L without notice, policy
owner approval, or prior approval of the Securities and Exchange Commission. The
Company will also follow the filing or other procedures established by
applicable state insurance regulators. Applicable state insurance regulators
include the Superintendent of Insurance of the State of New York.
The Company also reserves the right to establish additional subaccounts of
MONY Variable Account L. Each additional subaccount would invest in (1) a new
portfolio of the Funds, or (2) in shares of another investment company, a
portfolio thereof, or (3) another suitable investment vehicle, with a specified
investment objective. New subaccounts may be established when, in the sole
discretion of the Company, marketing needs or investment conditions warrant, and
any new Subaccounts will be made available to existing Policy Owners on a basis
to be determined by the Company. The Company may also eliminate one or more
subaccounts if, in its sole discretion, marketing, tax, or investment conditions
so warrant.
If a substitution or change is made, the Company may make changes in this
and other policies as may be necessary or appropriate to reflect such
substitution or change. If the Company considers it to be in the best interests
of persons having voting rights under the policies, MONY Variable Account L may:
(1) Be operated as a management investment company under the
Investment Company Act of 1940 or any other form permitted by law,
(2) Be deregistered under that Act if such registration is no longer
required, or
(3) Be combined with other separate accounts of the Company or an
affiliate thereof.
Subject to compliance with applicable law, the Company also may combine one or
more Subaccounts and may establish a committee, board, or other group to manage
one or more aspects of the operation of MONY Variable Account L.
CHANGES TO COMPLY WITH LAW
The Company reserves the right to make any change without consent of policy
owners to the provisions of the policy to comply with, or give policy owners the
benefit of, any Federal or State statute, rule, or regulation. Federal and State
laws include but not limited to requirements for life insurance contracts under
the Internal Revenue Code, and regulations of the United States Treasury
Department or any state.
PERFORMANCE INFORMATION
We may advertise the performance of the MONY Variable Account L
subaccounts. We will also report performance to policy owners and may make
performance information available to prospective purchasers. This information
will be presented in compliance with applicable law.
Performance information may show the change in a policy owner's Fund Value
in one or more subaccounts, or as a change in a policy owner's death benefit.
Performance information may be expressed as a change in a policy owner's Fund
Value over time or in terms of the average annual compounded rate of return on
the policy owner's Fund Value. Such performance is based upon a hypothetical
policy in which premiums have been allocated to a particular subaccount of MONY
Variable Account L over
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<PAGE> 60
certain periods of time that will include one, five and ten years, or from the
commencement of operation of the subaccount of MONY Variable Account L if less
than one, five, or ten years. Any such quotation may reflect the deduction of
all applicable charges to the policy including premium load, the cost of
insurance, the administrative charge, and the mortality and expense risk charge.
The quotation may also reflect the deduction of the surrender charge, if
applicable, by assuming surrender at the end of the particular period. However,
other quotations may simultaneously be given that do not assume surrender and do
not take into account deduction of the surrender charge.
Performance information for MONY Variable Account L may be compared in
advertisements, sales literature, and reports to policy owners to:
(1) Other variable life separate accounts or investment products
tracked by research firms, ratings services, companies, publications, or
persons who rank separate accounts or investment products on overall
performance or other criteria, and
(2) The Consumer Price Index (measure for inflation) to assess the
real rate of return from the purchase of a policy.
Reports and promotional literature may also contain the Company's rating or a
rating of the Company's claim paying ability as determined by firms that analyze
and rate insurance companies and by nationally recognized statistical rating
organizations.
Performance information for any subaccount of MONY Variable Account L
reflects only the performance of a hypothetical policy whose Fund Value is
allocated to MONY Variable Account L during a particular time period on which
the calculations are based. Performance information should be considered in
light of the investment objectives and policies, characteristics and quality of
the portfolios of the Funds in which MONY Variable Account L invests. The market
conditions during the given period of time should not be considered as a
representation of what may be achieved in the future.
THE GUARANTEED INTEREST ACCOUNT
You may allocate all or a portion of your net premiums and transfer Fund
Value to the Guaranteed Interest Account of the Company. Amounts allocated to
the Guaranteed Interest Account become part of the "General Account" of the
Company, which supports insurance and annuity obligations. The amounts allocated
to the General Account of the Company are subject to the liabilities arising
from the business the Company conducts. Descriptions of the Guaranteed Interest
Account are included in this Prospectus for the convenience of the purchaser.
The Guaranteed Interest Account and the General Account of the Company have not
been registered under the Securities Act of 1933 and the Investment Company Act
of 1940. Accordingly, neither the Guaranteed Interest Account nor any interest
therein is generally subject to the provisions of these Acts and, as a result,
the staff of the Securities and Exchange Commission has not reviewed the
disclosure in this prospectus relating to the Guaranteed Interest Account.
Disclosures regarding the Guaranteed Interest Account may, however, be subject
to certain generally applicable provisions of the federal securities laws
relating to the accuracy and completeness of statements made in the prospectus.
For more details regarding the Guaranteed Interest Account, see the policy.
GENERAL DESCRIPTION
Amounts allocated to the Guaranteed Interest Account become part of the
General Account of Company which consists of all assets owned by the Company
other than those in MONY Variable Account L and other separate accounts of the
Company. Subject to applicable law, the Company has sole discretion over the
investment of the assets of its General Account.
You may elect to allocate net premiums to the Guaranteed Interest Account,
MONY Variable Account L, or both. You may also transfer Fund Value from the
subaccounts of MONY Variable Account L to the Guaranteed Interest Account or
from the Guaranteed Interest Account to the subaccounts. The Company guarantees
that the Fund Value in the Guaranteed Interest Account will be
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<PAGE> 61
credited with a minimum interest rate of 0.0133689% daily, compounded daily, for
a minimum effective annual rate of 5%. Such interest will be paid regardless of
the actual investment experience of the Guaranteed Interest Account. In
addition, Company may in its sole discretion declare current interest in excess
of the 5% annual rate. (The portion of a Policy Owner's Fund Value that has been
used to secure Outstanding Debt will be credited with a guaranteed interest rate
of 0.013368% daily, compounded daily, for a minimum effective annual rate of
5%.) After the tenth policy anniversary, an increase in the annual interest
rates that apply to the Fund Value in the Guaranteed Interest Account and Loan
Account is expected. The rate is expected to be .5% higher. Neither increase is
guaranteed.
The Company bears the full investment risk for the Fund Value allocated to
the Guaranteed Interest Account.
LIMITATIONS ON AMOUNTS IN THE GUARANTEED INTEREST ACCOUNT
No net premium or transfer to the Guaranteed Interest Account will be
accepted which would cause the Guaranteed Interest Account to exceed $250,000 on
the date of payment or transfer. The Company reserves the right to increase or
decrease this limit in the future. For payments which exceed the limit, the
Company will accept the portion of the payment up to $250,000 and will return
the excess payment to the policy owner. For transfers which exceed the limit,
the Company will accept the portion of the transfer up to the $250,000. The
amount of the requested transfer which would otherwise cause the Guaranteed
Interest Account to exceed $250,000 will be retained in the subaccounts in the
same proportion that the amount actually transferred bears to the total
requested transfer amount. These limits are waived in the event the policy owner
elects the Right to Exchange Policy. See "Right to Exchange Policy", page 30.
DEATH BENEFIT
The death benefit under the policy will be determined in the same fashion
if you have Fund Value in the Guaranteed Interest Account or Fund Value in the
subaccounts. The death benefit under Option I will be equal to the Specified
Amount of the Policy plus the increase in Fund Value since the last monthly
anniversary or, if greater, Fund Value on the date of death plus Fund Value on
the last monthly anniversary multiplied by a death benefit percentage. Under
Option II, the death benefit will be equal to the Specified Amount of the Policy
plus the Fund Value or, if greater, Fund Value on the date of death plus Fund
Value on the last monthly anniversary multiplied by a death benefit percentage.
See "Death Benefits under the Policy," page 21.
POLICY CHARGES
Deductions from premium, monthly deductions from the Fund Value, and Fund
charges will be the same if you allocate net premiums or transfer Fund Value to
the Guaranteed Interest Account or allocate net premiums to the subaccounts.
These charges include the sales and tax charges; the charges for the cost of
insurance, administrative charge, the charge for any optional insurance benefits
added by Rider, and administrative Fund Charge and sales Fund Charge. Fees for
partial surrenders and, if applicable, transfer charges, will also be deducted
from the Guaranteed Interest Account.
You will not directly or indirectly pay charges applicable to the
portfolios, including the operating expenses of the portfolios, and the
investment advisory fee charged by the portfolio managers if your Fund Value is
allocated to the Guaranteed Interest Account. Likewise, the mortality and
expense risk charge applicable to the Fund Value allocated to the subaccounts is
not deducted from Fund Value allocated to the Guaranteed Interest Account. Any
amounts that the Company pays for income taxes allocable to the subaccounts will
not be charged against the Guaranteed Interest Account. However, it is important
to remember that you will not participate in the investment experience of the
subaccounts to the extent that Fund Values are allocated to the Guaranteed
Interest Account.
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<PAGE> 62
TRANSFERS
Amounts may be transferred after the Free Look Period from the subaccounts
to the Guaranteed Interest Account and from the Guaranteed Interest Account to
the subaccounts, subject to the following limitations.
- Transfers to the Guaranteed Interest Account may be made at any time and
in any amount subject to the $250,000 limit on total amounts allocated to
the Guaranteed Interest Account. These limits are waived if the
policyowner elects the Right to Exchange the Policy. See "Right to
Exchange the Policy", page 30.
- Transfers from the Guaranteed Interest Account to the subaccounts are
limited to:
- one in any policy year,
- the greater of $5,000 and 25% of the Fund Value allocated to the
Guaranteed Interest Account on the date of transfer, and
- the period which begins on the policy anniversary and which ends 30
days after the policy anniversary.
If the transfer request is received on the policy anniversary, it will be
processed as of the policy anniversary. If the transfer request is received
within 30 days after the policy anniversary, the transfer will be effective as
of the valuation date when it is received. Any request received within 10 days
before the policy anniversary will be considered received on the policy
anniversary. Any transfer requests received at other times will not be honored,
and will be returned to the policy owner.
Currently there is no charge imposed upon transfers; however, the Company
reserves the right to assess such a charge in the future and to impose other
limitations on the number of transfers, the amount of transfers, and the amount
remaining in the Guaranteed Interest Account or Subaccounts after a transfer.
SURRENDERS AND POLICY LOANS
You may also make full surrenders, partial surrenders, and preferred
partial surrenders from the Guaranteed Interest Account to the same extent as if
you had allocated premiums and cash values to the subaccounts. See "Full
Surrender," page 31 and "Partial Surrender", page 31. Transfers and surrenders
payable from the Guaranteed Interest Account, and the payment of policy loans
allocated to the Guaranteed Interest Account, may be delayed for up to six
months. However, with respect to policies issued for delivery to residents of
the Commonwealth of Pennsylvania, the Company will not delay payment of
surrenders or loans, the proceeds of which will be used to pay premiums on the
policy.
MORE ABOUT THE POLICY
OWNERSHIP
The policy owner is the individual named as such in the application or in
any later change shown in the Company's records. While the insured is living,
the policy owner alone has the right to receive all benefits and exercise all
rights that the policy grants or the Company allows.
Joint Owners
If more than one person is named as policy owner, they are joint owners.
Any policy transaction requires the signature of all persons named jointly.
Unless otherwise provided, if a joint owner dies, ownership passes to the
surviving joint owner(s). When the last joint owner dies, ownership passes
through that person's estate, unless otherwise provided.
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BENEFICIARY
The beneficiary is the individual named as such in the application or any
later change shown in the Company's records. The policy owner may change the
beneficiary at any time during the life of the insured by written request on
forms provided by the Company. The Company must receive the request at its
administrative office. The change will be effective as of the date this form is
signed. Contingent and/or concurrent beneficiaries may be designated. The policy
owner may designate a permanent beneficiary, whose rights under the policy
cannot be changed without his or her consent. Unless otherwise provided, if no
designated beneficiary is living upon the death of the insured, the policy owner
or the policy owner's estate is the beneficiary.
The Company will pay the death benefit proceeds to the beneficiary. Unless
otherwise provided, the beneficiary must be living at the time of the insured's
death to receive the proceeds.
The Policy
This Policy is a contract between the policy owner and the Company. The
entire contract consists of the policy, a copy of the initial application, all
subsequent applications to change the policy, any endorsements, all riders, and
all additional policy information sections (specification pages) added to the
policy.
NOTIFICATION AND CLAIMS PROCEDURES
Any election, designation, change, assignment, or request made by you must
be in writing on a form acceptable to the Company. The Company is not liable for
any action taken before such written notice is received and recorded. The
Company may require that the policy be returned for any policy change or upon
its surrender.
If an insured dies while the policy is in effect, notice should be given to
the Company as soon as possible. Claim procedure instructions will be sent
immediately. As due proof of death, the Company may require proof of age and a
certified copy of a death certificate. The Company may also require the
beneficiary and the insured's next of kin to sign authorizations as part of this
process. These authorization forms allow the Company to obtain information about
the insured, including but not limited to medical records of physicians and
hospitals used by the insured.
PAYMENTS
Within seven days after the Company receives all the information needed for
processing a payment, the Company will:
(1) Pay death benefit proceeds,
(2) Pay the Cash Value on surrender, partial surrenders and loan
proceeds based on allocations made to the subaccounts, and
(3) Effect a transfer between subaccounts or from the Variable Account
to the Guaranteed Interest Account.
However, the Company can postpone the calculation or payment of such a
payment or transfer of amounts based on investment performance of the
subaccounts if:
- The New York Stock Exchange is closed on other than customary weekend and
holiday closing or trading on the New York Stock Exchange is restricted
as determined by the SEC; or
- An emergency exists, as determined by the SEC, as a result of which
disposal of securities is not reasonably practicable or it is not
reasonably practicable to determine the value of the Account's net
assets.
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PAYMENT PLAN/SETTLEMENT PROVISIONS
Maturity or surrender benefits may be used to purchase a payment plan
providing monthly income for the lifetime of the Insured. Death benefit proceeds
may be used to purchase a payment plan providing monthly income for the lifetime
of the beneficiary. The monthly payments consisting of proceeds plus interest
will be paid in equal installments for at least ten years. The purchase rates
for the payment plan are guaranteed not to exceed those shown in the policy, but
current rates that are lower (i.e., providing greater income) may be established
by the Company from time to time. This benefit is not available if the income
would be less than $25 a month or if the proceeds are less than $1,000. Maturity
or surrender benefits or death benefit proceeds may be used to purchase any
other payment plan that the Company makes available at that time.
PAYMENT IN CASE OF SUICIDE
If the insured dies by suicide, (1) while sane or insane, (2) within two
years from the policy date or reinstatement date, the Company will limit the
death benefit proceeds to the premium payments less any partial surrender
amounts (and their fees) and any Outstanding Debt. If an insured dies by
suicide, (1) while sane or insane, (2) within two years of the effective date of
any increase in the Specified Amount, the Company will refund the cost of
insurance charges made with respect to such increase.
ASSIGNMENT
You may assign your policy as collateral security for a loan or other
obligation. No assignment will bind the Company unless the original, or a copy,
is received at the Company's administrative office. The assignment will be
effective only when recorded by the Company. An assignment does not change the
ownership of the policy. However, after an assignment, the rights of any policy
owner or beneficiary will be subject to the assignment. The entire policy,
including any attached payment option or rider, will be subject to the
assignment. The Company will rely solely on the assignee's statement as to the
amount of the assignee's interest. The Company will not be responsible for the
validity of any assignment. Unless otherwise provided, the assignee may exercise
all rights this policy grants except (a) the right to change the policy owner or
beneficiary, and (b) the right to elect a payment option. Assignment of a policy
that is a modified endowment contract may generate taxable income. (See "Federal
Income Tax Considerations", page 43.)
ERRORS ON THE APPLICATION
If the age or gender of the insured has been misstated, the death benefit
under this policy will be the greater of:
(1) What would be purchased by the most recent cost of insurance
charge at the correct age and gender, or
(2) The death benefit derived by multiplying the Fund Value by the
death benefit percentage for the correct age and gender.
If unisex cost of insurance rates apply, no adjustment will be made for a
misstatement of gender. See "Deductions From Fund Value -- Cost of Insurance,"
page 38.
INCONTESTABILITY
The Company may contest the validity of this policy if any material
misstatements are made in the application. However, the policy will be
incontestable as follows:
(1) The initial Specified Amount cannot be contested after the policy
has been in force during the insured's lifetime for two years from the
policy date; and
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(2) An increase in the Specified Amount or any reinstatement cannot be
contested after the increase or the reinstated policy has been in force
during an Insured's lifetime for two years from its effective date.
POLICY ILLUSTRATIONS
Upon request, the Company will send you an illustration of future benefits
under the policy based on both guaranteed and current cost assumptions.
DISTRIBUTION OF THE POLICY
MONY Securities Corporation ("MSC"), a wholly owned subsidiary of MONY Life
Insurance Company, is principal underwriter (distributor) of the policies. MSC
is a New York corporation organized on September 26, 1969. MSC is registered as
a broker-dealer under the Securities Exchange Act of 1934 and is a member of the
National Association of Securities Dealers. The policies are sold by individuals
who are registered representatives of MSC and who are also licensed as life
insurance agents for the Company. The policies may also be sold through other
broker/dealers authorized by MSC and applicable law to do so.
Except where MSC has authorized other broker/dealers to sell the policies
(as described in the preceding paragraph), compensation payable for the sale of
the policies will be based upon the following schedule. After issue of the
Contract, commissions will equal at most 50 percent of premiums paid up to a
maximum amount. Thereafter, commissions will equal at most 3.0 percent of any
additional premiums plus, on the sixth and each succeeding quarterly anniversary
for so long as the policy shall remain in effect, an annualized rate of 0.10
percent of the Fund Value of the policy. Upon any subsequent increase in
Specified Amount, commissions will equal at most 50 percent of premiums paid on
or after the increase up to a maximum amount. Thereafter, commissions will
return to no more than the 3.0 percent level. Further, registered
representatives may be eligible to receive certain bonuses and other benefits
based on the amount of earned commissions.
Commissions may be required to be repaid to the Company if Sales Charges
are refunded upon exercise of the exchange privileges during the first 24 months
after the Policy Date or within 24 months following an increase in Specified
Amount.
In addition, registered representatives who meet specified production
levels may qualify, under sales incentive programs adopted by Company, to
receive non-cash compensation such as expense-paid trips, expense-paid
educational seminars and merchandise. Company makes no separate deductions,
other than previously described, from premiums to pay sales commissions or sales
expenses.
MORE ABOUT THE COMPANY
MANAGEMENT
The directors and officers of the Company are listed below. The business
address for all directors and officers of MONY Life Insurance Company is 1740
Broadway, New York, New York 10019.
Current Officers and Directors of the Company are:
<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------
<S> <C>
Claude M. Ballard......................... Director since 1990. Limited Partner and Consultant at
The Goldman Sachs Group, L.P. since 1988.
Tom H. Barrett............................ Director since 1990. Partner in American Industrial
Partners, a private investment partnership since 1992.
David L. Call............................. Director since 1993. Ronald P. Lynch Dean Emeritus,
Cornell University, College of Agriculture and Life
Sciences since 1995 and Dean of said College prior to
that time.
G. Robert Durham.......................... Director since 1990. Retired from Walter Industries,
Inc., a home building and financing, natural resources
and industrial manufacturing company in 1996 after
serving as Chairman of the Board and Chief Executive
Officer since 1991.
</TABLE>
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<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------
<S> <C>
James B. Farley........................... Director since 1988. Retired from MONY Life Insurance
Company in 1994 after serving as Chairman of the Board
from 1993 and Chairman of the Board and Chief Executive
Officer since 1991.
Robert Holland, Jr. ...................... Director since 1990. President and Chief Executive
Officer of WorkPlace Integrators, an office furniture
manufacturing company, since 1996. Chief Executive
Officer of Ben & Jerry's Homemade, Inc., an ice cream
company from 1995. Chairman of the Board of Gilreath
Manufacturing Company, a plastic injection molding
manufacturing company from 1990 to 1991.
Robert R. Kiley........................... Director since 1995. President and Chief Executive
Officer of the New York City Partnership and Chamber of
Commerce, Inc. since 1995. Principal of Kohlberg & Co.
since 1994.
James L. Johnson.......................... Director since 1986. Chairman Emeritus of GTE
Corporation, a telecommunications company, having served
as Chairman and Chief Executive Officer from 1988 to
1992.
John R. Meyer............................. Director since 1972. Professor Emeritus, Harvard
University since 1997. Professor at Harvard University
from 1973 to 1997.
Jane C. Pfeiffer.......................... Director since 1988. Ms. Pfeiffer is an independent
management consultant.
Thomas C. Theobald........................ Director since 1990. Managing director, William Blair
Capital Partners, L.L.C., an investment firm since 1994.
Chairman of the Board of Continental Bank from 1987 to
1994.
</TABLE>
All of the officers have held their respective positions listed below for five
or more years.
Current Officer-Directors of the Company are:
<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------
<S> <C>
Michael I. Roth....................................... Director, Chairman and Chief Executive
Officer
Samuel J. Foti........................................ Director, President and Chief Operating
Officer
Kenneth M. Levine..................................... Director, Executive Vice President and
Chief Investment Officer
</TABLE>
Other Officers of the Company are:
<TABLE>
<CAPTION>
NAME OFFICE WITH DEPOSITOR
- ---- ---------------------
<S> <C>
Lee M. Smith.......................................... Corporate Secretary and Vice President,
Government Relations
Richard E. Connors.................................... Senior Vice President
Richard Daddario...................................... Executive Vice President and Chief
Financial Officer
Phillip A. Eisenberg.................................. Senior Vice President and Chief Actuary
Stephen J. Hall....................................... Senior Vice President
Richard E. Mulroy..................................... General Counsel
David V. Weigel....................................... Treasurer
</TABLE>
No officer or director listed above receives any compensation from MONY
Variable Account L. The Company or any of its affiliates has paid no separately
allocable compensation to any person listed for services rendered to the
Account.
STATE REGULATION
The Company is subject to the laws of the state of New York governing
insurance companies and to regulation by the Superintendent of Insurance of New
York. In addition, it is subject to the insurance laws
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<PAGE> 67
and regulations of the other states and jurisdictions in which it is licensed or
may become licensed to operate. An annual statement in a prescribed form must be
filed with the Superintendent of Insurance of New York and with regulatory
authorities of other states on or before March 1st in each year. This statement
covers the operations of the Company for the preceding year and its financial
condition as of December 31st of that year. The Company's affairs are subject to
review and examination at any time by the Superintendent of Insurance or his
agents, and subject to full examination of Company's operations at periodic
intervals.
TELEPHONE TRANSFER PRIVILEGES
You may request a transfer of Fund Value or change allocation instructions
for future premiums by telephone if an authorization for telephone transfer form
has been completed, signed, and received at the Company's Syracuse Operations
Center. The Company may record all or part of any telephone conversation with
respect to transfer and allocation instructions. Telephone instructions received
by the Company by 4:00 p.m. Eastern time on any valuation date will be effected
as of the end of that valuation date in accordance with your instructions,
subject to the limitations stated in this prospectus (presuming that the Right
to Return Policy Period has expired). The Company reserves the right to deny any
telephone transfer or allocation request. If all telephone lines are busy (which
might occur, for example, during periods of substantial market fluctuations),
you might not be able to request transfers by telephone and would have to submit
written requests. Telephone transfer and allocation instructions will only be
accepted if complete and correct.
The Company has adopted guidelines (which it believes to be reasonable)
relating to telephone transfers and allocation instructions. These guidelines,
among other things, outline procedures to be followed which are designed to
prevent unauthorized instructions. If these procedures are followed, the Company
shall not be liable for, and you will therefore bear the entire risk of, any
loss as a result of the Company's following telephone instructions if such
instructions prove to be fraudulent. A copy of the guidelines and the Company's
form for electing telephone transfer privileges is available from licensed
agents of the Company who are also registered representatives of MSC or by
calling 1-800-487-6669. The Company's form must be signed and received at the
Company's Syracuse Operations Center before telephone transfers will be
accepted.
LEGAL PROCEEDINGS
There are no legal proceedings pending to which MONY Variable Account L is
a party, or which would materially affect MONY Variable Account L.
LEGAL MATTERS
Legal matters have been passed on by the then Vice President and Deputy
General Counsel of The Mutual Life Insurance Company of New York (now MONY Life
Insurance Company) in connection with:
(1) The issue and sale of the policies described in this prospectus,
(2) The organization of the Company,
(3) The Company's authority to issue the policies under New York law, and
(4) The validity of the forms of the policies under New York law.
Edward P. Bank then Vice President and Deputy General Counsel of The Mutual
Life Insurance Company of New York (now MONY Life Insurance Company) has passed
upon legal matters relating to the federal income tax laws.
REGISTRATION STATEMENT
A Registration Statement under the Securities Act of 1933 has been filed
with the SEC relating to the offering described in this Prospectus. This
Prospectus does not include all of the information set forth
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<PAGE> 68
in the Registration Statement, as portions have been omitted pursuant to the
rules and regulations of the SEC. The omitted information may be obtained at the
SEC's principal office in Washington, D.C., upon payment of the SEC's prescribed
fees.
INDEPENDENT ACCOUNTANTS
The audited financial statements for the MONY Variable Account L for the
years ended December 31, 1997, 1998 and 1999 and for the Company included in
this Prospectus and in the Registration Statement have been audited by
PricewaterhouseCoopers LLP, independent accountants, as indicated in their
reports herein. The audited financial statements are included in reliance upon
the authority of said firm as experts in accounting and auditing.
PricewaterhouseCoopers LLP's office is located at 1177 Avenue of the Americas,
New York, New York, 10036.
FINANCIAL STATEMENTS
The audited financial statements for MONY Variable Account L for the years
ended December 31, 1997, 1998 and 1999 are set forth herein, starting on page
F-2. The audited financial statements of the Company are set forth herein,
starting on page F-34.
The financial statements of MONY Variable Account L and of the Company for
the years ended December 31, 1997, 1998 and 1999 have been audited by
PricewaterhouseCoopers LLP. The financial statements of the Company should be
distinguished from the financial statements of MONY Variable Account L and
should be considered only as bearing upon the ability of the Company to meet its
obligations under the Policies.
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<PAGE> 69
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY Variable Account L:
Report of Independent Accountants......................... F-2
Statements of assets and liabilities as of December 31,
1999................................................... F-3
Statements of operations for the year ended December 31,
1999................................................... F-5
Statements of changes in net assets for the years ended
December 31, 1999 and 1998............................. F-7
Notes to financial statements............................. F-10
Report of Independent Accountants......................... F-12
Statements of assets and liabilities as of December 31,
1998................................................... F-13
Statements of operations for the year ended December 31,
1998................................................... F-15
Statements of changes in net assets for the years ended
December 31, 1998 and 1997............................. F-17
Notes to financial statements............................. F-20
Report of Independent Accountants......................... F-23
Statements of assets and liabilities as of December 31,
1997................................................... F-24
Statements of operations for the year ended December 31,
1997................................................... F-26
Statements of changes in net assets for the years ended
December 31, 1997 and 1996............................. F-28
Notes to financial statements............................. F-31
With respect to MONY Life Insurance Company:
Report of Independent Accountants......................... F-
Consolidated balance sheets as of December 31, 1999 and
1998................................................... F-
Consolidated statements of income and comprehensive income
for the years ended December 31, 1999, 1998 and 1997... F-
Consolidated statements of changes in shareholder's equity
for the years ended December 31, 1999, 1998 and 1997... F-
Consolidated statements of cash flows for the years ended
December 31, 1999, 1998 and 1997....................... F-
Notes to consolidated financial statements................ F-
</TABLE>
F-1
<PAGE> 70
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company and the
Contractholders of MONY Variable Account L -- Strategist and MONYEquity Master:
In our opinion, the accompanying statement of assets and liabilities and the
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of each of the Strategist's and
MONYEquity Master's subaccounts of MONY Variable Account L at December 31, 1999,
the results of each of their operations for the year then ended and the changes
in each of their net assets for each of the two years in the period then ended,
in conformity with accounting principles generally accepted in the United
States. These financial statements are the responsibility of MONY Life Insurance
Company's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with auditing standards generally accepted in
the United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1999 by
correspondence with the fund transfer agents, provide a reasonable basis for the
opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 11, 2000
F-2
<PAGE> 71
MONY
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.......... 2,495 2,112 665 1,126 5,136 23,310
======== ======= ======= ======== ======== =======
Investments at cost...................... $ 86,190 $51,921 $ 7,043 $ 13,329 $ 84,754 $23,310
======== ======= ======= ======== ======== =======
Investments in respective Funds at net
asset value............................ $121,372 $49,471 $ 7,192 $ 13,871 $117,767 $23,310
Amount due from MONY..................... 0 0 0 0 0 0
Amount due from respective Funds......... 0 0 0 0 0 0
-------- ------- ------- -------- -------- -------
Total assets................... 121,372 49,471 7,192 13,871 117,767 23,310
======== ======= ======= ======== ======== =======
LIABILITIES
Amount due to MONY....................... 31 13 2 4 30 6
Amount due to respective Funds........... 0 0 0 0 0 0
-------- ------- ------- -------- -------- -------
Total liabilities.............. 31 13 2 4 30 6
-------- ------- ------- -------- -------- -------
Net assets............................... $121,341 $49,458 $ 7,190 $ 13,867 $117,737 $23,304
======== ======= ======= ======== ======== =======
Net assets consist of:
Contractholders' net payments.......... $ 9,160 $10,407 $(3,920) $(20,358) $ 21,233 $(4,298)
Undistributed net investment income.... 34,655 28,052 9,778 28,225 53,927 27,602
Accumulated net realized gain on
investments......................... 42,344 13,449 1,183 5,458 9,564 0
Net unrealized appreciation
(depreciation) of investments....... 35,182 (2,450) 149 542 33,013 0
-------- ------- ------- -------- -------- -------
Net assets............................... $121,341 $49,458 $ 7,190 $ 13,867 $117,737 $23,304
======== ======= ======= ======== ======== =======
Number of units outstanding*............. 1,629 919 316 529 2,169 1,237
======== ======= ======= ======== ======== =======
Net asset value per unit outstanding*.... $ 74.47 $ 53.82 $ 22.73 $ 26.20 $ 54.29 $ 18.84
======== ======= ======= ======== ======== =======
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 72
MONY
VARIABLE ACCOUNT L
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1999
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 11,453 3,742 13,394 500,218
======== ======= ======== ========
Investments at cost................ $125,976 $40,957 $177,243 $500,218
======== ======= ======== ========
Investments in respective Funds at
net asset value.................. $124,950 $40,487 $165,014 $500,218
Amount due from MONY............... 0 0 0 0
Amount due from respective Funds... 0 0 6 246
-------- ------- -------- --------
Total assets............... 124,950 40,487 165,020 500,464
-------- ------- -------- --------
LIABILITIES
Amount due to MONY................. 38 13 60 426
Amount due to respective Funds..... 0 0 0 0
-------- ------- -------- --------
Total liabilities.......... 38 13 60 426
-------- ------- -------- --------
Net assets......................... $124,912 $40,474 $164,960 $500,038
======== ======= ======== ========
Net assets consist of:
Contractholders' net payments.... $123,285 $39,435 $168,067 $467,689
Undistributed net investment
income......................... 2,252 1,190 10,406 32,349
Accumulated net realized gain
(loss) on investments.......... 401 319 (1,284) 0
Net unrealized appreciation
(depreciation) of
investments.................... (1,026) (470) (12,229) 0
-------- ------- -------- --------
Net assets......................... $124,912 $40,474 $164,960 $500,038
======== ======= ======== ========
Number of units outstanding*....... 11,129 3,569 14,728 43,698
======== ======= ======== ========
Net asset value per unit
outstanding*..................... $ 11.22 $ 11.34 $ 11.20 $ 11.44
======== ======= ======== ========
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT** SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 161,054 88,825 236,226 135,897 89,640
========== ========== ========== ========== ========
Investments at cost................ $5,851,374 $2,573,106 $9,341,454 $1,007,461 $475,976
========== ========== ========== ========== ========
Investments in respective Funds at
net asset value.................. $6,219,910 $2,793,540 $8,575,016 $1,262,484 $453,580
Amount due from MONY............... 342 86 609 0 0
Amount due from respective Funds... 608 505 1,085 188 122
---------- ---------- ---------- ---------- --------
Total assets............... 6,220,860 2,794,131 8,576,710 1,262,672 453,702
---------- ---------- ---------- ---------- --------
LIABILITIES
Amount due to MONY................. 2,568 1,388 3,854 563 267
Amount due to respective Funds..... 342 86 609 0 0
---------- ---------- ---------- ---------- --------
Total liabilities.......... 2,910 1,474 4,463 563 267
---------- ---------- ---------- ---------- --------
Net assets......................... $6,217,950 $2,792,657 $8,572,247 $1,262,109 $453,435
========== ========== ========== ========== ========
Net assets consist of:
Contractholders' net payments.... $5,267,374 $2,331,038 $7,638,503 $ 897,701 $432,408
Undistributed net investment
income......................... 541,077 223,856 1,715,730 46,440 51,633
Accumulated net realized gain
(loss) on investments.......... 40,963 17,329 (15,548) 62,945 (8,210)
Net unrealized appreciation
(depreciation) of
investments.................... 368,536 220,434 (766,438) 255,023 (22,396)
---------- ---------- ---------- ---------- --------
Net assets......................... $6,217,950 $2,792,657 $8,572,247 $1,262,109 $453,435
========== ========== ========== ========== ========
Number of units outstanding*....... 393,602 139,911 561,265 74,758 37,549
========== ========== ========== ========== ========
Net asset value per unit
outstanding*..................... $ 15.80 $ 19.96 $ 15.27 $ 16.88 $ 12.08
========== ========== ========== ========== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
** Formerly Small Cap Subaccount.
See notes to financial statements.
F-4
<PAGE> 73
MONY
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.......................... $ 7,903 $ 8,501 $ 345 $ 877 $12,929 $1,175
Mortality and expense risk charges....... (631) (300) (44) (89) (641) (145)
------- ------- ----- ------- ------- ------
Net investment income.................... 7,272 8,201 301 788 12,288 1,030
------- ------- ----- ------- ------- ------
Realized and unrealized gain (loss) on
investments:
Net realized gain on investments....... 13,987 2,686 50 64 3,544 0
Net change in unrealized appreciation
(depreciation) of investments....... 13,421 (7,388) (379) (2,130) 11,962 0
------- ------- ----- ------- ------- ------
Net realized and unrealized gain (loss)
on investments......................... 27,408 (4,702) (329) (2,066) 15,506 0
------- ------- ----- ------- ------- ------
Net increase (decrease) in net assets
resulting from operations.............. $34,680 $ 3,499 $ (28) $(1,278) $27,794 $1,030
======= ======= ===== ======= ======= ======
</TABLE>
See notes to financial statements.
F-5
<PAGE> 74
MONY
VARIABLE ACCOUNT L
STATEMENT OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
Dividend income.................... $2,524 $ 1,343 $ 8,412 $27,149
Mortality and expense risk
charges.......................... (672) (237) (1,148) (4,177)
------ ------- -------- -------
Net investment income.............. 1,852 1,106 7,264 22,972
------ ------- -------- -------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments.................... (668) 244 (5,908) 0
Net change in unrealized
appreciation (depreciation) of
investments.................... (1,145) (1,483) (14,627) 0
------ ------- -------- -------
Net realized and unrealized gain
(loss) on investments............ (1,813) (1,239) (20,535) 0
------ ------- -------- -------
Net increase (decrease) in net
assets resulting from
operations....................... $ 39 $ (133) $(13,271) $22,972
====== ======= ======== =======
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT* SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income.................... $432,179 $161,987 $1,324,747 $ 32,376 $ 33,817
Mortality and expense risk
charges.......................... (29,215) (12,994) (48,016) (5,028) (2,570)
-------- -------- ---------- -------- --------
Net investment income.............. 402,964 148,993 1,276,731 27,348 31,247
-------- -------- ---------- -------- --------
Realized and unrealized gain (loss)
on investments:
Net realized gain (loss) on
investments.................... (23,765) (3,009) (157,793) 57,376 (9,879)
Net change in unrealized
appreciation (depreciation) of
investments.................... 366,191 243,709 (544,652) 246,585 (10,694)
-------- -------- ---------- -------- --------
Net realized and unrealized gain
(loss) on investments............ 342,426 240,700 (702,445) 303,961 (20,573)
-------- -------- ---------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... $745,390 $389,693 $ 574,286 $331,309 $ 10,674
======== ======== ========== ======== ========
</TABLE>
- ---------------
* Formerly Small Cap Subaccount.
See notes to financial statements.
F-6
<PAGE> 75
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND LONG TERM BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ------------------- ---------------------- ------------------
1999 1998 1999 1998 1999 1998 1999 1998
-------- ------- -------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income................. $ 7,272 $13,287 $ 8,201 $ 7,084 $ 301 $ 325 $ 788 $ 752
Net realized gain on investments...... 13,987 3,530 2,686 1,152 50 43 64 157
Net change in unrealized appreciation
(depreciation) of investments....... 13,421 2,645 (7,388) (3,246) (379) 109 (2,130) 481
-------- ------- -------- ------- ------ ------ ------- -------
Net increase (decrease) in net assets
resulting from operations............. 34,680 19,462 3,499 4,990 (28) 477 (1,278) 1,390
-------- ------- -------- ------- ------ ------ ------- -------
From unit transactions:
Net proceeds from the issuance of
units............................... 7,933 8,754 7,489 7,517 407 407 650 646
Net asset value of units redeemed or
used to meet contract obligations... (20,639) (7,677) (10,388) (6,714) (630) (504) (1,309) (1,117)
-------- ------- -------- ------- ------ ------ ------- -------
Net increase (decrease) from unit
transactions.......................... (12,706) 1,077 (2,899) 803 (223) (97) (659) (471)
-------- ------- -------- ------- ------ ------ ------- -------
Net increase (decrease) in net
assets................................ 21,974 20,539 600 5,793 (251) 380 (1,937) 919
Net assets beginning of year........... 99,367 78,828 48,858 43,065 7,441 7,061 15,804 14,885
-------- ------- -------- ------- ------ ------ ------- -------
Net assets end of year*................ $121,341 $99,367 $ 49,458 $48,858 $7,190 $7,441 $13,867 $15,804
======== ======= ======== ======= ====== ====== ======= =======
Unit transactions:
Units outstanding beginning of year... 1,830 1,811 975 962 327 331 554 571
Units issued during the year.......... 140 187 142 162 17 19 24 24
Units redeemed during the year........ (341) (168) (198) (149) (28) (23) (49) (41)
-------- ------- -------- ------- ------ ------ ------- -------
Units outstanding end of year.......... 1,629 1,830 919 975 316 327 529 554
======== ======= ======== ======= ====== ====== ======= =======
- ---------------
* Includes undistributed net investment
income of: $ 34,655 $27,383 $ 28,052 $19,851 $9,778 $9,477 $28,225 $27,437
======== ======= ======== ======= ====== ====== ======= =======
<CAPTION>
STRATEGIST
-----------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
------------------- ------------------
1999 1998 1999 1998
-------- ------- ------- -------
<S> <C> <C> <C> <C>
From operations:
Net investment income................. $ 12,288 $18,741 $ 1,030 $ 1,294
Net realized gain on investments...... 3,544 1,312 0 0
Net change in unrealized appreciation
(depreciation) of investments....... 11,962 (1,726) 0 0
-------- ------- ------- -------
Net increase (decrease) in net assets
resulting from operations............. 27,794 18,327 1,030 1,294
-------- ------- ------- -------
From unit transactions:
Net proceeds from the issuance of
units............................... 1,832 2,164 183 242
Net asset value of units redeemed or
used to meet contract obligations... (9,349) (3,504) (2,906) (7,011)
-------- ------- ------- -------
Net increase (decrease) from unit
transactions.......................... (7,517) (1,340) (2,723) (6,769)
-------- ------- ------- -------
Net increase (decrease) in net
assets................................ 20,277 16,987 (1,693) (5,475)
Net assets beginning of year........... 97,460 80,473 24,997 30,472
-------- ------- ------- -------
Net assets end of year*................ $117,737 $97,460 $23,304 $24,997
======== ======= ======= =======
Unit transactions:
Units outstanding beginning of year... 2,330 2,366 1,385 1,767
Units issued during the year.......... 40 58 9 14
Units redeemed during the year........ (201) (94) (157) (396)
-------- ------- ------- -------
Units outstanding end of year.......... 2,169 2,330 1,237 1,385
======== ======= ======= =======
- ---------------
* Includes undistributed net investment
income of: $ 53,927 $41,639 $27,602 $26,572
======== ======= ======= =======
</TABLE>
See notes to financial statements.
F-7
<PAGE> 76
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE TERM LONG TERM
SECURITIES BOND BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
1999 1998 1999 1998 1999 1998
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $ 1,852 $ 432 $ 1,106 $ 84 $ 7,264 $ 2,252
Net realized gain (loss) on
investments.................... (668) 1,037 244 48 (5,908) 4,667
Net change in unrealized
appreciation (depreciation) of
investments.................... (1,145) (183) (1,483) 936 (14,627) 95
-------- -------- ------- ------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... 39 1,286 (133) 1,068 (13,271) 7,014
-------- -------- ------- ------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 108,249 65,090 24,028 25,294 141,202 117,542
Net asset value of units redeemed
or used to meet contract
obligations.................... (32,265) (30,558) (7,376) (4,660) (83,258) (45,844)
-------- -------- ------- ------- -------- --------
Net increase from unit
transactions..................... 75,984 34,532 16,652 20,634 57,944 71,698
-------- -------- ------- ------- -------- --------
Net increase in net assets......... 76,023 35,818 16,519 21,702 44,673 78,712
Net assets beginning of year....... 48,889 13,071 23,955 2,253 120,287 41,575
-------- -------- ------- ------- -------- --------
Net assets end of year*............ $124,912 $ 48,889 $40,474 $23,955 $164,960 $120,287
======== ======== ======= ======= ======== ========
Unit transactions:
Units outstanding beginning of
year........................... 4,352 1,234 2,101 211 9,848 3,719
Units issued during the year..... 9,677 7,967 2,195 2,310 12,569 11,923
Units redeemed during the year... (2,900) (4,849) (727) (420) (7,689) (5,794)
-------- -------- ------- ------- -------- --------
Units outstanding end of year...... 11,129 4,352 3,569 2,101 14,728 9,848
======== ======== ======= ======= ======== ========
- ---------------
* Includes undistributed net
investment income of: $ 2,252 $ 400 $ 1,190 $ 84 $ 10,406 $ 3,142
======== ======== ======= ======= ======== ========
<CAPTION>
MONYEQUITY MASTER
---------------------------
MONY SERIES FUND, INC.
---------------------------
MONEY
MARKET
SUBACCOUNT
---------------------------
1999 1998
------------ ------------
<S> <C> <C>
From operations:
Net investment income............ $ 22,972 $ 6,364
Net realized gain (loss) on
investments.................... 0 0
Net change in unrealized
appreciation (depreciation) of
investments.................... 0 0
----------- -----------
Net increase (decrease) in net
assets resulting from
operations....................... 22,972 6,364
----------- -----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 5,475,875 2,471,685
Net asset value of units redeemed
or used to meet contract
obligations.................... (5,355,867) (2,290,641)
----------- -----------
Net increase from unit
transactions..................... 120,008 181,044
----------- -----------
Net increase in net assets......... 142,980 187,408
Net assets beginning of year....... 357,058 169,650
----------- -----------
Net assets end of year*............ $ 500,038 $ 357,058
=========== ===========
Unit transactions:
Units outstanding beginning of
year........................... 32,517 16,142
Units issued during the year..... 495,722 237,863
Units redeemed during the year... (484,541) (221,488)
----------- -----------
Units outstanding end of year...... 43,698 32,517
=========== ===========
- ---------------
* Includes undistributed net
investment income of: $ 32,349 $ 9,377
=========== ===========
</TABLE>
See notes to financial statements.
F-8
<PAGE> 77
MONY
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT** SUBACCOUNT
---------------------- ---------------------- ----------------------
1999 1998 1999 1998 1999 1998
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $402,964 $101,544 $148,993 $56,481 $1,276,731 $338,981
Net realized gain (loss) on
investments.................... (23,765) 31,965 (3,009) 9,045 (157,793) 87,429
Net change in unrealized
appreciation (depreciation) of
investments.................... 366,191 1,665 243,709 (23,869) (544,652) (225,085)
---------- ---------- ---------- ---------- ---------- ----------
Net increase in net assets
resulting from operations........ 745,390 135,174 389,693 41,657 574,286 201,325
---------- ---------- ---------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 3,422,925 1,691,977 1,721,346 952,775 4,318,874 3,108,506
Net asset value of units redeemed
or used to meet contract
obligations.................... (620,050) (333,417) (369,876) (165,227) (1,215,083) (766,917)
---------- ---------- ---------- ---------- ---------- ----------
Net increase from unit
transactions..................... 2,802,875 1,358,560 1,351,470 787,548 3,103,791 2,341,589
---------- ---------- ---------- ---------- ---------- ----------
Net increase in net assets......... 3,548,265 1,493,734 1,741,163 829,205 3,678,077 2,542,914
Net assets beginning of year....... 2,669,685 1,175,951 1,051,494 222,289 4,894,170 2,351,256
---------- ---------- ---------- ---------- ---------- ----------
Net assets end of year*............ $6,217,950 $2,669,685 $2,792,657 $1,051,494 $8,572,247 $4,894,170
========== ========== ========== ========== ========== ==========
Unit transactions:
Units outstanding beginning of
year........................... 193,933 93,188 64,856 14,918 347,392 178,819
Units issued during the year..... 245,553 127,117 96,688 61,712 301,038 225,219
Units redeemed during the year... (45,884) (26,372) (21,633) (11,774) (87,165) (56,646)
---------- ---------- ---------- ---------- ---------- ----------
Units outstanding end of year...... 393,602 193,933 139,911 64,856 561,265 347,392
========== ========== ========== ========== ========== ==========
- ---------------
* Includes undistributed net
investment income of: $541,077 $138,113 $223,856 $74,863 $1,715,730 $438,999
========== ========== ========== ========== ========== ==========
** Formerly Small Cap Subaccount
<CAPTION>
MONYEQUITY MASTER
----------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
-------------------- ------------------
1999 1998 1999 1998
---------- -------- -------- --------
<S> <C> <C> <C> <C>
From operations:
Net investment income............ $27,348 $14,611 $31,247 $16,017
Net realized gain (loss) on
investments.................... 57,376 (901) (9,879) (22)
Net change in unrealized
appreciation (depreciation) of
investments.................... 246,585 18,656 (10,694) (12,950)
---------- -------- -------- --------
Net increase in net assets
resulting from operations........ 331,309 32,366 10,674 3,045
---------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 1,004,760 217,747 251,285 192,334
Net asset value of units redeemed
or used to meet contract
obligations.................... (444,630) (50,680) (67,189) (34,511)
---------- -------- -------- --------
Net increase from unit
transactions..................... 560,130 167,067 184,096 157,823
---------- -------- -------- --------
Net increase in net assets......... 891,439 199,433 194,770 160,868
Net assets beginning of year....... 370,670 171,237 258,665 97,797
---------- -------- -------- --------
Net assets end of year*............ $1,262,109 $370,670 $453,435 $258,665
========== ======== ======== ========
Unit transactions:
Units outstanding beginning of
year........................... 30,978 16,311 22,083 8,584
Units issued during the year..... 79,351 19,541 21,652 16,309
Units redeemed during the year... (35,571) (4,874) (6,186) (2,810)
---------- -------- -------- --------
Units outstanding end of year...... 74,758 30,978 37,549 22,083
========== ======== ======== ========
- ---------------
* Includes undistributed net
investment income of: $46,440 $19,092 $51,633 $20,386
========== ======== ======== ========
** Formerly Small Cap Subaccount
</TABLE>
See notes to financial statements.
F-9
<PAGE> 78
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 MONY Life Insurance Company
("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 Variable Life Insurance policies (Strategist) and Variable
Universal Life Insurance policies (MONYEquity Master). These policies are issued
by MONY.
There are currently six Strategist subaccounts and nine MONYEquity Master
subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund") or the
Enterprise Accumulation Trust ("Enterprise") (collectively, the "Funds"). The
subaccounts of Strategist commenced operations in 1990 and the subaccounts of
MONYEquity Master commenced operations during 1996 and 1997. The Funds are
registered under the 1940 Act as open end, diversified, management investment
companies and are affiliated with MONY.
A full presentation of the related financial statements and footnotes of
the Funds are contained on pages hereinafter and should be read in conjunction
with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investments:
The investment in shares of each of the respective Funds' 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 Portfolio, the net asset value is based on amortized
cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses include gains and losses on redemption of investments
in the portfolios of the Funds determined on the identified cost basis. Dividend
income is recorded on the ex-dividend date. Dividend income includes
distributions of net investment income and net realized capital gains received
from the respective portfolios of the Funds. Dividend income received is
reinvested in additional shares of the respective portfolios of the Funds.
Taxes:
MONY 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.
3. RELATED PARTY TRANSACTIONS
MONY is the legal owner of the assets of the Variable Account.
F-10
<PAGE> 79
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
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 to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY. A surrender
charge may be imposed by MONY 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 all subaccounts for 1999
aggregated $1,821,090.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.60% (for each of the Strategist
Subaccounts) and 0.75% (for each of the MONYEquity Master Subaccounts) of the
average daily net assets of the respective subaccounts. As 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.
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. INVESTMENTS TRANSACTIONS
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the year ended December 31, 1999 are as follows:
<TABLE>
<CAPTION>
COST OF PROCEEDS FROM
STRATEGIST SUBACCOUNTS SHARES ACQUIRED SHARES REDEEMED
---------------------- --------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Equity Growth Portfolio................................. $ 22,707 $ 36,014
Equity Income Portfolio................................. 12,473 15,657
Intermediate Term Bond Portfolio........................ 442 707
Long Term Bond Portfolio................................ 717 1,460
Diversified Portfolio................................... 2,005 10,133
Money Market Portfolio.................................. 213 3,075
MONYEQUITY MASTER
MONY Series Fund, Inc.
Government Securities Portfolio......................... 117,581 42,230
Intermediate Term Bond Portfolio........................ 30,798 14,370
Long Term Bond Portfolio................................ 158,894 102,044
Money Market Portfolio.................................. 5,965,716 5,849,705
Enterprise Accumulation Trust
Equity Portfolio........................................ 3,888,547 1,112,927
Small Company Value Portfolio........................... 1,954,416 615,057
Managed Portfolio....................................... 4,879,657 1,821,113
International Growth Portfolio.......................... 1,219,834 664,357
High Yield Bond Portfolio............................... 272,695 91,024
</TABLE>
F-11
<PAGE> 80
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company and the
Contractholders of MONY Variable Account L -- Strategist/MONYEquity Master:
In our opinion, the accompanying statements of assets and liabilities and the
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of each of the respective
subaccounts constituting MONY Variable Account L (comprising, respectively,
Strategist's Equity Growth, Equity Income, Intermediate Term Bond, Long Term
Bond, Diversified, and Money Market Subaccounts; and MONYEquity Master's
Government Securities, Intermediate Term Bond, Long Term Bond, Money Market,
Equity, Small Cap, Managed, International Growth, and High Yield Bond
Subaccounts) at December 31, 1998, the results of each of their operations for
the year then ended and the changes in each of their net assets for the periods
presented, in conformity with generally accepted accounting principles. These
financial statements are the responsibility of MONY Life Insurance Company's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at December 31, 1998 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 12, 1999
F-12
<PAGE> 81
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)............. $ 77,606 $ 43,919 $ 6,913 $ 13,132 $ 76,409 $ 24,997
======== ======== ======== ======== ======== ========
Investments in MONY Series Fund, Inc. at
net asset value (Note 2)............... $ 99,367 $ 48,858 $ 7,441 $ 15,804 $ 97,460 $ 24,997
-------- -------- -------- -------- -------- --------
Net assets............................... $ 99,367 $ 48,858 $ 7,441 $ 15,804 $ 97,460 $ 24,997
======== ======== ======== ======== ======== ========
Net assets consist of:
Contractholders' net payments.......... $ 78,894 $ 50,196 $ 9,574 $ 16,678 $ 69,157 $ 47,218
Cost of insurance withdrawals (Note
3).................................. (57,028) (36,891) (13,271) (36,377) (40,407) (48,793)
Undistributed net investment income.... 27,383 19,851 9,477 27,437 41,639 26,572
Accumulated net realized gain on
investments......................... 28,357 10,763 1,133 5,394 6,020 0
Unrealized appreciation of
investments......................... 21,761 4,939 528 2,672 21,051 0
-------- -------- -------- -------- -------- --------
Net assets............................... $ 99,367 $ 48,858 $ 7,441 $ 15,804 $ 97,460 $ 24,997
======== ======== ======== ======== ======== ========
Number of units outstanding*............. 1,830 975 327 554 2,330 1,385
-------- -------- -------- -------- -------- --------
Net asset value per unit outstanding*.... $ 54.29 $ 50.11 $ 22.81 $ 28.53 $ 41.83 $ 18.05
======== ======== ======== ======== ======== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-13
<PAGE> 82
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)....... $48,770 $22,942 $117,890 $357,058
======= ======= ======== ========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $ 0 $ 0 $ 0 $ 0
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 48,889 23,955 120,287 357,058
Amount due from MONY............... 0 0 12 34,123
Amount due from MONY Series Fund,
Inc.............................. 14 0 29 29
Amount due from Enterprise
Accumulation Trust............... 0 0 0 0
------- ------- -------- --------
Total assets............... 48,903 23,955 120,328 391,210
------- ------- -------- --------
LIABILITIES
Amount due to MONY................. 14 0 29 29
Amount due to MONY Series Fund,
Inc.............................. 0 0 12 34,123
Amount due to Enterprise
Accumulation Trust............... 0 0 0 0
------- ------- -------- --------
Total liabilities.......... 14 0 41 34,152
------- ------- -------- --------
Net assets......................... $48,889 $23,955 $120,287 $357,058
======= ======= ======== ========
Net assets consist of:
Contractholders' net payments.... $53,947 $26,546 $127,347 $375,789
Cost of insurance withdrawals
(Note 3)....................... (6,646) (3,763) (17,224) (28,108)
Undistributed net investment
income......................... 400 84 3,142 9,377
Accumulated net realized gain on
investments.................... 1,069 75 4,625 0
Unrealized appreciation
(depreciation) of
investments.................... 119 1,013 2,397 0
------- ------- -------- --------
Net assets......................... $48,889 $23,955 $120,287 $357,058
======= ======= ======== ========
Number of units outstanding*....... 4,352 2,101 9,848 32,517
------- ------- -------- --------
Net asset value per unit
outstanding*..................... $ 11.23 $ 11.40 $ 12.21 $ 10.98
======= ======= ======== ========
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)....... $2,667,340 $1,074,770 $5,115,956 $362,232 $270,366
========== ========== ========== ======== ========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $2,669,685 $1,051,494 $4,894,170 $370,670 $258,665
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 0 0 0 0 0
Amount due from MONY............... 1,826 1,586 4,436 27 66
Amount due from MONY Series Fund,
Inc.............................. 0 0 0 0 0
Amount due from Enterprise
Accumulation Trust............... 592 448 2,693 367 165
---------- ---------- ---------- -------- --------
Total assets............... 2,672,103 1,053,528 4,901,299 371,064 258,896
---------- ---------- ---------- -------- --------
LIABILITIES
Amount due to MONY................. 592 448 2,693 367 165
Amount due to MONY Series Fund,
Inc.............................. 0 0 0 0 0
Amount due to Enterprise
Accumulation Trust............... 1,826 1,586 4,436 27 66
---------- ---------- ---------- -------- --------
Total liabilities.......... 2,418 2,034 7,129 394 231
---------- ---------- ---------- -------- --------
Net assets......................... $2,669,685 $1,051,494 $4,894,170 $370,670 $258,665
========== ========== ========== ======== ========
Net assets consist of:
Contractholders' net payments.... $2,842,682 $1,145,573 $5,297,804 $390,984 $284,680
Cost of insurance withdrawals
(Note 3)....................... (378,183) (166,004) (763,092) (53,413) (36,369)
Undistributed net investment
income......................... 138,113 74,863 438,999 19,092 20,386
Accumulated net realized gain on
investments.................... 64,728 20,338 142,245 5,569 1,669
Unrealized appreciation
(depreciation) of
investments.................... 2,345 (23,276) (221,786) 8,438 (11,701)
---------- ---------- ---------- -------- --------
Net assets......................... $2,669,685 $1,051,494 $4,894,170 $370,670 $258,665
========== ========== ========== ======== ========
Number of units outstanding*....... 193,933 64,856 347,392 30,978 22,083
---------- ---------- ---------- -------- --------
Net asset value per unit
outstanding*..................... $ 13.77 $ 16.21 $ 14.09 $ 11.97 $ 11.71
========== ========== ========== ======== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-14
<PAGE> 83
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.......................... $13,809 $ 7,362 $ 369 $ 844 $19,262 $ 1,463
Mortality and expense risk charges (Note
3)..................................... (522) (278) (44) (92) (521) (169)
------- ------- ----- ------- ------- -------
Net investment income.................... 13,287 7,084 325 752 18,741 1,294
------- ------- ----- ------- ------- -------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................... 9,573 7,328 548 1,209 4,025 7,187
Cost of shares sold.................... (6,043) (6,176) (505) (1,052) (2,713) (7,187)
------- ------- ----- ------- ------- -------
Net realized gain on investments......... 3,530 1,152 43 157 1,312 0
Net increase (decrease) in unrealized
appreciation of investments............ 2,645 (3,246) 109 481 (1,726) 0
------- ------- ----- ------- ------- -------
Net realized and unrealized gain (loss)
on investments......................... 6,175 (2,094) 152 638 (414) 0
------- ------- ----- ------- ------- -------
Net increase in net assets resulting from
operations............................. $19,462 $ 4,990 $ 477 $ 1,390 $18,327 $ 1,294
======= ======= ===== ======= ======= =======
</TABLE>
See notes to financial statements.
F-15
<PAGE> 84
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------
MONY SERIES FUND, INC.
----------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
Dividend income.................... $ 587 $ 199 $ 2,834 $ 7,447
Mortality and expense risk charges
(Note 3)......................... (155) (115) (582) (1,083)
-------- ------- -------- -----------
Net investment income.............. 432 84 2,252 6,364
-------- ------- -------- -----------
Realized and unrealized gain (loss)
on investments (Note 2):
Proceeds from sales.............. 56,069 4,970 75,552 2,884,707
Cost of shares sold.............. (55,032) (4,922) (70,885) (2,884,707)
-------- ------- -------- -----------
Net realized gain (loss) on
investments...................... 1,037 48 4,667 0
Net increase (decrease) in
unrealized appreciation of
investments...................... (183) 936 95 0
-------- ------- -------- -----------
Net realized and unrealized gain
(loss) on investments............ 854 984 4,762 0
-------- ------- -------- -----------
Net increase in net assets
resulting from operations........ $ 1,286 $ 1,068 $ 7,014 $ 6,364
======== ======= ======== ===========
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income.................... $115,911 $ 61,111 $ 366,308 $ 16,471 $ 17,306
Mortality and expense risk charges
(Note 3)......................... (14,367) (4,630) (27,327) (1,860) (1,289)
-------- --------- --------- -------- --------
Net investment income.............. 101,544 56,481 338,981 14,611 16,017
-------- --------- --------- -------- --------
Realized and unrealized gain (loss)
on investments (Note 2):
Proceeds from sales.............. 435,132 222,873 960,886 78,120 55,473
Cost of shares sold.............. (403,167) (213,828) (873,457) (79,021) (55,495)
-------- --------- --------- -------- --------
Net realized gain (loss) on
investments...................... 31,965 9,045 87,429 (901) (22)
Net increase (decrease) in
unrealized appreciation of
investments...................... 1,665 (23,869) (225,085) 18,656 (12,950)
-------- --------- --------- -------- --------
Net realized and unrealized gain
(loss) on investments............ 33,630 (14,824) (137,656) 17,755 (12,972)
-------- --------- --------- -------- --------
Net increase in net assets
resulting from operations........ $135,174 $ 41,657 $ 201,325 $ 32,366 $ 3,045
======== ========= ========= ======== ========
</TABLE>
See notes to financial statements.
F-16
<PAGE> 85
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
STRATEGIST
-------------------------------------------------------------------------------
MONY SERIES FUND, INC.
-------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM BOND
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT SUBACCOUNT
------------------ ------------------ ----------------- -----------------
1998 1997 1998 1997 1998 1997 1998 1997
------- -------- ------- -------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $13,287 $ 4,971 $ 7,084 $ 3,937 $ 325 $ 343 $ 752 $ 752
Net realized gain on
investments.................... 3,530 5,544 1,152 3,331 43 27 157 66
Net increase (decrease) in
unrealized appreciation of
investments.................... 2,645 7,657 (3,246) 3,274 109 97 481 884
------- -------- ------- -------- ------ ------ ------- -------
Net increase in net assets
resulting from operations........ 19,462 18,172 4,990 10,542 477 467 1,390 1,702
------- -------- ------- -------- ------ ------ ------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 8,754 15,902 7,517 10,731 407 407 646 618
Net asset value of units redeemed
or used to meet contract
obligations.................... (7,677) (13,078) (6,714) (11,293) (504) (463) (1,117) (1,039)
------- -------- ------- -------- ------ ------ ------- -------
Net increase (decrease) from unit
transactions..................... 1,077 2,824 803 (562) (97) (56) (471) (421)
------- -------- ------- -------- ------ ------ ------- -------
Net increase (decrease) in net
assets........................... 20,539 20,996 5,793 9,980 380 411 919 1,281
Net assets beginning of year....... 78,828 57,832 43,065 33,085 7,061 6,650 14,885 13,604
------- -------- ------- -------- ------ ------ ------- -------
Net assets end of year*............ $99,367 $ 78,828 $48,858 $ 43,065 $7,441 $7,061 $15,804 $14,885
======= ======== ======= ======== ====== ====== ======= =======
Units outstanding beginning of
year............................. 1,811 1,726 962 965 331 333 571 588
Units issued during the year....... 187 428 162 282 19 20 24 26
Units redeemed during the year..... (168) (343) (149) (285) (23) (22) (41) (43)
------- -------- ------- -------- ------ ------ ------- -------
Units outstanding end of year...... 1,830 1,811 975 962 327 331 554 571
======= ======== ======= ======== ====== ====== ======= =======
- ---------------
* Includes undistributed net
investment income of: $27,383 $ 14,096 $19,851 $ 12,767 $9,477 $9,152 $27,437 $26,685
<CAPTION>
STRATEGIST
-------------------------------------
MONY SERIES FUND, INC.
-------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------- -----------------
1998 1997 1998 1997
------- ------- ------- -------
<S> <C> <C> <C> <C>
From operations:
Net investment income............ $18,741 $ 5,074 $ 1,294 $ 1,394
Net realized gain on
investments.................... 1,312 1,485 0 0
Net increase (decrease) in
unrealized appreciation of
investments.................... (1,726) 9,311 0 0
------- ------- ------- -------
Net increase in net assets
resulting from operations........ 18,327 15,870 1,294 1,394
------- ------- ------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 2,164 2,162 242 967
Net asset value of units redeemed
or used to meet contract
obligations.................... (3,504) (3,376) (7,011) (2,652)
------- ------- ------- -------
Net increase (decrease) from unit
transactions..................... (1,340) (1,214) (6,769) (1,685)
------- ------- ------- -------
Net increase (decrease) in net
assets........................... 16,987 14,656 (5,475) (291)
Net assets beginning of year....... 80,473 65,817 30,472 30,763
------- ------- ------- -------
Net assets end of year*............ $97,460 $80,473 $24,997 $30,472
======= ======= ======= =======
Units outstanding beginning of
year............................. 2,366 2,404 1,767 1,867
Units issued during the year....... 58 69 14 59
Units redeemed during the year..... (94) (107) (396) (159)
------- ------- ------- -------
Units outstanding end of year...... 2,330 2,366 1,385 1,767
======= ======= ======= =======
- ---------------
* Includes undistributed net
investment income of: $41,639 $22,898 $26,572 $25,278
</TABLE>
See notes to financial statements.
F-17
<PAGE> 86
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM
SECURITIES TERM BOND BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------------------- --------------------------- ---------------------------
FOR THE PERIOD
FOR THE YEAR MARCH 24, 1997** FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED THROUGH ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997 1998 1997
------------ ----------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 432 $ (32) $ 84 $ 0 $ 2,252 $ 892
Net realized gain (loss) on
investments.................... 1,037 32 48 27 4,667 (42)
Net increase (decrease) in
unrealized appreciation of
investments.................... (183) 302 936 77 95 2,367
------- ------- ------- ------ -------- -------
Net increase in net assets
resulting from operations........ 1,286 302 1,068 104 7,014 3,217
------- ------- ------- ------ -------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 65,090 13,868 25,294 2,923 117,542 28,471
Net asset value of units redeemed
or used to meet contract
obligations.................... (30,558) (1,099) (4,660) (813) (45,844) (2,195)
------- ------- ------- ------ -------- -------
Net increase from unit
transactions..................... 34,532 12,769 20,634 2,110 71,698 26,276
------- ------- ------- ------ -------- -------
Net increase in net assets......... 35,818 13,071 21,702 2,214 78,712 29,493
Net assets beginning of period..... 13,071 0 2,253 39 41,575 12,082
------- ------- ------- ------ -------- -------
Net assets end of period*.......... $48,889 $13,071 $23,955 $2,253 $120,287 $41,575
======= ======= ======= ====== ======== =======
Units outstanding beginning of
period........................... 1,234 0 211 4 3,719 1,217
Units issued during the period..... 7,967 1,336 2,310 286 11,923 2,712
Units redeemed during the period... (4,849) (102) (420) (79) (5,794) (210)
------- ------- ------- ------ -------- -------
Units outstanding end of period.... 4,352 1,234 2,101 211 9,848 3,719
======= ======= ======= ====== ======== =======
- ---------------
* Includes undistributed net
investment income (loss) of: $ 400 $ (32) $ 84 $ 0 $ 3,142 $ 890
** Commencement of operations.
<CAPTION>
MONYEQUITY MASTER
---------------------------
MONY SERIES FUND, INC.
---------------------------
MONEY
MARKET
SUBACCOUNT
---------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
1998 1997
------------ ------------
<S> <C> <C>
From operations:
Net investment income (loss)..... $ 6,364 $ 2,744
Net realized gain (loss) on
investments.................... 0 0
Net increase (decrease) in
unrealized appreciation of
investments.................... 0 0
----------- -----------
Net increase in net assets
resulting from operations........ 6,364 2,744
----------- -----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 2,471,685 1,828,075
Net asset value of units redeemed
or used to meet contract
obligations.................... (2,290,641) (1,728,100)
----------- -----------
Net increase from unit
transactions..................... 181,044 99,975
----------- -----------
Net increase in net assets......... 187,408 102,719
Net assets beginning of period..... 169,650 66,931
----------- -----------
Net assets end of period*.......... $ 357,058 $ 169,650
=========== ===========
Units outstanding beginning of
period........................... 16,142 6,655
Units issued during the period..... 237,863 177,168
Units redeemed during the period... (221,488) (167,681)
----------- -----------
Units outstanding end of period.... 32,517 16,142
=========== ===========
- ---------------
* Includes undistributed net
investment income (loss) of: $ 9,377 $ 3,013
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-18
<PAGE> 87
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
-------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------- --------------------- -----------------------
1998 1997 1998 1997 1998 1997
---------- ---------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $ 101,544 $ 35,882 $ 56,481 $ 18,121 $ 338,981 $ 98,832
Net realized gain (loss) on
investments.................... 31,965 32,926 9,045 11,289 87,429 54,871
Net increase (decrease) in
unrealized appreciation of
investments.................... 1,665 1,377 (23,869) 583 (225,085) 5,802
---------- ---------- ---------- -------- ---------- ----------
Net increase in net assets
resulting from operations........ 135,174 70,185 41,657 29,993 201,325 159,505
---------- ---------- ---------- -------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 1,691,977 1,163,129 952,775 210,986 3,108,506 2,299,829
Net asset value of units redeemed
or used to meet contract
obligations.................... (333,417) (111,523) (165,227) (35,444) (766,917) (235,234)
---------- ---------- ---------- -------- ---------- ----------
Net increase from unit
transactions..................... 1,358,560 1,051,606 787,548 175,542 2,341,589 2,064,595
---------- ---------- ---------- -------- ---------- ----------
Net increase in net assets......... 1,493,734 1,121,791 829,205 205,535 2,542,914 2,224,100
Net assets beginning of year....... 1,175,951 54,160 222,289 16,754 2,351,256 127,156
---------- ---------- ---------- -------- ---------- ----------
Net assets end of year*............ $2,669,685 $1,175,951 $1,051,494 $222,289 $4,894,170 $2,351,256
========== ========== ========== ======== ========== ==========
Units outstanding beginning of
year............................. 93,188 5,358 14,918 1,611 178,819 11,951
Units issued during the year....... 127,117 97,340 61,712 15,917 225,219 185,804
Units redeemed during the year..... (26,372) (9,510) (11,774) (2,610) (56,646) (18,936)
---------- ---------- ---------- -------- ---------- ----------
Units outstanding end of year...... 193,933 93,188 64,856 14,918 347,392 178,819
========== ========== ========== ======== ========== ==========
- ---------------
* Includes undistributed net
investment income of: $ 138,113 $ 36,569 $ 74,863 $ 18,382 $ 438,999 $ 100,018
<CAPTION>
MONYEQUITY MASTER
----------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------------- ------------------
1998 1997 1998 1997
-------- -------- -------- -------
<S> <C> <C> <C> <C>
From operations:
Net investment income............ $ 14,611 $ 4,431 $ 16,017 $ 4,368
Net realized gain (loss) on
investments.................... (901) 6,470 (22) 1,691
Net increase (decrease) in
unrealized appreciation of
investments.................... 18,656 (10,379) (12,950) 1,248
-------- -------- -------- -------
Net increase in net assets
resulting from operations........ 32,366 522 3,045 7,307
-------- -------- -------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 217,747 175,743 192,334 98,004
Net asset value of units redeemed
or used to meet contract
obligations.................... (50,680) (19,488) (34,511) (7,883)
-------- -------- -------- -------
Net increase from unit
transactions..................... 167,067 156,255 157,823 90,121
-------- -------- -------- -------
Net increase in net assets......... 199,433 156,777 160,868 97,428
Net assets beginning of year....... 171,237 14,460 97,797 369
-------- -------- -------- -------
Net assets end of year*............ $370,670 $171,237 $258,665 $97,797
======== ======== ======== =======
Units outstanding beginning of
year............................. 16,311 1,439 8,584 37
Units issued during the year....... 19,541 16,654 16,309 9,272
Units redeemed during the year..... (4,874) (1,782) (2,810) (725)
-------- -------- -------- -------
Units outstanding end of year...... 30,978 16,311 22,083 8,584
======== ======== ======== =======
- ---------------
* Includes undistributed net
investment income of: $ 19,092 $ 4,481 $ 20,386 $ 4,369
</TABLE>
See notes to financial statements.
F-19
<PAGE> 88
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 MONY Life Insurance Company
("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 Variable Life Insurance policies (Stategist) and Variable
Universal Life Insurance policies (MONYEquity Master). These policies are issued
by MONY.
There are currently six Strategist subaccounts and nine MONYEquity Master
subaccounts within the Variable Account, and each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund") or the
Enterprise Accumulation Trust ("Enterprise") (collectively, the "Funds"). The
subaccounts of MONYEquity Master commenced operations during 1996 and 1997. The
Funds are registered under the 1940 Act as open end, diversified, management
investment companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investments:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of each portfolio. Net asset values
are based upon market valuations of the securities held in each of the
corresponding portfolios of the Funds. For the Money Market Portfolios, the net
asset values are based on amortized cost of the securities held which
approximates value.
Taxes:
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.
3. RELATED PARTY TRANSACTIONS
MONY is the legal owner 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 1998 aggregated $1,101,410.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of .60 percent (for the Strategist
Subaccounts) and .75 percent (for the MONYEquity Master Subaccounts) of the
average daily net assets of the subaccounts. As MONY America, a wholly-owned
F-20
<PAGE> 89
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
subsidiary of MONY, acts as investment adviser to the Fund, it receives amounts
paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at December 31, 1998 consist
of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares............................. 2,184 1,590 635 1,091 3,904 30,472
Amount............................. $59,712 $34,880 $6,642 $12,694 $57,696 $30,472
------- ------- ------ ------- ------- -------
Shares acquired:
Shares............................. 293 310 37 47 116 249
Amount............................. $10,128 $ 7,853 $ 407 $ 646 $ 2,164 $ 249
Shares received for reinvestment of
dividends:
Shares............................. 408 285 34 65 1,090 1,463
Amount............................. $13,809 $ 7,362 $ 369 $ 844 $19,262 $ 1,463
Shares redeemed:
Shares............................. (285) (302) (49) (88) (216) (7,187)
Amount............................. $(6,043) $(6,176) $ (505) $(1,052) $(2,713) $(7,187)
------- ------- ------ ------- ------- -------
Net change:
Shares............................. 416 293 22 24 990 (5,475)
Amount............................. $17,894 $ 9,039 $ 271 $ 438 $18,713 $(5,475)
------- ------- ------ ------- ------- -------
Shares end of year:
Shares............................. 2,600 1,883 657 1,115 4,894 24,997
Amount............................. $77,606 $43,919 $6,913 $13,132 $76,409 $24,997
======= ======= ====== ======= ======= =======
</TABLE>
F-21
<PAGE> 90
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in MONY Series Fund, Inc. and Enterprise Accumulation Trust at
cost, at December 31, 1998 consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
---------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ------------ --------- -----------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 1,201 203 3,048 169,650
Amount............. $ 12,769 $ 2,176 $ 39,273 $ 169,650
-------- ------- -------- -----------
Shares acquired:
Shares............. 8,162 2,341 10,611 3,064,668
Amount............. $ 90,446 $25,489 $146,668 $ 3,064,668
Shares received for
reinvestment of
dividends:
Shares............. 55 19 218 7,447
Amount............. $ 587 $ 199 $ 2,834 $ 7,447
Shares redeemed:
Shares............. (5,040) (448) (5,388) (2,884,707)
Amount............. $(55,032) $(4,922) $(70,885) $(2,884,707)
-------- ------- -------- -----------
Net change:
Shares............. 3,177 1,912 5,441 187,408
Amount............. $ 36,001 $20,766 $ 78,617 $ 187,408
-------- ------- -------- -----------
Shares end of year:
Shares............. 4,378 2,115 8,489 357,058
Amount............. $ 48,770 $22,942 $117,890 $ 357,058
======== ======= ======== ===========
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 33,513 8,326 57,657 27,708 17,128
Amount............. $1,175,271 $ 221,696 $2,347,957 $181,455 $ 96,548
---------- ---------- ---------- -------- --------
Shares acquired:
Shares............. 47,658 35,804 76,676 36,659 37,841
Amount............. $1,779,325 $1,005,791 $3,275,148 $243,327 $212,007
Shares received for
reinvestment of
dividends:
Shares............. 3,160 2,333 9,031 2,538 3,161
Amount............. $ 115,911 $ 61,111 $ 366,308 $ 16,471 $ 17,306
Shares redeemed:
Shares............. (11,824) (8,031) (22,699) (11,910) (9,961)
Amount............. $ (403,167) $ (213,828) $ (873,457) $(79,021) $(55,495)
---------- ---------- ---------- -------- --------
Net change:
Shares............. 38,994 30,106 63,008 27,287 31,041
Amount............. $1,492,069 $ 853,074 $2,767,999 $180,777 $173,818
---------- ---------- ---------- -------- --------
Shares end of year:
Shares............. 72,507 38,432 120,665 54,995 48,169
Amount............. $2,667,340 $1,074,770 $5,115,956 $362,232 $270,366
========== ========== ========== ======== ========
</TABLE>
F-22
<PAGE> 91
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
Mutual Life Insurance Company of New York and the
Contractholders of MONY Variable Account L:
We have audited the accompanying statements of assets and liabilities of
MONY Variable Account L (comprising, respectively, the Variable Life's Equity
Growth, Equity Income, Intermediate Term Bond, Long Term Bond, Diversified and
Money Market Subaccounts and the Variable Universal Life's Intermediate Term
Bond, Long Term Bond, Money Market, Equity, Small Cap, Managed, International
Growth, High Yield Bond and Government Securities Subaccounts) as of December
31, 1997; for the Variable Life's Subaccounts, the related statements of
operations for the year then ended and the statements of changes in net assets
for each of the two years in the period then ended; and for the Variable
Universal Life's Subaccounts, the related statements of operations of the
Intermediate Term Bond, Long Term Bond, Money Market, Equity, Small Cap,
Managed, International Growth, High Yield Bond Subaccounts for the year then
ended and for the Government Securities Subaccount for the period March 24, 1997
(commencement of operations) to December 31, 1997, and the statements of changes
in net assets for the Intermediate Term Bond, Long Term Bond, and High Yield
Subaccounts for which the period is from December 6, 1996 (commencement of
operations) to December 31, 1996 and the year ended December 31, 1997, the Money
Market Subaccount for which the period is from October 17, 1996 (commencement of
operations) to December 31, 1996 and the year ended December 31, 1997, the
Equity Subaccount for which the period is from November 17, 1996 (commencement
of operations) to December 31, 1996 and the year ended December 31, 1997, the
Small Cap Subaccount for which the period is from November 1, 1996 (commencement
of operations) to December 31, 1996 and the year ended December 31, 1997, the
Managed Subaccount for which the period is from October 28, 1996 (commencement
of operations) to December 31, 1996 and the year ended December 31, 1997, the
International Growth Subaccount for which the period is from November 21, 1996
(commencement of operations) to December 31, 1996 and the year ended December
31, 1997, and the Government Securities Subaccount for which the period is from
March 24, 1997 (commencement of operations) to December 31, 1997. These
financial statements are the responsibility of MONY's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1997, by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of each of the respective
subaccounts constituting MONY Variable Account L as of December 31, 1997, the
results of their operations and the changes in their net assets for each of the
periods referred to above, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
New York, New York
February 11, 1998
F-23
<PAGE> 92
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)............. $ 59,712 $ 34,880 $ 6,642 $ 12,694 $ 57,696 $ 30,472
======== ======== ======== ======== ======== ========
Investments in MONY Series Fund, Inc. at
net asset value (Note 2)............... $ 78,828 $ 43,065 $ 7,061 $ 14,885 $ 80,473 $ 30,472
-------- -------- -------- -------- -------- --------
Net assets............................... $ 78,828 $ 43,065 $ 7,061 $ 14,885 $ 80,473 $ 30,472
======== ======== ======== ======== ======== ========
Net assets consist of:
Contractholders' net payments.......... $ 73,062 $ 45,390 $ 9,167 $ 16,264 $ 66,996 $ 51,361
Cost of insurance withdrawals (Note
3).................................. (52,273) (32,888) (12,767) (35,492) (36,906) (46,167)
Undistributed net investment income.... 14,096 12,767 9,152 26,685 22,898 25,278
Accumulated net realized gain on
investments......................... 24,827 9,611 1,090 5,237 4,708 0
Unrealized appreciation of
investments......................... 19,116 8,185 419 2,191 22,777 0
-------- -------- -------- -------- -------- --------
Net assets............................... $ 78,828 $ 43,065 $ 7,061 $ 14,885 $ 80,473 $ 30,472
======== ======== ======== ======== ======== ========
Number of units outstanding*............. 1,811 962 331 571 2,366 1,767
-------- -------- -------- -------- -------- --------
Net asset value per unit outstanding*.... $ 43.52 $ 44.75 $ 21.36 $ 26.07 $ 34.02 $ 17.25
======== ======== ======== ======== ======== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-24
<PAGE> 93
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)....... $12,769 $2,176 $39,273 $169,650 $1,175,271 $221,696 $2,347,957
======= ====== ======= ======== ========== ======== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $ 0 $ 0 $ 0 $ 0 $1,175,951 $222,289 $2,351,256
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 13,071 2,253 41,575 169,650 0 0 0
Amount due from MONY............... 0 0 0 11,137 338 79 510
Amount due from MONY Series Fund,
Inc.............................. 0 0 0 8 0 0 0
Amount due from Enterprise
Accumulation Trust............... 0 0 0 0 292 114 3,704
------- ------ ------- -------- ---------- -------- ----------
Total assets............... 13,071 2,253 41,575 180,795 1,176,581 222,482 2,355,470
------- ------ ------- -------- ---------- -------- ----------
LIABILITIES
Amount due to MONY................. 0 0 0 8 292 114 3,704
Amount due to MONY Series Fund,
Inc.............................. 0 0 0 11,137 0 0 0
Amount due to Enterprise
Accumulation Trust............... 0 0 0 0 338 79 510
------- ------ ------- -------- ---------- -------- ----------
Total liabilities.......... 0 0 0 11,145 630 193 4,214
------- ------ ------- -------- ---------- -------- ----------
Net assets......................... $13,071 $2,253 $41,575 $169,650 $1,175,951 $222,289 $2,351,256
======= ====== ======= ======== ========== ======== ==========
Net assets consist of:
Contractholders' net payments.... $13,868 $2,780 $40,624 $177,277 $1,201,571 $219,317 $2,403,572
Cost of insurance withdrawals
(Note 3)....................... (1,099) (631) (2,199) (10,640) (95,632) (27,296) (210,449)
Undistributed/accumulated net
investment income (loss)....... (32) 0 890 3,013 36,569 18,382 100,018
Accumulated net realized gain
(loss) on investments.......... 32 27 (42) 0 32,763 11,293 54,816
Unrealized appreciation
(depreciation) of
investments.................... 302 77 2,302 0 680 593 3,299
------- ------ ------- -------- ---------- -------- ----------
Net assets......................... $13,071 $2,253 $41,575 $169,650 $1,175,951 $222,289 $2,351,256
======= ====== ======= ======== ========== ======== ==========
Number of units outstanding*....... 1,234 211 3,719 16,142 93,188 14,918 178,819
------- ------ ------- -------- ---------- -------- ----------
Net asset value per unit
outstanding*..................... $ 10.59 $10.69 $ 11.18 $ 10.51 $ 12.62 $ 14.90 $ 13.15
======= ====== ======= ======== ========== ======== ==========
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
ASSETS
Investments at cost (Note 4)....... $181,455 $96,548
======== =======
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $171,237 $97,797
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 0 0
Amount due from MONY............... 121 72
Amount due from MONY Series Fund,
Inc.............................. 0 0
Amount due from Enterprise
Accumulation Trust............... 252 128
-------- -------
Total assets............... 171,610 97,997
-------- -------
LIABILITIES
Amount due to MONY................. 252 128
Amount due to MONY Series Fund,
Inc.............................. 0 0
Amount due to Enterprise
Accumulation Trust............... 121 72
-------- -------
Total liabilities.......... 373 200
-------- -------
Net assets......................... $171,237 $97,797
======== =======
Net assets consist of:
Contractholders' net payments.... $183,398 $97,316
Cost of insurance withdrawals
(Note 3)....................... (12,894) (6,828)
Undistributed/accumulated net
investment income (loss)....... 4,481 4,369
Accumulated net realized gain
(loss) on investments.......... 6,470 1,691
Unrealized appreciation
(depreciation) of
investments.................... (10,218) 1,249
-------- -------
Net assets......................... $171,237 $97,797
======== =======
Number of units outstanding*....... 16,311 8,584
-------- -------
Net asset value per unit
outstanding*..................... $ 10.50 $ 11.39
======== =======
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-25
<PAGE> 94
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.......................... $ 5,414 $ 4,188 $ 384 $ 836 $ 5,526 $ 1,578
Mortality and expense risk charges (Note
3)..................................... (443) (251) (41) (84) (452) (184)
------- ------- ----- ------- ------- -------
Net investment income.................... 4,971 3,937 343 752 5,074 1,394
------- ------- ----- ------- ------- -------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.................... 14,275 12,118 504 1,123 3,828 2,858
Cost of shares sold.................... (8,731) (8,787) (477) (1,057) (2,343) (2,858)
------- ------- ----- ------- ------- -------
Net realized gain on investments......... 5,544 3,331 27 66 1,485 0
Net increase in unrealized appreciation
of investments......................... 7,657 3,274 97 884 9,311 0
------- ------- ----- ------- ------- -------
Net realized and unrealized gain on
investments............................ 13,201 6,605 124 950 10,796 0
------- ------- ----- ------- ------- -------
Net increase in net assets resulting from
operations............................. $18,172 $10,542 $ 467 $ 1,702 $15,870 $ 1,394
======= ======= ===== ======= ======= =======
</TABLE>
See notes to financial statements.
F-26
<PAGE> 95
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ------------ ------------ ------------ ------------
FOR THE PERIOD FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
MARCH 24, 1997** ENDED ENDED ENDED ENDED
THROUGH DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
DECEMBER 31, 1997 1997 1997 1997 1997
----------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Dividend income........................ $ 0 $ 9 $ 1,064 $ 3,211 $ 38,940
Mortality and expense risk charges
(Note 3)............................. (32) (9) (172) (467) (3,058)
------- ------- ------- ----------- ---------
Net investment income (loss)........... (32) 0 892 2,744 35,882
------- ------- ------- ----------- ---------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................. 1,236 1,178 3,178 1,869,084 231,222
Cost of shares sold.................. (1,204) (1,151) (3,220) (1,869,084) (198,296)
------- ------- ------- ----------- ---------
Net realized gain (loss) on
investments.......................... 32 27 (42) 0 32,926
Net increase (decrease) in unrealized
appreciation of investments.......... 302 77 2,367 0 1,377
------- ------- ------- ----------- ---------
Net realized and unrealized gain (loss)
on investments....................... 334 104 2,325 0 34,303
------- ------- ------- ----------- ---------
Net increase in net assets resulting
from operations...................... $ 302 $ 104 $ 3,217 $ 2,744 $ 70,185
======= ======= ======= =========== =========
<CAPTION>
VARIABLE UNIVERSAL LIFE
----------------------------------------------------------
INTERNATIONAL HIGH YIELD
SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------- ------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1997 1997
------------ ------------ ------------- ------------
<S> <C> <C> <C> <C>
Dividend income........................ $ 18,805 $ 106,305 $ 5,055 $ 4,750
Mortality and expense risk charges
(Note 3)............................. (684) (7,473) (624) (382)
-------- --------- -------- --------
Net investment income (loss)........... 18,121 98,832 4,431 4,368
-------- --------- -------- --------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................. 53,290 428,261 55,974 43,396
Cost of shares sold.................. (42,001) (373,390) (49,504) (41,705)
-------- --------- -------- --------
Net realized gain (loss) on
investments.......................... 11,289 54,871 6,470 1,691
Net increase (decrease) in unrealized
appreciation of investments.......... 583 5,802 (10,379) 1,248
-------- --------- -------- --------
Net realized and unrealized gain (loss)
on investments....................... 11,872 60,673 (3,909) 2,939
-------- --------- -------- --------
Net increase in net assets resulting
from operations...................... $ 29,993 $ 159,505 $ 522 $ 7,307
======== ========= ======== ========
</TABLE>
- ---------------
** Commencement of operations.
See notes to financial statements.
F-27
<PAGE> 96
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE LIFE
--------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT BOND SUBACCOUNT
------------------- ------------------ ----------------- -----------------
1997 1996 1997 1996 1997 1996 1997 1996
-------- -------- -------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 4,971 $ (381) $ 3,937 $ (128) $ 343 $ (39) $ 752 $ (80)
Net realized gain on
investments.................... 5,544 6,197 3,331 1,851 27 19 66 33
Net increase (decrease) in
unrealized appreciation of
investments.................... 7,657 6,121 3,274 3,722 97 218 884 (93)
-------- -------- -------- ------- ------ ------ ------- -------
Net increase (decrease) in net
assets resulting from
operations....................... 18,172 11,937 10,542 5,445 467 198 1,702 (140)
-------- -------- -------- ------- ------ ------ ------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 15,902 7,362 10,731 6,575 407 372 618 608
Net asset value of units redeemed
or used to meet contract
obligations.................... (13,078) (20,999) (11,293) (8,207) (463) (432) (1,039) (985)
-------- -------- -------- ------- ------ ------ ------- -------
Net increase (decrease) from unit
transactions..................... 2,824 (13,637) (562) (1,632) (56) (60) (421) (377)
-------- -------- -------- ------- ------ ------ ------- -------
Net increase (decrease) in net
assets........................... 20,996 (1,700) 9,980 3,813 411 138 1,281 (517)
Net assets beginning of year....... 57,832 59,532 33,085 29,272 6,650 6,512 13,604 14,121
-------- -------- -------- ------- ------ ------ ------- -------
Net assets end of year*............ $ 78,828 $ 57,832 $ 43,065 $33,085 $7,061 $6,650 $14,885 $13,604
======== ======== ======== ======= ====== ====== ======= =======
Units outstanding beginning of
year............................. 1,726 2,137 965 1,016 333 336 588 605
Units issued during the year....... 428 241 282 213 20 19 26 28
Units redeemed during the year..... (343) (652) (285) (264) (22) (22) (43) (45)
-------- -------- -------- ------- ------ ------ ------- -------
Units outstanding end of year...... 1,811 1,726 962 965 331 333 571 588
======== ======== ======== ======= ====== ====== ======= =======
- ---------------
* Includes undistributed net
investment income of: $ 14,096 $ 9,125 $ 12,767 $ 8,830 $9,152 $8,809 $26,685 $25,933
<CAPTION>
VARIABLE LIFE
-------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------- -----------------
1997 1996 1997 1996
------- ------- ------- -------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 5,074 $ (373) $ 1,394 $ 1,372
Net realized gain on
investments.................... 1,485 1,052 0 0
Net increase (decrease) in
unrealized appreciation of
investments.................... 9,311 7,350 0 0
------- ------- ------- -------
Net increase (decrease) in net
assets resulting from
operations....................... 15,870 8,029 1,394 1,372
------- ------- ------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 2,162 2,620 967 184
Net asset value of units redeemed
or used to meet contract
obligations.................... (3,376) (3,238) (2,652) (2,285)
------- ------- ------- -------
Net increase (decrease) from unit
transactions..................... (1,214) (618) (1,685) (2,101)
------- ------- ------- -------
Net increase (decrease) in net
assets........................... 14,656 7,411 (291) (729)
Net assets beginning of year....... 65,817 58,406 30,763 31,492
------- ------- ------- -------
Net assets end of year*............ $80,473 $65,817 $30,472 $30,763
======= ======= ======= =======
Units outstanding beginning of
year............................. 2,404 2,427 1,867 1,997
Units issued during the year....... 69 103 59 12
Units redeemed during the year..... (107) (126) (159) (142)
------- ------- ------- -------
Units outstanding end of year...... 2,366 2,404 1,767 1,867
======= ======= ======= =======
- ---------------
* Includes undistributed net
investment income of: $22,898 $17,824 $25,278 $23,884
</TABLE>
See notes to financial statements.
F-28
<PAGE> 97
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE TERM LONG TERM MONEY
SECURITIES BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- ----------------------------- ----------------------------- ------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MARCH 24, FOR THE YEAR DECEMBER 6, FOR THE YEAR DECEMBER 6, FOR THE YEAR
1997** THROUGH ENDED 1996** THROUGH ENDED 1996** THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1996 1997 1996 1997
-------------- ------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).... $ (32) $ 0 $ 0 $ 892 $ (2) $ 2,744
Net realized gain (loss) on
investments................... 32 27 0 (42) 0 0
Net increase (decrease) in
unrealized appreciation of
investments................... 302 77 0 2,367 (65) 0
------- ------ --- ------- ------- -----------
Net increase (decrease) in net
assets resulting from
operations...................... 302 104 0 3,217 (67) 2,744
------- ------ --- ------- ------- -----------
From unit transactions:
Net proceeds from the issuance
of units...................... 13,868 2,923 43 28,471 12,153 1,828,075
Net asset value of units
redeemed or used to meet
contract obligations.......... (1,099) (813) (4) (2,195) (4) (1,728,100)
------- ------ --- ------- ------- -----------
Net increase from unit
transactions.................... 12,769 2,110 39 26,276 12,149 99,975
------- ------ --- ------- ------- -----------
Net increase in net assets........ 13,071 2,214 39 29,493 12,082 102,719
Net assets beginning of period.... 0 39 0 12,082 0 66,931
------- ------ --- ------- ------- -----------
Net assets end of period*......... $13,071 $2,253 $39 $41,575 $12,082 $ 169,650
======= ====== === ======= ======= ===========
Units outstanding beginning of
period.......................... 0 4 0 1,217 0 6,655
Units issued during the period.... 1,336 286 4 2,712 1,217 177,168
Units redeemed during the
period.......................... (102) (79) 0 (210) 0 (167,681)
------- ------ --- ------- ------- -----------
Units outstanding end of period... 1,234 211 4 3,719 1,217 16,142
======= ====== === ======= ======= ===========
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ (32) $ 0 $ 0 $ 890 $ (2) $ 3,013
** Commencement of operations.
<CAPTION>
VARIABLE UNIVERSAL LIFE
----------------------------------------------
MONEY
MARKET EQUITY
SUBACCOUNT SUBACCOUNT
-------------- -----------------------------
FOR THE PERIOD FOR THE PERIOD
OCTOBER 17, FOR THE YEAR NOVEMBER 17,
1996** THROUGH ENDED 1996** THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1997 1996
-------------- ------------ --------------
<S> <C> <C> <C>
From operations:
Net investment income (loss).... $ 269 $ 35,882 $ 687
Net realized gain (loss) on
investments................... 0 32,926 (163)
Net increase (decrease) in
unrealized appreciation of
investments................... 0 1,377 (697)
-------- ---------- -------
Net increase (decrease) in net
assets resulting from
operations...................... 269 70,185 (173)
-------- ---------- -------
From unit transactions:
Net proceeds from the issuance
of units...................... 221,062 1,163,129 54,842
Net asset value of units
redeemed or used to meet
contract obligations.......... (154,400) (111,523) (509)
-------- ---------- -------
Net increase from unit
transactions.................... 66,662 1,051,606 54,333
-------- ---------- -------
Net increase in net assets........ 66,931 1,121,791 54,160
Net assets beginning of period.... 0 54,160 0
-------- ---------- -------
Net assets end of period*......... $ 66,931 $1,175,951 $54,160
======== ========== =======
Units outstanding beginning of
period.......................... 0 5,358 0
Units issued during the period.... 22,031 97,340 5,409
Units redeemed during the
period.......................... (15,376) (9,510) (51)
-------- ---------- -------
Units outstanding end of period... 6,655 93,188 5,358
======== ========== =======
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ 269 $ 36,569 $ 687
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-29
<PAGE> 98
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
----------------------------------------------------------------------------
INTERNATIONAL
SMALL CAP MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------------- ----------------------------- ------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR NOVEMBER 1, FOR THE YEAR OCTOBER 28, FOR THE YEAR
ENDED 1996** THROUGH ENDED 1996** THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1996 1997 1996 1997
------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $ 18,121 $ 261 $ 98,832 $ 1,186 $ 4,431
Net realized gains (losses) on
investments.................... 11,289 4 54,871 (55) 6,470
Net increase (decrease) in
unrealized appreciation of
investments.................... 583 10 5,802 (2,503) (10,379)
-------- ------- ---------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... 29,993 275 159,505 (1,372) 522
-------- ------- ---------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 210,986 16,647 2,299,829 129,958 175,743
Net asset value of units redeemed
or used to meet contract
obligations.................... (35,444) (168) (235,234) (1,430) (19,488)
-------- ------- ---------- -------- --------
Net increase from unit
transactions..................... 175,542 16,479 2,064,595 128,528 156,255
-------- ------- ---------- -------- --------
Net increase in net assets......... 205,535 16,754 2,224,100 127,156 156,777
Net assets beginning of period..... 16,754 0 127,156 0 14,460
-------- ------- ---------- -------- --------
Net assets end of period*.......... $222,289 $16,754 $2,351,256 $127,156 $171,237
======== ======= ========== ======== ========
Units outstanding beginning of
period........................... 1,611 0 11,951 0 1,439
Units issued during the period..... 15,917 1,628 185,804 12,086 16,654
Units redeemed during the period... (2,610) (17) (18,936) (135) (1,782)
-------- ------- ---------- -------- --------
Units outstanding end of period.... 14,918 1,611 178,819 11,951 16,311
======== ======= ========== ======== ========
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ 18,382 $ 261 $ 100,018 $ 1,186 $ 4,481
** Commencement of operations.
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
----------------------------------------------
INTERNATIONAL
GROWTH BOND
SUBACCOUNT SUBACCOUNT
-------------- -----------------------------
FOR THE PERIOD FOR THE PERIOD
NOVEMBER 21, FOR THE YEAR DECEMBER 6,
1996** THROUGH ENDED 1996** THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1997 1996
-------------- ------------ --------------
<S> <C> <C> <C>
From operations:
Net investment income............ $ 50 $ 4,368 $ 1
Net realized gains (losses) on
investments.................... 0 1,691 0
Net increase (decrease) in
unrealized appreciation of
investments.................... 161 1,248 1
------- ------- ----
Net increase (decrease) in net
assets resulting from
operations....................... 211 7,307 2
------- ------- ----
From unit transactions:
Net proceeds from the issuance of
units.......................... 14,259 98,004 392
Net asset value of units redeemed
or used to meet contract
obligations.................... (10) (7,883) (25)
------- ------- ----
Net increase from unit
transactions..................... 14,249 90,121 367
------- ------- ----
Net increase in net assets......... 14,460 97,428 369
Net assets beginning of period..... 0 369 0
------- ------- ----
Net assets end of period*.......... $14,460 $97,797 $369
======= ======= ====
Units outstanding beginning of
period........................... 0 37 0
Units issued during the period..... 1,440 9,272 39
Units redeemed during the period... (1) (725) (2)
------- ------- ----
Units outstanding end of period.... 1,439 8,584 37
======= ======= ====
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ 50 $ 4,369 $ 1
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-30
<PAGE> 99
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 Variable Life Insurance policies and Variable Universal
Life Insurance policies. These policies are issued by MONY.
There are currently fifteen subaccounts within the Variable Account, and
each invests only in a corresponding portfolio of the MONY Series Fund, Inc.
(the "Fund") or the Enterprise Accumulation Trust ("Enterprise") (collectively,
the "Funds"). The subaccounts of the Variable Universal Life commenced
operations during 1996 and 1997. The Funds are registered under the 1940 Act as
open end, diversified, management investment companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages 68 to 102 and 105 to 142,
respectively, and should be read in conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investments:
The investment in shares of each of the respective portfolios of the Funds
is stated at value which is the net asset value of the Funds. Net asset values
are based upon market valuations of the securities held in each of the
corresponding portfolios of the Funds. For the Money Market Portfolios, the net
asset values are based on amortized cost of the securities held which
approximates value.
Taxes:
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 the Variable
Account for federal income tax purposes.
3. RELATED PARTY TRANSACTIONS
MONY is the legal owner 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 1997 aggregated $382,844.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of .60 percent (for the Variable Life
Subaccounts) and .75 percent (for the Variable Universal
F-31
<PAGE> 100
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
Life Subaccounts) 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.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENTS
Investments in Variable Life at cost, at December 31, 1997 consist of the
following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares............................. 1,904 1,412 607 1,059 3,658 30,763
Amount............................. $46,373 $28,174 $6,328 $12,297 $52,351 $30,763
------- ------- ------ ------- ------- -------
Shares acquired:
Shares............................. 508 455 38 49 112 989
Amount............................. $16,656 $11,305 $ 407 $ 618 $ 2,162 $ 989
Shares received for reinvestment of
dividends:
Shares............................. 192 195 37 71 331 1,578
Amount............................. $ 5,414 $ 4,188 $ 384 $ 836 $ 5,526 $ 1,578
Shares redeemed:
Shares............................. (420) (472) (47) (88) (197) (2,858)
Amount............................. $(8,731) $(8,787) $ (477) $(1,057) $(2,343) $(2,858)
------- ------- ------ ------- ------- -------
Net change:
Shares............................. 280 178 28 32 246 (291)
Amount............................. $13,339 $ 6,706 $ 314 $ 397 $ 5,345 $ (291)
------- ------- ------ ------- ------- -------
Shares end of year:
Shares............................. 2,184 1,590 635 1,091 3,904 30,472
Amount............................. $59,712 $34,880 $6,642 $12,694 $57,696 $30,472
======= ======= ====== ======= ======= =======
</TABLE>
F-32
<PAGE> 101
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in Variable Universal Life at cost, at December 31, 1997
consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
---------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ------------ --------- -----------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 0 4 941 66,931
Amount............. $ 0 $ 39 $12,147 $ 66,931
------- ------- ------- -----------
Shares acquired:
Shares............. 1,316 308 2,265 1,968,592
Amount............. $13,973 $ 3,279 $29,282 $ 1,968,592
Shares received for
reinvestment of
dividends:
Shares............. 0 1 91 3,211
Amount............. $ 0 $ 9 $ 1,064 $ 3,211
Shares redeemed:
Shares............. (115) (110) (249) (1,869,084)
Amount............. $(1,204) $(1,151) $(3,220) $(1,869,084)
------- ------- ------- -----------
Net change:
Shares............. 1,201 199 2,107 102,719
Amount............. $12,769 $ 2,137 $27,126 $ 102,719
------- ------- ------- -----------
Shares end of year:
Shares............. 1,201 203 3,048 169,650
Amount............. $12,769 $ 2,176 $39,273 $ 169,650
======= ======= ======= ===========
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- --------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 1,877 829 3,706 2,390 67
Amount............. $ 54,857 $ 16,744 $ 129,659 $ 14,299 $ 368
---------- -------- ---------- -------- --------
Shares acquired:
Shares............. 37,281 8,828 61,893 32,707 23,909
Amount............. $1,279,770 $228,148 $2,485,383 $211,605 $133,135
Shares received for
reinvestment of
dividends:
Shares............. 1,110 704 2,607 818 840
Amount............. $ 38,940 $ 18,805 $ 106,305 $ 5,055 $ 4,750
Shares redeemed:
Shares............. (6,755) (2,035) (10,549) (8,207) (7,688)
Amount............. $ (198,296) $(42,001) $ (373,390) $(49,504) $(41,705)
---------- -------- ---------- -------- --------
Net change:
Shares............. 31,636 7,497 53,951 25,318 17,061
Amount............. $1,120,414 $204,952 $2,218,298 $167,156 $ 96,180
---------- -------- ---------- -------- --------
Shares end of year:
Shares............. 33,513 8,326 57,657 27,708 17,128
Amount............. $1,175,271 $221,696 $2,347,957 $181,455 $ 96,548
========== ======== ========== ======== ========
</TABLE>
F-33
<PAGE> 102
APPENDIX A
DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
<TABLE>
<CAPTION>
ATTAINED AGE APPLICABLE PERCENTAGE
------------ ---------------------
<S> <C>
40 and Under................................................ 150%
41.......................................................... 143
42.......................................................... 136
43.......................................................... 129
44.......................................................... 122
45.......................................................... 115
46.......................................................... 109
47.......................................................... 103
48.......................................................... 97
49.......................................................... 91
50.......................................................... 85
51.......................................................... 78
52.......................................................... 71
53.......................................................... 64
54.......................................................... 57
55.......................................................... 50
56.......................................................... 46
57.......................................................... 42
58.......................................................... 38
59.......................................................... 34
60.......................................................... 30
61.......................................................... 28
62.......................................................... 26
63.......................................................... 24
64.......................................................... 22
65.......................................................... 20
66.......................................................... 19
67.......................................................... 18
68.......................................................... 17
69.......................................................... 16
70.......................................................... 15
71.......................................................... 13
72.......................................................... 11
73.......................................................... 09
74.......................................................... 07
75-90....................................................... 05
91.......................................................... 04
92.......................................................... 03
93.......................................................... 02
94.......................................................... 01
95.......................................................... 00
</TABLE>
A-1
<PAGE> 103
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 104
APPENDIX B
ILLUSTRATIONS OF DEATH BENEFITS, ACCOUNT VALUES AND
SURRENDER VALUES, AND ACCUMULATED PREMIUMS
The following tables illustrate how the key financial elements of the
Policy work, specifically, how the death benefits, Fund Values and Surrender
Values could vary over an extended period of time. In addition, each table
compares these values with premiums paid accumulated with interest.
The Policies illustrated include the following:
<TABLE>
<CAPTION>
BENEFIT SPECIFIED SEE
SEX AGE SMOKER OPTION AMOUNT PAGE
--- --- ------ ------- --------- ----
<S> <C> <C> <C> <C> <C>
Male 45 Preferred Non-smoker 1 $200,000 B- 4
Female 45 Preferred Non-smoker 1 $200,000 B-14
Male 45 Standard Smoker 1 $200,000 B-24
Male 45 Preferred Non-smoker 2 $200,000 B-34
Male 35 Preferred Non-smoker 1 $200,000 B-44
Male 55 Preferred Non-smoker 1 $200,000 B-54
</TABLE>
The tables show how death benefits, Fund Values and Surrender Values of a
hypothetical Policy could vary over an extended period of time if the
Subaccounts of the Variable Account had constant hypothetical gross annual
investment returns of 0%, 6% or 12% over the periods indicated in each table.
The values will differ from those shown in the tables if the annual investment
returns are not absolutely constant. That is, the death benefits, Fund Values
and Surrender Values will be different if the returns averaged 0%, 6% or 12%
over a period of years but went above or below those figures in individual
Policy years. These illustrations assume that no Policy Loan has been taken. The
amounts shown would differ if unisex rates were used.
The amounts shown for death benefits, Fund Values and Surrender Values
sections reflect the fact the net investment return on the Policy is lower than
the gross investment return on the Subaccounts of the Variable Account. This
results from the charges levied against the Subaccounts of the Variable Account
(i.e., the mortality and expense risk charge) as well as the premium loads,
administrative charges and Fund Charges. The difference between the Fund Value
and the Surrender Value in the first 14 years is the Fund Charge.
The tables illustrate cost of insurance and expense charges at both current
rates (which are described under Cost Of Insurance, page 28.) and at the maximum
rates guaranteed in the Policies. The amounts shown at the end of each Policy
year reflect a daily charge against the Funds as well as those assessed against
the Subaccounts. These charges include the charge against the Subaccounts for
mortality and expense risks and the effect on each Subaccount's investment
experience of the charge to Portfolio assets for investment management and
direct expenses. The mortality and expense risk fee is .75% annually. The daily
charge for mortality and expense risks has been designed to effectively decrease
by 0.50% on an annualized basis in years 11 and later. This decrease is
guaranteed and is accomplished by increasing the separate account subaccount
fund value on each monthly anniversary after the 10th policy anniversary. The
amount of this increase is determined by multiplying the separate account
subaccount fund value by 0.04167%, which is equivalent to 0.5% on an annual
basis.
Since the Company is unable to predict how a particluar Policy owner will
allocate net premiums and cash values among the available Subaccounts, the
Company has assumed that the daily investment advisory fee and other expenses of
the hypothetical portfolio was deducted at a rate equivalent to an annual rate
of 0.75% of the aggregate average daily net assets of the Portfolio. Of course,
the investment advisory fee and other expenses actually incurred will depend
upon the Policy owner's choice of Subaccounts. Actual fees and other expenses
vary by Portfolio and may be subject to agreements by the sponsor to waive or
otherwise reimburse each Portfolio for operating expenses which exceed certain
limits. There can be no assurance that the expense reimbursement arrangements
will continue in the future, and any unreimbursed expenses would be reflected in
the values included on the tables.
B-1
<PAGE> 105
The effect of these investment management, direct expenses and mortality
and expense risk charges on a 0% gross rate of return would result in a net rate
of return of -1.4916%, on 5% it would be 3.4711%, and on 10% it would be
8.4338%.
The tables assume the deduction of charges including administrative and
sales charges. For each age, there are tables for death benefit Options I and II
and each option is illustrated using current and guaranteed policy cost factors.
The tables reflect the fact that the Company does not currently make any charge
against the Variable Account for state or federal taxes. If such a charge is
made in the future, it will take a higher rate of return to produce after-tax
returns of 0%, 6% or 12%.
The Company will furnish, upon request, a comparable illustration based on
the age and sex of the proposed Insured, standard Premium Class assumptions and
an initial Specified Amount and Scheduled Premium Payments of the applicant's
choice. If a Policy is purchased, an individualized illustration will be
delivered reflecting the Scheduled Premium Payment chosen and the Insured's
actual risk class. After issuance, the Company will provide upon request an
illustration of future Policy benefits based on both guaranteed and current cost
factor assumptions and actual Account Value.
The following is the page of supplemental footnotes to each of the flexible
premium variable life to age 95 standard ledger statements which follow and
which begin on pages B-4, B-6, B-10, B-14, B-16, B-20, B-24, B-26, B-30, B-34,
B-36, B-40, B-44, B-46, B-50, B-54, B-56 and B-58.
B-2
<PAGE> 106
STANDARD LEDGER STATEMENT--SUPPLEMENTAL FOOTNOTE PAGE
MONY EQUITYMASTER
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY
DECLARED PREMIUMS
This Policy has been tested for the possibility of classification as a
Modified Endowment. This test is not a guarantee that a policy will not be
classified as a Modified Endowment.
This illustration has been checked against Federal Tax Laws relating to the
definition of life insurance and is in compliance based on proposed premium
payments and coverages. Any decrease in specified amount and/or a change in
death benefit Option II to death benefit Option I and/or surrenders occurring in
the first 15 years may cause a taxable event. In addition, if the Policy is
defined as a Modified Endowment Contract, a loan, surrender, or assignment or
pledge (unless such assignment or pledge is defined and the maximum death
benefit is not in excess of $25,000) may be considered a Taxable Distribution
and a ten percent penalty may be added to any tax on the Distribution. Please
consult your tax advisor for advice.
Values shown on this illustration are based on a Policy owner tax bracket
of 31%.
Premiums are assumed to be paid at the beginning of the payment period.
Policy values and ages are shown as of the end of the Policy year and reflect
the effect of all loans and surrenders. The benefit payable at death, Fund Value
and Value Upon Surrender will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The Policy's Value On Surrender is net of any applicable surrender charge.
Premiums less the following deductions are added to the Fund Value. (1) A
premium tax charge of .8% of gross premiums in all Policy years. (2) A sales
charge on the gross premiums. The sales charges equal 4% in Policy years 1-10,
2% in Policy years 11-20, and 0% in Policy years 21 and later. (3) A DAC tax
charge of 1.25% of gross premiums in all Policy years.
Those columns assuming Guaranteed Charges use the current Monthly Mortality
Charges, current Monthly Administrative Charges, current Charges for Mortality
and Expense Risks, current Charges for Rider Benefits if any, and current
Premium Sales Charge ("Current Charges") for the first year as well as the
Assumed Hypothetical Gross Annual Investment Return indicated. Thereafter these
columns use Guaranteed Monthly Mortality Charges, current Monthly Administrative
Charges, Guaranteed Charges for Mortality and Expense Risks, Guaranteed Charges
for Rider Benefits if any, current Maximum Premium Sales Charge, and the Assumed
Hypothetical Gross Annual Investment Return indicated. Those columns assuming
Current Charges are based upon "Current Charges" and the Assumed Hypothetical
Gross Investment Return indicated.
The Current Charges are declared by MONY Life Insurance Company, are
guaranteed for the first Policy year, and apply to policies issued as of the
Preparation Date shown. After the first Policy year, Current Charges are not
guaranteed, and may be changed at the discretion of The Mutual Life Insurance
Company of New York.
The difference between the Fund Value and the Value Upon Surrender is a
Fund Charge. A Fund Charge will apply during the first fourteen years from issue
or following a specified amount increase if the Policy is given up for its Value
Upon Surrender or is terminated, or if the specified amount is reduced. Any
applicable fund charge will be deducted from the Fund Value. Whenever there is a
partial surrender, the surrender amount and the surrender charge ($25.00 or 2%
of the amount surrendered, if less) could be deducted from the benefit payable
at death and will be deducted from the Fund Value and the Value Upon Surrender.
A Policy loan will have a permanent effect on benefits under this Policy.
Loan interest at an annual rate of 5.4% will be charged in advance (equivalent
to 5.75% in arrears). Amounts borrowed will be deposited in a loan account and
earn interest at an annual rate of 5.0%. This rate is determined by subtracting
a hold back margin for profit and expenses of .75% from the loan rate. After the
tenth Policy anniversary the annual interest rate applicable to the loan account
will be .5% higher based on a reduction in the hold back margin for profit and
expenses of .5%. This reduction is guaranteed and will be credited only when
interest in excess of the 5% guaranteed rate is being applied to amounts
allocated to the Guaranteed Interest Account for policies of the same type which
have not reached their tenth anniversary. Adverse tax consequences could occur
if a Policy subject to loans is surrendered or permitted to lapse.
Right to Return Policy -- This Policy may be returned to MONY Life
Insurance Company during the period that starts with the Policy's delivery and
ends on the latest of: (a) 10 days after delivery of the Policy to the
rightsholder; (b) 45 days after part 1 of the application is signed; (c) 10 days
after we mail or deliver a notice of withdrawal right. The Policy may be
returned by delivery or mail, along with a written notice to cancel, to our home
office, a local office, or to the agent who sold it. We will then promptly
refund any premiums paid.
B-3
<PAGE> 107
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 351 2,154 200,000 351 2,154 200,000 351 2,154 200,000
2 47 3,088 0 2,140 4,205 200,000 2,140 4,205 200,000 2,442 4,507 200,000
3 48 3,088 0 3,025 6,186 200,000 3,025 6,186 200,000 3,577 6,738 200,000
4 49 3,088 0 4,916 8,077 200,000 4,916 8,077 200,000 5,667 8,828 200,000
5 50 3,088 0 6,718 9,880 200,000 6,718 9,880 200,000 7,664 10,826 200,000
6 51 3,088 0 8,751 11,597 200,000 8,751 11,597 200,000 9,843 12,689 200,000
7 52 3,088 0 10,678 13,208 200,000 10,678 13,208 200,000 11,959 14,488 200,000
8 53 3,088 0 12,502 14,715 200,000 12,502 14,715 200,000 14,011 16,224 200,000
9 54 3,088 0 14,202 16,099 200,000 14,202 16,099 200,000 16,023 17,920 200,000
10 55 3,088 0 15,782 17,363 200,000 15,782 17,363 200,000 17,975 19,556 200,000
11 56 3,088 0 17,381 18,646 200,000 17,381 18,646 200,000 19,953 21,218 200,000
12 57 3,088 0 18,827 19,775 200,000 18,827 19,775 200,000 21,755 22,703 200,000
13 58 3,088 0 20,121 20,754 200,000 20,121 20,754 200,000 23,467 24,100 200,000
14 59 3,088 0 21,245 21,561 200,000 21,245 21,561 200,000 25,114 25,430 200,000
15 60 3,088 0 22,179 22,179 200,000 22,179 22,179 200,000 26,715 26,715 200,000
16 61 3,088 0 22,587 22,587 200,000 22,587 22,587 200,000 27,936 27,936 200,000
17 62 3,088 0 22,763 22,763 200,000 22,763 22,763 200,000 29,012 29,012 200,000
18 63 3,088 0 22,708 22,708 200,000 22,708 22,708 200,000 29,904 29,904 200,000
19 64 3,088 0 22,336 22,336 200,000 22,336 22,336 200,000 30,675 30,675 200,000
20 65 3,088 0 21,621 21,621 200,000 21,621 21,621 200,000 31,327 31,327 200,000
21 66 3,088 0 20,579 20,579 200,000 20,579 20,579 200,000 31,881 31,881 200,000
22 67 3,088 0 19,116 19,116 200,000 19,116 19,116 200,000 32,276 32,276 200,000
23 68 3,088 0 17,176 17,176 200,000 17,176 17,176 200,000 32,474 32,474 200,000
24 69 3,088 0 14,699 14,699 200,000 14,699 14,699 200,000 32,413 32,413 200,000
25 70 3,088 0 11,639 11,639 200,000 11,639 11,639 200,000 32,033 32,033 200,000
26 71 3,088 0 7,872 7,872 200,000 7,872 7,872 200,000 31,328 31,328 200,000
27 72 3,088 0 3,146 3,146 200,000 3,146 3,146 200,000 30,213 30,213 200,000
28 73 3,088 0 0 0 0 0 0 0 28,718 28,718 200,000
29 74 3,088 0 0 0 0 0 0 0 26,706 26,706 200,000
30 75 3,088 0 0 0 0 0 0 0 24,117 24,117 200,000
31 76 3,088 0 0 0 0 0 0 0 20,943 20,943 200,000
32 77 3,088 0 0 0 0 0 0 0 16,998 16,998 200,000
33 78 3,088 0 0 0 0 0 0 0 12,120 12,120 200,000
34 79 3,088 0 0 0 0 0 0 0 5,335 5,335 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-4
<PAGE> 108
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 351 2,154 200,000
2 47 3,088 0 0 0 2,442 4,507 200,000
3 48 3,088 0 0 0 3,577 6,738 200,000
4 49 3,088 0 0 0 5,667 8,828 200,000
5 50 3,088 0 0 0 7,664 10,826 200,000
6 51 3,088 0 0 0 9,843 12,689 200,000
7 52 3,088 0 0 0 11,959 14,488 200,000
8 53 3,088 0 0 0 14,011 16,224 200,000
9 54 3,088 0 0 0 16,023 17,920 200,000
10 55 3,088 0 0 0 17,975 19,556 200,000
11 56 3,088 0 0 0 19,953 21,218 200,000
12 57 3,088 0 0 0 21,755 22,703 200,000
13 58 3,088 0 0 0 23,467 24,100 200,000
14 59 3,088 0 0 0 25,114 25,430 200,000
15 60 3,088 0 0 0 26,715 26,715 200,000
16 61 3,088 0 0 0 27,936 27,936 200,000
17 62 3,088 0 0 0 29,012 29,012 200,000
18 63 3,088 0 0 0 29,904 29,904 200,000
19 64 3,088 0 0 0 30,675 30,675 200,000
20 65 3,088 0 0 0 31,327 31,327 200,000
21 66 3,088 0 0 0 31,881 31,881 200,000
22 67 3,088 0 0 0 32,276 32,276 200,000
23 68 3,088 0 0 0 32,474 32,474 200,000
24 69 3,088 0 0 0 32,413 32,413 200,000
25 70 3,088 0 0 0 32,033 32,033 200,000
26 71 3,088 0 0 0 31,328 31,328 200,000
27 72 3,088 0 0 0 30,213 30,213 200,000
28 73 3,088 0 0 0 28,718 28,718 200,000
29 74 3,088 0 0 0 26,706 26,706 200,000
30 75 3,088 0 0 0 24,117 24,117 200,000
31 76 3,088 0 0 0 20,943 20,943 200,000
32 77 3,088 0 0 0 16,998 16,998 200,000
33 78 3,088 0 0 0 12,120 12,120 200,000
34 79 3,088 0 0 0 5,335 5,335 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0% over a period of years, but also fluctuated
above or below those averages for individual contract years. No representations
can be made by The Mutual Life Insurance Company of New York, MONY Series Fund
or Enterprise Accumulation Trust that these hypothetical rates of return can be
achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-5
<PAGE> 109
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF ANNUAL LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- ------ --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 351 2,154 200,000 501 2,304 200,000 501 2,304 200,000
2 47 3,088 0 2,140 4,205 200,000 2,573 4,639 200,000 2,885 4,950 200,000
3 48 3,088 0 3,025 6,186 200,000 3,877 7,039 200,000 4,465 7,626 200,000
4 49 3,088 0 4,916 8,077 200,000 6,324 9,485 200,000 7,150 10,312 200,000
5 50 3,088 0 6,718 9,880 200,000 8,821 11,983 200,000 9,895 13,057 200,000
6 51 3,088 0 8,751 11,597 200,000 11,689 14,535 200,000 12,976 15,821 200,000
7 52 3,088 0 10,678 13,208 200,000 14,595 17,124 200,000 16,147 18,676 200,000
8 53 3,088 0 12,502 14,715 200,000 17,542 19,755 200,000 19,414 21,628 200,000
9 54 3,088 0 14,202 16,099 200,000 20,513 22,410 200,000 22,806 24,703 200,000
10 55 3,088 0 15,782 17,363 200,000 23,513 25,094 200,000 26,308 27,889 200,000
11 56 3,088 0 17,381 18,646 200,000 26,734 27,998 200,000 30,067 31,332 200,000
12 57 3,088 0 18,827 19,775 200,000 29,977 30,925 200,000 33,855 34,804 200,000
13 58 3,088 0 20,121 20,754 200,000 33,249 33,881 200,000 37,760 38,392 200,000
14 59 3,088 0 21,245 21,561 200,000 36,537 36,853 200,000 41,812 42,128 200,000
15 60 3,088 0 22,179 22,179 200,000 39,826 39,826 200,000 46,042 46,042 200,000
16 61 3,088 0 22,587 22,587 200,000 42,790 42,790 200,000 50,126 50,126 200,000
17 62 3,088 0 22,763 22,763 200,000 45,731 45,731 200,000 54,322 54,322 200,000
18 63 3,088 0 22,708 22,708 200,000 48,655 48,655 200,000 58,608 58,608 200,000
19 64 3,088 0 22,336 22,336 200,000 51,497 51,497 200,000 63,051 63,051 200,000
20 65 3,088 0 21,621 21,621 200,000 54,242 54,242 200,000 67,667 67,667 200,000
21 66 3,088 0 20,579 20,579 200,000 56,926 56,926 200,000 72,506 72,506 200,000
22 67 3,088 0 19,116 19,116 200,000 59,473 59,473 200,000 77,527 77,527 200,000
23 68 3,088 0 17,176 17,176 200,000 61,850 61,850 200,000 82,723 82,723 200,000
24 69 3,088 0 14,699 14,699 200,000 64,023 64,023 200,000 88,074 88,074 200,000
25 70 3,088 0 11,639 11,639 200,000 65,971 65,971 200,000 93,570 93,570 200,000
26 71 3,088 0 7,872 7,872 200,000 67,620 67,620 200,000 99,241 99,241 200,000
27 72 3,088 0 3,146 3,146 200,000 68,811 68,811 200,000 105,075 105,075 200,000
28 73 3,088 0 0 0 0 69,592 69,592 200,000 111,134 111,134 200,000
29 74 3,088 0 0 0 0 69,786 69,786 200,000 117,401 117,401 200,000
30 75 3,088 0 0 0 0 69,220 69,220 200,000 123,910 123,910 200,000
31 76 3,088 0 0 0 0 67,741 67,741 200,000 130,732 130,732 200,000
32 77 3,088 0 0 0 0 65,174 65,174 200,000 137,879 137,879 200,000
33 78 3,088 0 0 0 0 61,299 61,299 200,000 145,403 145,403 200,000
34 79 3,088 0 0 0 0 55,837 55,837 200,000 153,165 153,165 200,000
35 80 3,088 0 0 0 0 48,407 48,407 200,000 161,457 161,457 200,000
36 81 3,088 0 0 0 0 38,458 38,458 200,000 170,446 170,446 200,000
37 82 3,088 0 0 0 0 25,239 25,239 200,000 180,305 180,305 200,000
38 83 3,088 0 0 0 0 7,623 7,623 200,000 191,389 191,389 200,958
39 84 3,088 0 0 0 0 0 0 0 203,198 203,198 213,358
40 85 3,088 0 0 0 0 0 0 0 215,450 215,450 226,223
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-6
<PAGE> 110
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 0 0 0 228,154 228,154 239,562
42 87 3,088 0 0 0 0 0 0 0 241,294 241,294 253,358
43 88 3,088 0 0 0 0 0 0 0 254,876 254,876 267,620
44 89 3,088 0 0 0 0 0 0 0 268,893 268,893 282,338
45 90 3,088 0 0 0 0 0 0 0 283,336 283,336 297,502
46 91 3,088 0 0 0 0 0 0 0 298,164 298,164 313,073
47 92 3,088 0 0 0 0 0 0 0 313,861 313,861 326,416
48 93 3,088 0 0 0 0 0 0 0 330,532 330,532 340,448
49 94 3,088 0 0 0 0 0 0 0 348,435 348,435 355,403
50 95 3,888 0 0 0 0 0 0 0 367,890 367,890 371,569
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the Contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-7
<PAGE> 111
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 501 2,304 200,000
2 47 3,088 0 0 0 2,885 4,950 200,000
3 48 3,088 0 0 0 4,465 7,626 200,000
4 49 3,088 0 0 0 7,150 10,312 200,000
5 50 3,088 0 0 0 9,895 13,057 200,000
6 51 3,088 0 0 0 12,976 15,821 200,000
7 52 3,088 0 0 0 16,147 18,676 200,000
8 53 3,088 0 0 0 19,414 21,628 200,000
9 54 3,088 0 0 0 22,806 24,703 200,000
10 55 3,088 0 0 0 26,308 27,889 200,000
11 56 3,088 0 0 0 30,067 31,332 200,000
12 57 3,088 0 0 0 33,855 34,804 200,000
13 58 3,088 0 0 0 37,760 38,392 200,000
14 59 3,088 0 0 0 41,812 42,128 200,000
15 60 3,088 0 0 0 46,042 46,042 200,000
16 61 3,088 0 0 0 50,126 50,126 200,000
17 62 3,088 0 0 0 54,322 54,322 200,000
18 63 3,088 0 0 0 58,608 58,608 200,000
19 64 3,088 0 0 0 63,051 63,051 200,000
20 65 3,088 0 0 0 67,667 67,667 200,000
21 66 3,088 0 0 0 72,506 72,506 200,000
22 67 3,088 0 0 0 77,527 77,527 200,000
23 68 3,088 0 0 0 82,723 82,723 200,000
24 69 3,088 0 0 0 88,074 88,074 200,000
25 70 3,088 0 0 0 93,570 93,570 200,000
26 71 3,088 0 0 0 99,241 99,241 200,000
27 72 3,088 0 0 0 105,075 105,075 200,000
28 73 3,088 0 0 0 111,134 111,134 200,000
29 74 3,088 0 0 0 117,401 117,401 200,000
30 75 3,088 0 0 0 123,910 123,910 200,000
31 76 3,088 0 0 0 130,732 130,732 200,000
32 77 3,088 0 0 0 137,879 137,879 200,000
33 78 3,088 0 0 0 145,403 145,403 200,000
34 79 3,088 0 0 0 153,165 153,165 200,000
35 80 3,088 0 0 0 161,457 161,457 200,000
36 81 3,088 0 0 0 170,446 170,446 200,000
37 82 3,088 0 0 0 180,305 180,305 200,000
38 83 3,088 0 0 0 191,389 191,389 200,958
39 84 3,088 0 0 0 203,198 203,198 213,358
40 85 3,088 0 0 0 215,450 215,450 226,223
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-8
<PAGE> 112
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 228,154 228,154 239,562
42 87 3,088 0 0 0 241,294 241,294 253,358
43 88 3,088 0 0 0 254,876 254,876 267,620
44 89 3,088 0 0 0 268,893 268,893 282,338
45 90 3,088 0 0 0 283,336 283,336 297,502
46 91 3,088 0 0 0 298,164 298,164 313,073
47 92 3,088 0 0 0 313,861 313,861 326,416
48 93 3,088 0 0 0 330,532 330,532 340,448
49 94 3,088 0 0 0 348,435 348,435 355,403
50 95 3,088 0 0 0 367,890 367,890 371,569
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results nay be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-9
<PAGE> 113
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 351 2,154 200,000 652 2,455 200,000
2 47 3,088 0 2,140 4,205 200,000 3,026 5,091 200,000
3 48 3,088 0 3,025 6,186 200,000 4,803 7,964 200,000
4 49 3,088 0 4,916 8,077 200,000 7,916 11,077 200,000
5 50 3,088 0 6,718 9,880 200,000 11,296 14,458 200,000
6 51 3,088 0 8,751 11,597 200,000 15,293 18,139 200,000
7 52 3,088 0 10,678 13,208 200,000 19,603 22,132 200,000
8 53 3,088 0 12,502 14,715 200,000 24,264 26,477 200,000
9 54 3,088 0 14,202 16,099 200,000 29,299 31,195 200,000
10 55 3,088 0 15,782 17,363 200,000 34,754 36,334 200,000
11 56 3,088 0 17,381 18,646 200,000 40,946 42,210 200,000
12 57 3,088 0 18,827 19,775 200,000 47,697 48,645 200,000
13 58 3,088 0 20,121 20,754 200,000 55,085 55,717 200,000
14 59 3,088 0 21,245 21,561 200,000 63,182 63,498 200,000
15 60 3,088 0 22,179 22,179 200,000 72,072 72,072 200,000
16 61 3,088 0 22,587 22,587 200,000 81,542 81,542 200,000
17 62 3,088 0 22,763 22,763 200,000 92,027 92,027 200,000
18 63 3,088 0 22,708 22,708 200,000 103,684 103,684 200,000
19 64 3,088 0 22,336 22,336 200,000 116,651 116,651 200,000
20 65 3,088 0 21,621 21,621 200,000 131,134 131,134 200,000
21 66 3,088 0 20,579 20,579 200,000 147,447 147,447 200,000
22 67 3,088 0 19,116 19,116 200,000 165,834 165,834 200,000
23 68 3,088 0 17,176 17,176 200,000 186,426 186,426 219,983
24 69 3,088 0 14,699 14,699 200,000 209,129 209,129 244,681
25 70 3,088 0 11,639 11,639 200,000 234,159 234,159 271,624
26 71 3,088 0 7,872 7,872 200,000 261,745 261,745 301,007
27 72 3,088 0 3,146 3,146 200,000 292,235 292,235 330,225
28 73 3,088 0 0 0 0 326,016 326,016 361,878
29 74 3,088 0 0 0 0 363,479 363,479 396,192
30 75 3,088 0 0 0 0 405,101 405,101 433,458
31 76 3,088 0 0 0 0 451,462 451,462 474,035
32 77 3,088 0 0 0 0 502,588 502,588 527,718
33 78 3,088 0 0 0 0 558,941 558,941 586,888
34 79 3,088 0 0 0 0 621,019 621,019 652,070
35 80 3,088 0 0 0 0 689,361 689,361 723,829
36 81 3,088 0 0 0 0 764,534 764,534 802,761
37 82 3,088 0 0 0 0 847,143 847,143 889,500
38 83 3,088 0 0 0 0 937,802 937,802 984,692
39 84 3,088 0 0 0 0 1,037,161 1,037,161 1,089,019
40 85 3,088 0 0 0 0 1,145,904 1,145,904 1,203,199
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 652 2,455 200,000
2 3,347 5,412 200,000
3 5,426 8,588 200,000
4 8,822 11,983 200,000
5 12,513 15,674 200,000
6 16,804 19,649 200,000
7 21,482 24,011 200,000
8 26,592 28,805 200,000
9 32,204 34,101 200,000
10 38,354 39,935 200,000
11 45,330 46,594 200,000
12 52,926 53,875 200,000
13 61,303 61,935 200,000
14 70,577 70,893 200,000
15 80,877 80,877 200,000
16 91,999 91,999 200,000
17 104,350 104,350 200,000
18 118,078 118,078 200,000
19 133,408 133,408 200,000
20 150,559 150,559 200,000
21 169,836 169,836 203,803
22 191,260 191,260 227,600
23 214,957 214,957 253,650
24 241,157 241,157 282,153
25 270,112 270,112 313,330
26 302,119 302,119 347,437
27 337,561 337,561 381,444
28 376,857 376,857 418,312
29 420,445 420,445 458,285
30 468,849 468,849 501,669
31 522,691 522,691 548,826
32 582,229 582,229 611,340
33 648,032 648,032 680,434
34 720,574 720,574 756,603
35 800,612 800,612 840,643
36 888,884 888,884 933,328
37 986,132 986,132 1,035,438
38 1,093,524 1,093,524 1,148,201
39 1,211,828 1,211,828 1,272,419
40 1,341,981 1,341,981 1,409,080
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-10
<PAGE> 114
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- ---------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 1,264,758 1,264,758 1,327,996
42 87 3,088 0 0 0 0 1,394,497 1,394,497 1,464,222
43 88 3,088 0 0 0 0 1,535,948 1,535,948 1,612,745
44 89 3,088 0 0 0 0 1,689,976 1,689,976 1,774,474
45 90 3,088 0 0 0 0 1,857,496 1,857,496 1,950,371
46 91 3,088 0 0 0 0 2,039,413 2,039,413 2,141,384
47 92 3,088 0 0 0 0 2,242,553 2,242,553 2,332,255
48 93 3,088 0 0 0 0 2,470,540 2,470,540 2,544,656
49 94 3,088 0 0 0 0 2,727,836 2,727,336 2,782,392
50 95 3,088 0 0 0 0 3,020,010 3,020,010 3,050,210
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,485,103 1,485,103 1,559,358
42 1,642,245 1,642,245 1,724,357
43 1,814,699 1,814,699 1,905,434
44 2,003,755 2,003,755 2,103,942
45 2,210,786 2,210,786 2,321,325
46 2,437,043 2,437,043 2,558,895
47 2,688,285 2,688,285 2,795,817
48 2,967,872 2,967,872 3,056,908
49 3,281,000 3,281,000 3,346,620
50 3,634,229 3,634,229 3,670,571
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 3/5/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-11
<PAGE> 115
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 652 2,455 200,000
2 47 3,088 0 0 0 3,347 5,412 200,000
3 48 3,088 0 0 0 5,426 8,588 200,000
4 49 3,088 0 0 0 8,822 11,983 200,000
5 50 3,088 0 0 0 12,513 15,674 200,000
6 51 3,088 0 0 0 16,804 19,649 200,000
7 52 3,088 0 0 0 21,482 24,011 200,000
8 53 3,088 0 0 0 26,592 28,805 200,000
9 54 3,088 0 0 0 32,204 34,101 200,000
10 55 3,088 0 0 0 38,354 39,935 200,000
11 56 3,088 0 0 0 45,330 46,594 200,000
12 57 3,088 0 0 0 52,926 53,875 200,000
13 58 3,088 0 0 0 61,303 61,935 200,000
14 59 3,088 0 0 0 70,577 70,893 200,000
15 60 3,088 0 0 0 80,877 80,877 200,000
16 61 3,088 0 0 0 91,999 91,999 200,000
17 62 3,088 0 0 0 104,350 104,350 200,000
18 63 3,088 0 0 0 118,078 118,078 200,000
19 64 3,088 0 0 0 133,408 133,408 200,000
20 65 3,088 0 0 0 150,559 150,559 200,000
21 66 3,088 0 0 0 169,836 169,836 203,803
22 67 3,088 0 0 0 191,260 191,260 227,600
23 68 3,088 0 0 0 214,957 214,957 253,650
24 69 3,088 0 0 0 241,157 241,157 282,153
25 70 3,088 0 0 0 270,112 270,112 313,330
26 71 3,088 0 0 0 302,119 302,119 347,437
27 72 3,088 0 0 0 337,561 337,561 381,444
28 73 3,088 0 0 0 376,857 376,857 418,312
29 74 3,088 0 0 0 420,445 420,445 458,285
30 75 3,088 0 0 0 468,849 468,849 501,669
31 76 3,088 0 0 0 522,691 522,691 548,826
32 77 3,088 0 0 0 582,229 582,229 611,340
33 78 3,088 0 0 0 648,032 648,032 680,434
34 79 3,088 0 0 0 720,574 720,574 756,603
35 80 3,088 0 0 0 800,612 800,612 840,643
36 81 3,088 0 0 0 888,884 888,884 933,328
37 82 3,088 0 0 0 986,132 986,132 1,035,438
38 83 3,088 0 0 0 1,093,524 1,093,524 1,148,201
39 84 3,088 0 0 0 1,211,828 1,211,828 1,272,419
40 85 3,088 0 0 0 1,341,981 1,341,981 1,409,080
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-12
<PAGE> 116
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 1,485,103 1,485,103 1,559,358
42 87 3,088 0 0 0 1,642,245 1,642,245 1,724,357
43 88 3,088 0 0 0 1,814,699 1,814,699 1,905,434
44 89 3,088 0 0 0 2,003,755 2,003,755 2,103,942
45 90 3,088 0 0 0 2,210,786 2,210,786 2,321,325
46 91 3,088 0 0 0 2,437,043 2,437,043 2,558,895
47 92 3,088 0 0 0 2,688,285 2,688,285 2,795,817
48 93 3,088 0 0 0 2,967,872 2,967,872 3,056,908
49 94 3,088 0 0 0 3,281,000 3,281,000 3,346,620
50 95 3,088 0 0 0 3,634,229 3,634,229 3,670,571
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-13
<PAGE> 117
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 58 1,728 200,000 58 1,728 200,000 58 1,728 200,000
2 47 2,578 0 1,490 3,380 200,000 1,490 3,380 200,000 1,817 3,708 200,000
3 48 2,578 0 2,185 4,990 200,000 2,185 4,990 200,000 2,810 5,614 200,000
4 49 2,578 0 3,730 6,535 200,000 3,730 6,535 200,000 4,577 7,381 200,000
5 50 2,578 0 5,189 7,994 200,000 5,189 7,994 200,000 6,254 9,058 200,000
6 51 2,578 0 6,867 9,391 200,000 6,867 9,391 200,000 7,988 10,512 200,000
7 52 2,578 0 8,463 10,706 200,000 8,463 10,706 200,000 9,661 11,905 200,000
8 53 2,578 0 9,977 11,940 200,000 9,977 11,940 200,000 11,297 13,260 200,000
9 54 2,578 0 11,413 13,096 200,000 11,413 13,096 200,000 12,896 14,579 200,000
10 55 2,578 0 12,771 14,173 200,000 12,771 14,173 200,000 14,437 15,840 200,000
11 56 2,578 0 14,161 15,283 200,000 14,161 15,283 200,000 15,996 17,118 200,000
12 57 2,578 0 15,460 16,301 200,000 15,460 16,301 200,000 17,483 18,324 200,000
13 58 2,578 0 16,668 17,229 200,000 16,668 17,229 200,000 18,922 19,483 200,000
14 59 2,578 0 17,786 18,067 200,000 17,786 18,067 200,000 20,249 20,529 200,000
15 60 2,578 0 18,817 18,817 200,000 18,817 18,817 200,000 21,551 21,551 200,000
16 61 2,578 0 19,479 19,479 200,000 19,479 19,479 200,000 22,547 22,547 200,000
17 62 2,578 0 20,011 20,011 200,000 20,011 20,011 200,000 23,520 23,520 200,000
18 63 2,578 0 20,393 20,393 200,000 20,393 20,393 200,000 24,363 24,363 200,000
19 64 2,578 0 20,605 20,605 200,000 20,605 20,605 200,000 25,183 25,183 200,000
20 65 2,578 0 20,603 20,603 200,000 20,603 20,603 200,000 25,898 25,898 200,000
21 66 2,578 0 20,396 20,396 200,000 20,396 20,396 200,000 26,518 26,518 200,000
22 67 2,578 0 19,953 19,953 200,000 19,953 19,953 200,000 27,014 27,014 200,000
23 68 2,578 0 19,249 19,249 200,000 19,249 19,249 200,000 27,366 27,366 200,000
24 69 2,578 0 18,281 18,281 200,000 18,281 18,281 200,000 27,575 27,575 200,000
25 70 2,578 0 17,023 17,023 200,000 17,023 17,023 200,000 27,681 27,681 200,000
26 71 2,578 0 15,423 15,423 200,000 15,423 15,423 200,000 27,603 27,603 200,000
27 72 2,578 0 13,384 13,384 200,000 13,384 13,384 200,000 27,339 27,339 200,000
28 73 2,578 0 10,822 10,822 200,000 10,822 10,822 200,000 26,868 26,868 200,000
29 74 2,578 0 7,579 7,579 200,000 7,579 7,579 200,000 26,126 26,126 200,000
30 75 2,578 0 3,525 3,525 200,000 3,525 3,525 200,000 25,088 25,088 200,000
31 76 2,578 0 0 0 0 0 0 0 23,642 23,642 200,000
32 77 2,578 0 0 0 0 0 0 0 21,778 21,778 200,000
33 78 2,578 0 0 0 0 0 0 0 19,417 19,417 200,000
34 79 2,578 0 0 0 0 0 0 0 16,408 16,408 200,000
35 80 2,578 0 0 0 0 0 0 0 12,718 12,718 200,000
36 81 2,578 0 0 0 0 0 0 0 8,124 8,124 200,000
37 82 2,578 0 0 0 0 0 0 0 2,586 2,586 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 83.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-14
<PAGE> 118
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 58 1,728 200,000
2 47 2,578 0 0 0 1,817 3,708 200,000
3 48 2,578 0 0 0 2,810 5,614 200,000
4 49 2,578 0 0 0 4,577 7,381 200,000
5 50 2,578 0 0 0 6,254 9,058 200,000
6 51 2,578 0 0 0 7,988 10,512 200,000
7 52 2,578 0 0 0 9,661 11,905 200,000
8 53 2,578 0 0 0 11,297 13,260 200,000
9 54 2,578 0 0 0 12,896 14,579 200,000
10 55 2,578 0 0 0 14,437 15,840 200,000
11 56 2,578 0 0 0 15,996 17,118 200,000
12 57 2,578 0 0 0 17,483 18,324 200,000
13 58 2,578 0 0 0 18,922 19,483 200,000
14 59 2,578 0 0 0 20,249 20,529 200,000
15 60 2,578 0 0 0 21,551 21,551 200,000
16 61 2,578 0 0 0 22,547 22,547 200,000
17 62 2,578 0 0 0 23,520 23,520 200,000
18 63 2,578 0 0 0 24,363 24,363 200,000
19 64 2,578 0 0 0 25,183 25,183 200,000
20 65 2,578 0 0 0 25,898 25,898 200,000
21 66 2,578 0 0 0 26,518 26,518 200,000
22 67 2,578 0 0 0 27,014 27,014 200,000
23 68 2,578 0 0 0 27,366 27,366 200,000
24 69 2,578 0 0 0 27,575 27,575 200,000
25 70 2,578 0 0 0 27,681 27,681 200,000
26 71 2,578 0 0 0 27,603 27,603 200,000
27 72 2,578 0 0 0 27,339 27,339 200,000
28 73 2,578 0 0 0 26,868 26,868 200,000
29 74 2,578 0 0 0 26,126 26,126 200,000
30 75 2,578 0 0 0 25,088 25,088 200,000
31 76 2,578 0 0 0 23,642 23,642 200,000
32 77 2,578 0 0 0 21,778 21,778 200,000
33 78 2,578 0 0 0 19,417 19,417 200,000
34 79 2,578 0 0 0 16,408 16,408 200,000
35 80 2,578 0 0 0 12,718 12,718 200,000
36 81 2,578 0 0 0 8,124 8,124 200,000
37 82 2,578 0 0 0 2,586 2,586 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 83.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-15
<PAGE> 119
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- -----------------------------
0.00% (- 1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 58 1,728 200,000 181 1,851 200,000 181 1,851 200,000
2 47 2,578 0 1,490 3,380 200,000 1,844 3,734 200,000 2,181 4,071 200,000
3 48 2,578 0 2,185 4,990 200,000 2,879 5,683 200,000 3,542 6,347 200,000
4 49 2,578 0 3,730 6,535 200,000 4,874 7,679 200,000 5,805 8,610 200,000
5 50 2,578 0 5,189 7,994 200,000 6,897 9,701 200,000 8,106 10,910 200,000
6 51 2,578 0 6,867 9,391 200,000 9,252 11,776 200,000 10,589 13,113 200,000
7 52 2,578 0 8,463 10,706 200,000 11,640 13,883 200,000 13,134 15,378 200,000
8 53 2,578 0 9,977 11,940 200,000 14,064 16,027 200,000 15,767 17,731 200,000
9 54 2,578 0 11,413 13,096 200,000 16,528 18,211 200,000 18,494 20,177 200,000
10 55 2,578 0 12,771 14,173 200,000 19,035 20,437 200,000 21,297 22,699 200,000
11 56 2,578 0 14,161 15,283 200,000 21,739 22,860 200,000 24,301 25,423 200,000
12 57 2,578 0 15,460 16,301 200,000 24,492 25,334 200,000 27,391 28,233 200,000
13 58 2,578 0 16,668 17,229 200,000 27,301 27,862 200,000 30,597 31,158 200,000
14 59 2,578 0 17,786 18,067 200,000 30,172 30,452 200,000 33,863 34,143 200,000
15 60 2,578 0 18,817 18,817 200,000 33,109 33,109 200,000 37,278 37,278 200,000
16 61 2,578 0 19,479 19,479 200,000 35,840 35,840 200,000 40,570 40,570 200,000
17 62 2,578 0 20,011 20,011 200,000 38,611 38,611 200,000 44,030 44,030 200,000
18 63 2,578 0 20,393 20,393 200,000 41,410 41,410 200,000 47,574 47,574 200,000
19 64 2,578 0 20,605 20,605 200,000 44,224 44,224 200,000 51,304 51,304 200,000
20 65 2,578 0 20,603 20,603 200,000 47,022 47,022 200,000 55,159 55,159 200,000
21 66 2,578 0 20,396 20,396 200,000 49,826 49,826 200,000 59,172 59,172 200,000
22 67 2,578 0 19,953 19,953 200,000 52,609 52,609 200,000 63,321 63,321 200,000
23 68 2,578 0 19,249 19,249 200,000 55,360 55,360 200,000 67,604 67,604 200,000
24 69 2,578 0 18,281 18,281 200,000 58,085 58,085 200,000 72,036 72,036 200,000
25 70 2,578 0 17,023 17,023 200,000 60,771 60,771 200,000 76,666 76,666 200,000
26 71 2,578 0 15,423 15,423 200,000 63,393 63,393 200,000 81,451 81,451 200,000
27 72 2,578 0 13,384 13,384 200,000 65,886 65,886 200,000 86,413 86,413 200,000
28 73 2,578 0 10,822 10,822 200,000 68,206 68,206 200,000 91,561 91,561 200,000
29 74 2,578 0 7,579 7,579 200,000 70,254 70,254 200,000 96,880 96,880 200,000
30 75 2,578 0 3,525 3,525 200,000 71,958 71,958 200,000 102,387 102,387 200,000
31 76 2,578 0 0 0 0 73,223 73,223 200,000 108,055 108,055 200,000
32 77 2,578 0 0 0 0 73,961 73,961 200,000 113,924 113,924 200,000
33 78 2,578 0 0 0 0 74,095 74,095 200,000 120,006 120,006 200,000
34 79 2,578 0 0 0 0 73,488 73,488 200,000 126,292 126,292 200,000
35 80 2,578 0 0 0 0 71,991 71,991 200,000 132,845 132,845 200,000
36 81 2,578 0 0 0 0 69,366 69,366 200,000 139,669 139,669 200,000
37 82 2,578 0 0 0 0 65,305 65,305 200,000 146,857 146,857 200,000
38 83 2,578 0 0 0 0 59,341 59,341 200,000 154,385 154,385 200,000
39 84 2,578 0 0 0 0 50,844 50,844 200,000 162,366 162,366 200,000
40 85 2,578 0 0 0 0 39,025 39,025 200,000 170,875 170,875 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 88. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-16
<PAGE> 120
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 0 22,751 22,751 200,000 180,113 180,113 200,000
42 87 2,578 0 0 0 0 499 499 200,000 190,386 190,386 200,000
43 88 2,578 0 0 0 0 0 0 0 201,400 201,400 211,470
44 89 2,578 0 0 0 0 0 0 0 212,777 212,777 223,416
45 90 2,578 0 0 0 0 0 0 0 224,506 224,506 235,731
46 91 2,578 0 0 0 0 0 0 0 236,556 236,556 248,384
47 92 2,578 0 0 0 0 0 0 0 249,325 249,325 259,298
48 93 2,578 0 0 0 0 0 0 0 262,937 262,937 270,825
49 94 2,578 0 0 0 0 0 0 0 277,553 277,553 283,104
50 95 2,578 0 0 0 0 0 0 0 293,353 293,353 296,287
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 88. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-17
<PAGE> 121
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,378 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 181 1,851 200,000
2 47 2,578 0 0 0 2,181 4,071 200,000
3 48 2,578 0 0 0 3,542 6,347 200,000
4 49 2,578 0 0 0 5,805 8,610 200,000
5 50 2,578 0 0 0 8,106 10,910 200,000
6 51 2,578 0 0 0 10,589 13,113 200,000
7 52 2,578 0 0 0 13,134 15,378 200,000
8 53 2,578 0 0 0 15,767 17,731 200,000
9 54 2,578 0 0 0 18,494 20,177 200,000
10 55 2,578 0 0 0 21,297 22,699 200,000
11 56 2,578 0 0 0 24,301 25,423 200,000
12 57 2,578 0 0 0 27,391 28,233 200,000
13 58 2,578 0 0 0 30,597 31,158 200,000
14 59 2,578 0 0 0 33,863 34,143 200,000
15 60 2,578 0 0 0 37,278 37,278 200,000
16 61 2,578 0 0 0 40,570 40,570 200,000
17 62 2,578 0 0 0 44,030 44,030 200,000
18 63 2,578 0 0 0 47,574 47,574 200,000
19 64 2,578 0 0 0 51,304 51,304 200,000
20 65 2,578 0 0 0 55,159 55,159 200,000
21 66 2,578 0 0 0 59,172 59,172 200,000
22 67 2,578 0 0 0 63,321 63,321 200,000
23 68 2,578 0 0 0 67,604 67,604 200,000
24 69 2,578 0 0 0 72,036 72,036 200,000
25 70 2,578 0 0 0 76,666 76,666 200,000
26 71 2,578 0 0 0 81,451 81,451 200,000
27 72 2,578 0 0 0 86,413 86,413 200,000
28 73 2,578 0 0 0 91,561 91,561 200,000
29 74 2,578 0 0 0 96,880 96,880 200,000
30 75 2,578 0 0 0 102,387 102,387 200,000
31 76 2,578 0 0 0 108,055 108,055 200,000
32 77 2,578 0 0 0 113,924 113,924 200,000
33 78 2,578 0 0 0 120,006 120,006 200,000
34 79 2,578 0 0 0 126,292 126,292 200,000
35 80 2,578 0 0 0 132,845 132,845 200,000
36 81 2,578 0 0 0 139,669 139,669 200,000
37 82 2,578 0 0 0 146,857 146,857 200,000
38 83 2,578 0 0 0 154,385 154,385 200,000
39 84 2,578 0 0 0 162,366 162,366 200,000
40 85 2,578 0 0 0 170,875 170,875 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 88. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-18
<PAGE> 122
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,378 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 180,113 180,113 200,000
42 87 2,578 0 0 0 190,386 190,386 200,000
43 88 2,578 0 0 0 201,400 201,400 211,470
44 89 2,578 0 0 0 212,777 212,777 223,416
45 90 2,578 0 0 0 224,506 224,506 235,731
46 91 2,578 0 0 0 236,556 236,556 248,384
47 92 2,578 0 0 0 249,325 249,325 259,298
48 93 2,578 0 0 0 262,937 262,937 270,825
49 94 2,578 0 0 0 277,553 277,553 283,104
50 95 2,578 0 0 0 293,353 293,353 296,287
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6%, contract lapses at age 88. Assuming Current Charges and a Gross Investment
Return of 6%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-19
<PAGE> 123
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (-10.42% NET)
----------------------------- -------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 58 1,728 200,000 304 1,975 200,000
2 47 2,578 0 1,490 3,380 200,000 2,213 4,103 200,000
3 48 2,578 0 2,185 4,990 200,000 3,632 6,436 200,000
4 49 2,578 0 3,730 6,535 200,000 6,168 8,973 200,000
5 50 2,578 0 5,189 7,994 200,000 8,907 11,712 200,000
6 51 2,578 0 6,867 9,391 200,000 12,177 14,701 200,000
7 52 2,578 0 8,463 10,706 200,000 15,703 17,946 200,000
8 53 2,578 0 9,977 11,940 200,000 19,515 21,478 200,000
9 54 2,578 0 11,413 13,096 200,000 23,647 25,330 200,000
10 55 2,578 0 12,771 14,173 200,000 28,138 29,540 200,000
11 56 2,578 0 14,161 15,283 200,000 33,240 34,362 200,000
12 57 2,578 0 15,460 16,301 200,000 38,822 39,663 200,000
13 58 2,578 0 16,668 17,229 200,000 44,945 45,506 200,000
14 59 2,578 0 17,786 18,067 200,000 51,678 51,959 200,000
15 60 2,578 0 18,817 18,817 200,000 59,101 59,101 200,000
16 61 2,578 0 19,479 19,479 200,000 67,021 67,021 200,000
17 62 2,578 0 20,011 20,011 200,000 75,788 75,788 200,000
18 63 2,578 0 20,393 20,393 200,000 85,502 85,502 200,000
19 64 2,578 0 20,605 20,605 200,000 96,279 96,279 200,000
20 65 2,578 0 20,603 20,603 200,000 108,248 108,248 200,000
21 66 2,578 0 20,396 20,396 200,000 121,622 121,622 200,000
22 67 2,578 0 19,953 19,953 200,000 136,568 136,568 200,000
23 68 2,578 0 19,249 19,249 200,000 153,322 153,322 200,000
24 69 2,578 0 18,281 18,281 200,000 172,164 172,164 201,432
25 70 2,578 0 17,023 17,023 200,000 193,172 193,172 224,080
26 71 2,578 0 15,423 15,423 200,000 216,397 216,397 248,856
27 72 2,578 0 13,384 13,384 200,000 242,118 242,118 273,594
28 73 2,578 0 10,822 10,822 200,000 270,624 270,624 300,393
29 74 2,578 0 7,579 7,579 200,000 302,233 302,233 329,434
30 75 2,578 0 3,525 3,525 200,000 337,326 337,326 360,939
31 76 2,578 0 0 0 0 376,346 376,346 395,163
32 77 2,578 0 0 0 0 419,462 419,462 440,435
33 78 2,578 0 0 0 0 467,087 467,087 490,441
34 79 2,578 0 0 0 0 519,661 519,661 545,644
35 80 2,578 0 0 0 0 577,667 577,667 606,550
36 81 2,578 0 0 0 0 641,618 641,618 673,699
37 82 2,578 0 0 0 0 712,062 712,062 747,665
38 83 2,578 0 0 0 0 789,568 789,568 829,046
39 84 2,578 0 0 0 0 874,733 874,733 918,469
40 85 2,578 0 0 0 0 968,199 968,199 1,016,609
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (-10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 304 1,975 200,000
2 2,560 4,450 200,000
3 4,335 7,139 200,000
4 7,189 9,993 200,000
5 10,276 13,081 200,000
6 13,765 16,289 200,000
7 17,556 19,800 200,000
8 21,706 23,670 200,000
9 26,256 27,938 200,000
10 31,227 32,629 200,000
11 36,857 37,978 200,000
12 43,043 43,885 200,000
13 49,875 50,436 200,000
14 57,376 57,657 200,000
15 65,703 65,703 200,000
16 74,673 74,673 200,000
17 84,679 84,679 200,000
18 95,774 95,774 200,000
19 108,165 108,165 200,000
20 121,967 121,967 200,000
21 137,404 137,404 200,000
22 154,649 154,449 200,000
23 173,936 173,936 205,244
24 195,361 195,361 228,573
25 219,095 219,095 254,151
26 245,373 245,373 282,179
27 274,510 274,510 310,196
28 306,830 306,830 340,582
29 342,694 342,694 373,537
30 382,517 382,517 409,293
31 426,762 426,762 448,100
32 475,755 475,755 499,543
33 529,992 529,992 556,492
34 590,003 590,003 619,503
35 656,392 656,392 689,211
36 729,787 729,787 766,276
37 810,915 810,915 851,461
38 900,463 90,063 945,486
39 999,240 999,240 1,049,202
40 1,108,003 1,108,003 1,163,403
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-20
<PAGE> 124
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (-10.42% NET)
---------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 0 1,070,629 1,070,629 1,124,161
42 87 2,578 0 0 0 0 1,182,737 1,182,737 1,241,874
43 88 2,578 0 0 0 0 1,305,243 1,305,243 1,370,505
44 89 2,578 0 0 0 0 1,438,922 1,438,922 1,510,868
45 90 2,578 0 0 0 0 1,584,522 1,584,522 1,663,748
46 91 2,578 0 0 0 0 1,742,822 1,742,822 1,829,964
47 92 2,578 0 0 0 0 1,918,968 1,918,968 1,995,727
48 93 2,578 0 0 0 0 2,115,942 2,115,942 2,179,420
49 94 2,578 0 0 0 0 2,337,470 2,337,470 2,884,219
50 95 2,578 0 0 0 0 2,588,319 2,588,319 2,614,202
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (-10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,227,594 1,227,594 1,288,974
42 1,358,912 1,358,912 1,426,857
43 1,502,886 1,502,886 1,578,030
44 1,660,840 1,660,840 1,743,882
45 1,833,922 1,833,922 1,925,618
46 2,023,180 2,023,180 2,124,339
47 2,233,558 2,233,558 2,322,901
48 2,468,269 2,468,269 2,542,317
49 2,731,304 2,731,304 2,785,930
50 3,027,386 3,027,386 3,057,660
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-21
<PAGE> 125
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 304 1,975 200,000
2 47 2,578 0 0 0 2,560 4,450 200,000
3 48 2,578 0 0 0 4,335 7,139 200,000
4 49 2,578 0 0 0 7,189 9,993 200,000
5 50 2,578 0 0 0 10,276 13,081 200,000
6 51 2,578 0 0 0 13,765 16,289 200,000
7 52 2,578 0 0 0 17,556 19,800 200,000
8 53 2,578 0 0 0 21,706 23,670 200,000
9 54 2,578 0 0 0 26,256 27,938 200,000
10 55 2,578 0 0 0 31,227 32,629 200,000
11 56 2,578 0 0 0 36,857 37,978 200,000
12 57 2,578 0 0 0 43,043 43,885 200,000
13 58 2,578 0 0 0 49,875 50,436 200,000
14 59 2,578 0 0 0 57,376 57,657 200,000
15 60 2,578 0 0 0 65,703 65,703 200,000
16 61 2,578 0 0 0 74,673 74,673 200,000
17 62 2,578 0 0 0 84,679 84,679 200,000
18 63 2,578 0 0 0 95,774 95,774 200,000
19 64 2,578 0 0 0 108,165 108,165 200,000
20 65 2,578 0 0 0 121,967 121,967 200,000
21 66 2,578 0 0 0 137,404 137,404 200,000
22 67 2,578 0 0 0 154,649 154,649 200,000
23 68 2,578 0 0 0 173,936 173,936 205,244
24 69 2,578 0 0 0 195,361 195,361 228,573
25 70 2,578 0 0 0 219,095 219,095 254,151
26 71 2,578 0 0 0 245,373 245,373 282,179
27 72 2,578 0 0 0 274,510 274,510 310,196
28 73 2,578 0 0 0 306,830 306,830 340,582
29 74 2,578 0 0 0 342,694 342,694 373,537
30 75 2,578 0 0 0 382,517 382,517 409,293
31 76 2,578 0 0 0 426,762 426,762 448,100
32 77 2,578 0 0 0 475,755 475,755 499,543
33 78 2,578 0 0 0 529,992 529,992 556,492
34 79 2,578 0 0 0 590,003 590,003 619,503
35 80 2,578 0 0 0 656,392 656,392 689,211
36 81 2,578 0 0 0 729,787 729,787 766,276
37 82 2,578 0 0 0 810,915 810,915 851,461
38 83 2,578 0 0 0 900,463 900,463 945,486
39 84 2,578 0 0 0 999,240 999,240 1,049,202
40 85 2,578 0 0 0 1,108,003 1,108,003 1,163,403
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-22
<PAGE> 126
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 1,227,594 1,227,594 1,288,974
42 87 2,578 0 0 0 1,358,912 1,358,912 1,426,857
43 88 2,578 0 0 0 1,502,886 1,502,886 1,578,030
44 89 2,578 0 0 0 1,660,840 1,660,840 1,743,882
45 90 2,578 0 0 0 1,833,922 1,833,922 1,925,618
46 91 2,578 0 0 0 2,023,180 2,023,180 2,124,339
47 92 2,578 0 0 0 2,233,558 2,233,558 2,322,901
48 93 2,578 0 0 0 2,468,269 2,468,269 2,542,317
49 94 2,578 0 0 0 2,731,304 2,731,304 2,785,930
50 95 2,578 0 0 0 3,027,386 3,027,386 3,057,660
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-23
<PAGE> 127
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 622 2,704 200,000 622 2,704 200,000 622 2,704 200,000
2 47 4,162 0 2,683 5,122 200,000 2,683 5,122 200,000 3,146 5,585 200,000
3 48 4,162 0 3,492 7,405 200,000 3,492 7,405 200,000 4,385 8,298 200,000
4 49 4,162 0 5,622 9,535 200,000 5,622 9,535 200,000 6,914 10,827 200,000
5 50 4,162 0 7,603 11,516 200,000 7,603 11,516 200,000 9,310 13,223 200,000
6 51 4,162 0 9,830 13,352 200,000 9,830 13,352 200,000 11,945 15,467 200,000
7 52 4,162 0 11,894 15,025 200,000 11,894 15,025 200,000 14,433 17,563 200,000
8 53 4,162 0 13,754 16,493 200,000 13,754 16,493 200,000 16,820 19,560 200,000
9 54 4,162 0 15,414 17,762 200,000 15,414 17,762 200,000 19,068 21,416 200,000
10 55 4,162 0 16,834 18,791 200,000 16,834 18,791 200,000 21,158 23,114 200,000
11 56 4,162 0 18,228 19,794 200,000 18,228 19,794 200,000 23,180 24,745 200,000
12 57 4,162 0 19,371 20,545 200,000 19,371 20,545 200,000 25,040 26,214 200,000
13 58 4,162 0 20,242 21,025 200,000 20,242 21,025 200,000 26,554 27,337 200,000
14 59 4,162 0 20,819 21,211 200,000 20,819 21,211 200,000 27,930 28,322 200,000
15 60 4,162 0 21,101 21,101 200,000 21,101 21,101 200,000 29,109 29,109 200,000
16 61 4,162 0 20,669 20,669 200,000 20,669 20,669 200,000 29,698 29,698 200,000
17 62 4,162 0 19,847 19,847 200,000 19,847 19,847 200,000 29,989 29,989 200,000
18 63 4,162 0 18,580 18,580 200,000 18,580 18,580 200,000 29,960 29,960 200,000
19 64 4,162 0 16,812 16,812 200,000 16,812 16,812 200,000 29,606 29,606 200,000
20 65 4,162 0 14,456 14,456 200,000 14,456 14,456 200,000 28,983 28,983 200,000
21 66 4,162 0 11,503 11,503 200,000 11,503 11,503 200,000 28,108 28,108 200,000
22 67 4,162 0 7,832 7,832 200,000 7,832 7,832 200,000 26,910 26,910 200,000
23 68 4,162 0 3,348 3,348 200,000 3,348 3,348 200,000 25,315 25,315 200,000
24 69 4,162 0 0 0 0 0 0 0 23,183 23,183 200,000
25 70 4,162 0 0 0 0 0 0 0 20,339 20,339 200,000
26 71 4,162 0 0 0 0 0 0 0 16,785 16,785 200,000
27 72 4,162 0 0 0 0 0 0 0 12,318 12,318 200,000
28 73 4,162 0 0 0 0 0 0 0 6,935 6,935 200,000
29 74 4,162 0 0 0 0 0 0 0 367 367 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 69. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 75.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-24
<PAGE> 128
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 622 2,704 200,000
2 47 4,162 0 0 0 3,146 5,585 200,000
3 48 4,162 0 0 0 4,385 8,298 200,000
4 49 4,162 0 0 0 6,914 10,827 200,000
5 50 4,162 0 0 0 9,310 13,223 200,000
6 51 4,162 0 0 0 11,945 15,467 200,000
7 52 4,162 0 0 0 14,433 17,563 200,000
8 53 4,162 0 0 0 16,820 19,560 200,000
9 54 4,162 0 0 0 19,068 21,416 200,000
10 55 4,162 0 0 0 21,158 23,114 200,000
11 56 4,162 0 0 0 23,180 24,745 200,000
12 57 4,162 0 0 0 25,040 26,214 200,000
13 58 4,162 0 0 0 26,554 27,337 200,000
14 59 4,162 0 0 0 27,930 28,322 200,000
15 60 4,162 0 0 0 29,109 29,109 200,000
16 61 4,162 0 0 0 29,698 29,698 200,000
17 62 4,162 0 0 0 29,989 29,989 200,000
18 63 4,162 0 0 0 29,960 29,960 200,000
19 64 4,162 0 0 0 29,606 29,606 200,000
20 65 4,162 0 0 0 28,983 28,983 200,000
21 66 4,162 0 0 0 28,108 28,108 200,000
22 67 4,162 0 0 0 26,910 26,910 200,000
23 68 4,162 0 0 0 25,315 25,315 200,000
24 69 4,162 0 0 0 23,183 23,183 200,000
25 70 4,162 0 0 0 20,339 20,339 200,000
26 71 4,162 0 0 0 16,785 16,785 200,000
27 72 4,162 0 0 0 12,318 12,318 200,000
28 73 4,162 0 0 0 6,935 6,935 200,000
29 74 4,162 0 0 0 367 367 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 69. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 75.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change the hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-25
<PAGE> 129
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 622 2,704 200,000 818 2,901 200,000 818 2,901 200,000
2 47 4,162 0 2,683 5,122 200,000 3,239 5,678 200,000 3,716 6,155 200,000
3 48 4,162 0 3,492 7,405 200,000 4,568 8,482 200,000 5,516 9,430 200,000
4 49 4,162 0 5,622 9,535 200,000 7,380 11,293 200,000 8,793 12,707 200,000
5 50 4,162 0 7,603 11,516 200,000 10,204 14,118 200,000 12,124 16,038 200,000
6 51 4,162 0 9,830 13,352 200,000 13,437 16,959 200,000 15,885 19,407 200,000
7 52 4,162 0 11,894 15,025 200,000 16,670 19,800 200,000 19,691 22,821 200,000
8 53 4,162 0 13,754 16,493 200,000 19,864 22,604 200,000 23,592 26,332 200,000
9 54 4,162 0 15,414 17,762 200,000 23,024 25,372 200,000 27,556 29,904 200,000
10 55 4,162 0 16,834 18,791 200,000 26,112 28,068 200,000 31,570 33,527 200,000
11 56 4,162 0 18,228 19,794 200,000 29,400 30,966 200,000 35,803 37,369 200,000
12 57 4,162 0 19,371 20,545 200,000 32,633 33,807 200,000 40,118 41,292 200,000
13 58 4,162 0 20,242 21,025 200,000 35,795 36,578 200,000 44,354 45,137 200,000
14 59 4,162 0 20,819 21,211 200,000 38,870 39,261 200,000 48,711 49,102 200,000
15 60 4,162 0 21,101 21,101 200,000 41,860 41,860 200,000 53,148 53,148 200,000
16 61 4,162 0 20,669 20,669 200,000 44,360 44,360 200,000 57,289 57,289 200,000
17 62 4,162 0 19,847 19,847 200,000 46,704 46,704 200,000 61,457 61,457 200,000
18 63 4,162 0 18,580 18,580 200,000 48,853 48,853 200,000 65,652 65,652 200,000
19 64 4,162 0 16,812 16,812 200,000 50,768 50,768 200,000 69,893 69,893 200,000
20 65 4,162 0 14,456 14,456 200,000 52,382 52,382 200,000 74,248 74,248 200,000
21 66 4,162 0 11,503 11,503 200,000 53,718 53,718 200,000 78,783 78,783 200,000
22 67 4,162 0 7,832 7,832 200,000 54,669 54,669 200,000 83,455 83,455 200,000
23 68 4,162 0 3,348 3,348 200,000 55,171 55,171 200,000 88,252 88,252 200,000
24 69 4,162 0 0 0 0 55,201 55,201 200,000 93,124 93,124 200,000
25 70 4,162 0 0 0 0 54,641 54,641 200,000 98,018 98,018 200,000
26 71 4,162 0 0 0 0 53,351 53,351 200,000 102,997 102,997 200,000
27 72 4,162 0 0 0 0 51,184 51,184 200,000 108,025 108,025 200,000
28 73 4,162 0 0 0 0 47,887 47,887 200,000 113,185 113,185 200,000
29 74 4,162 0 0 0 0 43,186 43,186 200,000 118,451 118,451 200,000
30 75 4,162 0 0 0 0 36,758 36,758 200,000 128,830 123,830 200,000
31 76 4,162 0 0 0 0 28,109 28,109 200,000 129,463 129,463 200,000
32 77 4,162 0 0 0 0 16,708 16,708 200,000 135,312 135,312 200,000
33 78 4,162 0 0 0 0 1,912 1,912 200,000 141,426 141,426 200,000
34 79 4,162 0 0 0 0 0 0 0 147,458 147,458 200,000
35 80 4,162 0 0 0 0 0 0 0 153,856 153,856 200,000
36 81 4,162 0 0 0 0 0 0 0 160,854 160,854 200,000
37 82 4,162 0 0 0 0 0 0 0 168,634 168,634 200,000
38 83 4,162 0 0 0 0 0 0 0 177,850 177,850 200,000
39 84 4,162 0 0 0 0 0 0 0 188,705 188,705 200,000
40 85 4,162 0 0 0 0 0 0 0 200,739 200,739 210,776
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-26
<PAGE> 130
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 0 0 0 0 213,137 213,137 223,794
42 87 4,162 0 0 0 0 0 0 0 225,860 225,860 237,153
43 88 4,162 0 0 0 0 0 0 0 238,911 238,911 250,856
44 89 4,162 0 0 0 0 0 0 0 252,268 252,268 264,881
45 90 4,162 0 0 0 0 0 0 0 265,913 265,913 279,208
46 91 4,162 0 0 0 0 0 0 0 279,780 279,780 293,769
47 92 4,162 0 0 0 0 0 0 0 294,692 294,692 306,479
48 93 4,162 0 0 0 0 0 0 0 310,854 310,854 320,179
49 94 4,162 0 0 0 0 0 0 0 328,507 328,507 335,078
50 95 4,162 0 0 0 0 0 0 0 347,940 347,940 351,420
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-27
<PAGE> 131
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 818 2,901 200,000
2 47 4,162 0 0 0 3,716 6,155 200,000
3 48 4,162 0 0 0 5,516 9,430 200,000
4 49 4,162 0 0 0 8,793 12,707 200,000
5 50 4,162 0 0 0 12,124 16,038 200,000
6 51 4,162 0 0 0 15,885 19,407 200,000
7 52 4,162 0 0 0 19,691 22,821 200,000
8 53 4,162 0 0 0 23,592 26,332 200,000
9 54 4,162 0 0 0 27,556 29,904 200,000
10 55 4,162 0 0 0 31,570 33,527 200,000
11 56 4,162 0 0 0 35,803 37,369 200,000
12 57 4,162 0 0 0 40,118 41,292 200,000
13 58 4,162 0 0 0 44,354 45,137 200,000
14 59 4,162 0 0 0 48,711 49,102 200,000
15 60 4,162 0 0 0 53,148 53,148 200,000
16 61 4,162 0 0 0 57,289 57,289 200,000
17 62 4,162 0 0 0 61,457 61,457 200,000
18 63 4,162 0 0 0 65,652 65,652 200,000
19 64 4,162 0 0 0 69,893 69,893 200,000
20 65 4,162 0 0 0 74,248 74,248 200,000
21 66 4,162 0 0 0 78,783 78,783 200,000
22 67 4,162 0 0 0 83,455 83,455 200,000
23 68 4,162 0 0 0 88,252 88,252 200,000
24 69 4,162 0 0 0 93,124 93,124 200,000
25 70 4,162 0 0 0 98,018 98,018 200,000
26 71 4,162 0 0 0 102,997 102,997 200,000
27 72 4,162 0 0 0 108,025 108,025 200,000
28 73 4,162 0 0 0 113,185 113,185 200,000
29 74 4,162 0 0 0 118,451 118,451 200,000
30 75 4,162 0 0 0 123,830 123,830 200,000
31 76 4,162 0 0 0 129,463 129,463 200,000
32 77 4,162 0 0 0 135,312 135,312 200,000
33 78 4,162 0 0 0 141,426 141,426 200,000
34 79 4,162 0 0 0 147,458 147,458 200,000
35 80 4,162 0 0 0 153,856 153,856 200,000
36 81 4,162 0 0 0 160,854 160,854 200,000
37 82 4,162 0 0 0 168,634 168,634 200,000
38 83 4,162 0 0 0 177,850 177,850 200,000
39 84 4,162 0 0 0 188,705 188,705 200,000
40 85 4,162 0 0 0 200,739 200,739 210,776
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-28
<PAGE> 132
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 213,137 213,137 223,794
42 87 4,162 0 0 0 225,860 225,860 237,153
43 88 4,162 0 0 0 238,911 238,911 250,856
44 89 4,162 0 0 0 252,268 252,268 264,881
45 90 4,162 0 0 0 265,913 265,913 279,208
46 91 4,162 0 0 0 279,780 279,780 293,769
47 92 4,162 0 0 0 294,692 294,692 306,479
48 93 4,162 0 0 0 310,854 310,854 320,179
49 94 4,162 0 0 0 328,507 328,507 335,078
50 95 4,162 0 0 0 347,940 347,940 351,420
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-29
<PAGE> 133
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 622 2,704 200,000 1,015 3,097 200,000
2 47 4,162 0 2,683 5,122 200,000 3,821 6,259 200,000
3 48 4,162 0 3,492 7,405 200,000 5,741 9,654 200,000
4 49 4,162 0 5,622 9,535 200,000 9,375 13,288 200,000
5 50 4,162 0 7,603 11,516 200,000 13,281 17,194 200,000
6 51 4,162 0 9,830 13,352 200,000 17,888 21,410 200,000
7 52 4,162 0 11,894 15,025 200,000 22,823 25,954 200,000
8 53 4,162 0 13,754 16,493 200,000 28,090 30,829 200,000
9 54 4,162 0 15,414 17,762 200,000 33,738 36,086 200,000
10 55 4,162 0 16,834 18,791 200,000 39,785 41,742 200,000
11 56 4,162 0 18,228 19,794 200,000 46,654 48,219 200,000
12 57 4,162 0 19,371 20,545 200,000 54,118 55,292 200,000
13 58 4,162 0 20,242 21,025 200,000 62,258 63,041 200,000
14 59 4,162 0 20,819 21,211 200,000 71,170 71,561 200,000
15 60 4,162 0 21,101 21,101 200,000 80,987 80,987 200,000
16 61 4,162 0 20,669 20,669 200,000 91,458 91,458 200,000
17 62 4,162 0 19,847 19,847 200,000 103,117 103,117 200,000
18 63 4,162 0 18,580 18,580 200,000 116,160 116,160 200,000
19 64 4,162 0 16,812 16,812 200,000 130,830 130,830 200,000
20 65 4,162 0 14,456 14,456 200,000 147,419 147,419 200,000
21 66 4,162 0 11,503 11,503 200,000 166,399 166,399 200,000
22 67 4,162 0 7,832 7,832 200,000 187,659 187,659 223,314
23 68 4,162 0 3,348 3,448 200,000 211,019 211,019 249,003
24 69 4,162 0 0 0 0 236,703 236,703 276,943
25 70 4,162 0 0 0 0 264,935 264,935 307,324
26 71 4,162 0 0 0 0 295,962 295,962 340,356
27 72 4,162 0 0 0 0 330,269 330,269 373,204
28 73 4,162 0 0 0 0 368,260 368,260 408,768
29 74 4,162 0 0 0 0 410,425 410,425 447,363
30 75 4,162 0 0 0 0 457,360 457,360 489,375
31 76 4,162 0 0 0 0 509,767 509,767 535,256
32 77 4,162 0 0 0 0 567,445 567,445 595,818
33 78 4,162 0 0 0 0 630,891 630,891 662,436
34 79 4,162 0 0 0 0 700,656 700,656 735,688
35 80 4,162 0 0 0 0 777,319 777,319 816,185
36 81 4,162 0 0 0 0 861,495 861,495 904,570
37 82 4,162 0 0 0 0 953,839 953,839 1,001,530
38 83 4,162 0 0 0 0 1,055,018 1,055,018 1,107,769
39 84 4,162 0 0 0 0 1,165,735 1,165,735 1,224,022
40 85 4,162 0 0 0 0 1,286,751 1,286,751 1,351,089
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 1,015 3,097 200,000
2 4,311 6,750 200,000
3 6,744 10,657 200,000
4 10,916 14,829 200,000
5 15,435 19,349 200,000
6 20,715 24,238 200,000
7 26,414 29,545 200,000
8 32,629 35,368 200,000
9 39,383 41,731 200,000
10 46,729 48,686 200,000
11 55,018 56,583 200,000
12 64,135 65,309 200,000
13 74,053 74,836 200,000
14 85,067 85,459 200,000
15 97,294 97,294 200,000
16 110,526 110,526 200,000
17 125,321 125,321 200,000
18 141,931 141,931 200,000
19 160,668 160,668 200,000
20 181,641 181,641 221,601
21 204,902 204,902 245,883
22 230,561 230,561 274,367
23 258,853 258,853 305,446
24 290,022 290,022 339,326
25 324,330 324,330 376,223
26 362,121 362,121 416,439
27 403,906 403,906 456,414
28 450,215 450,215 499,739
29 501,601 501,601 546,745
30 558,732 558,732 597,843
31 622,462 622,462 653,585
32 692,728 692,728 727,365
33 770,135 770,135 808,642
34 855,015 855,015 897,766
35 948,238 948,238 995,650
36 1,050,589 1,050,589 1,103,119
37 1,162,757 1,162,757 1,220,895
38 1,286,260 1,286,260 1,350,573
39 1,421,644 1,421,644 1,492,726
40 1,569,747 1,569,747 1,648,235
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the Actual Rates of Investment Return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-30
<PAGE> 134
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 0 1,418,892 1,418,892 1,489,837
42 87 4,162 0 0 0 0 1,563,072 1,563,072 1,641,226
43 88 4,162 0 0 0 0 1,720,278 1,720,278 1,806,292
44 89 4,162 0 0 0 0 1,891,421 1,891,421 1,985,992
45 90 4,162 0 0 0 0 2,077,580 2,077,580 2,181,459
46 91 4,162 0 0 0 0 2,279,877 2,279,877 2,393,871
47 92 4,162 0 0 0 0 2,506,417 2,506,417 2,606,674
48 93 4,162 0 0 0 0 2,761,288 2,761,288 2,844,126
49 94 4,162 0 0 0 0 3,049,260 3,049,260 3,110,246
50 95 4,162 0 0 0 0 3,376,524 3,376,524 3,410,289
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,731,698 1,731,698 1,818,283
42 1,908,344 1,908,344 2,003,761
43 2,100,957 2,100,957 2,206,004
44 2,310,665 2,310,665 2,426,198
45 2,538,701 2,538,701 2,665,636
46 2,785,912 2,785,912 2,925,207
47 3,062,347 3,062,347 3,184,841
48 3,373,126 3,373,126 3,474,319
49 3,724,447 3,724,447 3,798,936
50 4,123,913 4,123,913 4,165,152
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-31
<PAGE> 135
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 1,015 3,097 200,000
2 47 4,162 0 0 0 4,311 6,750 200,000
3 48 4,162 0 0 0 6,744 10,657 200,000
4 49 4,162 0 0 0 10,916 14,829 200,000
5 50 4,162 0 0 0 15,435 19,349 200,000
6 51 4,162 0 0 0 20,715 24,238 200,000
7 52 4,162 0 0 0 26,414 29,545 200,000
8 53 4,162 0 0 0 32,629 35,368 200,000
9 54 4,162 0 0 0 39,383 41,731 200,000
10 55 4,162 0 0 0 46,729 48,686 200,000
11 56 4,162 0 0 0 55,018 56,583 200,000
12 57 4,162 0 0 0 64,135 65,309 200,000
13 58 4,162 0 0 0 74,053 74,836 200,000
14 59 4,162 0 0 0 85,067 85,459 200,000
15 60 4,162 0 0 0 97,294 97,294 200,000
16 61 4,162 0 0 0 110,526 110,526 200,000
17 62 4,162 0 0 0 125,321 125,321 200,000
18 63 4,162 0 0 0 141,931 141,931 200,000
19 64 4,162 0 0 0 160,668 160,668 200,000
20 65 4,162 0 0 0 181,641 181,641 221,601
21 66 4,162 0 0 0 204,902 204,902 245,883
22 67 4,162 0 0 0 230,561 230,561 274,367
23 68 4,162 0 0 0 258,853 258,853 305,446
24 69 4,162 0 0 0 290,022 290,022 339,326
25 70 4,162 0 0 0 324,330 324,330 376,223
26 71 4,162 0 0 0 362,121 362,121 416,439
27 72 4,162 0 0 0 403,906 403,906 456,414
28 73 4,162 0 0 0 450,215 450,215 499,739
29 74 4,162 0 0 0 501,601 501,601 546,745
30 75 4,162 0 0 0 558,732 558,732 597,843
31 76 4,162 0 0 0 622,462 622,462 653,585
32 77 4,162 0 0 0 692,728 692,728 727,365
33 78 4,162 0 0 0 770,135 770,135 806,642
34 79 4,162 0 0 0 855,015 855,015 897,766
35 80 4,162 0 0 0 948,238 948,238 995,650
36 81 4,162 0 0 0 1,050,589 1,050,589 1,103,119
37 82 4,162 0 0 0 1,162,757 1,162,757 1,220,895
38 83 4,162 0 0 0 1,286,260 1,286,260 1,350,573
39 84 4,162 0 0 0 1,421,644 1,421,644 1,492,726
40 85 4,162 0 0 0 1,569,747 1,569,747 1,648,235
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-32
<PAGE> 136
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 1,731,698 1,731,698 1,818,283
42 87 4,162 0 0 0 1,908,344 1,908,344 2,003,761
43 88 4,162 0 0 0 2,100,957 2,100,957 2,206,004
44 89 4,162 0 0 0 2,310,665 2,310,665 2,426,198
45 90 4,162 0 0 0 2,538,701 2,538,701 2,665,636
46 91 4,162 0 0 0 2,785,912 2,785,912 2,925,207
47 92 4,162 0 0 0 3,062,347 3,062,347 3,184,841
48 93 4,162 0 0 0 3,373,126 3,373,126 3,474,319
49 94 4,162 0 0 0 3,724,447 3,724,447 3,798,936
50 95 4,162 0 0 0 4,123,913 4,123,913 4,165,152
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-33
<PAGE> 137
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW
YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ---------------------------- ----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 347 2,150 202,150 347 2,150 202,150 347 2,150 202,150
2 47 3,088 0 1,578 4,184 204,184 1,578 4,184 204,184 1,888 4,493 204,493
3 48 3,088 0 2,979 6,140 206,140 2,979 6,140 206,140 3,545 6,707 206,707
4 49 3,088 0 4,834 7,996 207,996 4,834 7,996 207,996 5,607 8,769 208,769
5 50 3,088 0 6,591 9,753 209,753 6,591 9,753 209,753 7,566 10,728 210,728
6 51 3,088 0 8,566 11,412 211,412 8,566 11,412 211,412 9,694 12,539 212,539
7 52 3,088 0 10,422 12,951 212,951 10,422 12,951 212,951 11,746 14,276 214,276
8 53 3,088 0 12,159 14,372 214,372 12,159 14,372 214,372 13,725 15,939 215,939
9 54 3,088 0 13,755 15,652 215,652 13,755 15,652 215,652 15,656 17,553 217,553
10 55 3,088 0 15,214 16,795 216,795 15,214 16,795 216,795 17,515 19,096 219,096
11 56 3,088 0 16,667 17,932 217,932 16,667 17,932 217,932 19,374 20,639 220,639
12 57 3,088 0 17,941 18,890 218,890 17,941 18,890 218,890 21,027 21,976 221,976
13 58 3,088 0 19,039 19,671 219,671 19,039 19,671 219,671 22,572 23,204 223,204
14 59 3,088 0 19,938 20,254 220,254 19,938 20,254 220,254 24,032 24,348 224,348
15 60 3,088 0 20,616 20,616 220,616 20,616 20,616 220,616 25,434 25,434 225,434
16 61 3,088 0 20,736 20,736 220,736 20,736 20,736 220,736 26,436 26,436 226,436
17 62 3,088 0 20,592 20,592 220,592 20,592 20,592 220,592 27,262 27,262 227,262
18 63 3,088 0 20,187 20,187 220,187 20,187 20,187 22,0187 27,865 27,865 227,865
19 64 3,088 0 19,428 19,428 219,428 19,428 19,428 219,428 28,318 28,318 228,318
20 65 3,088 0 18,295 18,295 218,295 18,295 18,295 218,295 28,623 28,623 228,623
21 66 3,088 0 16,804 16,804 216,804 16,804 16,804 216,804 28,796 28,796 228,796
22 67 3,088 0 14,875 14,875 214,875 14,875 14,875 214,875 28,776 28,776 228,776
23 68 3,088 0 12,464 12,464 212,464 12,464 12,464 212,464 28,518 28,518 228,518
24 69 3,088 0 9,527 9,527 209,527 9,527 9,527 209,527 27,951 27,951 227,951
25 70 3,088 0 6,047 6,047 206,047 6,047 6,047 206,047 27,009 27,009 227,009
26 71 3,088 0 1,934 1,934 201,934 1,934 1,934 201,934 25,694 25,694 225,694
27 72 3,088 0 0 0 0 0 0 0 23,915 23,915 223,915
28 73 3,088 0 0 0 0 0 0 0 21,723 21,723 221,723
29 74 3,088 0 0 0 0 0 0 0 18,981 18,981 218,981
30 75 3,088 0 0 0 0 0 0 0 15,646 15,646 215,646
31 76 3,088 0 0 0 0 0 0 0 11,747 11,747 211,747
32 77 3,088 0 0 0 0 0 0 0 7,123 7,123 207,123
33 78 3,088 0 0 0 0 0 0 0 1,662 1,662 201,662
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 72. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 79.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the Actual Rates of Investment Return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-34
<PAGE> 138
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 347 2,150 202,150
2 47 3,088 0 0 0 1,888 4,493 204,493
3 48 3,088 0 0 0 3,545 6,707 206,707
4 49 3,088 0 0 0 5,607 8,769 208,769
5 50 3,088 0 0 0 7,566 10,728 210,728
6 51 3,088 0 0 0 9,694 12,539 212,539
7 52 3,088 0 0 0 11,746 14,276 214,276
8 53 3,088 0 0 0 13,725 15,939 215,939
9 54 3,088 0 0 0 15,656 17,553 217,553
10 55 3,088 0 0 0 17,515 19,096 219,096
11 56 3,088 0 0 0 19,374 20,639 220,639
12 57 3,088 0 0 0 21,027 21,976 221,976
13 58 3,088 0 0 0 22,572 23,204 223,204
14 59 3,088 0 0 0 24,032 24,348 224,348
15 60 3,088 0 0 0 25,434 25,434 225,434
16 61 3,088 0 0 0 26,436 26,436 226,436
17 62 3,088 0 0 0 27,262 27,262 227,262
18 63 3,088 0 0 0 27,865 27,865 227,865
19 64 3,088 0 0 0 28,318 28,318 228,318
20 65 3,088 0 0 0 28,623 28,623 228,623
21 66 3,088 0 0 0 28,796 28,796 228,796
22 67 3,088 0 0 0 28,776 28,776 228,776
23 68 3,088 0 0 0 28,518 28,518 228,518
24 69 3,088 0 0 0 27,951 27,951 227,951
25 70 3,088 0 0 0 27,009 27,009 227,009
26 71 3,088 0 0 0 25,694 25,694 225,694
27 72 3,088 0 0 0 23,915 23,915 223,915
28 73 3,088 0 0 0 21,723 21,723 221,723
29 74 3,088 0 0 0 18,981 18,981 218,981
30 75 3,088 0 0 0 15,646 15,646 215,646
31 76 3,088 0 0 0 11,747 11,747 211,747
32 77 3,088 0 0 0 7,123 7,123 207,123
33 78 3,088 0 0 0 1,662 1,662 201,662
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 72. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 79.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-35
<PAGE> 139
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 347 2,150 202,150 497 2,300 202,300 497 2,300 202,300
2 47 3,088 0 1,578 4,184 204,184 2,010 4,616 204,616 2,329 4,935 204,935
3 48 3,088 0 2,979 6,140 206,140 3,824 6,986 206,986 4,429 7,590 207,590
4 49 3,088 0 4,834 7,996 207,996 6,227 9,389 209,389 7,079 10,241 210,241
5 50 3,088 0 6,591 9,753 209,753 8,663 11,825 211,825 9,774 12,936 212,936
6 51 3,088 0 8,566 11,412 211,412 11,450 14,295 214,295 12,783 15,629 215,629
7 52 3,088 0 10,422 12,951 212,951 14,249 16,778 216,778 15,863 18,392 218,392
8 53 3,088 0 12,159 14,372 214,372 17,061 19,274 219,274 19,017 21,230 221,230
9 54 3,088 0 13,755 15,652 215,652 19,861 21,758 221,758 22,273 24,170 224,170
10 55 3,088 0 15,214 16,795 216,795 22,649 24,230 224,230 25,611 27,192 227,192
11 56 3,088 0 16,667 17,932 217,932 25,602 26,867 226,867 29,156 30,421 230,421
12 57 3,088 0 17,941 18,890 218,890 28,515 29,463 229,463 32,665 33,613 233,613
13 58 3,088 0 19,039 19,671 219,671 31,384 32,017 232,017 36,234 36,866 236,866
14 59 3,088 0 19,938 20,254 220,254 34,184 34,500 234,500 39,891 40,207 240,207
15 60 3,088 0 20,616 20,616 220,616 36,885 36,885 236,885 43,666 43,666 243,666
16 61 3,088 0 20,736 20,736 220,736 39,143 39,143 239,143 47,223 47,223 247,223
17 62 3,088 0 20,592 20,592 220,592 41,243 41,243 241,243 50,785 50,785 250,785
18 63 3,088 0 20,187 20,187 220,187 43,176 43,176 243,176 54,303 54,303 254,303
19 64 3,088 0 19,428 19,428 219,428 44,836 44,836 244,836 57,849 57,849 257,849
20 65 3,088 0 18,295 18,295 218,295 46,184 46,184 246,184 61,423 61,423 261,423
21 66 3,088 0 16,804 16,804 216,804 47,221 47,221 247,221 65,044 65,044 265,044
22 67 3,088 0 14,875 14,875 214,875 47,841 47,841 247,841 68,648 68,648 268,648
23 68 3,088 0 12,464 12,464 212,464 47,975 47,975 247,975 72,185 72,185 272,185
24 69 3,088 0 9,527 9,527 209,527 47,549 47,549 247,549 75,578 75,578 275,578
25 70 3,088 0 6,047 6,047 206,047 46,510 46,510 246,510 78,747 78,747 278,747
26 71 3,088 0 1,934 1,934 201,934 44,729 44,729 244,729 81,679 81,679 281,679
27 72 3,088 0 0 0 0 41,947 41,947 241,947 84,264 84,264 284,264
28 73 3,088 0 0 0 0 38,238 38,238 238,238 86,534 86,534 286,534
29 74 3,088 0 0 0 0 33,334 33,334 233,334 88,327 88,327 288,327
30 75 3,088 0 0 0 0 27,003 27,003 227,003 89,568 89,568 289,568
31 76 3,088 0 0 0 0 19,074 19,074 219,074 90,255 90,255 290,255
32 77 3,088 0 0 0 0 9,394 9,394 209,394 90,187 90,187 290,187
33 78 3,088 0 0 0 0 0 0 0 89,205 89,205 289,205
34 79 3,088 0 0 0 0 0 0 0 86,300 86,300 286,300
35 80 3,088 0 0 0 0 0 0 0 81,920 81,920 281,920
36 81 3,088 0 0 0 0 0 0 0 75,966 75,966 275,966
37 82 3,088 0 0 0 0 0 0 0 68,064 68,064 268,064
38 83 3,088 0 0 0 0 0 0 0 59,250 59,250 259,250
39 84 3,088 0 0 0 0 0 0 0 48,543 48,543 248,543
40 85 3,088 0 0 0 0 0 0 0 35,478 35,478 235,478
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-36
<PAGE> 140
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- ----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 0 0 0 19,938 19,938 219,938
42 87 3,088 0 0 0 0 0 0 0 1,381 1,381 201,381
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, Contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-37
<PAGE> 141
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
6.00% (4.46% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 497 2,300 202,300
2 47 3,088 0 0 0 2,329 4,935 204,935
3 48 3,088 0 0 0 4,429 7,590 207,590
4 49 3,088 0 0 0 7,079 10,241 210,241
5 50 3,088 0 0 0 9,774 12,936 212,936
6 51 3,088 0 0 0 12,783 15,629 215,629
7 52 3,088 0 0 0 15,863 18,392 218,392
8 53 3,088 0 0 0 19,017 21,230 221,230
9 54 3,088 0 0 0 22,273 24,170 224,170
10 55 3,088 0 0 0 25,611 27,192 227,192
11 56 3,088 0 0 0 29,156 30,421 230,421
12 57 3,088 0 0 0 32,665 33,613 233,613
13 58 3,088 0 0 0 36,234 36,866 236,866
14 59 3,088 0 0 0 39,891 40,207 240,207
15 60 3,088 0 0 0 43,666 43,666 243,666
16 61 3,088 0 0 0 47,223 47,223 247,223
17 62 3,088 0 0 0 50,785 50,785 250,785
18 63 3,088 0 0 0 54,303 54,303 254,303
19 64 3,088 0 0 0 57,849 57,849 257,849
20 65 3,088 0 0 0 61,423 61,423 261,423
21 66 3,088 0 0 0 65,044 65,044 265,044
22 67 3,088 0 0 0 68,648 68,648 268,648
23 68 3,088 0 0 0 72,185 72,185 272,185
24 69 3,088 0 0 0 75,578 75,578 275,578
25 70 3,088 0 0 0 78,747 78,747 278,747
26 71 3,088 0 0 0 81,679 81,679 281,679
27 72 3,088 0 0 0 84,264 84,264 284,264
28 73 3,088 0 0 0 86,534 86,534 286,534
29 74 3,088 0 0 0 88,327 88,327 288,327
30 75 3,088 0 0 0 89,568 89,568 289,568
31 76 3,088 0 0 0 90,255 90,255 290,255
32 77 3,088 0 0 0 90,187 90,187 290,187
33 78 3,088 0 0 0 89,205 89,205 289,205
34 79 3,088 0 0 0 86,300 86,300 286,300
35 80 3,088 0 0 0 81,920 81,920 281,920
36 81 3,088 0 0 0 75,966 75,966 275,966
37 82 3,088 0 0 0 68,064 68,064 268,064
38 83 3,088 0 0 0 59,250 59,250 259,250
39 84 3,088 0 0 0 48,543 48,543 248,543
40 85 3,088 0 0 0 35,478 35,478 235,478
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-38
<PAGE> 142
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
6.00% (4.46% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 19,938 19,938 219,938
42 87 3,088 0 0 0 1,381 1,381 201,381
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-39
<PAGE> 143
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 347 2,150 202,150 647 2,450 202,450
2 47 3,088 0 1,578 4,184 204,184 2,460 5,066 205,066
3 48 3,088 0 2,979 6,140 206,140 4,743 7,904 207,904
4 49 3,088 0 4,834 7,996 207,996 7,801 10,962 210,962
5 50 3,088 0 6,591 9,753 209,753 11,101 14,263 214,263
6 51 3,088 0 8,566 11,412 211,412 14,986 17,831 217,831
7 52 3,088 0 10,422 12,951 212,951 19,141 21,670 221,670
8 53 3,088 0 12,159 14,372 214,372 23,595 25,808 225,808
9 54 3,088 0 13,755 15,652 215,652 28,353 30,250 230,250
10 55 3,088 0 15,214 16,795 216,795 33,447 35,028 235,028
11 56 3,088 0 16,667 17,932 217,932 39,161 40,426 240,426
12 57 3,088 0 17,941 18,890 218,890 45,289 46,238 246,238
13 58 3,088 0 19,039 19,671 219,671 51,877 52,510 252,510
14 59 3,088 0 19,938 20,254 220,254 58,950 59,267 259,267
15 60 3,088 0 20,616 20,616 220,616 66,536 66,536 266,536
16 61 3,088 0 20,736 20,736 220,736 74,349 74,349 274,349
17 62 3,088 0 20,592 20,592 220,592 82,740 82,740 282,740
18 63 3,088 0 20,187 20,187 220,187 91,773 91,773 291,773
19 64 3,088 0 19,428 19,428 219,428 101,415 101,415 301,415
20 65 3,088 0 18,295 18,295 218,295 111,709 111,709 311,709
21 66 3,088 0 16,804 16,804 216,804 122,744 122,744 322,744
22 67 3,088 0 14,875 14,875 214,875 134,506 134,506 334,506
23 68 3,088 0 12,464 12,464 212,464 147,026 147,026 347,026
24 69 3,088 0 9,527 9,527 209,527 160,335 160,335 360,335
25 70 3,088 0 6,047 6,047 206,047 174,495 174,495 374,495
26 71 3,088 0 1,934 1,934 201,934 189,497 189,497 389,497
27 72 3,088 0 0 0 0 205,206 205,206 405,206
28 73 3,088 0 0 0 0 221,825 221,825 421,825
29 74 3,088 0 0 0 0 239,226 239,226 439,226
30 75 3,088 0 0 0 0 257,317 257,317 457,317
31 76 3,088 0 0 0 0 276,072 276,072 476,072
32 77 3,088 0 0 0 0 295,488 295,488 495,488
33 78 3,088 0 0 0 0 315,560 315,560 515,560
34 79 3,088 0 0 0 0 336,285 336,285 536,285
35 80 3,088 0 0 0 0 357,633 357,633 557,633
36 81 3,088 0 0 0 0 379,495 379,495 579,495
37 82 3,088 0 0 0 0 401,723 401,723 601,723
38 83 3,088 0 0 0 0 424,027 424,027 624,027
39 84 3,088 0 0 0 0 446,111 446,111 646,111
40 85 3,088 0 0 0 0 467,671 467,671 667,671
<CAPTION>
CURRENT CHARGES
-------------------------------
12.00% (10.42% NET)
-------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 647 2,450 202,450
2 2,790 5,395 205,395
3 5,385 8,547 208,547
4 8,738 11,900 211,900
5 12,364 15,526 215,526
6 16,558 19,403 219,403
7 21,105 23,634 223,634
8 26,042 28,255 228,255
9 31,435 33,332 233,332
10 37,306 38,887 238,887
11 43,901 45,165 245,165
12 50,981 51,929 251,929
13 58,701 59,334 259,334
14 67,158 67,474 267,474
15 76,458 76,458 276,458
16 86,350 86,350 286,350
17 97,150 97,150 297,150
18 108,907 108,907 308,907
19 121,801 121,801 321,801
20 135,958 135,958 335,958
21 151,533 151,533 351,533
22 168,614 168,614 368,614
23 187,315 187,315 387,315
24 207,737 207,737 407,737
25 229,994 229,994 429,994
26 254,287 254,287 454,287
27 280,737 280,737 480,737
28 309,632 309,632 509,632
29 341,087 341,087 541,087
30 375,334 375,334 575,334
31 412,703 412,703 612,703
32 453,360 453,360 653,360
33 497,537 497,537 697,537
34 544,631 544,631 744,631
35 595,521 595,521 795,521
36 650,597 650,597 850,597
37 710,015 710,015 910,015
38 775,418 775,418 975,418
39 846,498 846,498 1,046,498
40 923,498 923,498 1,123,498
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-40
<PAGE> 144
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- ------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 488,422 488,422 688,422
42 87 3,088 0 0 0 0 508,096 508,096 708,096
43 88 3,088 0 0 0 0 526,448 526,448 726,448
44 89 3,088 0 0 0 0 543,207 543,207 743,207
45 90 3,088 0 0 0 0 558,096 558,096 758,096
46 91 3,088 0 0 0 0 570,706 570,706 770,706
47 92 3,088 0 0 0 0 580,508 580,508 700,508
48 93 3,088 0 0 0 0 586,788 586,788 786,788
49 94 3,088 0 0 0 0 588,498 588,498 788,498
50 95 3,088 0 0 0 0 583,537 583,537 783,537
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,007,067 1,007,067 1,207,067
42 1,097,494 1,097,494 1,297,494
43 1,195,581 1,195,581 1,395,581
44 1,301,967 1,301,967 1,501,967
45 1,417,383 1,417,383 1,617,383
46 1,542,288 1,542,288 1,742,288
47 1,676,681 1,676,681 1,876,681
48 1,819,724 1,819,724 2,019,724
49 1,971,856 1,971,856 2,171,856
50 2,133,059 2,133,059 2,333,059
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, Contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change the hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-41
<PAGE> 145
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
12.00% (10.42% NET)
------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 647 2,450 202,450
2 47 3,088 0 0 0 2,790 5,395 205,395
3 48 3,088 0 0 0 5,385 8,547 208,547
4 49 3,088 0 0 0 8,738 11,900 211,900
5 50 3,088 0 0 0 12,364 15,526 215,526
6 51 3,088 0 0 0 16,558 19,403 219,403
7 52 3,088 0 0 0 21,105 23,634 223,634
8 53 3,088 0 0 0 26,042 28,255 228,255
9 54 3,088 0 0 0 31,435 33,332 233,332
10 55 3,088 0 0 0 37,306 38,887 238,887
11 56 3,088 0 0 0 43,901 45,165 245,165
12 57 3,088 0 0 0 50,981 51,929 251,929
13 58 3,088 0 0 0 58,701 59,334 259,334
14 59 3,088 0 0 0 67,158 67,474 267,474
15 60 3,088 0 0 0 76,458 76,458 276,458
16 61 3,088 0 0 0 86,350 86,350 286,350
17 62 3,088 0 0 0 97,150 97,150 297,150
18 63 3,088 0 0 0 108,907 108,907 308,907
19 64 3,088 0 0 0 121,801 121,801 321,801
20 65 3,088 0 0 0 135,958 135,958 335,958
21 66 3,088 0 0 0 151,533 151,533 351,533
22 67 3,088 0 0 0 168,614 168,614 368,614
23 68 3,088 0 0 0 187,315 187,315 387,315
24 69 3,088 0 0 0 207,737 207,737 407,737
25 70 3,088 0 0 0 229,994 229,994 429,994
26 71 3,088 0 0 0 254,287 254,287 454,287
27 72 3,088 0 0 0 280,737 280,737 480,737
28 73 3,088 0 0 0 309,632 309,632 509,632
29 74 3,088 0 0 0 341,087 341,087 541,087
30 75 3,088 0 0 0 375,334 375,334 575,334
31 76 3,088 0 0 0 412,703 412,703 612,703
32 77 3,088 0 0 0 453,360 453,360 653,360
33 78 3,088 0 0 0 497,537 497,537 697,537
34 79 3,088 0 0 0 544,631 544,431 744,631
35 80 3,088 0 0 0 595,521 595,521 795,521
36 81 3,088 0 0 0 650,597 650,597 850,597
37 82 3,088 0 0 0 710,015 710,015 910,015
38 83 3,088 0 0 0 775,418 775,418 975,418
39 84 3,088 0 0 0 846,498 844,498 1,046,498
40 85 3,088 0 0 0 923,498 923,498 1,123,498
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-42
<PAGE> 146
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 1,007,067 1,007,067 1,207,067
42 87 3,088 0 0 0 1,097,494 1,097,494 1,297,494
43 88 3,088 0 0 0 1,195,581 1,195,581 1,395,581
44 89 3,088 0 0 0 1,301,967 1,301,967 1,501,967
45 90 3,088 0 0 0 1,417,383 1,417,383 1,617,383
46 91 3,088 0 0 0 1,542,288 1,542,288 1,742,288
47 92 3,088 0 0 0 1,676,681 1,676,681 1,876,681
48 93 3,088 0 0 0 1,819,724 1,819,724 2,019,724
49 94 3,088 0 0 0 1,971,856 1,971,856 2,171,856
50 95 3,088 0 0 0 2,133,059 2,133,059 2,333,059
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-43
<PAGE> 147
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 888 200,000 0 888 200,000 0 888 200,000
2 37 1,646 0 343 1,968 200,000 343 1968 200,000 437 2,062 200,000
3 38 1,646 0 775 3,010 200,000 775 3,010 200,000 985 3,220 200,000
4 39 1,646 0 1,780 4,015 200,000 1,780 4,015 200,000 2,081 4,315 200,000
5 40 1,646 0 2,749 4,984 200,000 2,749 4,984 200,000 3,139 5,373 200,000
6 41 1,646 0 3,906 5,917 200,000 3,906 5,917 200,000 4,360 6,371 200,000
7 42 1,646 0 5,005 6,793 200,000 5,005 6,793 200,000 5,545 7,332 200,000
8 43 1,646 0 6,071 7,635 200,000 6,071 7,635 200,000 6,718 8,282 200,000
9 44 1,646 0 7,080 8,421 200,000 7,080 8,421 200,000 7,855 9,196 200,000
10 45 1,646 0 8,035 9,152 200,000 8,035 9,152 200,000 8,959 10,076 200,000
11 46 1,646 0 9,019 9,913 200,000 9,019 9,913 200,000 10,072 10,966 200,000
12 47 1,646 0 9,953 10,623 200,000 9,953 10,623 200,000 11,135 11,805 200,000
13 48 1,646 0 10,838 11,285 200,000 10,838 11,285 200,000 12,168 12,615 200,000
14 49 1,646 0 11,651 11,874 200,000 11,651 11,874 200,000 13,152 13,375 200,000
15 50 1,646 0 12,394 12,394 200,000 12,394 12,394 200,000 14,086 14,086 200,000
16 51 1,646 0 12,843 12,843 200,000 12,843 12,843 200,000 14,748 14,748 200,000
17 52 1,646 0 13,201 13,201 200,000 13,201 13,201 200,000 15,339 15,339 200,000
18 53 1,646 0 13,469 13,469 200,000 13,469 13,469 200,000 15,884 15,884 200,000
19 54 1,646 0 13,624 13,624 200,000 13,624 13,624 200,000 16,381 16,381 200,000
20 55 1,646 0 13,668 13,668 200,000 13,668 13,668 200,000 16,854 16,854 200,000
21 56 1,646 0 13,611 13,611 200,000 13,611 13,611 200,000 17,335 17,335 200,000
22 57 1,646 0 13,399 13,399 200,000 13,399 13,399 200,000 17,727 17,727 200,000
23 58 1,646 0 13,031 13,031 200,000 13,031 13,031 200,000 18,009 18,009 200,000
24 59 1,646 0 12,484 12,484 200,000 12,484 12,484 200,000 18,181 18,181 200,000
25 60 1,646 0 11,736 11,736 200,000 11,736 11,736 200,000 18,222 18,222 200,000
26 61 1,646 0 10,761 10,761 200,000 10,761 10,761 200,000 18,134 18,134 200,000
27 62 1,646 0 9,534 9,534 200,000 9,534 9,534 200,000 17,893 17,893 200,000
28 63 1,646 0 8,050 8,050 200,000 8,050 8,050 200,000 17,479 17,479 200,000
29 64 1,646 0 6,213 6,213 200,000 6,213 6,213 200,000 16,913 16,913 200,000
30 65 1,646 0 3,989 3,989 200,000 3,989 3,989 200,000 16,193 16,193 200,000
31 66 1,646 0 1,320 1,320 200,000 1,320 1,320 200,000 15,296 15,296 200,000
32 67 1,646 0 0 0 0 0 0 0 14,220 14,220 200,000
33 68 1,646 0 0 0 0 0 0 0 12,918 12,918 200,000
34 69 1,646 0 0 0 0 0 0 0 11,317 11,317 200,000
35 70 1,646 0 0 0 0 0 0 0 9,344 9,344 200,000
36 71 1,646 0 0 0 0 0 0 0 6,988 6,988 200,000
37 72 1,646 0 0 0 0 0 0 0 4,143 4,143 200,000
38 73 1,646 0 0 0 0 0 0 0 836 836 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, Contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 74.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-44
<PAGE> 148
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 888 200,000
2 37 1,646 0 0 0 437 2,062 200,000
3 38 1,646 0 0 0 985 3,220 200,000
4 39 1,646 0 0 0 2,081 4,315 200,000
5 40 1,646 0 0 0 3,139 5,373 200,000
6 41 1,646 0 0 0 4,360 6,371 200,000
7 42 1,646 0 0 0 5,545 7,332 200,000
8 43 1,646 0 0 0 6,718 8,282 200,000
9 44 1,646 0 0 0 7,855 9,196 200,000
10 45 1,646 0 0 0 8,959 10,076 200,000
11 46 1,646 0 0 0 10,072 10,966 200,000
12 47 1,646 0 0 0 11,135 11,805 200,000
13 48 1,646 0 0 0 12,168 12,615 200,000
14 49 1,646 0 0 0 13,152 13,375 200,000
15 50 1,646 0 0 0 14,086 14,086 200,000
16 51 1,646 0 0 0 14,748 14,748 200,000
17 52 1,646 0 0 0 15,339 15,339 200,000
18 53 1,646 0 0 0 15,884 15,884 200,000
19 54 1,646 0 0 0 16,381 16,381 200,000
20 55 1,646 0 0 0 16,854 16,854 200,000
21 56 1,646 0 0 0 17,335 17,335 200,000
22 57 1,646 0 0 0 17,727 17,727 200,000
23 58 1,646 0 0 0 18,009 18,009 200,000
24 59 1,646 0 0 0 18,181 18,181 200,000
25 60 1,646 0 0 0 18,222 18,222 200,000
26 61 1,646 0 0 0 18,134 18,134 200,000
27 62 1,646 0 0 0 17,893 17,893 200,000
28 63 1,646 0 0 0 17,479 17,479 200,000
29 64 1,646 0 0 0 16,913 16,913 200,000
30 65 1,646 0 0 0 16,193 16,193 200,000
31 66 1,646 0 0 0 15,296 15,296 200,000
32 67 1,646 0 0 0 14,220 14,220 200,000
33 68 1,646 0 0 0 12,918 12,918 200,000
34 69 1,646 0 0 0 11,317 11,317 200,000
35 70 1,646 0 0 0 9,344 9,344 200,000
36 71 1,646 0 0 0 6,988 6,988 200,000
37 72 1,646 0 0 0 4,143 4,143 200,000
38 73 1,646 0 0 0 836 836 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 74.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-45
<PAGE> 149
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 888 200,000 0 960 200,000 0 960 200,000
2 37 1,646 0 343 1,968 200,000 549 2,174 200,000 646 2,271 200,000
3 38 1,646 0 775 3,010 200,000 1,186 3,420 200,000 1,408 3,663 200,000
4 39 1,646 0 1,780 4,015 200,000 2,466 4,701 200,000 2,795 5,030 200,000
5 40 1,646 0 2,749 4,984 200,000 3,783 6,017 200,000 4,222 6,457 200,000
6 41 1,646 0 3,906 5,917 200,000 5,361 7,372 200,000 5,892 7,903 200,000
7 42 1,646 0 5,005 6,793 200,000 6,956 8,743 200,000 7,606 9,393 200,000
8 43 1,646 0 6,071 7,635 200,000 8,592 10,156 200,000 9,389 10,953 200,000
9 44 1,646 0 7,080 8,421 200,000 10,249 11,590 200,000 11,222 12,563 200,000
10 45 1,646 0 8,035 9,152 200,000 11,928 13,045 200,000 13,108 14,225 200,000
11 46 1,646 0 9,019 9,913 200,000 13,741 14,634 200,000 15,120 16,014 200,000
12 47 1,646 0 9,953 10,623 200,000 15,593 16,263 200,000 17,181 17,851 200,000
13 48 1,646 0 10,838 11,285 200,000 17,487 17,934 200,000 19,317 19,764 200,000
14 49 1,646 0 11,651 11,874 200,000 19,405 19,628 200,000 21,510 21,734 200,000
15 50 1,646 0 12,394 12,394 200,000 21,348 21,348 200,000 23,765 23,765 200,000
16 51 1,646 0 12,843 12,843 200,000 23,097 23,097 200,000 25,862 25,862 200,000
17 52 1,646 0 13,201 13,201 200,000 24,855 24,855 200,000 28,008 28,008 200,000
18 53 1,646 0 13,469 13,469 200,000 26,625 26,625 200,000 30,228 30,228 200,000
19 54 1,646 0 13,624 13,624 200,000 28,388 28,388 200,000 32,527 32,527 200,000
20 55 1,646 0 13,668 13,668 200,000 30,146 30,146 200,000 34,932 34,932 200,000
21 56 1,646 0 13,611 13,611 200,000 31,916 31,916 200,000 37,483 37,483 200,000
22 57 1,646 0 13,399 13,399 200,000 33,643 33,643 200,000 40,095 40,095 200,000
23 58 1,646 0 13,031 13,031 200,000 35,330 35,330 200,000 42,755 42,755 200,000
24 59 1,646 0 12,484 12,484 200,000 36,957 36,957 200,000 45,467 45,467 200,000
25 60 1,646 0 11,736 11,736 200,000 38,503 38,503 200,000 48,220 48,220 200,000
26 61 1,646 0 10,761 10,761 200,000 39,946 39,946 200,000 51,021 51,021 200,000
27 62 1,646 0 9,534 9,534 200,000 41,265 41,265 200,000 53,857 53,857 200,000
28 63 1,646 0 8,050 8,050 200,000 42,454 42,454 200,000 56,719 56,719 200,000
29 64 1,646 0 6,213 6,213 200,000 43,431 43,431 200,000 59,630 59,630 200,000
30 65 1,646 0 3,989 3,989 200,000 44,166 44,166 200,000 62,600 62,600 200,000
31 66 1,646 0 1,320 1,320 200,000 44,606 44,606 200,000 65,619 65,619 200,000
32 67 1,646 0 0 0 0 44,713 44,713 200,000 68,697 68,697 200,000
33 68 1,646 0 0 0 0 44,424 44,424 200,000 71,812 71,812 200,000
34 69 1,646 0 0 0 0 43,667 43,667 200,000 74,927 74,927 200,000
35 70 1,646 0 0 0 0 42,382 42,382 200,000 78,007 78,007 200,000
36 71 1,646 0 0 0 0 40,438 40,438 200,000 81,061 81,061 200,000
37 72 1,646 0 0 0 0 37,583 37,583 200,000 84,041 84,041 200,000
38 73 1,646 0 0 0 0 33,810 33,810 200,000 86,985 86,985 200,000
39 74 1,646 0 0 0 0 28,810 28,810 200,000 89,821 89,821 200,000
40 75 1,646 0 0 0 0 22,254 22,254 200,000 92,531 92,531 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-46
<PAGE> 150
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 0 13,804 13,804 200,000 95,134 95,134 200,000
42 77 1,646 0 0 0 0 3,059 3,059 200,000 97,548 97,548 200,000
43 78 1,646 0 0 0 0 0 0 0 99,712 99,712 200,000
44 79 1,646 0 0 0 0 0 0 0 101,137 101,137 200,000
45 80 1,646 0 0 0 0 0 0 0 102,047 102,047 200,000
46 81 1,646 0 0 0 0 0 0 0 102,384 102,384 200,000
47 82 1,646 0 0 0 0 0 0 0 101,937 101,937 200,000
48 83 1,646 0 0 0 0 0 0 0 101,172 101,172 200,000
49 84 1,646 0 0 0 0 0 0 0 99,565 99,565 200,000
50 85 1,646 0 0 0 0 0 0 0 96,780 96,780 200,000
51 86 1,646 0 0 0 0 0 0 0 92,591 92,591 200,000
52 87 1,646 0 0 0 0 0 0 0 86,453 86,453 200,000
53 88 1,646 0 0 0 0 0 0 0 77,919 77,919 200,000
54 89 1,646 0 0 0 0 0 0 0 66,217 66,217 200,000
55 90 1,646 0 0 0 0 0 0 0 50,297 50,297 200,000
56 91 1,646 0 0 0 0 0 0 0 28,384 28,384 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-47
<PAGE> 151
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 960 200,000
2 37 1,646 0 0 0 646 2,271 200,000
3 38 1,646 0 0 0 1,408 3,643 200,000
4 39 1,646 0 0 0 2,795 5,030 200,000
5 40 1,646 0 0 0 4,222 6,457 200,000
6 41 1,646 0 0 0 5,892 7,903 200,000
7 42 1,646 0 0 0 7,606 9,393 200,000
8 43 1,646 0 0 0 9,389 10,953 200,000
9 44 1,646 0 0 0 11,222 12,563 200,000
10 45 1,646 0 0 0 13,108 14,225 200,000
11 46 1,646 0 0 0 15,120 16,014 200,000
12 47 1,646 0 0 0 17,181 17,851 200,000
13 48 1,646 0 0 0 19,317 19,764 200,000
14 49 1,646 0 0 0 21,510 21,734 200,000
15 50 1,646 0 0 0 23,765 23,765 200,000
16 51 1,646 0 0 0 25,862 25,862 200,000
17 52 1,646 0 0 0 28,008 28,008 200,000
18 53 1,646 0 0 0 30,228 30,228 200,000
19 54 1,646 0 0 0 32,527 32,527 200,000
20 55 1,646 0 0 0 34,932 34,932 200,000
21 56 1,646 0 0 0 37,483 37,483 200,000
22 57 1,646 0 0 0 40,095 40,095 200,000
23 58 1,646 0 0 0 42,755 42,755 200,000
24 59 1,646 0 0 0 45,467 45,467 200,000
25 60 1,646 0 0 0 48,220 48,220 200,000
26 61 1,646 0 0 0 51,021 51,021 200,000
27 62 1,646 0 0 0 53,857 53,857 200,000
28 63 1,646 0 0 0 56,719 56,719 200,000
29 64 1,646 0 0 0 59,630 59,630 200,000
30 65 1,646 0 0 0 62,600 62,600 200,000
31 66 1,646 0 0 0 65,619 65,619 200,000
32 67 1,646 0 0 0 68,697 68,697 200,000
33 68 1,646 0 0 0 71,812 71,812 200,000
34 69 1,646 0 0 0 74,927 74,927 200,000
35 70 1,646 0 0 0 78,007 78,007 200,000
36 71 1,646 0 0 0 81,061 81,061 200,000
37 72 1,646 0 0 0 84,041 84,041 200,000
38 73 1,646 0 0 0 86,985 86,985 200,000
39 74 1,646 0 0 0 89,821 89,821 200,000
40 75 1,646 0 0 0 92,531 92,531 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-48
<PAGE> 152
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 95,134 95,134 200,000
42 77 1,646 0 0 0 97,548 97,548 200,000
43 78 1,646 0 0 0 99,712 99,712 200,000
44 79 1,646 0 0 0 101,137 101,137 200,000
45 80 1,646 0 0 0 102,047 102,047 200,000
46 81 1,646 0 0 0 102,384 102,384 200,000
47 82 1,646 0 0 0 101,937 101,937 200,000
48 83 1,646 0 0 0 101,172 101,172 200,000
49 84 1,646 0 0 0 99,565 99,565 200,000
50 85 1,646 0 0 0 96,780 96,780 200,000
51 86 1,646 0 0 0 92,591 92,591 200,000
52 87 1,646 0 0 0 86,453 86,453 200,000
53 88 1,646 0 0 0 77,919 77,919 200,000
54 89 1,646 0 0 0 66,217 66,217 200,000
55 90 1,646 0 0 0 50,297 50,297 200,000
56 91 1,646 0 0 0 28,384 28,384 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-49
<PAGE> 153
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET) 12.00% (10.42% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 888 200,000 0 1,032 200,000 0 1,032 200,000
2 37 1,646 0 343 1,968 200,000 765 2,389 200,000 865 2,489 200,000
3 38 1,646 0 775 3,010 200,000 1,631 3,866 200,000 1,866 4,101 200,000
4 39 1,646 0 1,780 4,015 200,000 3,240 5,475 200,000 3,599 5,833 200,000
5 40 1,646 0 2,749 4,984 200,000 4,996 7,231 200,000 5,490 7,725 200,000
6 41 1,646 0 3,906 5,917 200,000 7,138 9,149 200,000 7,758 9,769 200,000
7 42 1,646 0 5,005 6,793 200,000 9,437 11,225 200,000 10,219 12,006 200,000
8 43 1,646 0 6,071 7,635 200,000 11,934 13,499 200,000 12,918 14,482 200,000
9 44 1,646 0 7,080 8,421 200,000 14,628 15,969 200,000 15,857 17,197 200,000
10 45 1,646 0 8,035 9,152 200,000 17,542 18,659 200,000 19,062 20,180 200,000
11 46 1,646 0 9,019 9,913 200,000 20,845 21,739 200,000 22,674 23,568 200,000
12 47 1,646 0 9,953 10,623 200,000 24,454 25,124 200,000 26,624 27,294 200,000
13 48 1,646 0 10,838 11,285 200,000 28,404 28,850 200,000 30,972 31,419 200,000
14 49 1,646 0 11,651 11,874 200,000 32,714 32,937 200,000 35,745 35,968 200,000
15 50 1,646 0 12,394 12,394 200,000 37,429 37,429 200,000 40,992 40,992 200,000
16 51 1,646 0 12,843 12,843 200,000 42,375 42,375 200,000 46,547 46,547 200,000
17 52 1,646 0 13,201 13,201 200,000 47,812 47,812 200,000 52,677 52,677 200,000
18 53 1,646 0 13,469 13,469 200,000 53,803 53,803 200,000 59,471 59,471 200,000
19 54 1,646 0 13,624 13,624 200,000 60,400 60,400 200,000 67,008 67,008 200,000
20 55 1,646 0 13,668 13,668 200,000 67,681 67,681 200,000 75,394 75,394 200,000
21 56 1,646 0 13,611 13,611 200,000 75,758 75,758 200,000 84,766 84,766 200,000
22 57 1,646 0 13,399 13,399 200,000 84,685 84,685 200,000 95,160 95,160 200,000
23 58 1,646 0 13,031 13,031 200,000 94,579 94,579 200,000 106,692 106,692 200,000
24 59 1,646 0 12,484 12,484 200,000 105,562 105,562 200,000 119,510 119,510 200,000
25 60 1,646 0 11,736 11,736 200,000 117,776 117,776 200,000 133,771 133,771 200,000
26 61 1,646 0 10,761 10,761 200,000 131,391 131,391 200,000 149,667 149,667 200,000
27 62 1,646 0 9,534 9,534 200,000 146,607 146,607 200,000 167,371 167,371 214,235
28 63 1,646 0 8,050 8,050 200,000 163,658 163,658 206,209 186,969 186,969 235,581
29 64 1,646 0 6,213 6,213 200,000 182,568 182,568 226,384 208,661 208,661 258,740
30 65 1,646 0 3,989 3,989 200,000 203,450 203,450 248,209 232,678 232,678 283,867
31 66 1,646 0 1,320 1,320 200,000 226,515 226,515 271,818 259,273 259,273 311,127
32 67 1,646 0 0 0 0 251,947 251,947 299,817 288,696 288,696 343,548
33 68 1,646 0 0 0 0 278,982 279,982 330,379 321,238 321,238 379,061
34 69 1,646 0 0 0 0 310,883 310,883 363,733 357,214 357,214 417,940
35 70 1,646 0 0 0 0 344,947 344,947 400,139 396,970 396,970 460,485
36 71 1,646 0 0 0 0 382,486 382,486 439,859 440,914 440,914 507,051
37 72 1,646 0 0 0 0 423,978 423,978 479,095 489,576 489,576 553,221
38 73 1,646 0 0 0 0 469,959 499,959 521,655 543,534 543,534 603,323
39 74 1,646 0 0 0 0 520,964 520,964 567,850 603,391 603,391 657,696
40 75 1,646 0 0 0 0 577,644 577,644 618,079 669,873 669,873 716,764
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
Mony Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-50
<PAGE> 154
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 0 640,798 640,798 672,838
42 77 1,646 0 0 0 0 710,436 710,436 745,958
43 78 1,646 0 0 0 0 787,183 787,183 826,543
44 79 1,646 0 0 0 0 871,719 871,719 915,304
45 80 1,646 0 0 0 0 964,773 964,773 1,013,011
46 81 1,646 0 0 0 0 1,067,118 1,067,118 1,120,474
47 82 1,646 0 0 0 0 1,179,573 1,179,573 1,238,552
48 83 1,646 0 0 0 0 1,302,973 1,302,973 1,368,121
49 84 1,646 0 0 0 0 1,438,197 1,438,197 1,510,107
50 85 1,646 0 0 0 0 1,586,175 1,586,175 1,665,483
51 86 1,646 0 0 0 0 1,747,891 1,747,891 1,835,286
52 87 1,646 0 0 0 0 1,924,397 1,924,397 2,020,616
53 88 1,646 0 0 0 0 2,116,813 2,116,813 2,222,654
54 89 1,646 0 0 0 0 2,3263,15 2,326,315 2,442,631
55 90 1,646 0 0 0 0 2,554,145 2,554,145 2,681,852
56 91 1,646 0 0 0 0 2,801,529 2,801,529 2,941,606
57 92 1,646 0 0 0 0 3,077,820 3,077,820 3,200,932
58 93 1,646 0 0 0 0 3,387,960 3,387,960 3,489,598
59 94 1,646 0 0 0 0 3,738,035 3,738,035 3,812,795
60 95 1,646 0 0 0 0 4,135,640 4,135,640 4,176,996
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 743,833 743,833 781,025
42 825,613 825,613 866,894
43 915,994 915,994 961,794
44 1,015,619 1,015,619 1,066,400
45 1,125,529 1,125,529 1,181,805
46 1,246,738 1,246,738 1,309,075
47 1,380,262 1,380,262 1,449,275
48 1,527,711 1,527,711 1,604,096
49 1,690,131 1,690,131 1,774,638
50 1,868,809 1,868,809 1,962,249
51 2,065,279 2,065,279 2,168,542
52 2,280,979 2,280,979 2,395,027
53 2,517,684 2,517,684 2,643,568
54 2,777,159 2,777,159 2,916,017
55 3,061,290 3,061,290 3,214,354
56 3,371,785 3,371,785 3,540,374
57 3,716,590 3,716,590 3,865,253
58 4,100,320 4,100,320 4,223,329
59 4,530,124 4,530,124 4,620,727
60 5,015,028 5,015,028 5,065,178
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-51
<PAGE> 155
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
12.00% (10.42% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 1,032 200,000
2 37 1,646 0 0 0 865 2,489 200,000
3 38 1,646 0 0 0 1,866 4,101 200,000
4 39 1,646 0 0 0 3,599 5,833 200,000
5 40 1,646 0 0 0 5,490 7,725 200,000
6 41 1,646 0 0 0 7,758 9,769 200,000
7 42 1,646 0 0 0 10,219 12,006 200,000
8 43 1,646 0 0 0 12,918 14,482 200,000
9 44 1,646 0 0 0 15,857 17,197 200,000
10 45 1,646 0 0 0 19,062 20,180 200,000
11 46 1,646 0 0 0 22,674 23,568 200,000
12 47 1,646 0 0 0 26,624 27,294 200,000
13 48 1,646 0 0 0 30,972 31,419 200,000
14 49 1,646 0 0 0 35,745 35,968 200,000
15 50 1,646 0 0 0 40,992 40,992 200,000
16 51 1,646 0 0 0 46,547 46,547 200,000
17 52 1,646 0 0 0 52,677 52,677 200,000
18 53 1,646 0 0 0 59,471 59,471 200,000
19 54 1,646 0 0 0 67,008 67,008 200,000
20 55 1,646 0 0 0 75,394 75,394 200,000
21 56 1,646 0 0 0 84,766 84,766 200,000
22 57 1,646 0 0 0 95,160 95,160 200,000
23 58 1,646 0 0 0 106,692 106,692 200,000
24 59 1,646 0 0 0 119,510 119,510 200,000
25 60 1,646 0 0 0 133,771 133,771 200,000
26 61 1,646 0 0 0 149,667 149,667 200,000
27 62 1,646 0 0 0 167,371 167,371 214,235
28 63 1,646 0 0 0 186,969 186,969 235,581
29 64 1,646 0 0 0 208,661 208,661 258,740
30 65 1,646 0 0 0 232,678 232,678 283,867
31 66 1,646 0 0 0 259,273 259,273 311,127
32 67 1,646 0 0 0 288,696 288,696 343,548
33 68 1,646 0 0 0 321,238 321,238 379,061
34 69 1,646 0 0 0 357,214 357,214 417,940
35 70 1,646 0 0 0 396,970 396,970 460,485
36 71 1,646 0 0 0 440,914 440,914 507,051
37 72 1,646 0 0 0 489,576 489,576 553,221
38 73 1,646 0 0 0 543,534 543,534 603,323
39 74 1,646 0 0 0 603,391 603,391 657,696
40 75 1,646 0 0 0 669,873 669,873 716,764
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-52
<PAGE> 156
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 743,833 743,833 781,025
42 77 1,646 0 0 0 825,613 825,613 866,894
43 78 1,646 0 0 0 915,994 915,994 961,794
44 79 1,646 0 0 0 1,015,619 1,015,619 1,066,400
45 80 1,646 0 0 0 1,125,529 1,125,529 1,181,805
46 81 1,646 0 0 0 1,246,738 1,246,738 1,309,075
47 82 1,646 0 0 0 1,380,262 1,380,262 1,449,275
48 83 1,646 0 0 0 1,527,711 1,527,711 1,604,096
49 84 1,646 0 0 0 1,690,131 1,690,131 1,774,638
50 85 1,646 0 0 0 1,868,809 1,868,809 1,962,249
51 86 1,646 0 0 0 2,065,279 2,065,279 2,168,542
52 87 1,646 0 0 0 2,280,979 2,280,979 2,395,027
53 88 1,646 0 0 0 2,517,684 2,517,684 2,643,568
54 89 1,646 0 0 0 2,777,159 2,777,159 2,916,017
55 90 1,646 0 0 0 3,061,290 3,061,290 3,214,354
56 91 1,646 0 0 0 3,371,785 3,371,785 3,540,374
57 92 1,646 0 0 0 3,716,590 3,716,590 3,865,253
58 93 1,646 0 0 0 4,100,320 4,100,320 4,223,329
59 94 1,646 0 0 0 4,530,124 4,530,124 4,620,727
60 95 1,646 0 0 0 5,015,028 5,015,028 5,065,178
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-53
<PAGE> 157
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 1,330 3,632 200,000 1,330 3,632 200,000 1,330 3,632 200,000
2 57 5,010 0 3,701 6,488 200,000 3,701 6,488 200,000 4,642 7,429 200,000
3 58 5,010 0 4,910 9,166 200,000 4,910 9,166 200,000 6,791 11,048 200,000
4 59 5,010 0 7,394 11,651 200,000 7,394 11,651 200,000 10,196 14,452 200,000
5 60 5,010 0 9,668 13,925 200,000 9,668 13,925 200,000 13,372 17,629 200,000
6 61 5,010 0 12,142 15,973 200,000 12,142 15,973 200,000 16,713 20,544 200,000
7 62 5,010 0 14,372 17,778 200,000 14,372 17,778 200,000 19,971 23,376 200,000
8 63 5,010 0 16,366 19,345 200,000 16,366 19,345 200,000 23,146 26,126 200,000
9 64 5,010 0 18,040 20,594 200,000 18,040 20,594 200,000 26,223 28,777 200,000
10 65 5,010 0 19,379 21,507 200,000 19,379 21,507 200,000 29,083 31,212 200,000
11 66 5,010 0 20,563 22,265 200,000 20,563 22,265 200,000 31,810 33,512 200,000
12 67 5,010 0 21,355 22,632 200,000 21,355 22,632 200,000 34,268 35,545 200,000
13 68 5,010 0 21,709 22,560 200,000 21,709 22,560 200,000 36,580 37,431 200,000
14 69 5,010 0 21,576 22,001 200,000 21,576 22,001 200,000 38,692 39,117 200,000
15 70 5,010 0 20,921 20,921 200,000 20,921 20,921 200,000 40,587 40,587 200,000
16 71 5,010 0 19,217 19,217 200,000 19,217 19,217 200,000 41,786 41,786 200,000
17 72 5,010 0 16,664 16,664 200,000 16,664 16,664 200,000 42,661 42,661 200,000
18 73 5,010 0 13,327 13,327 200,000 13,327 13,327 200,000 43,005 43,005 200,000
19 74 5,010 0 8,949 8,949 200,000 8,949 8,949 200,000 43,038 43,038 200,000
20 75 5,010 0 3,282 3,282 200,000 3,282 3,282 200,000 42,605 42,605 200,000
21 76 5,010 0 0 0 0 0 0 0 41,796 41,796 200,000
22 77 5,010 0 0 0 0 0 0 0 40,362 40,362 200,000
23 78 5,010 0 0 0 0 0 0 0 38,178 38,178 200,000
24 79 5,010 0 0 0 0 0 0 0 34,438 34,438 200,000
25 80 5,010 0 0 0 0 0 0 0 29,452 29,452 200,000
26 81 5,010 0 0 0 0 0 0 0 23,075 23,075 200,000
27 82 5,010 0 0 0 0 0 0 0 14,881 14,881 200,000
28 83 5,010 0 0 0 0 0 0 0 5,682 5,682 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 84.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-54
<PAGE> 158
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,330 3,632 200,000
2 57 5,010 0 0 0 4,642 7,429 200,000
3 58 5,010 0 0 0 6,791 11,048 200,000
4 59 5,010 0 0 0 10,196 14,452 200,000
5 60 5,010 0 0 0 13,372 17,629 200,000
6 61 5,010 0 0 0 16,713 20,544 200,000
7 62 5,010 0 0 0 19,971 23,376 200,000
8 63 5,010 0 0 0 23,146 26,126 200,000
9 64 5,010 0 0 0 26,223 28,777 200,000
10 65 5,010 0 0 0 29,083 31,212 200,000
11 66 5,010 0 0 0 31,810 33,512 200,000
12 67 5,010 0 0 0 34,268 35,545 200,000
13 68 5,010 0 0 0 36,580 37,431 200,000
14 69 5,010 0 0 0 38,692 39,117 200,000
15 70 5,010 0 0 0 40,587 40,587 200,000
16 71 5,010 0 0 0 41,786 41,786 200,000
17 72 5,010 0 0 0 42,661 42,661 200,000
18 73 5,010 0 0 0 43,005 43,005 200,000
19 74 5,010 0 0 0 43,038 43,038 200,000
20 75 5,010 0 0 0 42,605 42,605 200,000
21 76 5,010 0 0 0 41,796 41,796 200,000
22 77 5,010 0 0 0 40,362 40,362 200,000
23 78 5,010 0 0 0 38,178 38,178 200,000
24 79 5,010 0 0 0 34,438 34,438 200,000
25 80 5,010 0 0 0 29,452 29,452 200,000
26 81 5,010 0 0 0 23,075 23,075 200,000
27 82 5,010 0 0 0 14,881 14,881 200,000
28 83 5,010 0 0 0 5,682 5,682 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 84.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-55
<PAGE> 159
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ---------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 1,330 3,632 200,000 1,578 3,881 200,000 1,578 3,881 200,000
2 57 5,010 0 3,701 6,488 200,000 4,405 7,192 200,000 5,375 8,161 200,000
3 58 5,010 0 4,910 9,166 200,000 6,261 10,518 200,000 8,254 12,511 200,000
4 59 5,010 0 7,394 11,651 200,000 9,586 13,842 200,000 12,638 16,895 200,000
5 60 5,010 0 9,668 13,925 200,000 12,893 17,149 200,000 17,045 21,301 200,000
6 61 5,010 0 12,142 15,973 200,000 16,592 20,423 200,000 21,868 25,698 200,000
7 62 5,010 0 14,372 17,778 200,000 20,243 23,648 200,000 26,860 30,265 200,000
8 63 5,010 0 16,366 19,345 200,000 23,850 26,830 200,000 32,034 35,013 200,000
9 64 5,010 0 18,040 20,594 200,000 27,337 29,891 200,000 37,383 39,937 200,000
10 65 5,010 0 19,379 21,507 200,000 30,687 32,815 200,000 42,807 44,935 200,000
11 66 5,010 0 20,563 22,265 200,000 34,157 35,860 200,000 48,499 50,202 200,000
12 67 5,010 0 21,355 22,632 200,000 37,469 38,746 200,000 54,273 55,550 200,000
13 68 5,010 0 21,709 22,560 200,000 40,585 41,436 200,000 60,255 61,107 200,000
14 69 5,010 0 21,576 22,001 200,000 43,466 43,891 200,000 66,422 66,848 200,000
15 70 5,010 0 20,921 20,921 200,000 46,087 46,087 200,000 72,786 72,786 200,000
16 71 5,010 0 19,217 19,217 200,000 47,940 47,940 200,000 78,906 78,906 200,000
17 72 5,010 0 16,664 16,664 200,000 49,265 49,265 200,000 85,200 85,200 200,000
18 73 5,010 0 13,327 13,327 200,000 50,118 50,118 200,000 91,561 91,561 200,000
19 74 5,010 0 8,949 8,949 200,000 50,296 50,296 200,000 98,193 98,193 200,000
20 75 5,010 0 3,282 3,282 200,000 49,600 49,600 200,000 105,049 105,049 200,000
21 76 5,010 0 0 0 0 47,966 47,966 200,000 112,301 112,301 200,000
22 77 5,010 0 0 0 0 45,095 45,095 200,000 119,846 119,846 200,000
23 78 5,010 0 0 0 0 40,737 40,737 200,000 127,725 127,725 200,000
24 79 5,010 0 0 0 0 34,573 34,573 200,000 135,719 135,719 200,000
25 80 5,010 0 0 0 0 26,175 26,175 200,000 144,155 144,155 200,000
26 81 5,010 0 0 0 0 14,914 14,914 200,000 153,191 153,191 200,000
27 82 5,010 0 0 0 0 0 0 0 162,964 162,964 200,000
28 83 5,010 0 0 0 0 0 0 0 173,910 173,910 200,000
29 84 5,010 0 0 0 0 0 0 0 186,152 186,152 200,000
30 85 5,010 0 0 0 0 0 0 0 199,603 199,603 209,583
31 86 5,010 0 0 0 0 0 0 0 213,565 213,565 224,244
32 87 5,010 0 0 0 0 0 0 0 228,027 228,027 239,428
33 88 5,010 0 0 0 0 0 0 0 242,996 242,996 255,146
34 89 5,010 0 0 0 0 0 0 0 258,467 258,467 271,390
35 90 5,010 0 0 0 0 0 0 0 274,431 274,431 288,152
36 91 5,010 0 0 0 0 0 0 0 290,851 290,851 305,393
37 92 5,010 0 0 0 0 0 0 0 308,200 308,200 320,528
38 93 5,010 0 0 0 0 0 0 0 326,590 326,590 336,387
39 94 5,010 0 0 0 0 0 0 0 346,283 346,283 353,208
40 95 5,010 0 0 0 0 0 0 0 367,608 367,608 371,285
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-56
<PAGE> 160
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,578 3,881 200,000
2 57 5,010 0 0 0 5,375 8,161 200,000
3 58 5,010 0 0 0 8,254 12,511 200,000
4 59 5,010 0 0 0 12,638 16,895 200,000
5 60 5,010 0 0 0 17,045 21,301 200,000
6 61 5,010 0 0 0 21,868 25,698 200,000
7 62 5,010 0 0 0 26,860 30,265 200,000
8 63 5,010 0 0 0 32,034 35,013 200,000
9 64 5,010 0 0 0 37,383 39,937 200,000
10 65 5,010 0 0 0 42,807 44,935 200,000
11 66 5,010 0 0 0 48,499 50,202 200,000
12 67 5,010 0 0 0 54,273 55,550 200,000
13 68 5,010 0 0 0 60,255 61,107 200,000
14 69 5,010 0 0 0 66,422 66,848 200,000
15 70 5,010 0 0 0 72,786 72,786 200,000
16 71 5,010 0 0 0 78,906 78,906 200,000
17 72 5,010 0 0 0 85,200 85,200 200,000
18 73 5,010 0 0 0 91,561 91,561 200,000
19 74 5,010 0 0 0 98,193 98,193 200,000
20 75 5,010 0 0 0 105,049 105,049 200,000
21 76 5,010 0 0 0 112,301 112,301 200,000
22 77 5,010 0 0 0 119,846 119,846 200,000
23 78 5,010 0 0 0 127,725 127,725 200,000
24 79 5,010 0 0 0 135,719 135,719 200,000
25 80 5,010 0 0 0 144,155 144,155 200,000
26 81 5,010 0 0 0 153,191 153,191 200,000
27 82 5,010 0 0 0 162,964 162,964 200,000
28 83 5,010 0 0 0 173,910 173,910 200,000
29 84 5,010 0 0 0 186,152 186,152 200,000
30 85 5,010 0 0 0 199,603 199,603 209,583
31 86 5,010 0 0 0 213,565 213,565 224,244
32 87 5,010 0 0 0 228,027 228,027 239,428
33 88 5,010 0 0 0 242,996 242,996 255,146
34 89 5,010 0 0 0 258,467 258,467 271,390
35 90 5,010 0 0 0 274,431 274,431 288,152
36 91 5,010 0 0 0 290,851 290,851 305,393
37 92 5,010 0 0 0 308,200 308,200 320,528
38 93 5,010 0 0 0 326,590 326,590 336,387
39 94 5,010 0 0 0 346,283 346,283 353,208
40 95 5,010 0 0 0 367,608 367,608 371,285
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-57
<PAGE> 161
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 1,330 3,632 200,000 1,827 4,129 200,000
2 57 5,010 0 3,701 6,488 200,000 5,141 7,927 200,000
3 58 5,010 0 4,910 9,166 200,000 7,734 11,991 200,000
4 59 5,010 0 7,394 11,651 200,000 12,076 16,333 200,000
5 60 5,010 0 9,668 13,925 200,000 16,716 20,973 200,000
6 61 5,010 0 12,142 15,973 200,000 22,103 25,934 200,000
7 62 5,010 0 14,372 17,778 200,000 27,840 31,245 200,000
8 63 5,010 0 16,366 19,345 200,000 33,983 36,962 200,000
9 64 5,010 0 18,040 20,594 200,000 40,518 43,072 200,000
10 65 5,010 0 19,379 21,507 200,000 47,496 49,625 200,000
11 66 5,010 0 20,563 22,265 200,000 55,372 57,075 200,000
12 67 5,010 0 21,355 22,632 200,000 63,910 65,187 200,000
13 68 5,010 0 21,709 22,560 200,000 73,205 74,057 200,000
14 69 5,010 0 21,576 22,001 200,000 83,382 83,008 200,000
15 70 5,010 0 20,921 20,921 200,000 94,608 94,608 200,000
16 71 5,010 0 19,217 19,217 200,000 106,627 106,627 200,000
17 72 5,010 0 16,664 16,664 200,000 120,034 120,034 200,000
18 73 5,010 0 13,327 13,327 200,000 135,219 135,219 200,000
19 74 5,010 0 8,949 8,949 200,000 152,523 152,523 200,000
20 75 5,010 0 3,282 3,282 200,000 172,449 172,449 200,000
21 76 5,010 0 0 0 0 195,770 195,770 205,558
22 77 5,010 0 0 0 0 221,871 221,871 232,964
23 78 5,010 0 0 0 0 250,651 250,651 263,184
24 79 5,010 0 0 0 0 282,369 282,369 296,487
25 80 5,010 0 0 0 0 317,300 317,300 333,165
26 81 5,010 0 0 0 0 355,738 355,738 373,525
27 82 5,010 0 0 0 0 397,995 397,995 417,895
28 83 5,010 0 0 0 0 444,390 444,390 466,609
29 84 5,010 0 0 0 0 495,259 495,259 520,022
30 85 5,010 0 0 0 0 550,957 550,957 578,505
31 86 5,010 0 0 0 0 611,862 611,862 642,455
32 87 5,010 0 0 0 0 678,373 678,373 712,291
33 88 5,010 0 0 0 0 750,917 750,917 788,463
34 89 5,010 0 0 0 0 829,944 829,944 871,441
35 90 5,010 0 0 0 0 915,926 915,926 961,722
36 91 5,010 0 0 0 0 1,009,332 1,009,332 1,059,798
37 92 5,010 0 0 0 0 1,113,571 1,113,571 1,158,114
38 93 5,010 0 0 0 0 1,230,487 1,230,487 1,267,401
39 94 5,010 0 0 0 0 1,362,346 1,362,346 1,389,592
40 95 5,010 0 0 0 0 1,511,980 1,511,980 1,527,099
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 1,827 4,129 200,000
2 6,138 8,924 200,000
3 9,840 14,096 200,000
4 15,393 19,649 200,000
5 21,357 25,614 200,000
6 28,176 32,006 200,000
7 35,653 39,059 200,000
8 43,871 46,850 200,000
9 52,898 55,452 200,000
10 62,733 64,862 200,000
11 73,824 75,526 200,000
12 86,026 87,303 200,000
13 99,601 100,453 200,000
14 114,716 115,142 200,000
15 131,600 131,600 200,000
16 150,084 150,084 200,000
17 170,919 170,919 200,000
18 194,357 194,357 215,736
19 220,388 220,388 240,223
20 249,290 249,290 266,740
21 281,534 281,534 295,610
22 317,195 317,195 333,055
23 356,616 356,616 374,447
24 400,089 400,089 420,094
25 448,064 448,064 470,467
26 500,985 500,985 526,035
27 559,301 559,301 587,266
28 623,703 623,703 654,888
29 694,660 694,660 729,393
30 772,739 772,739 811,376
31 858,612 858,612 901,543
32 952,915 952,915 1,000,560
33 1,056,424 1,056,424 1,109,245
34 1,169,916 1,169,916 1,228,412
35 1,294,221 1,294,221 1,358,932
36 1,430,093 1,430,093 1,501,598
37 1,580,943 1,580,943 1,644,181
38 1,748,780 1,748,780 1,801,244
39 1,936,704 1,936,704 1,975,438
40 2,148,629 2,148,629 2,170,116
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-58
<PAGE> 162
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,827 4,129 200,000
2 57 5,010 0 0 0 6,138 8,924 200,000
3 58 5,010 0 0 0 9,840 14,096 200,000
4 59 5,010 0 0 0 15,393 19,649 200,000
5 60 5,010 0 0 0 21,357 25,614 200,000
6 61 5,010 0 0 0 28,176 32,006 200,000
7 62 5,010 0 0 0 35,653 39,059 200,000
8 63 5,010 0 0 0 43,871 46,850 200,000
9 64 5,010 0 0 0 52,898 55,452 200,000
10 65 5,010 0 0 0 62,733 64,862 200,000
11 66 5,010 0 0 0 73,824 75,526 200,000
12 67 5,010 0 0 0 86,026 87,303 200,000
13 68 5,010 0 0 0 99,601 100,453 200,000
14 69 5,010 0 0 0 114,716 115,142 200,000
15 70 5,010 0 0 0 131,600 131,600 200,000
16 71 5,010 0 0 0 150,084 150,084 200,000
17 72 5,010 0 0 0 170,919 170,919 200,000
18 73 5,010 0 0 0 194,357 194,357 215,736
19 74 5,010 0 0 0 220,388 220,388 240,223
20 75 5,010 0 0 0 249,290 249,290 266,740
21 76 5,010 0 0 0 281,534 281,534 295,610
22 77 5,010 0 0 0 317,195 317,195 333,055
23 78 5,010 0 0 0 356,616 356,616 374,447
24 79 5,010 0 0 0 400,089 400,089 420,094
25 80 5,010 0 0 0 448,064 448,064 470,467
26 81 5,010 0 0 0 500,985 500,985 526,035
27 82 5,010 0 0 0 559,301 559,301 587,266
28 83 5,010 0 0 0 623,703 623,703 654,888
29 84 5,010 0 0 0 694,660 694,660 729,393
30 85 5,010 0 0 0 772,739 772,739 811,376
31 86 5,010 0 0 0 858,612 858,612 901,543
32 87 5,010 0 0 0 952,915 952,915 1,000,560
33 88 5,010 0 0 0 1,056,424 1,056,424 1,109,245
34 89 5,010 0 0 0 1,169,916 1,169,916 1,228,412
35 90 5,010 0 0 0 1,294,221 1,294,221 1,358,932
36 91 5,010 0 0 0 1,430,093 1,430,093 1,501,598
37 92 5,010 0 0 0 1,580,943 1,580,943 1,644,181
38 93 5,010 0 0 0 1,748,780 1,748,780 1,801,244
39 94 5,010 0 0 0 1,936,704 1,936,704 1,975,438
40 95 5,010 0 0 0 2,148,629 2,148,629 2,170,116
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-59
<PAGE> 163
The complete registration statement and other filed documents for MONY America
Variable Account L can be reviewed and copied at the Securities and Exchange
Commission's Public Reference Room in Washington, D.C. You may get information
on the operation of the public reference room by calling the Securities and
Exchange Commission at 1-800-SEC-0330. The registration statement and other
filed documents for MONY America Variable Account L are available on the
Securities and Exchange Commission's Internet site at http://www.sec.gov. You
may get copies of this information by paying a duplicating fee, and writing the
Public Reference Section of the Securities and Exchange Commission, Washington,
D.C. 20549-6009.
B-60
<PAGE> 164
PART II
(INFORMATION NOT REQUIRED IN A PROSPECTUS)
<PAGE> 165
PART II
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the Registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and Reports as may be prescribed by any rule or regulation of the
Commission heretofore, or hereafter duly adopted pursuant to authority conferred
in that Section.
RULE 484 UNDERTAKING
The Amended and Restated By-Laws of MONY Life Insurance Company ("MONY")
provide, in Article XV as follows:
Each person (and the heirs, executors and administrators of such
person) made or threatened to be made a party to any action, civil or
criminal, by reason of being or having been a director, officer, or
employee of the corporation (or by reason of serving any other organization
at the request of the corporation) shall be indemnified to the extent
permitted by the law of the State of New York and in the manner prescribed
therein. To this end, and as authorized by Section 722 of the Business
Corporation Law of the State of New York, the Board may adopt all
resolutions, authorize all agreements and take all actions with respect to
the indemnification of trustees and officers, and the advance payment of
their expenses in connection therewith.
Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification for such
liabilities (other than the payment by the Registrant of expense incurred or
paid by a director, officer, or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant, will (unless in the opinion of its counsel the
matter has been settled by controlling precedent) submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
REPRESENTATIONS RELATING TO SECTION 26 OF
THE INVESTMENT COMPANY ACT OF 1940
The Registrant and MONY Life Insurance Company represent that the fees and
charges deducted under the Contract, in the aggregate, are reasonable in
relation to the services rendered, the expenses expected to be incurred, and the
risks assumed by MONY Life Insurance Company.
II-1
<PAGE> 166
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement comprises the following papers and documents:
The Facing Sheet.
Cross-Reference to items required by Form N-8B-2.
Prospectus consisting of __ pages.
The Undertaking to file reports.
The signatures.
Written consents of the following persons:
a. Edward P. Bank, Vice President and Deputy General Counsel, The Mutual
Life Insurance Company of New York
b. Evelyn Peos, FSA
c. PricewaterhouseCoopers LLP, Independent Accountants
The following exhibits:
1. The following exhibits correspond to those required by paragraph A of
the instructions as exhibits to Form N-8B2:
(1) Resolution of the Board of Trustees of The Mutual Life Insurance
Company of New York authorizing establishment of MONY Variable
Account L, filed as Exhibit 1 (1) to Pre-Effective Amendment No. 1
to Registration Statement on Form S-6, dated December 17, 1990
(Registration Nos. 33-37719 and 811-6217), is incorporated herein by
reference.
(2) Not applicable.
(3) (a) Underwriting Agreement between The Mutual Life Insurance Company
of New York, MONY Series Fund, Inc., and MONY Securities Corp.,
filed as Exhibit 1 (3) (a) to Registration Statement on Form
S-6, dated November 9, 1990 (Registration Nos. 33-37719 and
811-6217), is incorporated by referenced herein.
(b) Proposed specimen agreement between MONY Securities Corp. and
registered representatives, filed as Exhibit 3(b) of
Pre-Effective Amendment No. 1, dated December 17, 1990, to
Registration Statement on Form N-4 (Registration Nos. 33-37722
and 811-6126) is incorporated herein by reference.
(c) Commission schedule.
(4) Not applicable.
(5) Form of policy.
(6) Amended and Restated Charter and Amended and Restated By-Laws of
MONY Life Insurance Company filed as Exhibit 6 to Registration
Statement (Registration No. 333-71417 and 811-6217) dated January
29, 1999, is incorporated herein by reference.
(7) Not applicable.
(8) (a) Form of agreement to purchase shares. [See Exhibit 1(3)(a)].
(b) Investment Advisory Agreement between MONY Life Insurance Company
of America and MONY Series Fund, Inc. filed as Exhibit 5(i) to
Post-Effective amendment No. 14 to Registration Statement
(Registration Nos. 2-95501 and 811-4209) dated February 27, 1998,
is incorporated herein by reference.
II-2
<PAGE> 167
Investment Advisory Agreement between Enterprise Capital
Management, Inc. ("Enterprise Capital") and the Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and Quest for Value Advisors, as sub-advisor, filed as Exhibit 5
to Post-Effective Amendment No. 8, dated September 30, 1994, to
Registration Statement on Form N-1A (Registration No. 33-21534),
is incorporated herein by reference.
(c) Services Agreement between The Mutual Life Insurance Company of
New York and MONY Life Insurance Company of America filed as
Exhibit 5(ii) to Pre-Effective Amendment to Registration
Statement (Registration Nos. 2-95501 and 811-4209) dated July 19,
1985, is incorporated herein by reference.
(9) Not applicable.
(10) Application Form for Flexible Premium Variable Universal Life
Insurance Policy. [See Exhibit 1(3)(a).]
2. Opinion and consent of Edward P. Bank, Vice President and Deputy General
Counsel, The Mutual Life Insurance Company of New York, as to legality
of the securities being registered filed as Exhibit 2 to Registration
Statement on Form S-6 (Registration Nos. 333-01581 and 811-6127) dated
March 8, 1996, is incorporated herein by reference.
3. Not applicable.
4. Not applicable.
5. Not applicable.
6. Opinion and consent of Evelyn L. Peos, FSA, as to actuarial matters
filed as Exhibit 6 to Registration Statement on Form S-6 (Registration Nos.
333-01581 and 811-6127) dated March 8, 1996, is incorporated herein by
reference..
7. Consent of PricewaterhouseCooopers LLP as to financial statements of
MONY Variable Account L and of MONY Life Insurance Company.
II-3
<PAGE> 168
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
MONY Variable Account L of MONY Life Insurance Company, has duly caused this
Post-Effective Amendment No. 4 to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of New York
and the State of New York, on this 29th day of February, 2000.
MONY VARIABLE ACCOUNT L OF
MONY LIFE INSURANCE COMPANY
By: /s/ MICHAEL I. ROTH
------------------------------------
Michael I. Roth, Director, Chairman
of
the Board and Chief Executive
Officer
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment No. 4 to the Registration Statement has been duly
signed below by the following persons in the capacities and on the date
indicated.
<TABLE>
<CAPTION>
SIGNATURE DATE
--------- ----
<S> <C>
/s/ MICHAEL I. ROTH February 29, 2000
- -----------------------------------------------------
Michael I. Roth
Trustee, Chairman and Chief Executive Officer
/s/ SAMUEL J. FOTI February 29, 2000
- -----------------------------------------------------
Samuel J. Foti
Trustee, President and Chief Operating Officer
/s/ KENNETH M. LEVINE February 29, 2000
- -----------------------------------------------------
Kenneth M. Levine
Trustee, Executive Vice President and Chief
Investment Officer
/s/ RICHARD DADDARIO February 29, 2000
- -----------------------------------------------------
Richard Daddario
Executive Vice President and Chief Financial Officer
/s/ PHILLIP A. EISENBERG February 29, 2000
- -----------------------------------------------------
Phillip A. Eisenberg
Senior Vice President and Chief Actuary
/s/ LEE M. SMITH February 29, 2000
- -----------------------------------------------------
Lee M. Smith
Corporate Secretary and Vice
President, Government Relations
February 29, 2000
- -----------------------------------------------------
Claude M. Ballard*
Trustee
February 29, 2000
- -----------------------------------------------------
Tom H. Barrett*
Trustee
</TABLE>
II-4
<PAGE> 169
<TABLE>
<CAPTION>
SIGNATURE DATE
--------- ----
<S> <C>
February 29, 2000
- -----------------------------------------------------
David L. Call*
Trustee
February 29, 2000
- -----------------------------------------------------
G. Robert Durham*
Trustee
February 29, 2000
- -----------------------------------------------------
James B. Farley*
Trustee
February 29, 2000
- -----------------------------------------------------
Robert Holland, Jr.*
Trustee
February 29, 2000
- -----------------------------------------------------
James L. Johnson*
Trustee
February 29, 2000
- -----------------------------------------------------
John R. Meyer*
Trustee
February 29, 2000
- -----------------------------------------------------
Jane C. Pfeiffer*
Trustee
February 29, 2000
- -----------------------------------------------------
Thomas C. Theobald*
Trustee
*By: /s/ LEE M. SMITH February 29, 2000
- -----------------------------------------------------
Lee M. Smith
Attorney In Fact
</TABLE>
II-5
<PAGE> 170
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<C> <S>
7. Consent of PricewaterhouseCoopers LLP.
</TABLE>
<PAGE> 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in this Registration Statement on Form S-6
(Registration No. 333-01581) of our reports dated February 11, 2000, February
12, 1999, and February 11, 1998, relating to the financial statements of MONY
Variable Account L-/MONYEquity Master, which appear in such Registration
Statement. We also consent to the references to us under the headings
"Independent Accountants" and "Financial Statements" in such Registration
Statement.
PricewaterhouseCoopers LLP
New York, New York
February 28, 2000
